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>F&amp;P Healthcare (FPH) has provided strong FY23 revenue guidance of NZ$1,575m (range of NZ$1,550-1,600m) implying second half revenue of ~NZ$885m</li><li>aking this guidance at face value we see material FY23 consensus NPAT upgrades in the order of ~+20%.</li><li>We view this as a strong update and will look for further colour with respect to the reoccurring (organic new apps consumables revenue) and non-reoccurring</li></ul>

F&amp;P Healthcare (FPH) has provided strong FY23 revenue guidance of NZ$1,575m (range of NZ$1,550-1,600m) implying second half revenue of ~NZ$885making this guidance at face value we see material FY23 consensus NPAT upgrades in the order of ~+20%.We view this as a strong update and will look for further colour with respect to the reoccurring (organic new apps consumables revenue) and non-reoccurring

F&P Healthcare (FPH): Strong FY23 Revenue Guidance