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>Infratil (IFT) reported a 1H23 result in-line with our expectations</li><li>1H23 net debt of ~NZ$1,012m was ~+NZ$100m ahead of our forecast, likely due to a pre-money infusion of capital into Longroad.</li><li>Longroad (LR) valuation of NZ$920.7m may raise some questions</li></ul>

Infratil (IFT) reported a 1H23 result in-line with our expectations1H23 net debt of ~NZ$1,012m was ~+NZ$100m ahead of our forecast, likely due to a pre-money infusion of capital into Longroad.Longroad (LR) valuation of NZ$920.7m may raise some questions

Infratil (IFT): 1H23 Result – Initial Impressions

Infratil Ltd

Infratil (IFT): 1H23 Result – Initial Impressions