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>Investore's (IPL) 1H24 distributable earnings was broadly in line with expectations.</li><li>The key surprise in the result was a reduction in dividends, with FY24 guidance reduced -9% to 7.2cps and FY25 implied distributions of at least 6.5cps.</li><li>With non-core asset sales taking longer than expected and interest rates remaining elevated, the motivation to cut distributions is twofold: (1) to retain capital and reduce gearing which is at the top end of its target range, and (2) to get ahead of higher tax to be paid and the lift in interest costs as hedging rolls off. </li></ul>

Investore's (IPL) 1H24 distributable earnings was broadly in line with expectations.The key surprise in the result was a reduction in dividends, with FY24 guidance reduced -9% to 7.2cps and FY25 implied distributions of at least 6.5cps.With non-core asset sales taking longer than expected and interest rates remaining elevated, the motivation to cut distributions is twofold: (1) to retain capital and reduce gearing which is at the top end of its target range, and (2) to get ahead of higher tax to be paid and the lift in interest costs as hedging rolls off. 

Investore - 1H24 Result—Getting Ahead of the Curve

Investore Property

Investore - 1H24 Result—Getting Ahead of the Curve