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>Our two focus points heading into Sanford's (SAN) FY24 result were: (1) debt reduction (primarily inventory), and (2) head-office costs. SAN exceeded our expectations on both.</li><li>Net debt reduced in 2H24 through lower capex plus solid inventory reductions, and head-office costs reduced by ~-20% sequentially.</li><li>Pleasingly, there was a strong message that costs will continue to reduce (albeit net benefits may not be realised until FY26) and dividends/capex will remain restrictive. </li></ul>

Our two focus points heading into Sanford's (SAN) FY24 result were: (1) debt reduction (primarily inventory), and (2) head-office costs. SAN exceeded our expectations on both.Net debt reduced in 2H24 through lower capex plus solid inventory reductions, and head-office costs reduced by ~-20% sequentially.Pleasingly, there was a strong message that costs will continue to reduce (albeit net benefits may not be realised until FY26) and dividends/capex will remain restrictive. 

Sanford Limited

Sanford - FY24 Result; E-Fish-Incies