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>Despite pre-releasing significant portions of its FY23 result, Fletcher Building (FBU) still managed to surprise the market.</li><li>The result and outlook comments were not materially different from the investor day in June, in fact margins were stronger and net debt was slightly lower.</li><li>However, the market's focus was (1) the potential for increased Iplex Australia provisions, (2) lower than expected dividend, and (3) greater than expected FY24 interest cost guidance. </li></ul>

Despite pre-releasing significant portions of its FY23 result, Fletcher Building (FBU) still managed to surprise the market.The result and outlook comments were not materially different from the investor day in June, in fact margins were stronger and net debt was slightly lower.However, the market's focus was (1) the potential for increased Iplex Australia provisions, (2) lower than expected dividend, and (3) greater than expected FY24 interest cost guidance. 

Fletcher Building - FY23 Result — No Alarms but Some Surprises