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) reported a mixed five-month trading update, with positive annual sales growth in November and December 2024 but disappointing 1H25 underlying EBITDA guidance.</li><li>The last time KMD provided a trading update with positive annual sales growth was in May 2023.</li><li>1H25 EBITDA guidance of NZ$1m–$3m was below ours and consensus expectations as gross margins compressed and marketing budgets increased to support sales growth. </li></ul>

KMD Brands (KMD) reported a mixed five-month trading update, with positive annual sales growth in November and December 2024 but disappointing 1H25 underlying EBITDA guidance.The last time KMD provided a trading update with positive annual sales growth was in May 2023.1H25 EBITDA guidance of NZ$1m–$3m was below ours and consensus expectations as gross margins compressed and marketing budgets increased to support sales growth. 

Kathmandu Holdings

KMD Brands - Making It Out of the Barrel