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>Vulcan Steel (VSL) will report its 1H25 result on Tuesday, 11 February.</li><li>We expect 1H25 EBITDA down c.-30% on the prior year, with operating deleverage from volume declines in both its Steel and Metals divisions and competitive pressure reducing gross dollar margin per tonne.</li><li>Operating conditions remain challenging, but we expect volumes to remain stable in 2H25, before picking up in 1H26, supported by improving business confidence on both sides of the Tasman and lower interest rates. </li></ul>

Vulcan Steel (VSL) will report its 1H25 result on Tuesday, 11 February.We expect 1H25 EBITDA down c.-30% on the prior year, with operating deleverage from volume declines in both its Steel and Metals divisions and competitive pressure reducing gross dollar margin per tonne.Operating conditions remain challenging, but we expect volumes to remain stable in 2H25, before picking up in 1H26, supported by improving business confidence on both sides of the Tasman and lower interest rates. 

Vulcan Steel - 1H25 Preview: Cycling Through the Trough

Vulcan Steel Limited

Vulcan Steel - 1H25 Preview: Cycling Through the Trough