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>On 14 November 2025, Auckland Council released the proposed rezoning plan changes for F&amp;P Healthcare’s (FPH) Karaka site.</li><li>The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the NZ and Australian equity markets.</li><li>Based on the development costings in the report, we estimate total capex of ~NZ$5bn (accounting for inflation and including land).</li></ul>

On 14 November 2025, Auckland Council released the proposed rezoning plan changes for F&amp;P Healthcare’s (FPH) Karaka site.The indicative plans highlight FPH’s truly long-term mindset, spanning multiple decades—a mindset that is virtually unmatched in the context of the NZ and Australian equity markets.Based on the development costings in the report, we estimate total capex of ~NZ$5bn (accounting for inflation and including land).

Fisher & Paykel Healthcare Corp

F&P Healthcare - The Masterplan