New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>AFT indicated it remains on track to reach NZ$300m in revenue in FY27, in line with our NZ$303m estimate</li><li>Reiterated operating profit (EBIT) of NZ$28m&#8211;$32m (FB estimate; NZ$31m)</li><li>1H27 revenue growth in the double digits for all its divisions</li></ul>

AFT indicated it remains on track to reach NZ$300m in revenue in FY27, in line with our NZ$303m estimateReiterated operating profit (EBIT) of NZ$28m&#8211;$32m (FB estimate; NZ$31m)1H27 revenue growth in the double digits for all its divisions

AFT Pharmaceuticals (AFT): Solid 2Q27 Update

<ul><li>AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.</li><li>In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).</li><li>We retain OUTPERFORM, with the risk–reward still skewed to the upside.</li></ul>

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).We retain OUTPERFORM, with the risk–reward still skewed to the upside.

AFT Pharmaceuticals Pipeline Prescribes Upside

<ul><li>AFT Pharmaceuticals (AFT) reported a strong FY26 result, broadly in line with our expectations.</li><li>First-time FY27 guidance was also in line with expectations and implies another year of &gt;+20% revenue and EBIT growth.</li><li>Valuation remains attractive at ~19x 12-month-forward PE, only slightly above the NZ market median despite meaningfully higher growth.</li></ul>

AFT Pharmaceuticals (AFT) reported a strong FY26 result, broadly in line with our expectations.First-time FY27 guidance was also in line with expectations and implies another year of &gt;+20% revenue and EBIT growth.Valuation remains attractive at ~19x 12-month-forward PE, only slightly above the NZ market median despite meaningfully higher growth.

AFT Pharmaceuticals FY26 Result—Just What The Doctor Ordered

<ul><li>AFT Pharmaceuticals (AFT) reported a strong FY26 result with EBIT up +39% year-on-year and slightly above the top end of its guidance, but broadly in-line with our expectation.</li><li>Revenue growth across AFT's regions was strong.</li><li>The one negative from the result was free cash flow, FY26 included a ~NZ$35m working capital investment which drove net debt ~+NZ$25m higher than we expected, we will look for more colour on this through the day.</li></ul>

AFT Pharmaceuticals (AFT) reported a strong FY26 result with EBIT up +39% year-on-year and slightly above the top end of its guidance, but broadly in-line with our expectation.Revenue growth across AFT's regions was strong.The one negative from the result was free cash flow, FY26 included a ~NZ$35m working capital investment which drove net debt ~+NZ$25m higher than we expected, we will look for more colour on this through the day.

AFT Pharmaceuticals (AFT): FY26 Result—Initial Impressions

<ul><li>AFT this morning released its Q4 update.</li><li>AFT noted it has had successful engagement with the US FDA and the product 'continues attract unsolicited expressions of interest from companies around the world.'</li><li>AFT sees this making a 'strong contribution' in FY27 and AFT is already driving efficiencies from the acquisition.</li></ul>

AFT this morning released its Q4 update.AFT noted it has had successful engagement with the US FDA and the product 'continues attract unsolicited expressions of interest from companies around the world.'AFT sees this making a 'strong contribution' in FY27 and AFT is already driving efficiencies from the acquisition.

Australia

Aft Pharmaceuticals Limited focuses on the Pharmaceutical Rx and OTC market. The company also undertakes drug development activities including clinical trials. AFT Pharmaceuticals distributes pharmaceuticals for a number of overseas principals with a sales from pharmacies and hospitals.

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Aft Pharmaceuticals (AFP AU)

AFT Pharmaceuticals (AFT): Solid 2Q27 Update

AFT indicated it remains on track to reach NZ$300m in revenue in FY27, in line with our NZ$303m estimate Reiterated operating profit (EBIT) of...

Forsyth Barr

AFT Pharmaceuticals Pipeline Prescribes Upside

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&D pipeline. In the meantime, AFT’s operating...

Forsyth Barr

AFT Pharmaceuticals FY26 Result—Just What The Doctor Ordered

AFT Pharmaceuticals (AFT) reported a strong FY26 result, broadly in line with our expectations. First-time FY27 guidance was also in line with...

Forsyth Barr

AFT Pharmaceuticals (AFT): FY26 Result—Initial Impressions

AFT Pharmaceuticals (AFT) reported a strong FY26 result with EBIT up +39% year-on-year and slightly above the top end of its guidance, but broadly...

Forsyth Barr

AFT Pharmaceuticals (AFT): Q4 Update

AFT this morning released its Q4 update. AFT noted it has had successful engagement with the US FDA and the product 'continues attract unsolicited...

Forsyth Barr

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