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>Scales' acquisition of an additional 7.5% of Shelby for US$24.4m, bringing its ownership to 67.5%, aligns with the company's growth strategy and confidence in Shelby's medium-term growth potential.</li><li>The transaction is expected to make Shelby the majority contributor (~55%) to Scales' net profit after tax, with the acquisition funded entirely through debt, projecting a FY25 net debt of ~NZ$13m or ~0.2x EBITDA.</li><li>SCL plans to increase its ownership stakes in smaller global proteins joint ventures and potentially expand its stake in Shelby, with a target price increase to NZ$5.20, reflecting improved earnings and strategic growth initiatives.</li></ul>

Scales' acquisition of an additional 7.5% of Shelby for US$24.4m, bringing its ownership to 67.5%, aligns with the company's growth strategy and confidence in Shelby's medium-term growth potential.The transaction is expected to make Shelby the majority contributor (~55%) to Scales' net profit after tax, with the acquisition funded entirely through debt, projecting a FY25 net debt of ~NZ$13m or ~0.2x EBITDA.SCL plans to increase its ownership stakes in smaller global proteins joint ventures and potentially expand its stake in Shelby, with a target price increase to NZ$5.20, reflecting improved earnings and strategic growth initiatives.

Scales Corp Ltd

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