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>Napier Port (NPH) reported a Cyclone Gabrielle impacted FY23 result, but is optimistic of a strong recovery in volumes and profitability over the next few years.</li><li>Importantly, management appears confident that its medium-term profit target (for a +50% increase on FY20 EBITDA within five years) is still achievable.</li><li>Our earnings forecasts are consistent with this, but reliant on a full recovery in log exports and containers to ~95% of the FY21 peak. </li></ul>

Napier Port (NPH) reported a Cyclone Gabrielle impacted FY23 result, but is optimistic of a strong recovery in volumes and profitability over the next few years.Importantly, management appears confident that its medium-term profit target (for a +50% increase on FY20 EBITDA within five years) is still achievable.Our earnings forecasts are consistent with this, but reliant on a full recovery in log exports and containers to ~95% of the FY21 peak. 

Napier Port - FY23—Berth of Gabrielle Recovery