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>EBOS Group's (EBO) AGM update highlights a positive start to FY23; fitting for its centenary meeting. </li><li>Solid growth is evident across the board with the update on a run-rate basis broadly consistent with our expectations, and modestly ahead of prior consensus expectations.</li><li>At ~21x 12m forward PE, EBO trades at a premium versus its own history and relative to market, however, we view this as justified and continue to view it as well positioned to deliver strong earnings growth over the medium to long-term</li></ul>

EBOS Group's (EBO) AGM update highlights a positive start to FY23; fitting for its centenary meeting. Solid growth is evident across the board with the update on a run-rate basis broadly consistent with our expectations, and modestly ahead of prior consensus expectations.At ~21x 12m forward PE, EBO trades at a premium versus its own history and relative to market, however, we view this as justified and continue to view it as well positioned to deliver strong earnings growth over the medium to long-term

EBOS Group: 100th AGM — Raising the Bat in Style

Ebos Group Ltd

EBOS Group: 100th AGM — Raising the Bat in Style