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>Sanford (SAN) has announced a solid FY22 result driven by (1) a global recovery in demand post-COVID, (2) strong seafood prices across all divisions versus the prior year, and (3) better margins from improved product mix</li><li>SAN also announced a NZ10cps final dividend, which is the first since FY20</li><li>SAN trades at the bottom of its historical two-year PE range and near a historical value floor</li></ul>

Sanford (SAN) has announced a solid FY22 result driven by (1) a global recovery in demand post-COVID, (2) strong seafood prices across all divisions versus the prior year, and (3) better margins from improved product mixSAN also announced a NZ10cps final dividend, which is the first since FY20SAN trades at the bottom of its historical two-year PE range and near a historical value floor

Sanford Limited

Sanford: Diving into Open Channels