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>Negative residential indicators continue to weigh on Fletcher Building's (FBU) share price</li><li>FBU's 12 month forward P/E of 8.1x, almost two standard deviations below its long run average and a significant discount to its Australian peers, provides a wide margin of safety in our view</li><li>With the current cycle half a year through and valuation metrics at historic lows, we retain our positive 12 month view on FBU</li></ul>

Negative residential indicators continue to weigh on Fletcher Building's (FBU) share priceFBU's 12 month forward P/E of 8.1x, almost two standard deviations below its long run average and a significant discount to its Australian peers, provides a wide margin of safety in our viewWith the current cycle half a year through and valuation metrics at historic lows, we retain our positive 12 month view on FBU

Fletcher Building

Fletcher Building: Going Cycling