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

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>F&amp;P Healthcare's (FPH) 1H23 result confirmed the worst of the COVID crunch is over</li><li>The result itself was solid without being spectacular and modestly ahead of our expectations, driven by higher revenue (aided by FX benefits)</li><li>FPH is a high-quality business, however, on ~53x 12 month forward PE the best case scenario is already priced in and we see the risk reward as negatively skewed</li></ul>

F&amp;P Healthcare's (FPH) 1H23 result confirmed the worst of the COVID crunch is overThe result itself was solid without being spectacular and modestly ahead of our expectations, driven by higher revenue (aided by FX benefits)FPH is a high-quality business, however, on ~53x 12 month forward PE the best case scenario is already priced in and we see the risk reward as negatively skewed

F&P Healthcare: 1H23 Result — Flow Improving