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 Corp / Equity Bottom-Up

<ul><li>F&amp;P Healthcare’s (FPH) 1H26 result was strong across the board.</li><li>FPH lifted revenue and NPAT guidance (top end implies ~+5% consensus NPAT upgrades).</li><li>FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.</li></ul>

F&amp;P Healthcare’s (FPH) 1H26 result was strong across the board.FPH lifted revenue and NPAT guidance (top end implies ~+5% consensus NPAT upgrades).FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.

F&P Healthcare 1H26 Result—Hardware Heft

<ul><li>On 14 November 2025, Auckland Council released the proposed rezoning plan changes for F&amp;P Healthcare’s (FPH) Karaka site.</li><li>The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the NZ and Australian equity markets.</li><li>Based on the development costings in the report, we estimate total capex of ~NZ$5bn (accounting for inflation and including land).</li></ul>

On 14 November 2025, Auckland Council released the proposed rezoning plan changes for F&amp;P Healthcare’s (FPH) Karaka site.The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the NZ and Australian equity markets.Based on the development costings in the report, we estimate total capex of ~NZ$5bn (accounting for inflation and including land).

<ul><li>F&amp;P Healthcare (FPH) will report a strong 1H26 result on Wednesday, 26 November 2025.</li><li>Guidance for revenue of ~NZ$1,075m and NPAT of ~NZ$200m implies growth of ~+13% and ~+31% respectively, which we think is particularly impressive given: (1) the modest gross profit impact from tariffs (albeit this impact is more 2H26 weighted); and (2) the meaningfully lower respiratory hospitalisations (particularly COVID) in 1H26 vs 1H25.</li><li>We expect FPH will lift its guidance midpoint, but with an element of caution given still meaningful uncertainties around the shape of northern hemisphere respiratory hospitalisations in 2H26.</li></ul>

F&amp;P Healthcare (FPH) will report a strong 1H26 result on Wednesday, 26 November 2025.Guidance for revenue of ~NZ$1,075m and NPAT of ~NZ$200m implies growth of ~+13% and ~+31% respectively, which we think is particularly impressive given: (1) the modest gross profit impact from tariffs (albeit this impact is more 2H26 weighted); and (2) the meaningfully lower respiratory hospitalisations (particularly COVID) in 1H26 vs 1H25.We expect FPH will lift its guidance midpoint, but with an element of caution given still meaningful uncertainties around the shape of northern hemisphere respiratory hospitalisations in 2H26.

F&P Healthcare 1H26 Preview—Charging On

<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.

<ul><li>F&amp;P Healthcare (FPH) held a thorough and confident investor day in Melbourne.</li><li>The focus was exclusively on ‘changing clinical practice’, with Australia a key early adopter market.</li><li>No new targets or trading updates were provided (as expected).</li></ul>

F&amp;P Healthcare (FPH) held a thorough and confident investor day in Melbourne.The focus was exclusively on ‘changing clinical practice’, with Australia a key early adopter market.No new targets or trading updates were provided (as expected).

F&P Healthcare - 2025 Investor Day—Repeat Flow

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fisher & Paykel Healthcare Cor (FPH AU)

F&P Healthcare 1H26 Result—Hardware Heft

FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.

Forsyth Barr

F&P Healthcare - The Masterplan

The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the...

Forsyth Barr

F&P Healthcare 1H26 Preview—Charging On

Guidance for revenue of ~NZ$1,075m and NPAT of ~NZ$200m implies growth of ~+13% and ~+31% respectively, which we think is particularly impressive...

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

F&P Healthcare - 2025 Investor Day—Repeat Flow

F&P Healthcare (FPH) held a thorough and confident investor day in Melbourne.The focus was exclusively on ‘changing clinical practice’, with...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)