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.

Asian Dividend Gems: Fonterra Shareholders Fund

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Fonterra Shareholders Fund / Equity Bottom-Up

<ul><li>Fonterra (FSF) reported a solid 1H24 result with EPS ahead of our estimate; however, it left FY24 guidance unchanged.</li><li>While 1H24 was another period that included benefits from the ‘one-off’ stream returns, FSF expects these to largely reverse in 2H24.</li><li>FSF now expects a negligible stream returns benefit in FY24, which is below expectations when guidance was initially set, implying the base business continues to perform ahead of expectations (a consistent theme for FSF of late). </li></ul>

Fonterra (FSF) reported a solid 1H24 result with EPS ahead of our estimate; however, it left FY24 guidance unchanged.While 1H24 was another period that included benefits from the ‘one-off’ stream returns, FSF expects these to largely reverse in 2H24.FSF now expects a negligible stream returns benefit in FY24, which is below expectations when guidance was initially set, implying the base business continues to perform ahead of expectations (a consistent theme for FSF of late). 

Fonterra Shareholders Fund

Fonterra - 1H24 Result — Good Grazing