NZ Spotlight - Amazon S3€¦ · 2017-09-28 · and with it 28 ktpa of LPG load across 35,000...

NZ Spotlight

Sydney

28 September 2017

Contents

Welcome and introduction …………………………………………………………….. 1

Programme ……………………………………………………………………………… 2

Company profiles ……………………………………………………………………..... 3

Pushpay Holdings ………...……………………………………………………… 4

Genesis Energy …………………………………………...………………………….. 5

AFT Pharmaceuticals ………………………………………………………………… 6

Turners Automotive Group …………………………………………………………... 7

Scott Technology ……………………………………………………………………... 8

Pacific Edge ……………….…………………………………………………………... 9

CricHQ ………………………………………………………………………………….. 10

NZ Spotlight Investor Day | 28 September 2017 1

Welcome

Woodward Partners and NZX together welcome you to our inaugural NZ Spotlight investor day in Sydney.

Today we are pleased to present to investors a selection of NZX-listed companies from a variety of

different sectors. The companies presenting today have market caps of between NZ$180m and

NZ$2.4bn. We are also pleased to be able to welcome unlisted company CricHQ, the world’s leading

SaaS platform for cricket.

Woodward Partners and NZX are each committed to supporting and growing New Zealand’s equity

capital markets and our NZ Spotlight events provide a platform for New Zealand companies to raise their

profile and communicate their investment case to Australian investors.

About Woodward Partners

Woodward Partners is an independent research house, institutional sharebroker and corporate advisor.

Our strength is our senior team which comprises analysts, dealers and executives with many years of

markets experience.

Woodward Partners is committed to providing New Zealand-listed and unlisted companies and investors

with the highest-quality investment research across different market sectors, including the small cap and

mid cap segments of the New Zealand market.

Woodward Partners Securities is an accredited NZX Advising Firm.

Contacts:

Neville Todd Simon Wilson

DDI: +64 4 974 7381 DDI: +64 4 974 7382

Mob: +64 21 673 030 Mob: +64 21 562 015

[email protected] [email protected]

www.woodwardpartners.co.nz

About NZX

NZX operates the New Zealand capital markets, agricultural commodities and New Zealand energy

markets. It provides the trading mechanisms and infrastructure, develops products and provides the data

and information that drives trading activity.

mailto:[email protected]

mailto:[email protected]

http://www.woodwardpartners.co.nz/


Conference Programme

12.30 Registration

12.55 Bloomberg & Woodward Partners introduction

1.00 – 1.30 Pushpay Holdings

1.30 – 2.00 Genesis Energy

2.00 – 2.30 AFT Pharmaceuticals

2.30 – 3.00 Turners Automotive Group

3.00 – 3.30 Afternoon tea

3.30 – 4.00 Scott Technology

4.00 – 4.30 Pacific Edge

4.30 – 5.00 CricHQ

5.00 Closing remarks – NZX

5.10pm Conference close, wine tasting and canapes


Company Profiles


Pushpay NZX:PPH; ASX:PPH

Keeping the faith

Strong growth but plenty more potential

At 30 June 2017 Pushpay had 7,128 customers, almost all of which are

US churches (97% of the customer base) which use Pushpay to engage

with their congregations and collect donations. The company added 2,637

customers over the year to June, growth of nearly 60%, and 391 in the

June quarter. Customer growth has slowed somewhat as Pushpay

targets larger churches which have a longer sales cycle. Its US faith

sector penetration is only around 2%, so although growth has been very

rapid, there is enormous further potential. Pushpay’s revenues are a

combination of subscription fees and volume fees. Subscription fees are

based on the size of the customer organisation and volume fees are

based on transaction volumes, and include interchange fees which are

collected by Pushpay on behalf of third parties such as Visa/MasterCard.

Capital raising to support growth

In July 2017 Pushpay raised US$25m (NZ$35m) via a private placement

at NZ$1.51 per share. The new capital will be used to advance Pushpay’s

targeted sales strategy, with the objective to gain a greater share of the

medium and large church segments (>200 attendees), and to accelerate

the development of new products across apps, analytics and events.

Pushpay plans a US listing within the next 3 years.

