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 (EBO) reported a strong 1H23 result in-line with our expectations (ahead of consensus) showcasing +30% NPAT growth versus 1H22</li><li>While we continue to view EBO as a well-positioned, quality, defensive business with a robust earnings outlook, it has been 12 months since we upgraded our FY23 and FY24 EPS forecasts.</li><li>At ~25x 12-month forward PE (significant relative and absolute premium to history), in the absence of upwards earnings momentum, we think a period of share price consolidation is likely, particularly given its probable slowing organic growth profile</li></ul>

EBOS Group (EBO) reported a strong 1H23 result in-line with our expectations (ahead of consensus) showcasing +30% NPAT growth versus 1H22While we continue to view EBO as a well-positioned, quality, defensive business with a robust earnings outlook, it has been 12 months since we upgraded our FY23 and FY24 EPS forecasts.At ~25x 12-month forward PE (significant relative and absolute premium to history), in the absence of upwards earnings momentum, we think a period of share price consolidation is likely, particularly given its probable slowing organic growth profile

EBOS Group: 1H23 Result — In the Waiting Room

Ebos Group Ltd

EBOS Group: 1H23 Result — In the Waiting Room