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>My Food Bag (MFB) released a disappointing 1H23 result, with NPAT of ~NZ$6m materially below 1H22’s ~NZ$9m (-40% lower)</li><li>This is significantly below our estimate of ~$11m, but above pre-COVID 1H20’s ~NZ$3m</li><li>MFB’s comments on outlook indicated that trends from 1H22 have continued in recent trading, and FY23 earnings (and dividends) will be lower than FY22</li></ul>

My Food Bag (MFB) released a disappointing 1H23 result, with NPAT of ~NZ$6m materially below 1H22’s ~NZ$9m (-40% lower)This is significantly below our estimate of ~$11m, but above pre-COVID 1H20’s ~NZ$3mMFB’s comments on outlook indicated that trends from 1H22 have continued in recent trading, and FY23 earnings (and dividends) will be lower than FY22

My Food Bag (MFB): 1H23 Result – Initial Impressions

My Food Bag Group Ltd

My Food Bag (MFB): 1H23 Result – Initial Impressions