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 (FPH) has provided strong FY23 revenue guidance of NZ$1,575m (range of NZ$1,550-1,600m) implying second half revenue of ~NZ$885m</li><li>aking this guidance at face value we see material FY23 consensus NPAT upgrades in the order of ~+20%.</li><li>We view this as a strong update and will look for further colour with respect to the reoccurring (organic new apps consumables revenue) and non-reoccurring</li></ul>

F&amp;P Healthcare (FPH) has provided strong FY23 revenue guidance of NZ$1,575m (range of NZ$1,550-1,600m) implying second half revenue of ~NZ$885making this guidance at face value we see material FY23 consensus NPAT upgrades in the order of ~+20%.We view this as a strong update and will look for further colour with respect to the reoccurring (organic new apps consumables revenue) and non-reoccurring

F&P Healthcare (FPH): Strong FY23 Revenue Guidance

<ul><li>F&amp;P Healthcare's (FPH) 1H23 result confirmed the worst of the COVID crunch is over</li><li>The result itself was solid without being spectacular and modestly ahead of our expectations, driven by higher revenue (aided by FX benefits)</li><li>FPH is a high-quality business, however, on ~53x 12 month forward PE the best case scenario is already priced in and we see the risk reward as negatively skewed</li></ul>

F&amp;P Healthcare's (FPH) 1H23 result confirmed the worst of the COVID crunch is overThe result itself was solid without being spectacular and modestly ahead of our expectations, driven by higher revenue (aided by FX benefits)FPH is a high-quality business, however, on ~53x 12 month forward PE the best case scenario is already priced in and we see the risk reward as negatively skewed

F&P Healthcare: 1H23 Result — Flow Improving

<ul><li>F&amp;P Healthcare (FPH) reported a 1H23 result at the top end of guidance with NPAT of NZ$95.9m (NZ$85-95m)</li><li>Revenue of NZ$691m was ahead of guidance (NZ$670m) driven by higher hospital hardware and new apps consumables revenue slightly offset by lower traditional consumables revenue relative to our expectations</li><li>Gross margins and SG&amp;A costs were in-line with our expectations while interest and tax was materially different driven by the fx movements on foreign currency interest-bearing liabilities</li></ul>

F&amp;P Healthcare (FPH) reported a 1H23 result at the top end of guidance with NPAT of NZ$95.9m (NZ$85-95m)Revenue of NZ$691m was ahead of guidance (NZ$670m) driven by higher hospital hardware and new apps consumables revenue slightly offset by lower traditional consumables revenue relative to our expectationsGross margins and SG&amp;A costs were in-line with our expectations while interest and tax was materially different driven by the fx movements on foreign currency interest-bearing liabilities

F&P Healthcare (FPH): 1H23 Result – Initial Impressions

<ul><li>Headline numbers were guided in August but we expect F&amp;P Healthcare's (FPH) 1H23 result to show a challenged period highlighting the COVID demand crunch when it reports on Tuesday, 29 November 2022</li><li>Our NPAT forecast is modestly below the mid-point of guidance, however, we believe risks are downside skewed.</li><li>Our focus is centered on (1) new apps consumables revenue, and (2) costs</li></ul>

Headline numbers were guided in August but we expect F&amp;P Healthcare's (FPH) 1H23 result to show a challenged period highlighting the COVID demand crunch when it reports on Tuesday, 29 November 2022Our NPAT forecast is modestly below the mid-point of guidance, however, we believe risks are downside skewed.Our focus is centered on (1) new apps consumables revenue, and (2) costs

F&P Healthcare: 1H23 Preview — COVID Crunching

Thematic (Sector/Industry)

<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?

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 Corp (FPH NZ)

F&P Healthcare (FPH): Strong FY23 Revenue Guidance

F&P Healthcare (FPH) has provided strong FY23 revenue guidance of NZ$1,575m (range of NZ$1,550-1,600m) implying second half revenue of ~NZ$885m;...

Forsyth Barr

F&P Healthcare: 1H23 Result — Flow Improving

F&P Healthcare's (FPH) 1H23 result confirmed the worst of the COVID crunch is over; the result itself was solid without being spectacular and...

Forsyth Barr

F&P Healthcare (FPH): 1H23 Result – Initial Impressions

F&P Healthcare (FPH) reported a 1H23 result at the top end of guidance with NPAT of NZ$95.9m (NZ$85-95m); Revenue of NZ$691m was ahead of guidance...

Forsyth Barr

F&P Healthcare: 1H23 Preview — COVID Crunching

Headline numbers were guided in August but we expect F&P Healthcare's (FPH) 1H23 result to show a challenged period highlighting the COVID demand...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)