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.

Equity Bottom-Up

<ul><li>Tourism Holdings (THL) has reported an exceptionally strong 1H23 result. Underlying NPAT of NZ$26.3 represents THL’s strongest ever first half performance.</li><li>Management expects underlying NPAT greater than NZ$48m.</li><li>There is no interim dividend though THL expects to be able to pay a full year dividend later in the year, albeit under a revised (and lower) dividend pay-out ratio than previously.</li></ul>

Tourism Holdings (THL) has reported an exceptionally strong 1H23 result. Underlying NPAT of NZ$26.3 represents THL’s strongest ever first half performance.Management expects underlying NPAT greater than NZ$48m.There is no interim dividend though THL expects to be able to pay a full year dividend later in the year, albeit under a revised (and lower) dividend pay-out ratio than previously.

Tourism Holdings (THL): 1H23 Result Initial Thoughts

<ul><li>First time consolidated FY23 guidance: Tourism Holdings (THL) has provided FY23 guidance, including Apollo (ATL) consolidation for the first time, which points to upgrades to market expectations</li><li>Strong earnings capacity from FY24</li><li>Current dynamics will evolve in post-pandemic world </li></ul>

First time consolidated FY23 guidance: Tourism Holdings (THL) has provided FY23 guidance, including Apollo (ATL) consolidation for the first time, which points to upgrades to market expectationsStrong earnings capacity from FY24Current dynamics will evolve in post-pandemic world 

<ul><li>Tourism Holdings (THL) has provided FY23 guidance including Apollo (ATL) consolidation for the first time, which points to upgrades to market expectations</li><li>FY23 underlying NPAT is expected to be greater than NZ$48m (FB: NZ$44.0m) including seven months of ATL</li><li>On a pro-forma basis including 12m of ATL, THL expects the combined business to generate more than NZ$75m of underlying NPAT</li></ul>

Tourism Holdings (THL) has provided FY23 guidance including Apollo (ATL) consolidation for the first time, which points to upgrades to market expectationsFY23 underlying NPAT is expected to be greater than NZ$48m (FB: NZ$44.0m) including seven months of ATLOn a pro-forma basis including 12m of ATL, THL expects the combined business to generate more than NZ$75m of underlying NPAT

Tourism Holdings: Consolidated Guidance; Upgrades

<ul><li>Tourism Holdings' (THL) proposed acquisition of Apollo Tourism &amp; Leisure (ATL) will provide greater cost synergies than previously announced</li><li>Pre-tax annual EBIT synergy guidance in the updated ATL scheme booklet is for NZ$23m–NZ$24m, up from NZ$17m–NZ$19m when the deal was first announced last year.</li><li>Higher cost synergies helps to lift EPS accretion within three years to &gt;+20%, on our estimates</li></ul>

Tourism Holdings' (THL) proposed acquisition of Apollo Tourism &amp; Leisure (ATL) will provide greater cost synergies than previously announcedPre-tax annual EBIT synergy guidance in the updated ATL scheme booklet is for NZ$23m–NZ$24m, up from NZ$17m–NZ$19m when the deal was first announced last year.Higher cost synergies helps to lift EPS accretion within three years to &gt;+20%, on our estimates

<ul><li>Tourism Holdings (THL) is enjoying a rapid return to peak profitability</li><li>Upgraded FY23 earnings guidance implies a rentals result at or above pre-COVID levels despite limited fleet capacity</li><li>Coupled with a strong forward order book through 2Q23 and 3Q23, management is confident of a significantly improved full year result.</li></ul>

Tourism Holdings (THL) is enjoying a rapid return to peak profitabilityUpgraded FY23 earnings guidance implies a rentals result at or above pre-COVID levels despite limited fleet capacityCoupled with a strong forward order book through 2Q23 and 3Q23, management is confident of a significantly improved full year result.

New Zealand

Tourism Holdings Limited provides tourist services in New Zealand and Australia. The Company's services include campervan and motor homes, car rentals and coach services.  The Company also offers sightseeing tours, Antarctic tourist centers, boating tours and cave expeditions.

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Tourism Holdings (THL NZ)

Tourism Holdings (THL): 1H23 Result Initial Thoughts

Tourism Holdings (THL) has reported an exceptionally strong 1H23 result - the result includes one month of recently acquired Apollo (ATL), which...

Forsyth Barr

Tourism Holdings: Pre Check-In Upgrade

Tourism Holdings (THL) has provided healthy FY23 earnings guidance, including seven months of Apollo (ATL) consolidation for the first time, which...

Forsyth Barr

Tourism Holdings: Consolidated Guidance; Upgrades

Tourism Holdings (THL) has provided FY23 guidance including Apollo (ATL) consolidation for the first time, which points to upgrades to market...

Forsyth Barr

Tourism Holdings: Synergy Booster

Tourism Holdings' (THL) proposed acquisition of Apollo Tourism & Leisure (ATL) will provide greater cost synergies than previously announced; Pre...

Forsyth Barr

Tourism Holdings: Happy Times

Tourism Holdings (THL) is enjoying a rapid return to peak profitability; Upgraded FY23 earnings guidance implies a rentals result at or above pre...

Forsyth Barr

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