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>KMD Brands’ (KMD) 1H23 result showed a rebound in revenue and profitability versus the prior year.</li><li>1H23 EBITDA (pre-IFRS 16) was in-line with guidance of NZ$45m. However, underlying NPAT of NZ$16.5m surprised to the downside, at -10% below FB, but in line with consensus</li><li>The primary driver of this has been higher debt levels from working capital impacts to cash flow, driving an increase in interest costs (in addition to higher interest rates).</li></ul>

KMD Brands’ (KMD) 1H23 result showed a rebound in revenue and profitability versus the prior year.1H23 EBITDA (pre-IFRS 16) was in-line with guidance of NZ$45m. However, underlying NPAT of NZ$16.5m surprised to the downside, at -10% below FB, but in line with consensusThe primary driver of this has been higher debt levels from working capital impacts to cash flow, driving an increase in interest costs (in addition to higher interest rates).

KMD Brands (KMD)  1H23 Result – Initial Impressions

Kathmandu Holdings

KMD Brands (KMD) 1H23 Result – Initial Impressions