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>The tide has gone out and IFT appears suitably clothed</li><li>Improved net debt following Vodafone NZ pay out, slightly offset by ~NZ$140m Longroad  injection </li><li>Most target  price changes of technical character (moving cash from Vodafone NZ to IFT)</li></ul>

The tide has gone out and IFT appears suitably clothedImproved net debt following Vodafone NZ pay out, slightly offset by ~NZ$140m Longroad  injection Most target  price changes of technical character (moving cash from Vodafone NZ to IFT)

Infratil: 1H23; Getting the Important Things Right

Infratil Ltd

Infratil: 1H23; Getting the Important Things Right