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) 1Q26 trading update, provided at its Annual Shareholders’ Meeting, points to a continuation of 2H25 performance trends, consistent with recent outlook commentary.</li><li>While it is confident the business has turned a corner and expects a return to NPAT growth in FY26, it also described FY26 as a ‘transitional year’, with the benefits of key strategic initiatives evident in FY27.</li><li>We remain positive on THL’s medium-term outlook, and continue to view its growth strategy and NZ$100m NPAT target as achievable.</li></ul>

Tourism Holdings’ (THL) 1Q26 trading update, provided at its Annual Shareholders’ Meeting, points to a continuation of 2H25 performance trends, consistent with recent outlook commentary.While it is confident the business has turned a corner and expects a return to NPAT growth in FY26, it also described FY26 as a ‘transitional year’, with the benefits of key strategic initiatives evident in FY27.We remain positive on THL’s medium-term outlook, and continue to view its growth strategy and NZ$100m NPAT target as achievable.

Tourism Holdings En Route, But No Short Cuts To NZ100m

<ul><li>Tourism Holdings (THL) will report a weak FY25 result, driven by global RV sales at a cyclical trough and soft inbound travel demand in the US market.</li><li>THL has stated that forward bookings for rentals are significantly higher than at the same time last year.</li><li>The outlook for FY26 is more positive than conditions experienced in FY25.</li></ul>

Tourism Holdings (THL) will report a weak FY25 result, driven by global RV sales at a cyclical trough and soft inbound travel demand in the US market.THL has stated that forward bookings for rentals are significantly higher than at the same time last year.The outlook for FY26 is more positive than conditions experienced in FY25.

Tourism Holdings FY25 Preview—Eyes On The Road Ahead

<ul><li>Tourism Holdings (THL) has rejected the indicative bid from BGH, while highlighting a realistic, rentals focused outlook for its reissued NZ$100m NPAT target.</li><li>Management's messaging around the reissued NZ$100m goal is heavily focused on improving rental returns.</li><li>NZ$100m NPAT by FY28/FY29 suggests a strong recovery in earnings over the medium term, driven by rental income.</li></ul>

Tourism Holdings (THL) has rejected the indicative bid from BGH, while highlighting a realistic, rentals focused outlook for its reissued NZ$100m NPAT target.Management's messaging around the reissued NZ$100m goal is heavily focused on improving rental returns.NZ$100m NPAT by FY28/FY29 suggests a strong recovery in earnings over the medium term, driven by rental income.

Tourism Holdings Roadmap Provides Clearer Directions

<ul><li>Tourism Holdings (THL) has endured a tough 18 months amid challenging conditions but remains profitable.</li><li>FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting peak-season US rentals.</li><li>The Canadian government has removed its retaliatory tariff on RV imports from the US, which is positive for THL's North American operations.</li></ul>

Tourism Holdings (THL) has endured a tough 18 months amid challenging conditions but remains profitable.FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting peak-season US rentals.The Canadian government has removed its retaliatory tariff on RV imports from the US, which is positive for THL's North American operations.

Tourism Holdings - Crawling in Slow Lane but Plenty of Gas in Tank

<ul><li>Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a 57% premium to the previous closing price.</li><li>The THL board is expected to reject the offer as it undervalues both the company's asset and earnings potential.</li><li>BGH Capital has a history of increasing its initial bids for listed companies, suggesting a higher offer might be forthcoming.</li></ul>

Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a 57% premium to the previous closing price.The THL board is expected to reject the offer as it undervalues both the company's asset and earnings potential.BGH Capital has a history of increasing its initial bids for listed companies, suggesting a higher offer might be forthcoming.

Tourism Holdings - Someone's Knocking on the Motorhome Door

New Zealand

Tourism Holdings Limited provides tourist services in New Zealand and Australia. The Company's services include campervan and motor homes, car rentals and coach services.  The Company also offers sightseeing tours, Antarctic tourist centers, boating tours and cave expeditions.

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Tourism Holdings (THL NZ)

Tourism Holdings En Route, But No Short Cuts To NZ100m

Tourism Holdings’ (THL) 1Q26 trading update, provided at its Annual Shareholders’ Meeting, points to a continuation of 2H25 performance trends,...

Forsyth Barr

Tourism Holdings FY25 Preview—Eyes On The Road Ahead

Tourism Holdings (THL) will report a weak FY25 result, driven by global RV sales at a cyclical trough and soft inbound travel demand in the US market.

Forsyth Barr

Tourism Holdings Roadmap Provides Clearer Directions

Tourism Holdings (THL) has rejected the indicative bid from BGH, while highlighting a realistic, rentals focused outlook for its reissued NZ$100m...

Forsyth Barr

Tourism Holdings - Crawling in Slow Lane but Plenty of Gas in Tank

FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting...

Forsyth Barr

Tourism Holdings - Someone's Knocking on the Motorhome Door

Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a...

Forsyth Barr

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