New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>Infratil (IFT) will report its FY24 result on Tuesday, 21 May. With the reiteration of its guidance in March, we see little room for major surprises in its FY24 result.</li><li>We believe the key focuses will be: (1) free cash flow (FCF) outlook for One NZ. Over the last four years One NZ has delivered little FCF; we expect this to change by FY25 to improve IFT's cash generative core.</li><li>(2) CDC growth outlook should be strong but it likely needs further capital to fund its growth. </li></ul>

Infratil (IFT) will report its FY24 result on Tuesday, 21 May. With the reiteration of its guidance in March, we see little room for major surprises in its FY24 result.We believe the key focuses will be: (1) free cash flow (FCF) outlook for One NZ. Over the last four years One NZ has delivered little FCF; we expect this to change by FY25 to improve IFT's cash generative core.(2) CDC growth outlook should be strong but it likely needs further capital to fund its growth. 

Infratil - FY24 Preview — One NZ Cash & CDC Growth

<ul><li>Infratil (IFT) and its portfolio companies delivered a confident message at its Investor Day, focused on the various long-term internal reinvestment opportunities within the portfolio.</li><li>We walk away with three main takeaways: (1) CDC continues to see exceptional and likely accelerating growth.</li><li>Expected yet reassuring; (2) One NZ is first and foremost a telco. Not a fast growing digital infrastructure company.</li></ul>

Infratil (IFT) and its portfolio companies delivered a confident message at its Investor Day, focused on the various long-term internal reinvestment opportunities within the portfolio.We walk away with three main takeaways: (1) CDC continues to see exceptional and likely accelerating growth.Expected yet reassuring; (2) One NZ is first and foremost a telco. Not a fast growing digital infrastructure company.

Infratil - Reinvestment Opportunities a Plenty

<ul><li>Infratil (IFT) released a brief statement announcing 110MW of new contracts for Canberra Data Centres (CDC) signed since its October update.</li><li>These 110MW represent ~50% of total existing utilised capacity, and should be seen in conjunction with CDC's update in October when it announced it had commenced construction of 265MW, doubling its capacity.</li><li>Put together these two announcements speak to the still very strong, multi-year growth CDC is seeing. </li></ul>

Infratil (IFT) released a brief statement announcing 110MW of new contracts for Canberra Data Centres (CDC) signed since its October update.These 110MW represent ~50% of total existing utilised capacity, and should be seen in conjunction with CDC's update in October when it announced it had commenced construction of 265MW, doubling its capacity.Put together these two announcements speak to the still very strong, multi-year growth CDC is seeing. 

Infratil -  Contract Demand Continues; Growth De-Risked

<ul><li>Infratil (IFT) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up over half of IFT's value.</li><li>FY24 proportionate EBITDA guidance was modestly upgraded without making any meaningful net changes to portfolio company guidance.</li><li>We believe the upgrade primarily relates to increased confidence for IFT that One NZ will deliver towards the upper end of its guidance.</li></ul>

Infratil (IFT) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up over half of IFT's value.FY24 proportionate EBITDA guidance was modestly upgraded without making any meaningful net changes to portfolio company guidance.We believe the upgrade primarily relates to increased confidence for IFT that One NZ will deliver towards the upper end of its guidance.

Infratil - One NZ Delivering Growth but No Cash, Yet

<ul><li>Infratil (IFT) is due to report its 1H24 result on Thursday, 16 November.</li><li>IFT stated at its AGM in August that 1Q24 trading had been strong from its key companies (likely CDC and One NZ), and it gave IFT confidence that FY24 earnings are tracking towards the top end of its guidance range.</li><li>We believe the focus of the result will be on: (1) CDC outlook comments, (2) margin improvement at One NZ, (3) possible independent valuation update of Longroad, (4) interest costs (and 'look through' debt levels). </li></ul>

Infratil (IFT) is due to report its 1H24 result on Thursday, 16 November.IFT stated at its AGM in August that 1Q24 trading had been strong from its key companies (likely CDC and One NZ), and it gave IFT confidence that FY24 earnings are tracking towards the top end of its guidance range.We believe the focus of the result will be on: (1) CDC outlook comments, (2) margin improvement at One NZ, (3) possible independent valuation update of Longroad, (4) interest costs (and 'look through' debt levels). 

Infratil - CDC Outlook and One NZ Margins in Focus

New Zealand

Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

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Infratil Ltd (IFT NZ)

Infratil - FY24 Preview — One NZ Cash & CDC Growth

Infratil (IFT) will report its FY24 result on Tuesday, 21 May. With the reiteration of its guidance in March, we see little room for major...

Forsyth Barr

Infratil - Reinvestment Opportunities a Plenty

Infratil (IFT) and its portfolio companies delivered a confident message at its Investor Day, focused on the various long-term internal...

Forsyth Barr

Infratil - Contract Demand Continues; Growth De-Risked

Infratil (IFT) released a brief statement announcing 110MW of new contracts for Canberra Data Centres (CDC) signed since its October update.

Forsyth Barr

Infratil - One NZ Delivering Growth but No Cash, Yet

Infratil (IFT) reported an in-line 1H24 result, with expected strong growth from key portfolio companies CDC and One NZ, which together make up...

Forsyth Barr

Infratil - CDC Outlook and One NZ Margins in Focus

We believe the focus of the result will be on: (1) CDC outlook comments, (2) margin improvement at One NZ, (3) possible independent valuation...

Forsyth Barr

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