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>FPH will host its investor day on Wednesday, 23 July in Melbourne. We do not expect any changes in its positive messaging.</li><li>Consensus forecasts a 10-year revenue CAGR of +10.9%. This is above the median organic growth of the MSCI healthcare index (+8.4%) and MSCI healthcare equipment subsector (+9.7%) from ~NZ$2b in revenue.</li><li>FPH manages its business on a multi-decade horizon, so one could argue it is unfair to be only looking 10 years ahead.</li></ul>

FPH will host its investor day on Wednesday, 23 July in Melbourne. We do not expect any changes in its positive messaging.Consensus forecasts a 10-year revenue CAGR of +10.9%. This is above the median organic growth of the MSCI healthcare index (+8.4%) and MSCI healthcare equipment subsector (+9.7%) from ~NZ$2b in revenue.FPH manages its business on a multi-decade horizon, so one could argue it is unfair to be only looking 10 years ahead.

Fisher & Paykel Healthcare Corp

F&P Healthcare The Outside View