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) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM).</li><li>Trading comments highlighted demand has remained broadly in line with 2H22 run rates and forward indicators suggest volumes will remain at current levels over the balance of FY23</li><li>FBU continues to trade on undemanding valuation metrics with a 12 month forward P/E of 8.2x</li></ul>

Fletcher Building (FBU) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM).Trading comments highlighted demand has remained broadly in line with 2H22 run rates and forward indicators suggest volumes will remain at current levels over the balance of FY23FBU continues to trade on undemanding valuation metrics with a 12 month forward P/E of 8.2x

Fletcher Building

Fletcher Building: Building to Plan