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) is raising NZ$700m of equity to lower its elevated debt position. We calculate the raise is high-teens dilutive, adding +37% to shares on issue.</li><li>While the raise is unsurprising, given elevated gearing, volatile trading conditions, and an incoming management team, it has come sooner than we expected.</li><li>The new CEO is a week away from beginning his tenure, and the company just told investors that it was comfortable with its balance sheet at its FY24 result in late August. </li></ul>

Fletcher Building (FBU) is raising NZ$700m of equity to lower its elevated debt position. We calculate the raise is high-teens dilutive, adding +37% to shares on issue.While the raise is unsurprising, given elevated gearing, volatile trading conditions, and an incoming management team, it has come sooner than we expected.The new CEO is a week away from beginning his tenure, and the company just told investors that it was comfortable with its balance sheet at its FY24 result in late August. 

Fletcher Building

Fletcher Building - Repaying the Bank