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

Thematic (Sector/Industry)

New zealand Financials / Thematic (Sector/Industry)

<ul><li>Despite the sell off — market multiples appear elevated in relation to interest rates — proceed with caution</li><li>Betting on a meaningful reversal of interest rates seems premature</li><li>Target price changes — down ~-3.4% on average</li></ul>

Despite the sell off — market multiples appear elevated in relation to interest rates — proceed with cautionBetting on a meaningful reversal of interest rates seems prematureTarget price changes — down ~-3.4% on average

Equity Strategy: WACC Review — The New Normal?