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) has a history of purchasing underperforming businesses and turning them into good ones, with the Ullrich acquisition in 2022 being the latest business to be Vulcanised.</li>
<li>So far, management has taken the ‘easy wins’ with  cost savings. One of the next key drivers of value is the hybrid site strategy, where VSL will distribute stainless steel through Ullrich locations where it currently does not have a presence.</li>
<li>The opportunity is largely regional Australian locations, and our calculations suggest an incremental addressable market broadly half the size of NZ. </li>
</ul>


Vulcan Steel (VSL) has a history of purchasing underperforming businesses and turning them into good ones, with the Ullrich acquisition in 2022 being the latest business to be Vulcanised.
So far, management has taken the ‘easy wins’ with  cost savings. One of the next key drivers of value is the hybrid site strategy, where VSL will distribute stainless steel through Ullrich locations where it currently does not have a presence.
The opportunity is largely regional Australian locations, and our calculations suggest an incremental addressable market broadly half the size of NZ. 


Vulcan Steel  - Hybrid Sites — A Strong Alloy

Vulcan Steel Limited

Vulcan Steel - Hybrid Sites — A Strong Alloy