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

<div><ul><li>NZICC provision an unwanted Xmas present: Complexity relating to water damage and general cost inflation has seen the cost to complete the fire-damaged NZICC rise above insurance cover</li><li>Back to the future with wood: FBU agreed to acquire wood processing and renewable fuel businesses Waipapa Pines Limited (WPL) for NZ$97m (ex. earn-outs) which equates to 6.7x last-12-months EBIT</li><li>Guidance unchanged but upside is moderating: 1H23 volumes are in line with expectations, with softer civils broadly offset by residential finishing trades and commercial</li></ul></div>

NZICC provision an unwanted Xmas present: Complexity relating to water damage and general cost inflation has seen the cost to complete the fire-damaged NZICC rise above insurance coverBack to the future with wood: FBU agreed to acquire wood processing and renewable fuel businesses Waipapa Pines Limited (WPL) for NZ$97m (ex. earn-outs) which equates to 6.7x last-12-months EBITGuidance unchanged but upside is moderating: 1H23 volumes are in line with expectations, with softer civils broadly offset by residential finishing trades and commercial

Fletcher Building

Fletcher Building: Season's Provisioning