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>Genesis Energy (GNE) delivered the expected record result, with FY23 EBITDAF up +19% on the record set in the prior year, but that was overshadowed by a big negative surprise on operating costs, and to a lesser extent capex.</li><li>Both opex and capex are materially higher than previously thought, with the opex increase appearing stickier than capex.</li><li>In addition, GNE also surprised by holding the FY23 dividend flat to FY22, sending a signal it is likely to be more cautious going forward. </li></ul>

Genesis Energy (GNE) delivered the expected record result, with FY23 EBITDAF up +19% on the record set in the prior year, but that was overshadowed by a big negative surprise on operating costs, and to a lesser extent capex.Both opex and capex are materially higher than previously thought, with the opex increase appearing stickier than capex.In addition, GNE also surprised by holding the FY23 dividend flat to FY22, sending a signal it is likely to be more cautious going forward. 

Genesis Energy - Cost Crunch Tarnishes Record Result — FY23