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

Thematic (Sector/Industry)

New zealand Health care / Thematic (Sector/Industry)

<ul><li>The aged care sector is valued around or significantly below equity book value</li><li>It's a RYM problem, not a sector problem; three of the four operators are close to debt free in FY26/FY27</li><li>6x EV/annuity EBITDA with no debt in FY27/28 — an attractive proposition</li></ul>

The aged care sector is valued around or significantly below equity book valueIt's a RYM problem, not a sector problem; three of the four operators are close to debt free in FY26/FY276x EV/annuity EBITDA with no debt in FY27/28 — an attractive proposition

Aged Care Sector: What If? Fast Track to Ex-Growth