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>Fletcher Building (FBU) will report its 1H23 result on Wednesday, 15 February.</li><li>The result should be materially ahead of the prior period which was impacted by lockdown. </li><li>We forecast 1H23 EBIT/underlying NPAT +27%/+15% to NZ$423m/$247m (Visible Alpha consensus NZ$414/$248m).</li></ul>

Fletcher Building (FBU) will report its 1H23 result on Wednesday, 15 February.The result should be materially ahead of the prior period which was impacted by lockdown. We forecast 1H23 EBIT/underlying NPAT +27%/+15% to NZ$423m/$247m (Visible Alpha consensus NZ$414/$248m).

Fletcher Building: 1H23 Preview; Solid 1H but Outlook the Focus