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>We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM.</li><li>While expectations of a cyclical recovery continue to be pushed out, the downgrade cycle has largely run its course.</li><li>FY26 will be a year of two halves, with a pick-up expected in the back end.</li></ul>

We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM.While expectations of a cyclical recovery continue to be pushed out, the downgrade cycle has largely run its course.FY26 will be a year of two halves, with a pick-up expected in the back end.

Vulcan Steel -  At The Trough, Up To OUTPERFORM