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>While Synlait Milk's (SML) EBITDA result was in line with the guidance provided in January, we think it is important to acknowledge it was a strong result in the circumstances (albeit cash flow and NPAT less so).</li><li>Advanced Nutritionals was the key driver, with strong margins supported by improved North Island and Dunsandel utilisation.</li><li>Looking ahead, SML delivered one of the more confusing guidance explanations we can recall. </li></ul>

While Synlait Milk's (SML) EBITDA result was in line with the guidance provided in January, we think it is important to acknowledge it was a strong result in the circumstances (albeit cash flow and NPAT less so).Advanced Nutritionals was the key driver, with strong margins supported by improved North Island and Dunsandel utilisation.Looking ahead, SML delivered one of the more confusing guidance explanations we can recall. 

Synlait Milk - 1H25 Result—Premature Celebrations?