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 has announced a NZ$271m equity raising to fund the acquisition of SVS, New Zealand's leading vet wholesaler.</li><li>The acquisition is expected to be modestly EPS accretive and aligns with EBOS's strategic goals, filling a key gap in its portfolio.</li><li>The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid opportunity for EBOS in Asia.</li></ul>

EBOS Group has announced a NZ$271m equity raising to fund the acquisition of SVS, New Zealand's leading vet wholesaler.The acquisition is expected to be modestly EPS accretive and aligns with EBOS's strategic goals, filling a key gap in its portfolio.The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid opportunity for EBOS in Asia.

EBOS Group - SVS Acquisition—Nice to Have

<ul><li>EBOS Group's (EBO) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.</li><li>The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.</li><li>We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). </li></ul>

EBOS Group's (EBO) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). 

EBOS Group - 1H25 Result—Upgrade to OUTPERFORM

<ul><li>We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.</li><li>Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.</li><li>Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.</li></ul>

We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.

EBOS Group - 1H25 Preview—Good Delivery

<ul><li>We downgrade our rating on EBOS Group (EBO) to NEUTRAL from OUTPERFORM on valuation grounds.</li><li>The recent Pharmaceutical Wholesaler Agreement (PWA) has driven a re-rating in EBO's share price.</li><li>The stock now trades at a premium versus history, both in absolute terms and relative to peers/the market. </li></ul>

We downgrade our rating on EBOS Group (EBO) to NEUTRAL from OUTPERFORM on valuation grounds.The recent Pharmaceutical Wholesaler Agreement (PWA) has driven a re-rating in EBO's share price.The stock now trades at a premium versus history, both in absolute terms and relative to peers/the market. 

EBOS Group - Fulfilled the Order—Down to NEUTRAL

<ul><li>Freightways (FRW) has been one of the most acquisitive companies on the NZX over the past 20 years, yet its acquisition strategy has only recently started to add meaningful value as it has pursued larger deals within adjacent growth sectors.</li><li>We retain a NEUTRAL rating but recognise the attraction of value-add potential from future M&amp;A.</li><li>Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport), according to management, but deals are usually subject to a willing buyer and a willing seller.</li></ul>

Freightways (FRW) has been one of the most acquisitive companies on the NZX over the past 20 years, yet its acquisition strategy has only recently started to add meaningful value as it has pursued larger deals within adjacent growth sectors.We retain a NEUTRAL rating but recognise the attraction of value-add potential from future M&amp;A.Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport), according to management, but deals are usually subject to a willing buyer and a willing seller.

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 - SVS Acquisition—Nice to Have

The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid...

Forsyth Barr

EBOS Group - 1H25 Result—Upgrade to OUTPERFORM

We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25...

Forsyth Barr

EBOS Group - 1H25 Preview—Good Delivery

We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum

Forsyth Barr

EBOS Group - Fulfilled the Order—Down to NEUTRAL

We downgrade our rating on EBOS Group (EBO) to NEUTRAL from OUTPERFORM on valuation grounds. The recent Pharmaceutical Wholesaler Agreement (PWA)...

Forsyth Barr

Freightways A Truckload Of M&A

Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport),...

Forsyth Barr

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