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

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>Vapotherm's 3Q22 result continues to reinforce the material headwinds being experienced by F&amp;P Healthcare's (FPH) Hospital segment, particularly consumables utilisation and highlights further downside risk to consensus expectations</li><li>On 49x 12 month forward PE, the market is looking through the near-term earnings hole and FPH is priced for a very strong consumables revenue recovery. </li><li>FPH's materially larger hospital hardware installed base (approximate doubling of installed units from FY19 to FY22) places the company well for strong consumables growth over the medium-term but we are yet to see any evidence of this</li></ul>

Vapotherm's 3Q22 result continues to reinforce the material headwinds being experienced by F&amp;P Healthcare's (FPH) Hospital segment, particularly consumables utilisation and highlights further downside risk to consensus expectationsOn 49x 12 month forward PE, the market is looking through the near-term earnings hole and FPH is priced for a very strong consumables revenue recovery. FPH's materially larger hospital hardware installed base (approximate doubling of installed units from FY19 to FY22) places the company well for strong consumables growth over the medium-term but we are yet to see any evidence of this

F&P Healthcare: Checking the Flow — Competitor Updates