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) reported an unsurprisingly soft FY24 result. 2H24 volumes were broadly in line with expectations, but margins were weaker.</li><li>Higher depreciation and tax saw NPAT miss our expectation. We have adjusted our estimates accordingly.</li><li>Outlook comments were in line with expectations, with a modest pick up in NZ demand expected in 2H25 but a more cautious tone on Australia. </li></ul>

Vulcan Steel (VSL) reported an unsurprisingly soft FY24 result. 2H24 volumes were broadly in line with expectations, but margins were weaker.Higher depreciation and tax saw NPAT miss our expectation. We have adjusted our estimates accordingly.Outlook comments were in line with expectations, with a modest pick up in NZ demand expected in 2H25 but a more cautious tone on Australia. 

Vulcan Steel - FY24 Result — Steely Resolve

Vulcan Steel Limited

Vulcan Steel - FY24 Result — Steely Resolve