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

<h2>NZX AGM: updates to FY21 guidance – tightening of bottom end</h2>
NZX has updated its FY21 operating earnings (EBITDA) guidance to be in the range of NZ$32.0m to NZ$35.5m. This is an increase in the bottom end, from a range of NZ$31.5m to NZ$35.5m at the FY20 result in February 2021. This tightening of the bottom end of the range is driven by NZX’s increased level of certainty around technology costs during the year. Our forecasts for FY21 EBITDA remains unchanged at NZ$35m.
New technology appointment to NZX board a welcome addition
NZX has also announced the appointment of Peter Jessup to its Board, to re-place outgoing director Jon Macdonald. An ex-employee of NZX between 1986 and 1993, Peter is an IT specialist with experience of engineering a number of global stock exchange computer systems. He has previously worked at LSEG Technology, Katipo Consulting, Nasdaq, Computershare and Tandem Computers. We welcome an increased focus on IT governance and additional international experience, which Peter provides.
Jamie Foulkes&nbsp; Analyst, Equities
<figure class="editor-figure mceNonEditable"><img src="https://mail.google.com/mail/u/0?ui=2&amp;ik=f57c39853c&amp;attid=0.1&amp;permmsgid=msg-f:1696423447280484286&amp;th=178ae82323cbffbe&amp;view=fimg&amp;sz=s0-l75-ft&amp;attbid=ANGjdJ9FInyLyQwny5uDcksVSJa_EPs4yZAJoROdJxiyiEsMdE8pD9S_IazlmOkAH5LKRPSb3BV7Q8Pp1_4CMkD9ugYcSNO3NE6AuNYpcRLqmcE1spOa1yH8bWz2V4Y&amp;disp=emb" class="editor-image img-responsive"></figure>
 M: +64 20 4196 2993 |P: +64 4 914 2217 | TF: 0800 367 227&nbsp; Level 22, NTT Tower, 157 Lambton Quay, Wellington

NZX AGM: updates to FY21 guidance – tightening of bottom end
NZX has updated its FY21 operating earnings (EBITDA) guidance to be in the range of NZ$32.0m to NZ$35.5m. This is an increase in the bottom end, from a range of NZ$31.5m to NZ$35.5m at the FY20 result in February 2021. This tightening of the bottom end of the range is driven by NZX’s increased level of certainty around technology costs during the year. Our forecasts for FY21 EBITDA remains unchanged at NZ$35m.
New technology appointment to NZX board a welcome addition
NZX has also announced the appointment of Peter Jessup to its Board, to re-place outgoing director Jon Macdonald. An ex-employee of NZX between 1986 and 1993, Peter is an IT specialist with experience of engineering a number of global stock exchange computer systems. He has previously worked at LSEG Technology, Katipo Consulting, Nasdaq, Computershare and Tandem Computers. We welcome an increased focus on IT governance and additional international experience, which Peter provides.
Jamie Foulkes&nbsp; Analyst, Equities

 M: +64 20 4196 2993 |P: +64 4 914 2217 | TF: 0800 367 227&nbsp; Level 22, NTT Tower, 157 Lambton Quay, Wellington

NZX

NZX AGM Guidance Update