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 announced a divisional restructure and reported no material improvement in NZ trading since its 1H25 result, with non-residential and infrastructure activity weak and home sales in its residential division subdued.</li><li>The company is expected to lower costs by NZ$15m, with further business-improvement initiatives anticipated to be outlined at its investor day in June 2025.</li><li>FBU trades at a two-year forward PE of 12.2x, broadly in line with its long-run average, with a NEUTRAL sentiment on the outlook.</li></ul>

Fletcher Building announced a divisional restructure and reported no material improvement in NZ trading since its 1H25 result, with non-residential and infrastructure activity weak and home sales in its residential division subdued.The company is expected to lower costs by NZ$15m, with further business-improvement initiatives anticipated to be outlined at its investor day in June 2025.FBU trades at a two-year forward PE of 12.2x, broadly in line with its long-run average, with a NEUTRAL sentiment on the outlook.

Fletcher Building

Fletcher Building - Longer Trough