New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>EBOS Group's (EBO) 1H24 result was solid. Importantly, (1) EBO's pharmacy performance and commentary should help allay fears around deteriorating industry dynamics, and (2) EBO continues to see solid cost-out opportunities.</li><li>While broader business trends remain constructive, EBO is trading on a FY25 PE of ~22x, modestly ahead of its 10 year average, and a ~+30% premium to the market median.</li><li>We back management to negate the possible negative operating leverage (EBO has several levers it can pull), but FY25 earnings are not risk-free as EBO transitions through the Chemist Warehouse (CW) contract loss. </li></ul>

EBOS Group's (EBO) 1H24 result was solid. Importantly, (1) EBO's pharmacy performance and commentary should help allay fears around deteriorating industry dynamics, and (2) EBO continues to see solid cost-out opportunities.While broader business trends remain constructive, EBO is trading on a FY25 PE of ~22x, modestly ahead of its 10 year average, and a ~+30% premium to the market median.We back management to negate the possible negative operating leverage (EBO has several levers it can pull), but FY25 earnings are not risk-free as EBO transitions through the Chemist Warehouse (CW) contract loss. 

EBOS Group - 1H24 Result — In Good Health

Ebos Group Ltd

EBOS Group - 1H24 Result — In Good Health