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

Fonterra Shareholders Fund / Equity Bottom-Up

<ul><li>Fonterra has upgraded its FY23 earnings guidance for the fifth time.</li><li>Details are light but it expects EPS to be "at the top end" of its prior NZ65cps to NZ80cps range, well ahead of consensus expectations for what will be record earnings (prior high of NZ60cps in FY11).</li><li>The driver of the upgrade is favourable Ingredients margins (ongoing favourable product pricing relativities between reference and non-reference commodity products).</li></ul>

Fonterra has upgraded its FY23 earnings guidance for the fifth time.Details are light but it expects EPS to be "at the top end" of its prior NZ65cps to NZ80cps range, well ahead of consensus expectations for what will be record earnings (prior high of NZ60cps in FY11).The driver of the upgrade is favourable Ingredients margins (ongoing favourable product pricing relativities between reference and non-reference commodity products).

Fonterra Shareholders Fund

Fonterra - Upgrade-Ja Vu