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.

Thematic (Sector/Industry)

<ul><li>For the first time in three years we are moving our WACC assumptions down.</li><li>This is driven by a modestly lower (-25 bps) interpolated 10-year interest rate assumption; our proxy for the risk free rate.</li><li>We also incorporate our C&amp;ESG ratings into our WACC assumptions. We do this on an overall neutral basis, with a scale of -25 bps to +25 bps added to the cost of equity. </li></ul>

For the first time in three years we are moving our WACC assumptions down.This is driven by a modestly lower (-25 bps) interpolated 10-year interest rate assumption; our proxy for the risk free rate.We also incorporate our C&amp;ESG ratings into our WACC assumptions. We do this on an overall neutral basis, with a scale of -25 bps to +25 bps added to the cost of equity. 

Equity Strategy - WACC Review; a Lower Rfr and Adding C&ESG

Equity Bottom-Up

Fisher & Paykel Healthcare Cor / Equity Bottom-Up

<ul>
<li>F&amp;P Healthcare’s (FPH) upgrade cycle continues, with its first-time 1H27 guidance strong and comfortably ahead of both our and consensus expectations.</li>
<li>FPH expects ~+14% revenue growth in 1H27, consistent with FY26 growth, and NPAT up ~+24% year-on-year (ex. tariff refunds).</li>
<li>While we are confident in FPH’s FY26–FY29 EPS CAGR of ~+15%, we believe the market is fully valuing this.</li>
</ul>


F&amp;P Healthcare’s (FPH) upgrade cycle continues, with its first-time 1H27 guidance strong and comfortably ahead of both our and consensus expectations.
FPH expects ~+14% revenue growth in 1H27, consistent with FY26 growth, and NPAT up ~+24% year-on-year (ex. tariff refunds).
While we are confident in FPH’s FY26–FY29 EPS CAGR of ~+15%, we believe the market is fully valuing this.


<ul>
<li>1H27 guidance: Like-for-like NPAT guidance is ~+5% ahead of our expectations and ~+9% ahead of consensus</li>
<li>FY27 guidance: Small upgrades when excluding tariff (+NZ$16m NPAT tailwind) and FX moves (~-NZ$10m revenue and NPAT headwind)</li>
<li>ASM Tuesday 25 August: This update is consistent with FPH’s history of providing a trading update at or around its ASM.</li>
</ul>


1H27 guidance: Like-for-like NPAT guidance is ~+5% ahead of our expectations and ~+9% ahead of consensus
FY27 guidance: Small upgrades when excluding tariff (+NZ$16m NPAT tailwind) and FX moves (~-NZ$10m revenue and NPAT headwind)
ASM Tuesday 25 August: This update is consistent with FPH’s history of providing a trading update at or around its ASM.


F&P Healthcare (FPH): Strong 1H27 Trading Update and Increased FY27 Guidance

<ul><li>Despite the sell off — market multiples appear elevated in relation to interest rates — proceed with caution</li><li>Betting on a meaningful reversal of interest rates seems premature</li><li>Target price changes — down ~-3.4% on average</li></ul>

Despite the sell off — market multiples appear elevated in relation to interest rates — proceed with cautionBetting on a meaningful reversal of interest rates seems prematureTarget price changes — down ~-3.4% on average

Equity Strategy: WACC Review — The New Normal?

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>F&amp;P Healthcare’s (FPH) ASM update highlighted a positive start to FY26.</li><li>Despite lapping a strong 1H25 period, FPH is guiding to revenue and NPAT growth of +13% and +31% in constant currency (CC) terms.</li><li>FPH was understandably reluctant to provide additional colour on the outlook for FY26, aside from reaffirming its guidance.</li></ul>

F&amp;P Healthcare’s (FPH) ASM update highlighted a positive start to FY26.Despite lapping a strong 1H25 period, FPH is guiding to revenue and NPAT growth of +13% and +31% in constant currency (CC) terms.FPH was understandably reluctant to provide additional colour on the outlook for FY26, aside from reaffirming its guidance.

New Zealand

Fisher & Paykel Healthcare Corporation Limited designs, manufactures and markets heated humidification products and systems for use in respiratory care and the treatment of sleep apnea.  The Company also offers patient warming and neonatal care products, including warming products and infant resuscitators.

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Fisher & Paykel Healthcare Cor (FPH AU)

Equity Strategy - WACC Review; a Lower Rfr and Adding C&ESG

For the first time in three years we are moving our WACC assumptions down. This is driven by a modestly lower (-25 bps) interpolated 10-year...

Forsyth Barr

F&P Healthcare Vital Signs Strong

F&P Healthcare’s (FPH) upgrade cycle continues, with its first-time 1H27 guidance strong and comfortably ahead of both our and consensus...

Forsyth Barr

F&P Healthcare (FPH): Strong 1H27 Trading Update and Increased FY27 Guidance

1H27 guidance: Like-for-like NPAT guidance is ~+5% ahead of our expectations and ~+9% ahead of consensus FY27 guidance: Small upgrades when...

Forsyth Barr

Equity Strategy: WACC Review — The New Normal?

10 year New Zealand Government bond rates have risen ~+1% since our last WACC review on 13 May 2022, and are up ~+4% since the low in late...

Forsyth Barr

F&P Healthcare 2025 ASM—Well On Track

F&P Healthcare’s (FPH) ASM update highlighted a positive start to FY26.Despite lapping a strong 1H25 period, FPH is guiding to revenue and NPAT...

Forsyth Barr

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