New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Thematic (Sector/Industry)

<ul><li>New Zealand: Solid 1Q for Vulcan Steel; Construction costs still rising; Fletcher Building launches low CO2 cement</li><li>Australia: Stockland residential sales rates decline; Weather and inflation hit Adbri</li><li>International: China’s building season – a flop so far; Chinese banks pledge enhanced support for economy as Xi calls for growth</li></ul>

New Zealand: Solid 1Q for Vulcan Steel; Construction costs still rising; Fletcher Building launches low CO2 cementAustralia: Stockland residential sales rates decline; Weather and inflation hit AdbriInternational: China’s building season – a flop so far; Chinese banks pledge enhanced support for economy as Xi calls for growth

<ul><li>New Zealand: Residential consents tick higher but likely more noise than signal</li><li>Australia: Single biggest monthly house price drop since 1983; Construction activity continues to slide</li><li>International: House prices tick higher; Home sales continue to decline</li></ul>

New Zealand: Residential consents tick higher but likely more noise than signalAustralia: Single biggest monthly house price drop since 1983; Construction activity continues to slideInternational: House prices tick higher; Home sales continue to decline

<ul><li>New Zealand: Resi slowdown drags down construction forecasts</li><li>Australia: Australian outlook comments robust despite softening residential</li><li>International: Millions of empty flats threatens to plunge China’s troubled property market further into crisis</li></ul>

New Zealand: Resi slowdown drags down construction forecastsAustralia: Australian outlook comments robust despite softening residentialInternational: Millions of empty flats threatens to plunge China’s troubled property market further into crisis

Equity Bottom-Up

<ul><li>Result preannounced, underlying operating trends remain strong</li><li>FY23 NZ$850m+ EBIT target unchanged</li><li>Organic growth investment: FBU reported gearing (net debt/EBITDA) of 0.6x and guided to FY23 to be 1.0x, the low end of its target range</li></ul>

Result preannounced, underlying operating trends remain strongFY23 NZ$850m+ EBIT target unchangedOrganic growth investment: FBU reported gearing (net debt/EBITDA) of 0.6x and guided to FY23 to be 1.0x, the low end of its target range

Fletcher Building: FY22 Result — No News Is Good News

<ul><li>FY22 result: We don't expect many surprises with most of the detail pre-announced at the June investor day</li><li>FY23 EBIT target: We expect FBU to reaffirm its FY23 targeted NZ$100m+ uplift in group EBIT</li><li>Construction outlook: FBU has relatively good visibility on the next c.12 months of volumes</li></ul>

FY22 result: We don't expect many surprises with most of the detail pre-announced at the June investor dayFY23 EBIT target: We expect FBU to reaffirm its FY23 targeted NZ$100m+ uplift in group EBITConstruction outlook: FBU has relatively good visibility on the next c.12 months of volumes

Fletcher Building: FY22 Preview — Last Month's News

New Zealand

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

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Fletcher Building (FBU NZ)

Building Weekly (21-Oct-2022)

New Zealand: Solid 1Q for Vulcan Steel; Construction costs still rising; Cost of building homes still stoking annual inflation; Mortgage rates rise...

Forsyth Barr

Building Weekly (02-Sept-2022)

Residential consents tick higher but likely more noise than signal; Residential construction intentions bounce off the floor but still deeply negative

Forsyth Barr

Building Weekly (26-Aug-2022)

Construction spending forecast to fall -18% to NZ$42bn by 2027, primarily driven by forecast resi construction down -36% (c.-NZ$11bn) while non...

Forsyth Barr

Fletcher Building: FY22 Result — No News Is Good News

The new information in Fletcher Building's pre-announced FY22 result was a slightly strong dividend and lower net debt

Forsyth Barr

Fletcher Building: FY22 Preview — Last Month's News

Fletcher Building will report its FY22 results on Wednesday, 17 August; We expect the result will reaffirm a business that is seeing strong demand

Forsyth Barr

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