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 (RYM) has undergone a painful but necessary reset.</li><li>The rewards for shareholders could be substantial if RYM’s new management team can successfully refocus the business to extract value from its existing asset base of ~14,500 units and beds.</li><li>We estimate recently enacted changes to RYM’s deferred management fees (DMF) and weekly fees alone will lift our annuity earnings metric by ~+NZ$75m from FY25 to FY30.</li></ul>

Ryman Healthcare (RYM) has undergone a painful but necessary reset.The rewards for shareholders could be substantial if RYM’s new management team can successfully refocus the business to extract value from its existing asset base of ~14,500 units and beds.We estimate recently enacted changes to RYM’s deferred management fees (DMF) and weekly fees alone will lift our annuity earnings metric by ~+NZ$75m from FY25 to FY30.

Ryman Healthcare - Restoring RYM And Reason