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

<div><div><div><div><ul><li>Napier Port's (NPH) third quarter result highlights: (1) further recovery from Cyclone Gabrielle, as volume improvements generate meaningful operating leverage, and (2) an immaterial impact from the current (temporary) high electricity price, driving plant closures among key customers.</li><li>Consequently, management has retained its full year earnings guidance (EBITDA range of NZ$50m–N$53m), which should lead to further strong growth in FY25.</li><li>NPH appears cheap against peers and against its own trading history. Its one year forward PE discount to larger sector peer, Port of Tauranga (POT), is the widest (&gt;40%) it's been since NPH listed in 2019. </li></ul></div></div></div></div>

Napier Port's (NPH) third quarter result highlights: (1) further recovery from Cyclone Gabrielle, as volume improvements generate meaningful operating leverage, and (2) an immaterial impact from the current (temporary) high electricity price, driving plant closures among key customers.Consequently, management has retained its full year earnings guidance (EBITDA range of NZ$50m–N$53m), which should lead to further strong growth in FY25.NPH appears cheap against peers and against its own trading history. Its one year forward PE discount to larger sector peer, Port of Tauranga (POT), is the widest (&gt;40%) it's been since NPH listed in 2019. 

Napier Port - 3Q24 Result — Voyage of Recovery