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>KMD Brands (KMD) released a marginally weaker FY23 result versus our and consensus estimates, with underlying EBITDA (pre-IFRS 16) at the lower end of the guidance range.</li><li>While there were a few bright spots, the backdrop and outlook was negative on balance. KMD reported consumer demand challenges, cost pressures, and an underwhelming August 2023 trading which was broadly in line with retailer peers.</li><li>Positives in this result included (1) better than expected FY23 gross margins (though this was offset by higher opex), (2) improvement in working capital management, and (3) cost-out initiatives, which are expected to deliver savings in FY24. </li></ul>

KMD Brands (KMD) released a marginally weaker FY23 result versus our and consensus estimates, with underlying EBITDA (pre-IFRS 16) at the lower end of the guidance range.While there were a few bright spots, the backdrop and outlook was negative on balance. KMD reported consumer demand challenges, cost pressures, and an underwhelming August 2023 trading which was broadly in line with retailer peers.Positives in this result included (1) better than expected FY23 gross margins (though this was offset by higher opex), (2) improvement in working capital management, and (3) cost-out initiatives, which are expected to deliver savings in FY24. 

Kathmandu Holdings

KMD Brand - Hatches Battened