Forsyth Barr Research
Recent (Showing 20 of 330)
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23 Feb 2012
Fletcher Building (FBU) - 1H12 Result Review: Deep Value
Fletcher Building (FBU) 1H12 Result Review: Deep Value FBU reported a 1H12 profit (pre abnormal items of -$15m) of $159m down -4% and in line with expectations but the outlook guidance was lower than expected for a reported profit (pre abnormal...
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23 Feb 2012
public
Fixed Interest Daily Schedule
US Bonds rallied last night with the 2yr down 1bp the 10yr down 5bp and the 30yr 6bp lower. The catalyst for the rally were weaker than forecast Existing Home Sales due to sizeable revisions in December and weak Euro-zone PMI data for February. The...
Fixed Interest Schedule.pdf PDF 25KB
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23 Feb 2012
Trade Me (TME): 1H12 Result Review
Trade Me (TME) 1H12 Result Review TME reported a 1H12 profit of $36.4m, which was up +4.1% on the pcp. After adjusting for interest costs (post-tax adjustment of $3.6m) so it is representative of the full 1H12 period, normalised profit came in...
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23 Feb 2012
public
Morning News Summary
US Stocks Decline Amid Disappoints Economic Data
Morning Report 2012-02-23.pdf PDF 116KB
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22 Feb 2012
New Zealand Oil & Gas (NZO) - 1H12 Result Review
New Zealand Oil & Gas (NZO) 1H12 Result Review The 1H12 result was a good one. 1H12 EBITDAX was $33.1m, +114% ahead of the pcp and +5.7% better than our forecast. Nevertheless, the spectre of PRC continued to hang over NZO, with a further...
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22 Feb 2012
PGG Wrightson (PGW) - 2 Result Review
PGG Wrightson (PGW) 1H12 Result Review PGW reported a 1H12 operating profit (EBITDA) of $22.0, representing a +54.9% increase on 1H11 and below our expectations of $24.0m. What’s changed? Earnings Impact: No change to FY12 EBITDA at...
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22 Feb 2012
Contact Energy (CEN) Credit Report (CENFA)
Investment View (CENFA) CEN maintain a sound balance sheet with interest cover at >6x and gearing around 30%. We expect CENFA to be redeemed in 2022 (10 years) and investors should be aware of an interest rate reset in 2017. We remain comfortable...
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22 Feb 2012
Contact Energy (CEN) Credit Report (CEN010)
Investment View (CEN010) CEN has a sound balance sheet with interest cover at >6x and gearing around 30%. CEN maintains a stable outlook from S&P with a rating of BBB, consistent with the stand alone rating of Government owned energy companies. We...
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22 Feb 2012
EBOS Group: 1H12 Result Review
EBOS Group (EBO) 1H12 Result Review EBO reported a 1H12 EBITDA of $20.1m, a -2.9% decrease on 1H11 and below our expectations of $22.5m. What’s changed? Earnings Impact: Under review to incorporate Masterpet. Valuation Impact: Under review to...
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22 Feb 2012
Refining NZ: FY11 Result Review - Catalyst is go
FY11 Result Review – Catalyst is go The FY11 result was in line with expectations with NPAT at $34.4m. However, the big news was the green light for the expansion project, the building of a Continuous Catalyst Regeneration Platformer...
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21 Feb 2012
Contact Energy (CEN) - 1H12 Result Review – Looking to 2H12
Contact Energy (CEN) 1H12 Result Review – Looking to 2H12 1H12 operating profit (EBITDAF) of $230.9m was in line with our expectations, but that doesn’t hide the fact 1H12 hydrology was again tough and therefore this was another disappointing...
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21 Feb 2012
Heartland Building Society (HNZ) Credit Report
Investment View Heartland strengthened its balance sheet with a $55m capital raising and received an upgrade to stable (from negative) outlook from S&P. The challenge for Heartland is that without the backing of the Retail Crown Guarantee, to...
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21 Feb 2012
public
Stock updates - CEN, MFT and MHI (video)
Forsyth Barr Head of Research Rob Mercer discussing the latest stock updates including; Contact Energy (CEN), Mainfreight (MFT) and Michael Hill International (MHI).
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21 Feb 2012
Telecom NZ (TEL) - Result Preview: 1H12 (six months to 31 December 2012)
Telecom NZ (TEL) Result Preview: 1H12 (six months to 31 December 2012) Expected Release Date: Friday, 24 February 2012 1H12 Forecast Summary NZ Revenues: $2.06bn, down -2% but pcp includes Chorus external revenues NZ EBITDA: $479m reported,...
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21 Feb 2012
Colonial Motors (CMO) - 1H12 Result Review
Colonial Motors (CMO) 1H12 Result Review CMO has reported a 1H12 operating profit (EBITDA) of $11.5m, up +36% versus 1H11 and ahead of our forecast of $9.7m. The company declared an interim dividend of 9cps, +2cps higher than 1H11. What’s...
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20 Feb 2012
NZX Limited (NZX): FY11 Result Slightly Below Forecast
NZX Limited (NZX) FY11 Result Slightly Below Forecast NZX’s FY11 profit was $14.5m, up +29% on last year, but -$1.3m below our $15.8m forecast before asset gains and losses. Listing and trading revenues were strong, but Energy and Market...
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20 Feb 2012
Property For Industry (PFI) - FY11 Result – New Manager on Debut
Property For Industry (PFI) FY11 Result – New Manager on Debut PFI has reported a distributable profit down -13% and impacted by a higher effective tax rate. The dividend, cash flows and NTA are stable versus the pcp. Our valuation is back -2%...
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20 Feb 2012
Fixed Interest Weekly
Market Update Just when you thought the Greek situation was sorted, another delay and more uncertainty arises. Officials are in a race against time in order to appease many different parties and are placing immense pressure on Greece to ‘front up’...
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20 Feb 2012
Cavalier Corporation (CAV) - 1H12 Result Review
Cavalier Corporation (CAV) 1H12 Result Review CAV has reported a 1H12 operating profit (EBIT) of $5.2m a -59.4% decrease over 1H11 and below our expectations of $7.2m. What’s changed? Earnings Impact: Decrease FY12 EBIT Forecast -24.6% to...
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20 Feb 2012
International Equity Weekly
International Equity Weekly Monday, 20 February 2012 Weekly Market Comment Global equities rose amid optimism that Greece will get a second debt bailout and after better-than-expected economic data. Favourable reports on jobless...
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