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) proposed acquisition of Apollo Tourism &amp; Leisure (ATL) will provide greater cost synergies than previously announced</li><li>Pre-tax annual EBIT synergy guidance in the updated ATL scheme booklet is for NZ$23m–NZ$24m, up from NZ$17m–NZ$19m when the deal was first announced last year.</li><li>Higher cost synergies helps to lift EPS accretion within three years to &gt;+20%, on our estimates</li></ul>

Tourism Holdings' (THL) proposed acquisition of Apollo Tourism &amp; Leisure (ATL) will provide greater cost synergies than previously announcedPre-tax annual EBIT synergy guidance in the updated ATL scheme booklet is for NZ$23m–NZ$24m, up from NZ$17m–NZ$19m when the deal was first announced last year.Higher cost synergies helps to lift EPS accretion within three years to &gt;+20%, on our estimates

<ul><li>Tourism Holdings (THL) is enjoying a rapid return to peak profitability</li><li>Upgraded FY23 earnings guidance implies a rentals result at or above pre-COVID levels despite limited fleet capacity</li><li>Coupled with a strong forward order book through 2Q23 and 3Q23, management is confident of a significantly improved full year result.</li></ul>

Tourism Holdings (THL) is enjoying a rapid return to peak profitabilityUpgraded FY23 earnings guidance implies a rentals result at or above pre-COVID levels despite limited fleet capacityCoupled with a strong forward order book through 2Q23 and 3Q23, management is confident of a significantly improved full year result.

<ul><li>Tourism Holdings (THL) has lifted its FY23 NPAT guidance to above NZ$30m, from a previous range of NZ$17m-NZ$30m</li><li>The new guidance includes NZ$3.5m of Apollo (ATL) related transaction costs, which are one-off in nature</li><li>The earnings upgrade primarily reflects rental yields in Australia and New Zealand being ahead of prior expectations</li></ul>

Tourism Holdings (THL) has lifted its FY23 NPAT guidance to above NZ$30m, from a previous range of NZ$17m-NZ$30mThe new guidance includes NZ$3.5m of Apollo (ATL) related transaction costs, which are one-off in natureThe earnings upgrade primarily reflects rental yields in Australia and New Zealand being ahead of prior expectations

<ul><li>Tourism Holdings (THL) has acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m).</li><li>The price has been satisfied through cash of £1.4m and the remainder in THL scrip.</li><li>The next newsflow from THL will be the publication of an updated scheme booklet for the ATL deal, likely over the next two weeks.</li></ul>

Tourism Holdings (THL) has acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m).The price has been satisfied through cash of £1.4m and the remainder in THL scrip.The next newsflow from THL will be the publication of an updated scheme booklet for the ATL deal, likely over the next two weeks.

Tourism Holdings: Takes Full Control of UK JV

<ul><li>The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the Australian competition agency, ACCC</li><li>The deal now appears almost certain (we assume a 95% probability), with largely box ticking type conditions remaining</li><li>We expect a scheme meeting (for ATL shareholders) to be scheduled for early December 2022 with the deal completing before calendar year end, in the absence of any better offers for ATL</li></ul>

The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the Australian competition agency, ACCCThe deal now appears almost certain (we assume a 95% probability), with largely box ticking type conditions remainingWe expect a scheme meeting (for ATL shareholders) to be scheduled for early December 2022 with the deal completing before calendar year end, in the absence of any better offers for ATL

Tourism Holdings: Apollo Cleared for Launch

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: Synergy Booster

Tourism Holdings' (THL) proposed acquisition of Apollo Tourism & Leisure (ATL) will provide greater cost synergies than previously announced; Pre...

Forsyth Barr

Tourism Holdings: Happy Times

Tourism Holdings (THL) is enjoying a rapid return to peak profitability; Upgraded FY23 earnings guidance implies a rentals result at or above pre...

Forsyth Barr

Tourism Holdings: Earnings Upgrade

Tourism Holdings (THL) has lifted its FY23 NPAT guidance to above NZ$30m, from a previous range of NZ$17m-NZ$30m; The new guidance includes NZ$3.5m...

Forsyth Barr

Tourism Holdings: Takes Full Control of UK JV

Tourism Holdings (THL) has acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m); the price has been...

Forsyth Barr

Tourism Holdings: Apollo Cleared for Launch

The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the...

Forsyth Barr

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