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

Warehouse Group Limited / Equity Bottom-Up

<ul><li>2Q23 trading to date indicates gross margins will be under pressure in 2H23</li><li>Operating expenses will be challenging in the near term as digital and core systems spend continues</li><li>The Warehouse is expected to be the most resilient of WHS' brands but division and product mix have changed adversely</li></ul>

2Q23 trading to date indicates gross margins will be under pressure in 2H23Operating expenses will be challenging in the near term as digital and core systems spend continuesThe Warehouse is expected to be the most resilient of WHS' brands but division and product mix have changed adversely

The Warehouse Group: 2Q23 Sales Checkout; Downgrade to NEUTRAL

Thematic (Sector/Industry)

<ul><li>Retailers are facing a challenging outlook</li><li>We expect to see signs of consumers cutting back on non-essential spend by mid-2023</li><li>In this Santa's Stocking report, we include a budget-friendly gift guide for the whole family which works for both last-minute Christmas presents, or gift ideas for the coming year.</li></ul>

Retailers are facing a challenging outlookWe expect to see signs of consumers cutting back on non-essential spend by mid-2023In this Santa's Stocking report, we include a budget-friendly gift guide for the whole family which works for both last-minute Christmas presents, or gift ideas for the coming year.

Retail Sector: Santa's Stocking: What's in Store for Christmas?

<ul><li>The Warehouse Group (WHS) has announced a strong revenue result for the first quarter of FY23</li><li>Revenue growth supported by value proposition but margin headwinds in sight</li><li>Reviewing our cost assumptions upwards</li></ul>

The Warehouse Group (WHS) has announced a strong revenue result for the first quarter of FY23Revenue growth supported by value proposition but margin headwinds in sightReviewing our cost assumptions upwards

<ul><li>The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectations, but was still the second most profitable in company history</li><li>Relative to a strong FY21 from COVID reopenings, FY22 was impacted by lower foot traffic, supply chain constraints and higher freight costs across the three largest divisions (Red Sheds, Blue Sheds, and Noel Leeming)</li><li>Management has not provided FY23 guidance; August trading to date has been ahead of expectations</li></ul>

The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectations, but was still the second most profitable in company historyRelative to a strong FY21 from COVID reopenings, FY22 was impacted by lower foot traffic, supply chain constraints and higher freight costs across the three largest divisions (Red Sheds, Blue Sheds, and Noel Leeming)Management has not provided FY23 guidance; August trading to date has been ahead of expectations

The Warehouse Group: COVID Still Masking New Earnings Base

<ul><li>The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectations</li><li>Adjusted NPAT of NZ$96.9m was below consensus by -3% (+1% against our forecast)</li><li>Group gross margins fell to 35.3% from 36.4% in FY21</li></ul>

The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectationsAdjusted NPAT of NZ$96.9m was below consensus by -3% (+1% against our forecast)Group gross margins fell to 35.3% from 36.4% in FY21

The Warehouse Group (WHS): FY22 Result – Initial Impressions

New Zealand

The Warehouse Group Limited operates general merchandise and stationery supply retail stores throughout New Zealand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Warehouse Group Limited (WHS NZ)

The Warehouse Group: 2Q23 Sales Checkout; Downgrade to NEUTRAL

WHS' trading update to 26 December 2022 (partial 2Q23, representing peak season) indicated reduced sales across all brands and lower gross margin...

Forsyth Barr

Retail Sector: Santa's Stocking: What's in Store for Christmas?

Retailers are facing a challenging outlook - although consumer spending has been generally robust over the past 12 months, the double-edged sword...

Forsyth Barr

The Warehouse Group: 1Q23 Sales Checkout

The Warehouse Group (WHS) has announced a strong revenue result for the first quarter of FY23 wherein the total group revenue increased by +12%...

Forsyth Barr

The Warehouse Group: COVID Still Masking New Earnings Base

The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectations, but was still the second most profitable in company...

Forsyth Barr

The Warehouse Group (WHS): FY22 Result – Initial Impressions

The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectations (management did not provide FY22 guidance); Adjusted...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)