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 a soft four month trading update at its annual shareholder meeting.</li><li>EBITDA was down -29% on the prior period, driven by margin pressure from higher costs and operating deleverage from slower activity in NZ.</li><li>This was not unexpected (we forecast 1H24 EBITDA to be down -30%) with trading comments provided at the FY23 result pointing to a slowdown in activity ahead of the general election. </li></ul>

Vulcan Steel (VSL) reported a soft four month trading update at its annual shareholder meeting.EBITDA was down -29% on the prior period, driven by margin pressure from higher costs and operating deleverage from slower activity in NZ.This was not unexpected (we forecast 1H24 EBITDA to be down -30%) with trading comments provided at the FY23 result pointing to a slowdown in activity ahead of the general election. 

Vulcan Steel Limited

Vulcan Steel - Testing Its Mettle