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

<ul><li>Fletcher Building (FBU) has provided an update on provisioning for the NZ International Convention Centre (NZICC) and a FY23 trading update.</li><li>The key disappoint in today’s announcement is the higher provision for completion of the NZICC, that said the end of the projects is now in sight with completion expected late 2023/early 2024</li><li>Assuming FBU’s P/E expands in an earnings downturn, FBU’s share price is expecting a 40% decline in EBIT based on a peak P/E of 15x.</li></ul>

Fletcher Building (FBU) has provided an update on provisioning for the NZ International Convention Centre (NZICC) and a FY23 trading update.The key disappoint in today’s announcement is the higher provision for completion of the NZICC, that said the end of the projects is now in sight with completion expected late 2023/early 2024Assuming FBU’s P/E expands in an earnings downturn, FBU’s share price is expecting a 40% decline in EBIT based on a peak P/E of 15x.

Fletcher Building: Convention Centre Provision and Trading Update

<ul><li>Fletcher Building (FBU) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM).</li><li>Trading comments highlighted demand has remained broadly in line with 2H22 run rates and forward indicators suggest volumes will remain at current levels over the balance of FY23</li><li>FBU continues to trade on undemanding valuation metrics with a 12 month forward P/E of 8.2x</li></ul>

Fletcher Building (FBU) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM).Trading comments highlighted demand has remained broadly in line with 2H22 run rates and forward indicators suggest volumes will remain at current levels over the balance of FY23FBU continues to trade on undemanding valuation metrics with a 12 month forward P/E of 8.2x

<ul><li>Fletcher Building (FBU) has provided a trading update and modestly lifted its FY23 earnings guidance at its Annual General Meeting today</li><li>FBU’s guidance for FY23 EBIT is now “NZ$855m or better” vs. Visible Alpha consensus of NZ$841m and our estimate of NZ$839m</li><li>Group earnings and cash flow are expected to be weighted to the second half partly reflecting settlement timing in the residential division</li></ul>

Fletcher Building (FBU) has provided a trading update and modestly lifted its FY23 earnings guidance at its Annual General Meeting todayFBU’s guidance for FY23 EBIT is now “NZ$855m or better” vs. Visible Alpha consensus of NZ$841m and our estimate of NZ$839mGroup earnings and cash flow are expected to be weighted to the second half partly reflecting settlement timing in the residential division

Fletcher Building (FBU.NZ): AGM Trading Update - FY23 Tracking to Plan

<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

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)

Fletcher Building: Convention Centre Provision and Trading Update

Fletcher Building (FBU) has provided an update on provisioning for the NZ International Convention Centre (NZICC) and a FY23 trading update; cost...

Forsyth Barr

Fletcher Building: Building to Plan

Fletcher Building (FBU) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM); Trading comments highlighted demand has...

Forsyth Barr

Fletcher Building (FBU.NZ): AGM Trading Update - FY23 Tracking to Plan

Fletcher Building (FBU) has provided a trading update and modestly lifted its FY23 earnings guidance at its Annual General Meeting today; FBU’s...

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

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