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.

Infratil Placement - Riding the AI Wave, but Deal Timing Seems Opportunistic

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>The delivery could have been better, but the message got through. One NZ's trading is as weak as should have been expected following Spark's downgrade, and CDC is gearing up for breathtaking growth.</li><li>Over the next three years CDC could triple in capacity, with EBITDA following close behind. CDC has tripled in capacity twice already. But scale matters.</li><li>We estimate CDC will need to spend &gt;A$7bn in capex, &gt;20x FY24 EBITDA, to deliver this growth. </li></ul>

The delivery could have been better, but the message got through. One NZ's trading is as weak as should have been expected following Spark's downgrade, and CDC is gearing up for breathtaking growth.Over the next three years CDC could triple in capacity, with EBITDA following close behind. CDC has tripled in capacity twice already. But scale matters.We estimate CDC will need to spend &gt;A$7bn in capex, &gt;20x FY24 EBITDA, to deliver this growth. 

Infratil - FY24 Result — A Few Things to Unpick

Infratil Ltd

Infratil - FY24 Result — A Few Things to Unpick