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>We upgrade our rating on Ryman Healthcare (RYM) from NEUTRAL to OUTPERFORM.</li><li>RYM is well positioned for a potential downturn, given reduced gearing and limited development exposure.</li><li>RYM's defensive care business represents ~25% of our forecast earnings growth from FY26 to FY29.</li></ul>

We upgrade our rating on Ryman Healthcare (RYM) from NEUTRAL to OUTPERFORM.RYM is well positioned for a potential downturn, given reduced gearing and limited development exposure.RYM's defensive care business represents ~25% of our forecast earnings growth from FY26 to FY29.

Ryman Healthcare Time To Care, Not Fear—Up To OUTPERFORM

<ul><li>Ryman Healthcare (RYM’s) 4Q26 sales update was modestly softer than expected.</li><li>RYM has indicated FY26 free cash flow will be +NZ$180m, a solid outcome and ~+NZ$45m ahead of our forecasts.</li><li>Consistent with Summerset (SUM’s) update last week, RYM is yet to see any material impact from the conflict in the Middle East.</li></ul>

Ryman Healthcare (RYM’s) 4Q26 sales update was modestly softer than expected.RYM has indicated FY26 free cash flow will be +NZ$180m, a solid outcome and ~+NZ$45m ahead of our forecasts.Consistent with Summerset (SUM’s) update last week, RYM is yet to see any material impact from the conflict in the Middle East.

Ryman Healthcare (RYM): 4Q26 Sales And Trading Update

<ul><li>We undertake a deep dive into Ryman Healthcare (RYM)’s new long-term financial targets and capital management framework following its 2026 investor day.</li><li>In aggregate, RYM’s care and retirement village (RV) return targets imply it could generate ~NZ$330m+ of cash flow from existing operations (CFEO) by FY35.</li><li>We have relatively high conviction in RYM achieving its care return targets.</li></ul>

We undertake a deep dive into Ryman Healthcare (RYM)’s new long-term financial targets and capital management framework following its 2026 investor day.In aggregate, RYM’s care and retirement village (RV) return targets imply it could generate ~NZ$330m+ of cash flow from existing operations (CFEO) by FY35.We have relatively high conviction in RYM achieving its care return targets.

<ul><li>Ryman Healthcare’s (RYM) 2026 investor day delivered voluminously on detail, but ultimately reinforced rather than reshaped our overarching investment view.</li><li>The day focussed on RYM’s plans to improve cash generation and returns from its existing asset base, while delivering disciplined organic growth.</li><li>However, the day stopped short of articulating a clear pathway to material near-term upside from current valuation levels.</li></ul>

Ryman Healthcare’s (RYM) 2026 investor day delivered voluminously on detail, but ultimately reinforced rather than reshaped our overarching investment view.The day focussed on RYM’s plans to improve cash generation and returns from its existing asset base, while delivering disciplined organic growth.However, the day stopped short of articulating a clear pathway to material near-term upside from current valuation levels.

Ryman Healthcare Ensuring History Doesn’t RYM

<ul><li>Ryman Healthcare (RYM) delivered a solid 3Q26 trading update, with total sales volumes tracking broadly in line with our expectations for FY26.</li><li>However, RYM has excluded these sales from its reiterated guidance of 1,300 to 1,400 unit sales for FY26 and is tracking comfortably towards the top end of this range.</li><li>Our target price is unchanged, with earnings revisions offset by roll-forward.</li></ul>

Ryman Healthcare (RYM) delivered a solid 3Q26 trading update, with total sales volumes tracking broadly in line with our expectations for FY26.However, RYM has excluded these sales from its reiterated guidance of 1,300 to 1,400 unit sales for FY26 and is tracking comfortably towards the top end of this range.Our target price is unchanged, with earnings revisions offset by roll-forward.

Ryman Healthcare Solid 3Q26 Trading Update

New Zealand

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

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Ryman Healthcare (RYM NZ)

Ryman Healthcare Time To Care, Not Fear—Up To OUTPERFORM

We upgrade our rating on Ryman Healthcare (RYM) from NEUTRAL to OUTPERFORM. RYM is well positioned for a potential downturn, given reduced gearing...

Forsyth Barr

Ryman Healthcare (RYM): 4Q26 Sales And Trading Update

Ryman Healthcare (RYM’s) 4Q26 sales update was modestly softer than expected. RYM has indicated FY26 free cash flow will be +NZ$180m, a solid...

Forsyth Barr

Ryman Healthcare Investor Day Deep Dive

We undertake a deep dive into Ryman Healthcare (RYM)’s new long-term financial targets and capital management framework following its 2026 investor...

Forsyth Barr

Ryman Healthcare Ensuring History Doesn’t RYM

Ryman Healthcare’s (RYM) 2026 investor day delivered voluminously on detail, but ultimately reinforced rather than reshaped our overarching...

Forsyth Barr

Ryman Healthcare Solid 3Q26 Trading Update

Ryman Healthcare (RYM) delivered a solid 3Q26 trading update, with total sales volumes tracking broadly in line with our expectations for FY26.

Forsyth Barr

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