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) has been dealt a material and surprising blow with the loss of its Chemist Warehouse (CW) Pharmaceutical supply contract from 1 July 2024 to its largest competitor, Sigma</li><li>We estimate current EBITDA contribution of ~A$60m–$70m (~11% of FY23 EBITDA). </li><li>While disappointing and we make material earnings downgrades (medium-term EBITDA down -10–12%), the core defensive growth story remains intact.</li></ul>

EBOS Group (EBO) has been dealt a material and surprising blow with the loss of its Chemist Warehouse (CW) Pharmaceutical supply contract from 1 July 2024 to its largest competitor, SigmaWe estimate current EBITDA contribution of ~A$60m–$70m (~11% of FY23 EBITDA). While disappointing and we make material earnings downgrades (medium-term EBITDA down -10–12%), the core defensive growth story remains intact.

Ebos Group Ltd

EBOS Group: Back to the Core