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

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

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>F&P Healthcare (FPH) reported a solid FY26 result.</li><li>EBIT growth of +25% was in line with our expectations on the back of (1) a solid improvement in gross margins, and (2) opex growth below revenue growth.</li><li>FY27 NPAT guidance is an expected wide range of NZ$500m to NZ$550m, at the mid-point this is slightly below consensus (NZ$538m) and ~+12% growth.</li></ul>

F&P Healthcare (FPH) reported a solid FY26 result.EBIT growth of +25% was in line with our expectations on the back of (1) a solid improvement in gross margins, and (2) opex growth below revenue growth.FY27 NPAT guidance is an expected wide range of NZ$500m to NZ$550m, at the mid-point this is slightly below consensus (NZ$538m) and ~+12% growth.

F&P Healthcare (FPH): FY26 Result - Initial Impressions

<ul><li>FPH is down ~-14% over the last month, and for the first time in a while valuation is beginning to look attractive.</li><li>FPH will report its FY26 result on Tuesday 26 May.</li><li>FPH's FY27 guidance will be important to reassure investors after its meaningful derating.</li></ul>

FPH is down ~-14% over the last month, and for the first time in a while valuation is beginning to look attractive.FPH will report its FY26 result on Tuesday 26 May.FPH's FY27 guidance will be important to reassure investors after its meaningful derating.

F&P Healthcare A Check Up Ahead of Its FY26 Result

<ul><li>We make a number of temporary changes to our company coverage responsibilities with immediate effect due to Matt Montgomerie's period of travel-related extended leave.</li><li>Coverage temporarily transferred to Ben Crozier.</li><li>Matt is due to return in early 2027.</li></ul>

We make a number of temporary changes to our company coverage responsibilities with immediate effect due to Matt Montgomerie's period of travel-related extended leave.Coverage temporarily transferred to Ben Crozier.Matt is due to return in early 2027.

Company Coverage Temporary Coverage Changes

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)

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

F&P Healthcare (FPH): FY26 Result - Initial Impressions

F&P Healthcare (FPH) reported a solid FY26 result. EBIT growth of +25% was in line with our expectations on the back of (1) a solid...

Forsyth Barr

F&P Healthcare A Check Up Ahead of Its FY26 Result

FPH is down ~-14% over the last month, and for the first time in a while valuation is beginning to look attractive. FPH will report its FY26...

Forsyth Barr

Company Coverage Temporary Coverage Changes

We make a number of temporary changes to our company coverage responsibilities with immediate effect due to Matt Montgomerie's period of...

Forsyth Barr

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