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>Solid result, flat guidance slightly below expectations: IPL reported FY23 adjusted funds from operations (AFFO) +9% to NZ$28.6m.</li><li>Management of interest costs a key focus: IPL has hedges in place which fix 92%/72%/64% of IPL's FY24/25/26 debt at a rate of 4.0%/3.8%/3.6% (including 2.0% line fee and margin).</li><li>Asset sales maintain flexibility but moderate earnings: FY23 gearing was 36.5% and committed gearing was 38.1%, towards the top end of IPL's target range of 30%–40% but below its bank debt covenant of 52.5%. </li></ul>

Solid result, flat guidance slightly below expectations: IPL reported FY23 adjusted funds from operations (AFFO) +9% to NZ$28.6m.Management of interest costs a key focus: IPL has hedges in place which fix 92%/72%/64% of IPL's FY24/25/26 debt at a rate of 4.0%/3.8%/3.6% (including 2.0% line fee and margin).Asset sales maintain flexibility but moderate earnings: FY23 gearing was 36.5% and committed gearing was 38.1%, towards the top end of IPL's target range of 30%–40% but below its bank debt covenant of 52.5%. 

Investore: FY23 Result — Through the Checkout

Investore Property

Investore: FY23 Result — Through the Checkout