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&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

Fisher & Paykel Healthcare Cor / Equity Bottom-Up

<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

<ul><li>F&amp;P Healthcare’s (FPH) FY26 guidance upgrade (effectively its third in six months) showcases continued strong momentum across its Hospital business (hardware and consumables).</li><li>While our earnings upgrades are modest, excluding unfavourable FX movements in 2H26, NPAT is tracking ~+10% ahead of prior expectations, reflecting strong clinical practice change/uptake of new products and better-than-expected gross margins.</li><li>FPH trades on ~43x 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) FY26 guidance upgrade (effectively its third in six months) showcases continued strong momentum across its Hospital business (hardware and consumables).While our earnings upgrades are modest, excluding unfavourable FX movements in 2H26, NPAT is tracking ~+10% ahead of prior expectations, reflecting strong clinical practice change/uptake of new products and better-than-expected gross margins.FPH trades on ~43x 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 - FY26 Upgrade—In Good Health

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Currently eight pair trade opportunities across three markets and four sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs. </li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Currently eight pair trade opportunities across three markets and four sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs. 


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (25 Aug)

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 Corp (FPH NZ)

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

F&P Healthcare - FY26 Upgrade—In Good Health

F&P Healthcare’s (FPH) FY26 guidance upgrade (effectively its third in six months) showcases continued strong momentum across its Hospital business...

Forsyth Barr

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (25 Aug)

Quantitative analysis identifies eight pair trade opportunities across three markets and four sectors, offering unique insights into relative value.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

F&P Healthcare - FY26 Upgrade—In Good Health

F&P Healthcare’s (FPH) FY26 guidance upgrade (effectively its third in six months) showcases continued strong momentum across its Hospital business...

Forsyth Barr

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (25 Aug)

​Quantitative analysis identifies eight pair trade opportunities across three markets and four sectors, offering unique insights into relative value.

Gaudenz Schneider

Quantitative analysis identifies eight pair trade opportunities across three markets and four sectors, offering unique insights into relative value.