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>We upgrade our rating on Vulcan Steel (VSL) to OUTPERFORM.</li><li>The 1H24 result was above expectations, with volumes ahead and gross profit dollar per tonne (GP$/t) more robust than anticipated.</li><li>Outlook comments were cautiously optimistic due to: (1) signs of improving volumes in NZ, (2) stable Australian demand, and (3) Ullrich self-help and hybrid sites increasingly contributing. </li></ul>

We upgrade our rating on Vulcan Steel (VSL) to OUTPERFORM.The 1H24 result was above expectations, with volumes ahead and gross profit dollar per tonne (GP$/t) more robust than anticipated.Outlook comments were cautiously optimistic due to: (1) signs of improving volumes in NZ, (2) stable Australian demand, and (3) Ullrich self-help and hybrid sites increasingly contributing. 

Vulcan Steel - Through the Trough, up to OUTPERFORM

Vulcan Steel Limited

Vulcan Steel - Through the Trough, up to OUTPERFORM