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>With guidance provided near year-end, we see little scope for material underlying surprises and walk into F&amp;P Healthcare's (FPH) FY24 result on Wednesday, 29 May, with confidence it will guide to strong FY25 NPAT growth (consensus currently forecasts ~+27%).</li><li>That said, FPH's share price is up ~+22% year-to-date despite minimal FY25 and beyond consensus earnings upgrades since the 1H24 result in November.</li><li>FPH is a high-quality business with a strong growth outlook, helped by a quickly growing anaesthesia contribution, but at ~49x 12 month forward PE, there is limited room for error relative to consensus' near-term earnings expectations. </li></ul>

With guidance provided near year-end, we see little scope for material underlying surprises and walk into F&amp;P Healthcare's (FPH) FY24 result on Wednesday, 29 May, with confidence it will guide to strong FY25 NPAT growth (consensus currently forecasts ~+27%).That said, FPH's share price is up ~+22% year-to-date despite minimal FY25 and beyond consensus earnings upgrades since the 1H24 result in November.FPH is a high-quality business with a strong growth outlook, helped by a quickly growing anaesthesia contribution, but at ~49x 12 month forward PE, there is limited room for error relative to consensus' near-term earnings expectations. 

F&P Healthcare - FY24 Preview — High Expectations