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 acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m).</li><li>The price has been satisfied through cash of £1.4m and the remainder in THL scrip.</li><li>The next newsflow from THL will be the publication of an updated scheme booklet for the ATL deal, likely over the next two weeks.</li></ul>

Tourism Holdings (THL) has acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m).The price has been satisfied through cash of £1.4m and the remainder in THL scrip.The next newsflow from THL will be the publication of an updated scheme booklet for the ATL deal, likely over the next two weeks.

Tourism Holdings: Takes Full Control of UK JV

<ul><li>The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the Australian competition agency, ACCC</li><li>The deal now appears almost certain (we assume a 95% probability), with largely box ticking type conditions remaining</li><li>We expect a scheme meeting (for ATL shareholders) to be scheduled for early December 2022 with the deal completing before calendar year end, in the absence of any better offers for ATL</li></ul>

The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the Australian competition agency, ACCCThe deal now appears almost certain (we assume a 95% probability), with largely box ticking type conditions remainingWe expect a scheme meeting (for ATL shareholders) to be scheduled for early December 2022 with the deal completing before calendar year end, in the absence of any better offers for ATL

Tourism Holdings: Apollo Cleared for Launch

<ul><li>Tourism Holdings’ (THL) is several big steps closer to acquiring Apollo Tourism and Leisure (ATL)</li><li>The NZ Commerce Commission (ComCom) has cleared the acquisition after a lengthy process, albeit conditional on the part disposal of certain ATL assets in New Zealand to smaller competitor, Jucy</li><li>We continue to view the deal as positive for THL in light of cost synergies, scale benefits in Australasia, reduced reliance on New Zealand activities, Canadian diversification, and a larger stake in peer-to-peer platform Camplify</li></ul>

Tourism Holdings’ (THL) is several big steps closer to acquiring Apollo Tourism and Leisure (ATL)The NZ Commerce Commission (ComCom) has cleared the acquisition after a lengthy process, albeit conditional on the part disposal of certain ATL assets in New Zealand to smaller competitor, JucyWe continue to view the deal as positive for THL in light of cost synergies, scale benefits in Australasia, reduced reliance on New Zealand activities, Canadian diversification, and a larger stake in peer-to-peer platform Camplify

Tourism Holdings: Countdown to Apollo Launch

<ul><li>Rental recovery propelled by strong forward bookings: Forward bookings are supportive to an increase in average rental yields to above pre-COVID levels</li><li>Gain on sales margins peaking: Average vehicle sales margins jumped in FY22, up from ~NZ$12k per vehicle in FY21 to ~NZ$29k in FY22</li><li>Fleet reinvestment now in play: THL's fleet has fallen to ~3,850 from ~6,400 at the outset of COVID-19</li></ul>

Rental recovery propelled by strong forward bookings: Forward bookings are supportive to an increase in average rental yields to above pre-COVID levelsGain on sales margins peaking: Average vehicle sales margins jumped in FY22, up from ~NZ$12k per vehicle in FY21 to ~NZ$29k in FY22Fleet reinvestment now in play: THL's fleet has fallen to ~3,850 from ~6,400 at the outset of COVID-19

Tourism Holdings: FY22 — Speeding into the Recovery

<ul><li>Tourism Holdings (THL) reported a reduced underlying loss in FY22,driven by lower losses in New Zealand and a return to meaningful profitability in Australia</li><li>US profits modestly narrowed as fewer vehicles were sold in the year</li><li>THL won’t pay a final FY23 dividend and has suggested that dividends will be unlikely in FY23</li></ul>

Tourism Holdings (THL) reported a reduced underlying loss in FY22,driven by lower losses in New Zealand and a return to meaningful profitability in AustraliaUS profits modestly narrowed as fewer vehicles were sold in the yearTHL won’t pay a final FY23 dividend and has suggested that dividends will be unlikely in FY23

Tourism Holdings: FY22 Result Initial Thoughts

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: Takes Full Control of UK JV

Tourism Holdings (THL) has acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m); the price has been...

Forsyth Barr

Tourism Holdings: Apollo Cleared for Launch

The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the...

Forsyth Barr

Tourism Holdings: Countdown to Apollo Launch

Tourism Holdings’ (THL) is several big steps closer to acquiring Apollo Tourism and Leisure (ATL); The NZ Commerce Commission (ComCom) has cleared...

Forsyth Barr

Tourism Holdings: FY22 — Speeding into the Recovery

Tourism Holdings (THL) provided investors a degree of confidence in the forward outlook, stating it was happy with the current wide consensus...

Forsyth Barr

Tourism Holdings: FY22 Result Initial Thoughts

Tourism Holdings (THL) reported a reduced underlying loss in FY22,driven by lower losses in New Zealand and a return to meaningful profitability in...

Forsyth Barr

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