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>EBOS Group's (EBO) AGM update highlights a positive start to FY23; fitting for its centenary meeting. </li><li>Solid growth is evident across the board with the update on a run-rate basis broadly consistent with our expectations, and modestly ahead of prior consensus expectations.</li><li>At ~21x 12m forward PE, EBO trades at a premium versus its own history and relative to market, however, we view this as justified and continue to view it as well positioned to deliver strong earnings growth over the medium to long-term</li></ul>

EBOS Group's (EBO) AGM update highlights a positive start to FY23; fitting for its centenary meeting. Solid growth is evident across the board with the update on a run-rate basis broadly consistent with our expectations, and modestly ahead of prior consensus expectations.At ~21x 12m forward PE, EBO trades at a premium versus its own history and relative to market, however, we view this as justified and continue to view it as well positioned to deliver strong earnings growth over the medium to long-term

EBOS Group: 100th AGM — Raising the Bat in Style

<ul><li>EBOS Group (EBO) provided a trading update ahead of its Annual Shareholder Meeting material</li><li>FY23 has started well, with 1Q23 revenue of ~A$3bn and underlying EBITDA of ~A$142m</li><li>The company is tracking broadly in-line with our expectations and appears to be slightly ahead of market expectations, although EBO does note material uncertainties still exist</li></ul>

EBOS Group (EBO) provided a trading update ahead of its Annual Shareholder Meeting materialFY23 has started well, with 1Q23 revenue of ~A$3bn and underlying EBITDA of ~A$142mThe company is tracking broadly in-line with our expectations and appears to be slightly ahead of market expectations, although EBO does note material uncertainties still exist

<ul><li>FY22 result — solid as a rock: Strong result with EBITDA +19% versus FY21</li><li>EBO "expects another year of profitable growth" in FY23: Consistent with standard practice minimal commentary was provided</li><li>Balance sheet/M&amp;A: Net debt to EBITDA of ~1.9x</li></ul>

FY22 result — solid as a rock: Strong result with EBITDA +19% versus FY21EBO "expects another year of profitable growth" in FY23: Consistent with standard practice minimal commentary was providedBalance sheet/M&amp;A: Net debt to EBITDA of ~1.9x

EBOS Group: FY22 Result — Consistent Delivery

<ul><li>EBOS Group (EBO) delivered a strong FY22 result in-line with our expectations</li><li>Underlying profit was up +21% to A$228.2m (FB; A$230.0m, consensus; A$225.5m); Underlying EBITDA was up +19% to A$436.8m (FB; A$438.7m, consensus; A$431.0m)</li><li>Consistent with EBO’s standard practice minimal guidance was provided and EBO expects “another year of profitable growth in FY23”</li></ul>

EBOS Group (EBO) delivered a strong FY22 result in-line with our expectationsUnderlying profit was up +21% to A$228.2m (FB; A$230.0m, consensus; A$225.5m); Underlying EBITDA was up +19% to A$436.8m (FB; A$438.7m, consensus; A$431.0m)Consistent with EBO’s standard practice minimal guidance was provided and EBO expects “another year of profitable growth in FY23”

EBOS Group (EBO): FY22 Result – Initial Impressions

<ul><li>Recent trading and outlook: EBO has been a strong performer through the past 24 months driven by Animal Care industry tailwinds and a number of incremental Healthcare tailwinds</li><li>First insights into LifeHealthcare (LHC): We continue to view the purchase constructively with recent channel checks supportive of solid underlying growth and business quality</li><li>Balance sheet and M&amp;A: Post the LHC acquisition, EBO guided to ND/EBITDA to be &lt;2.25x (on a pre-IFRS-16 basis) — our current forecasts are for ~2.1x</li></ul>

Recent trading and outlook: EBO has been a strong performer through the past 24 months driven by Animal Care industry tailwinds and a number of incremental Healthcare tailwindsFirst insights into LifeHealthcare (LHC): We continue to view the purchase constructively with recent channel checks supportive of solid underlying growth and business qualityBalance sheet and M&amp;A: Post the LHC acquisition, EBO guided to ND/EBITDA to be &lt;2.25x (on a pre-IFRS-16 basis) — our current forecasts are for ~2.1x

EBOS Group: FY22 Preview — Solid as a Rock

Australia

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

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EBOS Group (EBO AU)

EBOS Group: 100th AGM — Raising the Bat in Style

EBOS Group's (EBO) AGM update highlights a positive start to FY23 - fitting for its centenary meeting; Solid growth is evident across the board...

Forsyth Barr

EBOS Group (EBO): Solid Q1 ASM Update

EBOS Group (EBO) provided a trading update ahead of its Annual Shareholder Meeting material; The company is tracking broadly in-line with our...

Forsyth Barr

EBOS Group: FY22 Result — Consistent Delivery

EBOS Group (EBO) reported a strong FY22 result in line with our expectations, showcasing +21% NPAT growth versus FY21

Forsyth Barr

EBOS Group (EBO): FY22 Result – Initial Impressions

EBOS Group (EBO) delivered a strong FY22 result in-line with our expectations and we consider this another strong result from EBO showcasing a...

Forsyth Barr

EBOS Group: FY22 Preview — Solid as a Rock

We expect a strong FY22 result when EBOS Group (EBO) reports on Wednesday, 24 August and expect it to be largely business as usual at a headline...

Forsyth Barr

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