Breakeven target now calendar 2018

Average revenue per customer was up 43% YoY in the latest quarter to

US$732 per month. Annualised committed monthly revenue (ACMR) was

US$62.6m pa in the June 2017 quarter, up by US$3.8m over the quarter

and US$35.1m YoY. Pushpay is targeting US$100m ACMR by March

2018 and more than doubling revenue to at least US$70m in FY18. The

company expects to reach these targets through further development of

its product, direct sales, its referrals strategy, and through targeting

customers that have existing relationships with Pushpay’s strategic

channel partners and other distribution partners. Pushpay is still losing

money as it invests in growth, but it expects to reach monthly cashflow

breakeven before the end of the 2018 calendar year (a year later than its

previous target) which should generate profits from FY20.

Financial performance history & outlook estimates

TECHNOLOGY SECTOR

Forecasts: Bloomberg consensus

Source: Woodward Partners, Bloomberg, company data

Analyst

Guy Hallwright

+64 21 999 442 [email protected]

Business description

NZX Profile as at 22 Sep 2017

NZX ticker PPH.NZPrice $/share 2.47 Market cap $m 676.7 Issued share capital m 274.0 12-month average daily trading 000/day 123

Share price performance

3 Mths 6 Mths 12 Mths 2 Yrs

PPH +43.6% +28.6% -2.4% -2.4%

NZX50 +3.3% +10.7% +6.9% +37.7%

PPH vs NZX50 +40.3% +18.0% -9.3% -40.0%

Largest shareholders

Christopher & Peter Huljich 24.9%Christopher Heaslip 10.9%Eliot Crowther 9.7%

Pushpay provides engagement solutions that enable

meaningful connections and mobile commerce tools

that facilitate fast, secure non-point-of-sale payments.

Pushpay provides convenient, personalised and

intuitive engagement and payment solutions to the

faith sector, not-for-profit organisations and education

providers. It is growing strongly in US churches which

form most of its customer base.

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Vol m/day$/share

PPH PPH vs NZX50

31 Mar years FY16A FY17A FY18F FY19F FY20F

Revenue $m 14.8 47.9 101.0 170.0 252.0

EBITDA $m -18.4 -31.6 -29.4 -3.2 39.7

NPAT adj $m -20.2 -35.7 -35.4 -13.6 19.4

EPS adj cps -9.0 -14.8 -14.0 -5.0 7.1

P/E adj x -27.4 -16.6 -17.6 -49.4 34.8

EV/EBITDA x -35.8 -20.8 -22.4 -206.8 16.6

DPS cps n.a. n.a. n.a. n.a. n.a.


Genesis Energy NZX:GNE; ASX:GNE

Yield + growth

Now truly fully vertically integrated

On joining Genesis in May 2016 CEO Marc England tabled a vision of

“reimagining energy” across all of short, medium and long-term horizons.

Short-term the focus has been on refining its generation asset and

operating models with the result that $15m of cost-out has been achieved

since FY16 with a further $5-8m pa expected over the next four FYs.

Genesis’s longer-term strategy spans the full length of its supply chain

however it has been its leveraging of its existing cornerstone interest in

the Kupe gas-condensate field that has attracted its most recent attention

and capital. Since 2QFY17 Genesis has completed two major Kupe-

centric deals. The first saw Genesis acquire a further 15.0% stake in the

Kupe JV for $168m, taking Genesis to a 46.0% interest. The second saw

Genesis spend $192m to acquire the retail LPG business of Nova Energy

and with it 28 ktpa of LPG load across 35,000 customers. The Nova deal

serves to bridge what was previously a yawning gap in Genesis’s

operating model separating a very long upstream LPG and gas position

with very short downstream LPG and gas books. While it has taken nearly

a decade to resolve, Genesis is now strongly placed leading into the

2020s when each of the gas and LPG markets appear likely to tighten

significantly, which should work strongly to Genesis’s advantage.

Downstream targeting energy management

In its downstream business, the “reimagining energy” mantra is about

positioning Genesis as energy managers for customers rather than

energy suppliers to customers as households and businesses transition

towards taking greater control of their energy supply and demand

decisions. Genesis is currently running a pilot programme (see

https://localenergyproject.co.nz/) to gauge customer engagement with

and reaction to micro-energy management tools and platforms.

Clear path towards >$400m with Kupe to provide yield backbone

Genesis has tabled a EBITDAF target band of $400-430m by FY21, up

from $333m in FY17. Of this earnings acquired with the Kupe and Nova

deals contributes $30-35m with the balance to come from growth in its

core energy business. Kupe is a key point of difference and will provide

important cash generation and longer-term dividend support.


