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>Argosy (ARG) reported flat Adjusted Funds from Operations (AFFO), which was slightly ahead of our expectations.</li><li>The result was boosted by NZ$2.3m of maintenance capex that had been expensed in the prior period, being deemed to be recovered/income upon sale of the assets.</li><li>This doesn't feel like high quality earnings to us, and adjusting for this the result was slightly below our forecast. </li></ul>

Argosy (ARG) reported flat Adjusted Funds from Operations (AFFO), which was slightly ahead of our expectations.The result was boosted by NZ$2.3m of maintenance capex that had been expensed in the prior period, being deemed to be recovered/income upon sale of the assets.This doesn't feel like high quality earnings to us, and adjusting for this the result was slightly below our forecast. 

Argosy - FY24 Result — Paddling Fast to Stand Still

Argosy Property

Argosy - FY24 Result — Paddling Fast to Stand Still