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>Following F&amp;P Healthcare's (FPH) FY24 result, we walk away with increased confidence in the medium-term earnings outlook.</li><li>This reflects: (1) solid revenue momentum across all areas of the business, but particularly homecare and anaesthesia, (2) affirmed gross margin recovery expectations, we forecast FPH returning to its 65% gross margin target in FY27, and (3) positive outlook from new product launches, with early market feedback across its hardware and homecare products particularly constructive.</li><li>As a result, we have increased our medium-term earnings forecasts by mid single digits and our FY25 NPAT forecast is +3% ahead of FPH's guidance midpoint. </li></ul>

Following F&amp;P Healthcare's (FPH) FY24 result, we walk away with increased confidence in the medium-term earnings outlook.This reflects: (1) solid revenue momentum across all areas of the business, but particularly homecare and anaesthesia, (2) affirmed gross margin recovery expectations, we forecast FPH returning to its 65% gross margin target in FY27, and (3) positive outlook from new product launches, with early market feedback across its hardware and homecare products particularly constructive.As a result, we have increased our medium-term earnings forecasts by mid single digits and our FY25 NPAT forecast is +3% ahead of FPH's guidance midpoint. 

F&P Healthcare - FY24 Result — In Good Health