ENERGY SECTOR

Analyst

John Kidd


Forecasts: Woodward Partners, Bloomberg consensus




NZX ticker GNE.NZPrice $/share 2.40 Market cap $m 2,400.0 Issued share capital m 1,000.0 12-month average daily trading 000/day 663



GNE -3.2% +18.3% +14.8% +51.6%

NZX50 +3.3% +10.7% +6.9% +37.7%

GNE vs NZX50 -6.5% +7.6% +7.9% +13.9%


The Crown 52.0%

Genesis is a large vertically integrated electricity

generator and retailer which was partly-privatised in

2014. As well as operating 1,640 MW of hydro, wind, gas

and coal capacity it has a customer base comprising

505,000 electricity, gas and LPG customers making it

NZ's largest energy retailer. It also holds a 46.0% stake

in the Kupe gas-condensate field and long-term

entitlement rights to all Kupe gas.

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GNE GNE vs NZX50

30 Jun years FY16A FY17A FY18F FY19F FY20F

Revenue $m 2,011.3 1,951.1 2,105.9 2,129.9 2,184.0

EBITDA $m 335.3 332.5 352.9 371.0 427.6

NPAT adj $m 84.8 118.7 77.3 93.1 108.0

EPS adj cps 18.4 11.9 7.8 9.6 11.0

P/E adj x 13.1 20.3 30.9 25.1 21.9

EV/EBITDA x 10.9 11.0 10.3 9.8 8.5

DPS cps 16.6 16.6 17.0 17.1 18.3

https://localenergyproject.co.nz/


AFT Pharmaceuticals NZX:AFT; ASX:AFP

It’s all about delivery

Maxigesic to drive growth

Maxigesic is a paracetamol/ibuprofen painkiller at the clinically proven

most effective combination, developed and patented by AFT. It has been

launched in 8 countries with licence agreements in 112 countries and

negotiations under way for North America & the EU. Over the next 4

years phased launches of Maxigesic are planned in over 100 countries

including North America as registrations are completed. The company is

targeting 1/3 of these in FY2018; ¼ in FY2019, ¼ in FY2020 and the rest

in FY2021. Maxigesic sales more than tripled in FY17 to 74m tablets. In

Australia, following recent TGA decisions, Maxigesic can now be

advertised to consumers and displayed in pharmacies, and codeine

analgesics will become prescription-only from 1 February 2018. This is a

major opportunity: Australian OTC codeine tablet sales are around 750m

p.a. and research suggests 45% of these will move to an OTC alternative.

FY2018 growth programme

• Maxigesic products - complete remaining clinical studies; further

licensing agreements in larger markets including North America and

larger EU countries; launch Maxigesic in over 30 markets; add

additional dose forms to the initial launches to extend sales

• NasoSURF - complete first clinical trials and first Class IIA regulatory

filings; undertake first licensing negotiations

• Pascomer – commence clinical studies and licensing negotiations;

• Build Maxigesic market share in Australia and register and launch line

extensions. NZ revenue growth will be relatively flat in FY2018 and

FY2019 due to AFT ceasing the distribution of beta-blocker Metoprolol

during FY2018.

Forecasts

AFT is targeting break-even by FY2019 (possibly FY2018) from increased

higher-margin sales in Australia/NZ, increased licensing income from

existing and new agreements in larger markets, and increased Maxigesic

sales. Consensus forecasts expect +35% revenue growth in FY2018 and

+29% in FY2019 and for the company to be profitable from FY2019.


HEALTHCARE SECTOR

Forecasts: Bloomberg consensus


Analyst

Guy Hallwright




NZX ticker AFT.NZPrice $/share 2.25 Market cap $m 217.9 Issued share capital m 96.8 12-month average daily trading 000/day 7.6


3 Mths 6 Mths 12 Mths Dec-15

AFT -18.2% -19.6% -29.7% -19.5%

NZX50 +4.1% +7.9% +6.7% +6.9%

AFT vs NZX50 -22.3% -27.5% -36.4% -26.4%


Atkinson Family Trust 75.4%Capital Royalty Partners 13.4%

AFT Pharmaceuticals develops, markets and

distributes a broad range of pharmaceutical products,

both proprietary and in-licensed, via over-the-counter,

prescription and hospital channels. 96% of AFT's

FY17 sales were in Australia/NZ, but it plans to

expand sales to 100+ countries over the next 4 years.

