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) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.</li><li>The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.</li><li>We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). </li></ul>

EBOS Group's (EBO) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). 

EBOS Group - 1H25 Result—Upgrade to OUTPERFORM

Ebos Group Ltd

EBOS Group - 1H25 Result—Upgrade to OUTPERFORM