New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Vista Group International / Equity Bottom-Up

<ul><li>It was difficult to fault Vista Group's (VGL) FY24 result. Vista Cloud momentum is building strongly, and cost discipline continues to impress.</li><li>Strong operating leverage in FY24 has given VGL confidence to upgrade its long-term EBITDA margin aspiration, which we flagged as conservative, by +7.5% at the midpoint to between 33% and 37%.</li><li>While we remain attracted to VGL's medium-term earnings trajectory, several key pillars of our positive thesis have now played out. </li></ul>

It was difficult to fault Vista Group's (VGL) FY24 result. Vista Cloud momentum is building strongly, and cost discipline continues to impress.Strong operating leverage in FY24 has given VGL confidence to upgrade its long-term EBITDA margin aspiration, which we flagged as conservative, by +7.5% at the midpoint to between 33% and 37%.While we remain attracted to VGL's medium-term earnings trajectory, several key pillars of our positive thesis have now played out. 

Vista Group - FY24 Result—Just the Opening Credits