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>FY22 result: We don't expect many surprises with most of the detail pre-announced at the June investor day</li><li>FY23 EBIT target: We expect FBU to reaffirm its FY23 targeted NZ$100m+ uplift in group EBIT</li><li>Construction outlook: FBU has relatively good visibility on the next c.12 months of volumes</li></ul>

FY22 result: We don't expect many surprises with most of the detail pre-announced at the June investor dayFY23 EBIT target: We expect FBU to reaffirm its FY23 targeted NZ$100m+ uplift in group EBITConstruction outlook: FBU has relatively good visibility on the next c.12 months of volumes

Fletcher Building: FY22 Preview — Last Month's News