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AFT AFT vs NZX50


Revenue $m 64.0 69.2 93.2 120.5 154.5

EBITDA $m -8.4 -14.1 -2.0 12.5 27.9

NPAT adj $m -13.3 -18.4 -4.7 10.1 19.5

EPS adj cps -11.0 -19.0 -4.8 10.3 19.9

P/E adj x -20.5 -11.8 -46.9 21.8 11.3

EV/EBITDA x -26.9 -16.0 -115.0 18.0 8.1

DPS cps 0.0 0.0 0.0 0.0 0.0


Turners Automotive Group NZX:TRA; ASX:TRA

Firing on all cylinders

Growth a priority

Growth remains a priority for Turners, and the company anticipates

another year of strong growth in FY18 as it looks to build market share

and integrates recent acquisitions. A number of M&A opportunities are

under consideration in the fragmented automotive market, and the

company is also seeking further organic growth opportunities (recent

examples include the Cartopia online retail channel and the MTF non-

recourse finance partnership). Other FY18 targets include expanding the

Trucks and Machinery site network, developing a bundled approach to

finance and insurance, combining the finance entities into a single

business under the Oxford brand, and building on existing servicing and

maintenance capability. A foreign-exempt compliance listing on the ASX

in July 2017 will increase access to capital to support the growth

strategies.

FY17 result – driven by automotive retail

Turners’ FY17 NPAT was up 13% to $17.6m; pretax profit was up 14% to

$24.6m, slightly ahead of guidance. Recent acquisitions, growth in

automotive retail, and growth in the finance and insurance books boosted

revenue growth to 48%, with an increasing percentage of annuity income

from finance and insurance contracts. Most of the profit growth came from

automotive retail, and most of that was finance growth and the Buy Right

Cars (BRC) acquisition. BRC contributed $3.1m for 8 months and is

tracking about 10% above expectations, with finance origination into the

Turners group picking up. The Autosure Insurance business was

transferred to Turners at the start of this FY and is expected to contribute

$3.5m in FY18 (after amortisation). Over $26m in MTF non-recourse

loans have been written since the December 2016 launch, which will

contribute positively to FY18 earnings.

FY18 outlook positive

We expect Turners’ FY18 (March year) pretax profit to grow by about

30% to around $32m. This is around 10% growth on FY17 excluding the

BRC part-year contribution, plus a full year of BRC ($4.8-5m) and

Autosure ($3.5m), and is in line with company expectations.


SERVICES SECTOR

Forecasts: Woodward Partners, company outlook comments


Analyst

Guy Hallwright



Revenue $m 90.2 171.7 234.0 302.0 325.0

EBITDA $m 20.2 35.1 30.8 40.2 44.7

NPAT adj $m 18.1 15.6 17.4 22.9 26.4

EPS adj cps 33.0 25.0 25.0 31.0 34.5

P/E adj x 11.7 15.4 15.4 12.5 11.2

EV/EBITDA x 13.9 8.0 9.1 7.0 6.3

DPS cps 10.0 13.0 14.0 16.5 18.5



NZX ticker TRA.NZPrice $/share 3.25 Market cap $m 269.8 Issued share capital m 83.0 12-month average daily trading 000/day 95



TRA -11.0% -6.2% +6.9% +8.3%NZX50 +3.3% +10.7% +6.9% +37.7%TRA vs NZX50 -14.4% -16.9% +0.0% -29.4%


The Business Bakery & interests 14.7%Salt Funds Mgmt 9.2%Bartel Holdings 8.1%Harrigens Trustees Ltd 8.1%Milford Funds 7.0%

Turners is an integrated automotive financial services

group centred on auto retailing, vehicle finance and

insurance. The group was formed in 2014 when

Dorchester Pacific acquired Turners Auctions, and

has since acquired several finance and insurance

operations, Buy Right Cars and Autosure.

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TRA TRA vs NZX50


Scott Technology NZX:SCT

Transformers

Growth through acquisition and new technologies

Scott continues to expand operations through acquisitions as well as

strong organic growth underpinned by an ongoing commitment to R&D to

bring new products to existing markets and develop new technologies for

new applications. Revenues from all of the company’s target industries

are growing strongly, with last year’s largest increase coming from the

meat processing sector (+256%). Scott’s 1H17 pretax profit for the six

months to February 2017 was $4.2m, up 50% on the prior 1H, on

revenues up 32% (reversing last year’s margin decline which resulted

from increased lower-margin contract work).

