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>The Commerce Commission (ComCom) has reset Vector's regulated gas prices, resulting in ~+10% increases for the next three years, broadly in line with expectations.</li><li>We also expect these regulatory prices to be revised higher once the ComCom has implemented the Court's merits review decision, which should see the 65th WACC percentile reinstated.</li><li>While we see upside potential from that sale, VCT is trading at only a modest discount to our revised target price.</li></ul>

The Commerce Commission (ComCom) has reset Vector's regulated gas prices, resulting in ~+10% increases for the next three years, broadly in line with expectations.We also expect these regulatory prices to be revised higher once the ComCom has implemented the Court's merits review decision, which should see the 65th WACC percentile reinstated.While we see upside potential from that sale, VCT is trading at only a modest discount to our revised target price.

Vector Gas Reset이 한 단계 더 나아갔으며, 앞으로 더 많은 조치가 있을 예정입니다.

Vector Ltd

Vector Gas Reset이 한 단계 더 나아갔으며, 앞으로 더 많은 조치가 있을 예정입니다.