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Research Disclosure

Forsyth Barr Limited (“Forsyth Barr”) holds a licence issued by the Financial Markets Authority to provide financial advice services.  Some information about us and our financial advice services is publicly available.  You can find that on our website at  Please note the limitations in relation to distribution generally, and in relation to recipients in Australia in particular, as set out under those headings below.

Any recommendations or opinions in the email linked to this page do not take into account your personal financial situation or investment goals, and may not be suitable for you.  If you wish to receive personalised financial advice, please contact your Forsyth Barr Investment Adviser.

The value of financial products may go up and down and investors may not get back the full (or any) amount invested. Past performance is not necessarily indicative of future performance.

Forsyth Barr’s research ratings are OUTPERFORM, NEUTRAL, and UNDERPERFORM. The ratings are relative to our other equity security recommendations across our New Zealand market coverage and are based on risk-adjusted Estimated Total Returns for the securities in question. Risk-adjusted Estimated Total Returns are calculated from our assessment of the risk profile, expected dividends and target price for the relevant security.


As at 2 April 2024, Forsyth Barr’s research ratings were distributed as follows:







The email linked to this page has been prepared in good faith based on information obtained from sources believed to be reliable and accurate. However, that information has not been independently verified or investigated by Forsyth Barr. If there are material inaccuracies or omissions in the information it is likely that our recommendations or opinions would be different.  Any analyses or valuations will also typically be based on numerous assumptions (such as the key WACC assumptions); different assumptions may yield materially different results.  

Forsyth Barr does not undertake to keep current any views expressed in the email linked to this page; any opinions or recommendations may change without notice to you.

In giving financial advice, Forsyth Barr is bound by duties under the Financial Markets Conduct Act 2013 (“FMC Act”) to:

  • exercise care, diligence, and skill,
  • give priority to the client’s interests, and
  • when dealing with retail clients, comply with the Code of Professional Conduct for Financial Advice Services, which includes standards relating to competence, knowledge, skill, ethical behaviour, conduct, and client care.

There are likely to be fees, expenses, or other amounts payable in relation to acting on any recommendations or opinions in the email linked to this page.  If you are Forsyth Barr client we refer you to the Advice Information Statement for your account for more information.

Analyst certification: The research analyst(s) primarily responsible for the preparation and content of the email linked to this page ("Analysts") are named within the body of the email. Each such Analyst certifies (other than in relation to content or views expressly attributed to another analyst) that (i) the views expressed in the email accurately reflect their personal views about each issuer and financial product referenced; and (ii) no part of the Analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that Analyst in the email.

Analyst holdings:  For information about analyst holdings in a particular financial product referred to in the email linked to this page, please refer to the most recent research report for that financial product.

Other disclosures: Forsyth Barr and its related companies (and their respective directors, officers, agents and employees) ("Forsyth Barr Group") may have long or short positions or otherwise have interests in the financial products referred to in the email linked to this page, and may be directors or officers of, and/or provide (or be intending to provide) corporate advisory or other services to, the issuer of those financial products (and may receive fees for so acting). Members of the Forsyth Barr Group may buy or sell financial products as principal or agent, and in doing so may undertake transactions that are not consistent with any recommendations contained in the email. Other Forsyth Barr business units may hold views different from those in the email; any such views will generally not be brought to your attention. Forsyth Barr confirms no inducement has been accepted from the issuer(s) that are the subject of the email, whether pecuniary or otherwise, in connection with making any recommendation contained in the email. In undertaking our research, non-financial assistance (for example, access to staff or information) may have been provided by the issuer(s) being researched.

Corporate advisory engagements: For information about whether Forsyth Barr has within the past 12 months been engaged to provide corporate advisory services to any other issuer referred to in the email linked to this page, please refer to the most recent research report for that issuer’s financial products.

Managing conflicts: Forsyth Barr follows a research process (including through the Analyst certification above) designed to ensure that the recommendations and opinions in our research publications and related emails are not influenced by the interests disclosed above.

Complaints: Information about Forsyth Barr’s complaints process and our dispute resolution process is available here.

Disclaimer: Where the FMC Act applies, liability for the FMC Act duties referred to above cannot by law be excluded.  However to the maximum extent permitted by law, Forsyth Barr otherwise excludes and disclaims any liability (including in negligence) for any loss which may be incurred by any person acting or relying upon any information, analysis, opinion or recommendation in the email linked to this page. Nothing in the email should be construed as a solicitation to buy or sell any financial product, or to engage in or refrain from doing so, or to engage in any other transaction.

Distribution: The email linked to this page is not intended to be distributed or made available to any person in any jurisdiction where doing so would constitute a breach of any applicable laws or regulations or would subject Forsyth Barr to any registration or licensing requirement within such jurisdiction.

Recipients in Australia:  This publication is only available to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001 (Cth) (“wholesale clients”).  In no circumstances may this publication be made available to a “retail client” within the meaning of section 761G.  Further, this publication is only available on a limited basis to authorised recipients in Australia.  Forsyth Barr is a New Zealand company operating in New Zealand that is regulated by the Financial Markets Authority of New Zealand and NZX.  This publication has been prepared in New Zealand in accordance with applicable New Zealand laws, which may differ from Australian laws.  Forsyth Barr does not hold an Australian financial services licence.  This publication may refer to a securities offer or proposed offer which is not available to investors in Australia, or is only available on a limited basis, such as to professional investors or others who do not require prospectus disclosure under Part 6D.2 of the Corporations Act 2001 (Cth) and are wholesale clients.

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