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>We upgrade our rating on EBOS Group (EBO) to OUTPERFORM.</li><li>Our upgrade reflects: (1) relatively undemanding valuation versus peers and its own history, particularly given the shift in EBO's business towards higher growth and higher margin segments, and our analysis of EBO's organic growth (~+6% since the Symbion acquisition in 2013) which we think can at least be maintained over the medium-term, (2) solid recent trends, and (3) continued comfort levels on FY25 consensus expectations post the Chemist Warehouse (CW) contract loss. </li><li>EBO is a high quality defensive business with a robust organic growth profile and M&amp;A upside (we estimate FY25 debt headroom of A$500m).</li></ul>

We upgrade our rating on EBOS Group (EBO) to OUTPERFORM.Our upgrade reflects: (1) relatively undemanding valuation versus peers and its own history, particularly given the shift in EBO's business towards higher growth and higher margin segments, and our analysis of EBO's organic growth (~+6% since the Symbion acquisition in 2013) which we think can at least be maintained over the medium-term, (2) solid recent trends, and (3) continued comfort levels on FY25 consensus expectations post the Chemist Warehouse (CW) contract loss. EBO is a high quality defensive business with a robust organic growth profile and M&amp;A upside (we estimate FY25 debt headroom of A$500m).

EBOS Group - Inexpensive Defensive; Up to OUTPERFORM

Ebos Group Ltd

EBOS Group - Inexpensive Defensive; Up to OUTPERFORM