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>Strong commercial pricing and record hydro generation: The key features of the 4Q23 operating statistics were the strong hydro generation numbers and strong commercial electricity pricing.</li><li>FY23 result will be another record: We are now forecasting GNE to produce a record FY23 EBITDAF result of NZ$532m, up +NZ$92m (+21%) on the old record of NZ$440m set in FY22.</li><li>Unit 5 outage extended to late August 2023: The only significant negative from the 4Q release was the news that the Unit 5 outage has been extended a month to the end of August 2023. </li></ul>

Strong commercial pricing and record hydro generation: The key features of the 4Q23 operating statistics were the strong hydro generation numbers and strong commercial electricity pricing.FY23 result will be another record: We are now forecasting GNE to produce a record FY23 EBITDAF result of NZ$532m, up +NZ$92m (+21%) on the old record of NZ$440m set in FY22.Unit 5 outage extended to late August 2023: The only significant negative from the 4Q release was the news that the Unit 5 outage has been extended a month to the end of August 2023. 

Genesis Energy: Charging to the Finish — 4Q23 Op Stats