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>Oceania Healthcare (OCA) reported an in-line result at our annuity EBITDA line and a decent beat at the volatile new sales gain line.</li>
<li>We see the results as a side show to the broader issues of: (1) too much debt; (2) capital raise concerns; and (3) long-term cash generation and profitability.</li>
<li>On the first two issues we believe OCA got the message and appears to be targeting a dramatic reduction in capex. </li>
</ul>


Oceania Healthcare (OCA) reported an in-line result at our annuity EBITDA line and a decent beat at the volatile new sales gain line.
We see the results as a side show to the broader issues of: (1) too much debt; (2) capital raise concerns; and (3) long-term cash generation and profitability.
On the first two issues we believe OCA got the message and appears to be targeting a dramatic reduction in capex. 


Oceania Healthcare - FY24 Result — Got the Memo