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>NPH reported a subdued FY22 result in-line with expectations and issued first time FY23 EBITDA guidance, implying robust growth, but materially lower than we had anticipated</li><li>Earnings growth will be driven by the return of cruise and more normalised cargo volumes</li><li>NPH now trades at a one year forward PE of ~27x on our estimates and ~13x EV/EBITDA</li></ul>

NPH reported a subdued FY22 result in-line with expectations and issued first time FY23 EBITDA guidance, implying robust growth, but materially lower than we had anticipatedEarnings growth will be driven by the return of cruise and more normalised cargo volumesNPH now trades at a one year forward PE of ~27x on our estimates and ~13x EV/EBITDA

Napier Port: FY22 — Wall of Wood Logjam