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) 1Q24 ASM trading update was broadly in line with our expectations, showing a solid start to FY24.</li><li>1Q24 organic EBITDA growth of ~+8% is consistent with 2H23, and the update is further evidence that EBO has entered its new phase of organic growth more akin to historical levels (mid to high single digits), rather than sustaining its growth rates over the past three years.</li><li>Consistent with history, no full year guidance was provided and given the in line trading update we leave our earnings estimates unchanged. </li></ul>

EBOS Group's (EBO) 1Q24 ASM trading update was broadly in line with our expectations, showing a solid start to FY24.1Q24 organic EBITDA growth of ~+8% is consistent with 2H23, and the update is further evidence that EBO has entered its new phase of organic growth more akin to historical levels (mid to high single digits), rather than sustaining its growth rates over the past three years.Consistent with history, no full year guidance was provided and given the in line trading update we leave our earnings estimates unchanged. 

Ebos Group Ltd

EBOS Group - 101st AGM — On Script