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>Tourism Holdings’ (THL) post-year-end trading update suggests a positive end to FY26, reversing the near-term trading concerns outlined in its profit warning on 29 May 2026.</li><li>The quality of the guidance upgrade for FY26 can be questioned given the largest apparent driver is lower interest costs, yet investors should not discount that underlying trading has improved, with robust forward bookings, particularly in North America.</li><li>The M&amp;A backdrop adds complexity to management’s messaging, though the simple read-through is positive for bid value but doesn’t remove deal execution risk, which remains a key feature given the current share price discount to the non-binding offers provided to date.</li></ul>

Tourism Holdings’ (THL) post-year-end trading update suggests a positive end to FY26, reversing the near-term trading concerns outlined in its profit warning on 29 May 2026.The quality of the guidance upgrade for FY26 can be questioned given the largest apparent driver is lower interest costs, yet investors should not discount that underlying trading has improved, with robust forward bookings, particularly in North America.The M&amp;A backdrop adds complexity to management’s messaging, though the simple read-through is positive for bid value but doesn’t remove deal execution risk, which remains a key feature given the current share price discount to the non-binding offers provided to date.

Tourism Holdings Earnings Complete Round Trip

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a> received a competing, non-binding proposal from an unnamed strategic buyer at NZ$3.30 to NZ$3.40, representing a 6.5% to 9.7% premium over the BGH/Trouchet NZ$3.10 offer.</li>
<li>The <a href="https://www.afr.com/companies/transport/bgh-capital-trumped-by-rival-bidder-in-battle-for-campervans-group-20260625-p609ww" target="_blank" rel="noopener">AFR reported</a> that the strategic buyer is Indie Campers, which on 15 February 2026 agreed to acquire THL's UK and Ireland business assets for NZ$58.3 million.</li>
<li>The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds of a bidding war.  </li>
</ul>



Tourism Holdings (THL NZ) received a competing, non-binding proposal from an unnamed strategic buyer at NZ$3.30 to NZ$3.40, representing a 6.5% to 9.7% premium over the BGH/Trouchet NZ$3.10 offer.
The AFR reported that the strategic buyer is Indie Campers, which on 15 February 2026 agreed to acquire THL's UK and Ireland business assets for NZ$58.3 million.
The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds of a bidding war.  


Tourism Holdings (THL NZ/THL AU): Indie Campers Decides to Take on the BGH/Trouchet Consortium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a> has disclosed a revised non-binding proposal from the BGH/Trouchet consortium at NZ$3.10, a 34.8% premium to the previously rejected NZ$2.30 offer.</li>
<li>The offer warrants engagement, as it meets the Board's previous valuation assertion that THL is worth “<em>well north of NZ$3.00 per share</em>” and is supported by significant shareholder backing. </li>
<li>The offer is conditional on due diligence, financing and the Board’s recommendation. The offer expires on 12 June. There is a high probability of a binding proposal. </li>
</ul>



Tourism Holdings (THL NZ) has disclosed a revised non-binding proposal from the BGH/Trouchet consortium at NZ$3.10, a 34.8% premium to the previously rejected NZ$2.30 offer.
The offer warrants engagement, as it meets the Board's previous valuation assertion that THL is worth “well north of NZ$3.00 per share” and is supported by significant shareholder backing. 
The offer is conditional on due diligence, financing and the Board’s recommendation. The offer expires on 12 June. There is a high probability of a binding proposal. 


Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>LCI Industries presented a mixed set of results for the first quarter of 2025, showcasing strong performance in several segments while facing some ongoing challenges.</li><li>The company achieved over $1 billion in sales, which marks an 8% year-over-year increase.</li><li>This growth is attributed to leadership resilience, a diversified market presence, scalable production, and strategic acquisitions.</li></ul>

LCI Industries presented a mixed set of results for the first quarter of 2025, showcasing strong performance in several segments while facing some ongoing challenges.The company achieved over $1 billion in sales, which marks an 8% year-over-year increase.This growth is attributed to leadership resilience, a diversified market presence, scalable production, and strategic acquisitions.

LCI Industries: Diversification of Product Portfolio & Market Share Gains to Leverage Continued Growth Amidst Shifting Consumer Preferences!

<ul><li>LCI Industries reported a stabilized financial performance amidst tough market conditions in the RV and marine industries.</li><li>For the full year 2024, the company reported revenues of $3.7 billion, a slight decrease of 1% compared to the previous year.</li><li>Despite headwinds, including a challenging RV and marine market, LCI Industries managed to achieve this minimal decline owing to its diversified business model.</li></ul>

LCI Industries reported a stabilized financial performance amidst tough market conditions in the RV and marine industries.For the full year 2024, the company reported revenues of $3.7 billion, a slight decrease of 1% compared to the previous year.Despite headwinds, including a challenging RV and marine market, LCI Industries managed to achieve this minimal decline owing to its diversified business model.

LCI Industries Fights Back Against Tariffs – Can They Survive The Trade War?

United States

LCI Industries manufactures recreational vehicles and equipment. The Company offers toolboxes, truck caps, running boards, side-outs, mattresses, alignment systems, shock absorber, power stabilizer jacks, baggage doors, and sliders. LCI Industries markets its products worldwide.

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LCI Industries (LCII US)

Tourism Holdings Earnings Complete Round Trip

Tourism Holdings’ (THL) post-year-end trading update suggests a positive end to FY26, reversing the near-term trading concerns outlined in its...

Forsyth Barr

Tourism Holdings (THL NZ/THL AU): Indie Campers Decides to Take on the BGH/Trouchet Consortium

The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds...

Arun George

Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

The Board has agreed to grant due diligence, subject to signing a confidentiality agreement, as the consortium confirmed its offer remains at...

Arun George

LCI Industries Fights Back Against Tariffs – Can They Survive The Trade War?

LCI Industries reported a stabilized financial performance amidst tough market conditions in the RV and marine industries. For the full year 2024,...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tourism Holdings Earnings Complete Round Trip

Tourism Holdings’ (THL) post-year-end trading update suggests a positive end to FY26, reversing the near-term trading concerns outlined in its...

Forsyth Barr

Tourism Holdings (THL NZ/THL AU): Indie Campers Decides to Take on the BGH/Trouchet Consortium

The competing bid is likely to be structured as an off-market takeover offer with step-up payments. This development is likely to increase the odds...

Arun George

Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10

The Board has agreed to grant due diligence, subject to signing a confidentiality agreement, as the consortium confirmed its offer remains at...

Arun George

LCI Industries: Diversification of Product Portfolio & Market Share Gains to Leverage Continued Growth Amidst Shifting Consumer Preferences!

LCI Industries presented a mixed set of results for the first quarter of 2025, showcasing strong performance in several segments while facing some...

Baptista Research

LCI Industries Fights Back Against Tariffs – Can They Survive The Trade War?

LCI Industries reported a stabilized financial performance amidst tough market conditions in the RV and marine industries. For the full year 2024,...

Baptista Research