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>Scales (SCL) will report its 1H24 result on Wednesday, 28 August.</li><li>We expect it to report a solid return to profitability in its Horticulture division, and modest sequential growth within its Global Proteins division.</li><li>Key points of interest will be: (1) Global Proteins growth — we estimate mid-single digit EBITDA growth versus 2H23; (2) Horticulture margins — we forecast 14% pre-IFRS EBITDA margins in 1H24, a material improvement versus 1H23, but well down on the &gt;20% 1H margins delivered prior to FY22, and (3) FY24 guidance reiteration. </li></ul>

Scales (SCL) will report its 1H24 result on Wednesday, 28 August.We expect it to report a solid return to profitability in its Horticulture division, and modest sequential growth within its Global Proteins division.Key points of interest will be: (1) Global Proteins growth — we estimate mid-single digit EBITDA growth versus 2H23; (2) Horticulture margins — we forecast 14% pre-IFRS EBITDA margins in 1H24, a material improvement versus 1H23, but well down on the &gt;20% 1H margins delivered prior to FY22, and (3) FY24 guidance reiteration. 

Scales - 1H24 Preview — Well Positioned

Scales Corp Ltd

Scales - 1H24 Preview — Well Positioned