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

Equity Bottom-Up

<ul><li>Interest coverage ratio covenants now more in-line with peers </li><li>Net debt higher on more capex: there are two main drivers of net debt build up; (1) lower new-sales cash flow, or (2) increased capex.</li><li>ARV is still attractive, trading at ~0.5x book, but FY24 focus will be on debt</li></ul>

Interest coverage ratio covenants now more in-line with peers Net debt higher on more capex: there are two main drivers of net debt build up; (1) lower new-sales cash flow, or (2) increased capex.ARV is still attractive, trading at ~0.5x book, but FY24 focus will be on debt

Arvida Group: Better Covenants; Worse Debt