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 flat on 1H22.</li><li>Customer growth has stagnated with net new churches added just +0.6% on FY22.</li><li>PPH has revised medium term guidance given at its FY22 in May 2022. I</li></ul>

Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue flat on 1H22.Customer growth has stagnated with net new churches added just +0.6% on FY22.PPH has revised medium term guidance given at its FY22 in May 2022. I

Pushpay Holdings (PPH): 1H23 Result – First Impressions