Operational update for 1H17

In 1H17 Australasian sales were up 34%, mainly through a series of

repeat builds for the food and industrial automation industries, but the

Australasian segment also benefited from the purchase of the BladeStop

bandsaw safety technology in October 2016. In the Americas, RobotWorx

is experiencing reduced availability of robots for refurbishment, but the

company sees potential for BladeStop bandsaw sales in the US. Scott’s

European manufacturing was expanded in 2H16 through the $0.88m

acquisition of the assets of a German equipment supplier to the appliance

industry, but development of this market will be a longer-term project.

Outlook positive

The changing global manufacturing environment is driving increasing

demand for Scott’s skills, technology and equipment. Acquisitions to

further drive strategic growth are being evaluated, but will only be

undertaken where there are strong value propositions. The company’s

meat processing technology is now seeing good uptake in both Australia

and New Zealand, with strong demand to adapt the technology to other

species, including beef and pork, which is under way. Near term growth is

expected to come mainly from the Meat Processing and Mining sectors

where new products are already being commercialised. In the medium

term the company’s commitment to R&D in areas such as automated

guided vehicles and mobile robotics is expected to drive growth in the

wider Industrial Automation sector.


INDUSTRIALS SECTOR

Forecasts: Woodward Partners


Analyst

Guy Hallwright




NZX ticker SCT.NZPrice $/share 2.99 Market cap $m 223.3 Issued share capital m 74.7 12-month average daily trading 000/day 30



SCT +7.1% +20.1% +49.2% +51%

NZX50 +2.3% +8.5% +6.7% +36.9%

SCT vs NZX50 +4.9% +11.6% +42.5% +14%


JBS Australia 50.1%Oakwood Securities 7.4%

Scott Technology is an NZ-based engineering

company specialising in the design and manufacture

of advanced automated production and process

machinery, particularly for the meat processing and

mining industries globally, with these two industries

recently contributing more than 50% of annual sales.

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Vol m/day$/share

SCT SCT vs NZX50

31 Aug years FY15A FY16A FY17F FY18F FY19F

Revenue $m 72.3 112.0 135.5 160.7 184.4

EBITDA $m 7.7 13.8 15.5 17.8 20.8

NPAT adj $m 6.2 7.5 9.7 11.4 13.4

EPS adj cps 9.6 14.9 12.9 15.3 18.0

P/E adj x 31.1 20.1 23.2 19.5 16.6

EV/EBITDA x 24.6 13.7 12.2 10.6 9.1

DPS cps 8.0 9.5 9.5 9.5 11.0


Pacific Edge NZX:PEB

Stage set for a tipping point

Sales momentum to arrive from transformational customers

An announcement in the next few months regarding the commercial

arrangements with Kaiser Permanente (the world’s largest integrated care

provider) will be an important catalyst for PEB’s share price. Sales

momentum across the Veterans Association and Tricare networks should

also become established. Our expectation is for Kaiser Permanente to be

at least a NZ$25m per annum account within three years while the VA will

become a NZ$65m per annum account within five years.

Research continues to validate test utility

Three high profile research publications have appeared in the past six

months profiling the clinical effectiveness of the Cxbladder tests. One

paper concluded Cxbladder “significantly outperformed all compared FDA

approved urine-based monitoring tests, as well as cytology”. A

forthcoming paper covering the successful Kaiser study will add further

weight to this evidence.

World-first departures from incumbent testing protocols

Waitemata, Canterbury and MidCentral DHB’s have set important

precedents – Waitemata will use Cxbladder Monitor to replace

cystoscopy for all low risk patients, Canterbury will use Cxbladder Triage

to replace cytology and MidCentral will use all CxBladder tests across

their clinical pathway. All three are world-first departures from incumbent

testing protocols and guidelines. Adoption by Kaiser Permanente will

represent another crucial step toward changing long established and

entrenched clinical practices.

Outlook - step-change expected in earnings

We expect test adoption across Kaiser, VA and Tricare to get established

during FY18. This will set up FY19 and FY20 for a step change in

earnings with revenue forecasts of $46m and $86m respectively and

EBITDA forecasts of $10m and $39m respectively.


