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>Oceania Healthcare (OCA) reported a mixed FY23 result which included some clear positives and some clear negatives</li><li>On the positive side, record high new sales margins and pricing were a standout, demonstrating that the product that OCA is bringing to market can fetch premium pricing.</li><li>But it was not all good news.  The all-important care premium revenues were substantially below our estimates, as was traditional care revenues which only grew +2% sequentially, compared to RYM’s +7%.</li></ul>

Oceania Healthcare (OCA) reported a mixed FY23 result which included some clear positives and some clear negativesOn the positive side, record high new sales margins and pricing were a standout, demonstrating that the product that OCA is bringing to market can fetch premium pricing.But it was not all good news.  The all-important care premium revenues were substantially below our estimates, as was traditional care revenues which only grew +2% sequentially, compared to RYM’s +7%.

Oceania Healthcare (OCA): FY23 Result – First Impressions

<ul><li>OCA has taken a different path to its three listed peers, with a high focus on building care suites, transforming profitability within care.</li><li>OCA generates ~40% of underlying EBITDA from care, of which the majority comes from care suites.</li><li>We expect 15–20% growth in care suite annuity earnings, more than offsetting headwinds in traditional care.</li></ul>

OCA has taken a different path to its three listed peers, with a high focus on building care suites, transforming profitability within care.OCA generates ~40% of underlying EBITDA from care, of which the majority comes from care suites.We expect 15–20% growth in care suite annuity earnings, more than offsetting headwinds in traditional care.

Oceania Healthcare: FY23 Preview — Care Suites To the Rescue?

<ul><li>Oceania Healthcare (OCA) delivered underlying earnings below our expectations due to higher costs and lower new sale gains</li><li>Annuity EBITDA fared better, up +21% versus 1H22 and +4% ahead of our forecasts.</li><li>We remain of the view that OCA is one of the most attractive medium and long term investments under our coverage</li></ul>

Oceania Healthcare (OCA) delivered underlying earnings below our expectations due to higher costs and lower new sale gainsAnnuity EBITDA fared better, up +21% versus 1H22 and +4% ahead of our forecasts.We remain of the view that OCA is one of the most attractive medium and long term investments under our coverage

Oceania Healthcare: 1H23 Result — Time to Slow Down?

<ul><li>Oceania Healthcare (OCA) reported a mixed 1H23 result with underlying EBITDA of NZ$38.7m below our expectations of NZ$43.1m</li><li>OCA commented that new sales had been slower than expected, in particular with regards to Awatere in Hamilton</li><li>Despite the below expectation headline results, the mix in the result is solid with strong underlying resale gains supporting annuity EBITDA of NZ$26.0 – up +21% versus 1H22 and +4% ahead of our expectations</li></ul>

Oceania Healthcare (OCA) reported a mixed 1H23 result with underlying EBITDA of NZ$38.7m below our expectations of NZ$43.1mOCA commented that new sales had been slower than expected, in particular with regards to Awatere in HamiltonDespite the below expectation headline results, the mix in the result is solid with strong underlying resale gains supporting annuity EBITDA of NZ$26.0 – up +21% versus 1H22 and +4% ahead of our expectations

Oceania Healthcare (OCA): 1H23 Result – Initial Impressions

<ul><li>Oceania Healthcare (OCA) reports its 1H23 result on Wednesday 23 November</li><li>We expect focus to be on care profitability, cost control, cash generation and total debt levels</li><li>For OCA we expect ~NZ$80m of increased net debt in 1H23, primarily driven by the acquisition of two villages in the period</li></ul>

Oceania Healthcare (OCA) reports its 1H23 result on Wednesday 23 NovemberWe expect focus to be on care profitability, cost control, cash generation and total debt levelsFor OCA we expect ~NZ$80m of increased net debt in 1H23, primarily driven by the acquisition of two villages in the period

Oceania Healthcare: 1H23 Preview — Care, Cash, Credit and Costs

New Zealand

Oceania Healthcare is New Zealand’s largest owners and operators of retirement villages.

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Oceania Healthcare (OCA NZ)

Oceania Healthcare (OCA): FY23 Result – First Impressions

Oceania Healthcare (OCA) reported a mixed FY23 result which included some clear positives and some clear negatives; On the positive side, record...

Forsyth Barr

Oceania Healthcare: FY23 Preview — Care Suites To the Rescue?

Oceania Healthcare (OCA) reports its FY23 result on Wednesday, 24 May; OCA has taken a different path to its three listed peers, with a high focus...

Forsyth Barr

Oceania Healthcare: 1H23 Result — Time to Slow Down?

Oceania Healthcare (OCA) delivered underlying earnings below our expectations due to higher costs and lower new sale gains; annuity EBITDA fared...

Forsyth Barr

Oceania Healthcare (OCA): 1H23 Result – Initial Impressions

Oceania Healthcare (OCA) reported a mixed 1H23 result with underlying EBITDA of NZ$38.7m below our expectations of NZ$43.1m; underlying NPAT of...

Forsyth Barr

Oceania Healthcare: 1H23 Preview — Care, Cash, Credit and Costs

Oceania Healthcare (OCA) reports its 1H23 result on Wednesday 23 November; we expect focus to be on care profitability, cost control, cash...

Forsyth Barr

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