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

Warehouse Group Limited / Equity Bottom-Up

<ul><li>The Warehouse Group's (WHS) 3Q23 trading update showed trading across the brands has been mixed, which is broadly in line with our expectations</li><li>The key positive surprise was strong year-on-year growth in Red Sheds' revenue, consistent with our thesis that The Warehouse (Red Sheds) should be the most resilient division and support group earnings through the economic cycle</li><li>WHS also highlighted some improvement in Red Sheds' margin in the third quarter, though this was not apparent in the other brands.</li></ul>

The Warehouse Group's (WHS) 3Q23 trading update showed trading across the brands has been mixed, which is broadly in line with our expectationsThe key positive surprise was strong year-on-year growth in Red Sheds' revenue, consistent with our thesis that The Warehouse (Red Sheds) should be the most resilient division and support group earnings through the economic cycleWHS also highlighted some improvement in Red Sheds' margin in the third quarter, though this was not apparent in the other brands.

Warehouse Group Limited

The Warehouse Group: 3Q23 Sales Checkout