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>Fletcher Building (FBU) has added a further NZ$180m of provisions in its construction division, largely relating to the NZ International Convention Centre (NZICC).</li><li>This is particularly disappointing given it has been just six months since the last one and continues to bring into question management controls and board oversight.</li><li>The ultimate cash cost will see gearing reach the top end of FBU's target range and we expect a reduction in dividends and cuts to the growth capex pipeline at its upcoming 1H24 result (14 February) to provide some headroom. </li></ul>

Fletcher Building (FBU) has added a further NZ$180m of provisions in its construction division, largely relating to the NZ International Convention Centre (NZICC).This is particularly disappointing given it has been just six months since the last one and continues to bring into question management controls and board oversight.The ultimate cash cost will see gearing reach the top end of FBU's target range and we expect a reduction in dividends and cuts to the growth capex pipeline at its upcoming 1H24 result (14 February) to provide some headroom. 

Fletcher Building  - NZICC Steels More Cash