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>Volume slowing but forward indicators have picked up​​​​​​​: FY23 volumes declined -5–7% vs. 2H22 levels, led by residential with infrastructure and commercial more stable. </li><li>Margins holding up, for now: Despite lower volumes, margins remain resilient reflecting pricing discipline and cost management.</li><li>Investment continues, free cash flow to follow?: FBU's growth investment is well advanced with NZ$300m spent in FY23 and a further NZ$500m to spend over the next three years (NZ$250m in FY24) which is expected to contribute NZ$120m EBIT at full run-rate from FY27+ (NZ$35m in FY24). </li></ul>

Volume slowing but forward indicators have picked up​​​​​​​: FY23 volumes declined -5–7% vs. 2H22 levels, led by residential with infrastructure and commercial more stable. Margins holding up, for now: Despite lower volumes, margins remain resilient reflecting pricing discipline and cost management.Investment continues, free cash flow to follow?: FBU's growth investment is well advanced with NZ$300m spent in FY23 and a further NZ$500m to spend over the next three years (NZ$250m in FY24) which is expected to contribute NZ$120m EBIT at full run-rate from FY27+ (NZ$35m in FY24). 

Fletcher Building: FY23 Investor Day — Relatively Level