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) has provided an update on provisioning for the NZ International Convention Centre (NZICC) and a FY23 trading update.</li><li>The key disappoint in today’s announcement is the higher provision for completion of the NZICC, that said the end of the projects is now in sight with completion expected late 2023/early 2024</li><li>Assuming FBU’s P/E expands in an earnings downturn, FBU’s share price is expecting a 40% decline in EBIT based on a peak P/E of 15x.</li></ul>

Fletcher Building (FBU) has provided an update on provisioning for the NZ International Convention Centre (NZICC) and a FY23 trading update.The key disappoint in today’s announcement is the higher provision for completion of the NZICC, that said the end of the projects is now in sight with completion expected late 2023/early 2024Assuming FBU’s P/E expands in an earnings downturn, FBU’s share price is expecting a 40% decline in EBIT based on a peak P/E of 15x.

Fletcher Building: Convention Centre Provision and Trading Update