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

New Zealand King Salmon / Equity Bottom-Up

<ul><li>New Zealand King Salmon's (NZK) Blue Endeavour open ocean farming consent has been approved by the Marlborough District Council, in line with our expectations</li><li>Consent conditions appear slightly more favourable than the final proposal</li><li>No material increase in our valuation given uncertainty of the project</li></ul>

New Zealand King Salmon's (NZK) Blue Endeavour open ocean farming consent has been approved by the Marlborough District Council, in line with our expectationsConsent conditions appear slightly more favourable than the final proposalNo material increase in our valuation given uncertainty of the project

New Zealand King Salmon: First Hurdle Cleared

<ul><li>New Zealand King Salmon (NZK) CEO Grant Rosewarne has resigned effective immediately after 13 years with the company</li><li>We think the read through for the company is negative, given Mr. Rosewarne was a key driver of the business and proponent for the Blue Endeavour project.</li><li>Our current target price for NZK is NZ$0.22 for the core business, with an additional NZ$0.02 option value for Blue Endeavour execution.</li></ul>

New Zealand King Salmon (NZK) CEO Grant Rosewarne has resigned effective immediately after 13 years with the companyWe think the read through for the company is negative, given Mr. Rosewarne was a key driver of the business and proponent for the Blue Endeavour project.Our current target price for NZK is NZ$0.22 for the core business, with an additional NZ$0.02 option value for Blue Endeavour execution.

New Zealand King Salmon (NZK): CEO Resignation

<ul><li>New Zealand King Salmon's (NZK) 1H23 pro-forma EBITDA result was slightly below our expectations, mostly due to higher than expected costs which included lingering effects from the 2022 summer mortality event</li><li>The Blue Endeavour resource consent outcome has been delayed to late November (from September), and we reduce our Blue Endeavour option value to NZ$0.02 (from $0.03) per share</li><li>FY23 summer is forecast to be challenging for sea surface temperatures</li></ul>

New Zealand King Salmon's (NZK) 1H23 pro-forma EBITDA result was slightly below our expectations, mostly due to higher than expected costs which included lingering effects from the 2022 summer mortality eventThe Blue Endeavour resource consent outcome has been delayed to late November (from September), and we reduce our Blue Endeavour option value to NZ$0.02 (from $0.03) per shareFY23 summer is forecast to be challenging for sea surface temperatures

New Zealand King Salmon: Caught by the Tail

<ul><li>New Zealand King Salmon’s (NZK) 1H23 result reaffirmed management’s FY22 guidance of a EBITDA loss between -NZ$8.5-12.0m</li><li>1H23 pro-forma EBITDA was below our expectations, as was reported earnings, where the difference is primarily attributed to fair value adjustments in COGS and timing differences between the first and second half</li><li>The 1H23 result suggests 2H23 EBITDA of ~NZ$3m is required to achieve the mid-point of full year guidance</li></ul>

New Zealand King Salmon’s (NZK) 1H23 result reaffirmed management’s FY22 guidance of a EBITDA loss between -NZ$8.5-12.0m1H23 pro-forma EBITDA was below our expectations, as was reported earnings, where the difference is primarily attributed to fair value adjustments in COGS and timing differences between the first and second halfThe 1H23 result suggests 2H23 EBITDA of ~NZ$3m is required to achieve the mid-point of full year guidance

New Zealand King Salmon (NZK): 1H23 Result – Initial Impressions

<ul><li>New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business.</li><li>There are positive long term trends including regulatory reform and government growth targets for the aquaculture industry, but it could take some time for this to translate to realisable opportunities for NZK.</li><li>If approved, the Blue Endeavour open ocean farming project still requires significant investment and execution may be challenging.</li></ul>

New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business.There are positive long term trends including regulatory reform and government growth targets for the aquaculture industry, but it could take some time for this to translate to realisable opportunities for NZK.If approved, the Blue Endeavour open ocean farming project still requires significant investment and execution may be challenging.

New Zealand King Salmon: Scaling Down; Neutral

New Zealand

New Zealand King Salmon Investments Limited provides fish farming services. The Company produces, grows, and sells salmons products. New Zealand King Salmon Investments serves customers worldwide.

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New Zealand King Salmon (NZK NZ)

New Zealand King Salmon: First Hurdle Cleared

New Zealand King Salmon's (NZK) Blue Endeavour open ocean farming consent has been approved by the Marlborough District Council, in line with our...

Forsyth Barr

New Zealand King Salmon (NZK): CEO Resignation

New Zealand King Salmon (NZK) CEO Grant Rosewarne has resigned effective immediately after 13 years with the company; A successor is not in the...

Forsyth Barr

New Zealand King Salmon: Caught by the Tail

New Zealand King Salmon's (NZK) 1H23 pro-forma EBITDA result was slightly below our expectations, mostly due to higher than expected costs which...

Forsyth Barr

New Zealand King Salmon (NZK): 1H23 Result – Initial Impressions

New Zealand King Salmon’s (NZK) 1H23 result reaffirmed management’s FY22 guidance of a EBITDA loss between -NZ$8.5-12.0m; 1H23 pro-forma EBITDA was...

Forsyth Barr

New Zealand King Salmon: Scaling Down; Neutral

New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business. There are positive long...

Forsyth Barr

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