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

<ul><li>Vulcan Steel (VSL) reported 1H23 EBITDA/NPAT of NZ$115m/$54m in line with our expectations</li><li>The recently acquired Ullrich contributed NZ$23m EBITDA in 1H23 which suggests trading c.10% above the acquisition run-rates and well ahead of the NZ$25-27m prior FY23 guidance.</li><li>VSL’s FY23 EBITDA guidance was lowered at the top end to NZ$215-230m (was NZ$215-235m, ForBar $239m) while NPAT lifted slightly to NZ$95-109m (NZ$93-107m, ForBar NZ$116m).</li></ul>

Vulcan Steel (VSL) reported 1H23 EBITDA/NPAT of NZ$115m/$54m in line with our expectationsThe recently acquired Ullrich contributed NZ$23m EBITDA in 1H23 which suggests trading c.10% above the acquisition run-rates and well ahead of the NZ$25-27m prior FY23 guidance.VSL’s FY23 EBITDA guidance was lowered at the top end to NZ$215-230m (was NZ$215-235m, ForBar $239m) while NPAT lifted slightly to NZ$95-109m (NZ$93-107m, ForBar NZ$116m).

Vulcan Steel: 1H23 Result – First Impressions

Vulcan Steel Limited

Vulcan Steel: 1H23 Result – First Impressions