HEALTHCARE SECTOR

Forecasts: Woodward Partners


Analyst

Ian Graham




NZX ticker PEB.NZPrice $/share 0.45 Market cap $m 179.9 Issued share capital m 399.7 12-month average daily trading 000/day 190


3 Mths 6 Mths 12 Mths Dec-15

PEB -8.2% -22.4% -8.2% -8.2%

NZX50 +4.1% +7.9% +6.7% +6.9%

PEB vs NZX50 -12.3% -30.3% -14.8% -15.0%


Harbour Asset Management 12.1%Salt Funds Management 10.6%Westpac Banking Corporation 9.1%AMP Capital Investors 5.0%

PEB is a cancer diagnostic company with four

proprietary, molecular-based tests for the detection

and management of urothelial cancer. The company’s

products have been tested and validated in numerous

international multi-centre clinical studies. PEB

operates two CLIA-certified laboratories.

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PEB PEB vs NZX50


Revenue $m 6.4 9.2 22.1 45.6 86.4

EBITDA $m -16.0 -14.6 -6.9 9.5 39.2

NPAT adj $m -15.5 -14.9 -7.2 9.3 34.6

EPS adj cps -4.2 -3.8 -1.7 2.4 8.7

P/E adj x -10.7 -11.8 -26.5 18.8 5.2

EV/EBITDA x -10.3 -11.3 -24.0 17.4 4.2

DPS cps 0.0 0.0 0.0 0.0 0.0


CricHQ Unlisted

Invest in cricket’s digital revolution

• CricHQ is the world’s leading SaaS platform for cricket - the world’s

second largest sport.

• The Company’s digital platform has been developed over the past 7

years with $23m of capital invested to date.

• Cricket organisations and administrators have not kept up with

technology, which has created a global market opportunity for CricHQ.

• The Company is uniquely positioned to benefit from the technological

advancements now happening in cricket administration and fan

engagement globally.

• CricHQ is currently capturing 10% of the world’s cricket data and

content.

• The company has a large total addressable market of 214k cricket

organisations and 500m online cricket fans and players.

• The global sports analytics market is forecast to grow at a CAGR of

57% during 2017-2021*

• The increased adoption of SaaS-based sports software is identified as

one of the primary growth drivers for the global sports analytics

market.

• CricHQ’s platform success has given the company ownership of the

data, content and community within global cricket.

• The company’s strategic focus has now shifted to monetising it’s

platform success by targeting the more than 500m online cricket fans

and players globally, through platform developments, global marketing

and joint venture initiatives with strategic partners.

• CricHQ has an internationally renowned team (with more than 20

international cricketers as shareholders and Kevin Roberts as

Chairman and shareholder) with a combined social media reach of

15m cricket fans.

• CricHQ is raising $25m of new equity to accelerate its growth at a pre-

money valuation of NZ$47m.

• The pre-money valuation of $47m equates to 3.2x the Company’s

forecast revenue of $14.5m in FY19.

SPORTSTECH

Disclosures and Disclaimers

The report has been prepared and issued by Woodward Partners Securities Limited (Woodward Partners).

The information, analysis and views in this report are for class advice purposes only and do not constitute personalised advice (whether of an investment, legal, tax,

accounting or other nature) to any person, and may not be suitable for all investors. Before making an investment decision on the basis of the information, analysis and

views expressed in this report investors should consider whether the information, views and analysis are appropriate in light of their particular investment needs, objectives

and financial circumstances.

This report has been prepared in good faith based on public information obtained from sources believed to be accurate, reliab le and complete as at the date of the

publication. However, its accuracy and completeness is not guaranteed. Woodward Partners does not, and cannot, make any representations or warranty (expressed or

implied) that the information is accurate, complete or current, and Woodward Partners excludes and disclaims (to the full extent permitted by law) any liability or

responsibility for any loss which may be incurred by any person as a result of that information, including any loss of profit or any other damage, direct or consequential.

Woodward Partners is under no obligation to update or keep current any of the information in this publication.

Woodward Partners, its employees and persons associated with Woodward Partners may have held or hold securities mentioned in this publication (or related securities).

Woodward Partners may perform services or solicit business from any of the companies listed in this report.

This publication is intended for distribution only to clients of Woodward Partners in New Zealand and other jurisdictions to whom, under relevant law, this publication

lawfully may be distributed. The report is not to be distributed to any persons in any jurisdiction where doing so would constitute a breach of laws or regulations. Woodward

Partners is an accredited NZX Firm.

Copyright © Woodward Partners Securities Limited 2017. All rights reserved.

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