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>An increasingly uncertain gas outlook has led us to downgrade our Genesis Energy (GNE) rating to NEUTRAL from OUTPERFORM.</li><li>Higher gas costs and gas generation portfolio restrictions has resulted in a lower and more uncertain earnings forecast from FY26 onwards.</li><li>In addition, despite GNE now operating its third Rankine unit, it does not appear to be in the position to take advantage of the situation as much as previously thought. </li></ul>

An increasingly uncertain gas outlook has led us to downgrade our Genesis Energy (GNE) rating to NEUTRAL from OUTPERFORM.Higher gas costs and gas generation portfolio restrictions has resulted in a lower and more uncertain earnings forecast from FY26 onwards.In addition, despite GNE now operating its third Rankine unit, it does not appear to be in the position to take advantage of the situation as much as previously thought. 

Genesis Energy - Costs Cut Outlook and Rating - 4Q24 Op Stats