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>Ryman Healthcare delivered a result with multiple accounting changes, impairments, and one-offs, but lacked clarity on its future vision.</li><li>The erosion of the NTA continued with a larger-than-guided write-down, although the bottom may have been reached according to the analysis.</li><li>Ryman needs to significantly improve resales to enhance performance, with a new target price set at NZ$2.65 following downgrades to earnings and near-term cash-generation.</li></ul>

Ryman Healthcare delivered a result with multiple accounting changes, impairments, and one-offs, but lacked clarity on its future vision.The erosion of the NTA continued with a larger-than-guided write-down, although the bottom may have been reached according to the analysis.Ryman needs to significantly improve resales to enhance performance, with a new target price set at NZ$2.65 following downgrades to earnings and near-term cash-generation.

Ryman Healthcare FY25 Result—Complexity Without Clarity