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) 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

<ul><li>Tourism Holdings' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand, particularly in North America.</li><li>Despite lower earnings, management remains confident with banking covenants and notes no need for new equity, with THL trading at a ~30% discount to its net tangible asset value.</li><li>The company maintains an OUTPERFORM rating, though investors are advised to be patient.</li></ul>

Tourism Holdings' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand, particularly in North America.Despite lower earnings, management remains confident with banking covenants and notes no need for new equity, with THL trading at a ~30% discount to its net tangible asset value.The company maintains an OUTPERFORM rating, though investors are advised to be patient.

<ul><li>Tourism Holdings (THL) is negatively impacted by the Trump-led trade war, particularly affecting consumer confidence in North America.</li><li>THL is trading at a ~20% discount to net tangible assets and at a one-year forward PE of ~6x on revised estimates, with an OUTPERFORM rating.</li><li>Google Trends data shows a modest weakening of RV buyer interest in North America, while Australasia remains stable.</li></ul>

Tourism Holdings (THL) is negatively impacted by the Trump-led trade war, particularly affecting consumer confidence in North America.THL is trading at a ~20% discount to net tangible assets and at a one-year forward PE of ~6x on revised estimates, with an OUTPERFORM rating.Google Trends data shows a modest weakening of RV buyer interest in North America, while Australasia remains stable.

Tourism Holdings - A Rocky Road Eating Through the Rockies

<ul><li>Tourism Holdings (THL) reported a soft 1H25 result, characterised by robust rentals but weak vehicle sales market conditions.</li><li>Notwithstanding the disappointing result, THL's New Zealand operations are performing well and generating attractive returns.</li><li>In contrast, profitability has declined in all other regions. </li></ul>

Tourism Holdings (THL) reported a soft 1H25 result, characterised by robust rentals but weak vehicle sales market conditions.Notwithstanding the disappointing result, THL's New Zealand operations are performing well and generating attractive returns.In contrast, profitability has declined in all other regions. 

Tourism Holdings - 1H25—Fortune Favours the Brave

<ul><li>Tourism Holdings (THL) will report a subdued 1H25 result on 25 February 2025, reflective of depressed vehicle sales market conditions.</li><li>We forecast underlying NPAT of NZ$33m, down ~-16% on the prior year.  Rental performance is likely to be robust with a positive North American peak season.</li><li>In contrast, new and used vehicle sales market conditions remain challenging with both volumes and margins below the prior year. </li></ul>

Tourism Holdings (THL) will report a subdued 1H25 result on 25 February 2025, reflective of depressed vehicle sales market conditions.We forecast underlying NPAT of NZ$33m, down ~-16% on the prior year.  Rental performance is likely to be robust with a positive North American peak season.In contrast, new and used vehicle sales market conditions remain challenging with both volumes and margins below the prior year. 

Tourism Holdings - 1H25 Preview - Things Can Only Get Better

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 - 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

Tourism Holdings - Patience Is a Virtue

Tourism Holdings' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand,...

Forsyth Barr

Tourism Holdings - A Rocky Road Eating Through the Rockies

Tourism Holdings (THL) is negatively impacted by the Trump-led trade war, particularly affecting consumer confidence in North America.

Forsyth Barr

Tourism Holdings - 1H25—Fortune Favours the Brave

Tourism Holdings (THL) reported a soft 1H25 result, characterised by robust rentals but weak vehicle sales market conditions.

Forsyth Barr

Tourism Holdings - 1H25 Preview - Things Can Only Get Better

Tourism Holdings (THL) will report a subdued 1H25 result on 25 February 2025, reflective of depressed vehicle sales market conditions.

Forsyth Barr

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