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>Sales growth has been strong across all group brands despite macro-economic weakness</li><li>Near term revenue forecasts may be supported by a range of positive indicators</li><li>Inventory remains elevated but expected to be transient</li></ul>

Sales growth has been strong across all group brands despite macro-economic weaknessNear term revenue forecasts may be supported by a range of positive indicatorsInventory remains elevated but expected to be transient

<ul><li>KMD Brands’ (KMD) 1H23 update shows sales across its key markets has recovered strongly in the first half versus the prior year, although EBITDA was lower than expected due to higher costs.</li><li>The underlying 1H23 EBITDA guidance of ~NZ$45m is below both our (~-11%) and consensus expectations (~-13%).</li><li>KMD noted gross margins remain resilient overall so operating expenses are likely to have grown materially from 1H22. We expect FY23 consensus downgrades as a result.</li></ul>

KMD Brands’ (KMD) 1H23 update shows sales across its key markets has recovered strongly in the first half versus the prior year, although EBITDA was lower than expected due to higher costs.The underlying 1H23 EBITDA guidance of ~NZ$45m is below both our (~-11%) and consensus expectations (~-13%).KMD noted gross margins remain resilient overall so operating expenses are likely to have grown materially from 1H22. We expect FY23 consensus downgrades as a result.

KMD Brands (KMD): 1H23 Update – Initial Impressions

<ul><li>KMD Brands (KMD) has undergone a transformation from a single-brand retailer to a global brand owner</li><li>Diversified brand exposure with clear pathway for Kathmandu's international expansion</li><li>Positive changes in brand strategy and tailwinds across outdoor participation are likely to support long term growth</li></ul>

KMD Brands (KMD) has undergone a transformation from a single-brand retailer to a global brand ownerDiversified brand exposure with clear pathway for Kathmandu's international expansionPositive changes in brand strategy and tailwinds across outdoor participation are likely to support long term growth

KMD Brands: The Best View Comes After a Steep Climb

<ul><li>KMD Brands' (KMD) FY22 result confirmed second half performance showed signs of strong revenue growth across most brands and channels</li><li>Inventory levels higher, likely to be supported by growing foot traffic and international tourism</li><li>Market continues to be cautious on retail — but KMD priced for value</li></ul>

KMD Brands' (KMD) FY22 result confirmed second half performance showed signs of strong revenue growth across most brands and channelsInventory levels higher, likely to be supported by growing foot traffic and international tourismMarket continues to be cautious on retail — but KMD priced for value

KMD Brands: FY22 Result — A Step in the Right Direction

<ul><li>KMD Brands’ (KMD) FY22 result was generally in line with our and consensus expectations after management provided early guidance in July 2022</li><li>Group revenue growth was underpinned by Rip Curl and Kathmandu as Oboz was impacted by factory closures for three months</li><li>NZ was relatively weaker due to lower footfall growth from COVID impacts, but overall same store sales growth was positive in both Kathmandu and Rip Curl</li></ul>

KMD Brands’ (KMD) FY22 result was generally in line with our and consensus expectations after management provided early guidance in July 2022Group revenue growth was underpinned by Rip Curl and Kathmandu as Oboz was impacted by factory closures for three monthsNZ was relatively weaker due to lower footfall growth from COVID impacts, but overall same store sales growth was positive in both Kathmandu and Rip Curl

KMD Brands (KMD): FY22 Initial Impressions

New Zealand

Kathmandu Holdings Ltd. provides clothing and equipment for the travel and adventure market. The Company operates retail locations throughout Australia and New Zealand.

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Kathmandu Holdings (KMD NZ)

KMD Brands: Back on the Right Track

KMD Brands' (KMD) 1H23 trading update demonstrated strong sales momentum across all brands, although underlying EBITDA guidance of NZ$45m was lower...

Forsyth Barr

KMD Brands (KMD): 1H23 Update – Initial Impressions

KMD Brands’ (KMD) 1H23 update shows sales across its key markets has recovered strongly in the first half versus the prior year, although EBITDA...

Forsyth Barr

KMD Brands: The Best View Comes After a Steep Climb

KMD Brands (KMD) has undergone a transformation from a single-brand retailer to a global brand owner; the pandemic has made it challenging to...

Forsyth Barr

KMD Brands: FY22 Result — A Step in the Right Direction

KMD Brands' (KMD) FY22 result confirmed second half performance showed signs of strong revenue growth across most brands and channels

Forsyth Barr

KMD Brands (KMD): FY22 Initial Impressions

KMD Brands’ (KMD) FY22 result was generally in line with our and consensus expectations after management provided early guidance in July 2022

Forsyth Barr

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