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

Heartland Group Holdings / Equity Bottom-Up

<ul><li>FY22 NPAT of NZ$95m in the middle guided range, dividend a touch disappointing </li><li>NZ$200m capital raise to pay down debt from StockCo acquisition, fund growth in existing business</li><li>Focus on acquiring Australian banking license as vehicle for growth, opening up funding sources</li></ul>

FY22 NPAT of NZ$95m in the middle guided range, dividend a touch disappointing NZ$200m capital raise to pay down debt from StockCo acquisition, fund growth in existing businessFocus on acquiring Australian banking license as vehicle for growth, opening up funding sources

Heartland Group: Banking on Australian Growth — FY22 Result