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>There were two surprises in Skellerup's (SKL) 1H24 result. Firstly, destocking in Agri saw group earnings fall -6% and miss expectations.</li><li>Secondly, there will be a faster than expected management transition with the CEO stepping down in March.</li><li>As a result of the slow start to the year, SKL has lowered its NPAT guidance and now expects a result similar to FY23 (NZ$50.9m) implying 2H24 growth of +5%</li></ul>

There were two surprises in Skellerup's (SKL) 1H24 result. Firstly, destocking in Agri saw group earnings fall -6% and miss expectations.Secondly, there will be a faster than expected management transition with the CEO stepping down in March.As a result of the slow start to the year, SKL has lowered its NPAT guidance and now expects a result similar to FY23 (NZ$50.9m) implying 2H24 growth of +5%

Skellerup Holdings - 1H24 Result — New Captain on a Quality Ship