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>New Zealand: Resi slowdown drags down construction forecasts</li><li>Australia: Australian outlook comments robust despite softening residential</li><li>International: Millions of empty flats threatens to plunge China’s troubled property market further into crisis</li></ul>

New Zealand: Resi slowdown drags down construction forecastsAustralia: Australian outlook comments robust despite softening residentialInternational: Millions of empty flats threatens to plunge China’s troubled property market further into crisis

Equity Bottom-Up

<ul><li>Result preannounced, underlying operating trends remain strong</li><li>FY23 NZ$850m+ EBIT target unchanged</li><li>Organic growth investment: FBU reported gearing (net debt/EBITDA) of 0.6x and guided to FY23 to be 1.0x, the low end of its target range</li></ul>

Result preannounced, underlying operating trends remain strongFY23 NZ$850m+ EBIT target unchangedOrganic growth investment: FBU reported gearing (net debt/EBITDA) of 0.6x and guided to FY23 to be 1.0x, the low end of its target range

Fletcher Building: FY22 Result — No News Is Good News

<ul><li>FY22 result: We don't expect many surprises with most of the detail pre-announced at the June investor day</li><li>FY23 EBIT target: We expect FBU to reaffirm its FY23 targeted NZ$100m+ uplift in group EBIT</li><li>Construction outlook: FBU has relatively good visibility on the next c.12 months of volumes</li></ul>

FY22 result: We don't expect many surprises with most of the detail pre-announced at the June investor dayFY23 EBIT target: We expect FBU to reaffirm its FY23 targeted NZ$100m+ uplift in group EBITConstruction outlook: FBU has relatively good visibility on the next c.12 months of volumes

Fletcher Building: FY22 Preview — Last Month's News

<ul><li>June quarter ready-mix concrete (RMC) production suggests that while NZ construction activity remains at robust levels nationally some regions have rolled over the peak</li><li>Solid 2Q22 volumes but some regions rolling over the peak</li><li>RMC production is the first NZ construction indicator for 2Q CY22, and including cement and aggregates a significant exposure for Fletcher Building (FBU).</li></ul>

June quarter ready-mix concrete (RMC) production suggests that while NZ construction activity remains at robust levels nationally some regions have rolled over the peakSolid 2Q22 volumes but some regions rolling over the peakRMC production is the first NZ construction indicator for 2Q CY22, and including cement and aggregates a significant exposure for Fletcher Building (FBU).

Building Sector: Ready-Mix Concrete — First Cracks Appearing?

<ul><li>Pandemic induced shortages had a role in recent building materials price increases</li><li>Plasterboard the red headed step-child of the three focus products</li><li>No immediate impact on <a href="https://www.smartkarma.com/entities/fletcher-building-ltd/" target="_blank" rel="noopener">FBU</a> but a key moat looks set to be weakened</li></ul>

Pandemic induced shortages had a role in recent building materials price increasesPlasterboard the red headed step-child of the three focus productsNo immediate impact on FBU but a key moat looks set to be weakened

Building Materials: Market Study Recommendations a Slow Burn

Australia

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

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Fletcher Building (FBU AU)

Building Weekly (26-Aug-2022)

Construction spending forecast to fall -18% to NZ$42bn by 2027, primarily driven by forecast resi construction down -36% (c.-NZ$11bn) while non...

Forsyth Barr

Fletcher Building: FY22 Result — No News Is Good News

The new information in Fletcher Building's pre-announced FY22 result was a slightly strong dividend and lower net debt

Forsyth Barr

Fletcher Building: FY22 Preview — Last Month's News

Fletcher Building will report its FY22 results on Wednesday, 17 August; We expect the result will reaffirm a business that is seeing strong demand

Forsyth Barr

Building Sector: Ready-Mix Concrete — First Cracks Appearing?

June quarter ready-mix concrete (RMC) production suggests that while NZ construction activity remains at robust levels nationally some regions have...

Forsyth Barr

Building Materials: Market Study Recommendations a Slow Burn

The Commerce Commission's (ComCom) draft report into the building supplies industry found that competition is not working as well as it could be

Forsyth Barr

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