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>It’s been a year since Fletcher Building (FBU) outlined its strategic reset.</li><li>From here we believe FBU needs to present a clearer picture on what level it believes the strategic reset can lift return on invested capital to.</li><li>Our benchmarking to ANZ competitors suggests a ROIC of 10%–12% should be achievable through the cycle with a mixture of better operating discipline and capital efficiency.</li></ul>

It’s been a year since Fletcher Building (FBU) outlined its strategic reset.From here we believe FBU needs to present a clearer picture on what level it believes the strategic reset can lift return on invested capital to.Our benchmarking to ANZ competitors suggests a ROIC of 10%–12% should be achievable through the cycle with a mixture of better operating discipline and capital efficiency.

Fletcher Building The Master Plan Needs Some Final Details