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>Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue growth flat given little progress with net church additions</li><li>The soft performance means PPH has revised its FY25 targets (given six months ago), with the company now expecting to achieve US$10bn of processing volume and 20k customers 12–18 months later than originally expected</li><li>Subdued trading over the past six months and the softer outlook provides support for the NZ$1.34 per share, BGH Capital and Sixth Street ​​​​​​​bid, though alternative offers can't be ruled out</li></ul>

Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue growth flat given little progress with net church additionsThe soft performance means PPH has revised its FY25 targets (given six months ago), with the company now expecting to achieve US$10bn of processing volume and 20k customers 12–18 months later than originally expectedSubdued trading over the past six months and the softer outlook provides support for the NZ$1.34 per share, BGH Capital and Sixth Street ​​​​​​​bid, though alternative offers can't be ruled out

Pushpay Holdings

Pushpay: 1H23 — Losing My Religion