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

<h2>Pushpay (PPH) CEO appointment Molly Matthews and update to guidance</h2>
PPH have today announced the appointment of internal candidate Molly Matthews (Chief Customer Officer) as its new CEO, to assume duties from 1 March 2021.
PPH have also updated FY21 EBITDA guidance from US$54m-58m to US$56-60m (+4% at the mid-point) against our current EBITDA forecast of US$60.6m &nbsp;
Unscheduled trading update
PPH has cited very strong processing volumes in December, driving its expected total FY21 processing volumes to be higher than originally expected. In our view talking to several megachurches in recent months, we are unsurprised by the strong processing volumes, with PPH guidance now moving nearer to our forecast of US$60.6m.
PPH has again in its trading update provided commentary around focusing on the Catholic church – in our view a far smaller opportunity than nondenominational and evangelical churches. We expect to hear more details at the full year result on 12 May 2021.
Molly Matthews appointed new CEO
In a surprising move, PPH has appointed Chief Customer Officer to CEO. Molly Matthews has been with PPH since January 2017. Molly is currently based out of Seattle in the US. Previous experience includes Director of K-12 Education (7 years), Management Consulting (4 years) and has held positions at PPH as: Senior Implementation Manager (8 months), Senior manager of Enterprise &amp; Strategic Accounts (1.5 years), Director of Customer Success (2 years), Chief Customer Officer (10 months).
Jamie Foulkes&nbsp; Analyst, Equities
<figure class="editor-figure mceNonEditable"><img src="https://mail.google.com/mail/u/0?ui=2&amp;ik=f57c39853c&amp;attid=0.2&amp;permmsgid=msg-f:1688626473488070510&amp;th=176f34d4b693b76e&amp;view=fimg&amp;sz=s0-l75-ft&amp;attbid=ANGjdJ9zERSCAzuFa-_5aUxmLNw7_e6kOjpbMFxTJ5ewv3v9-5jMm69iJoPQoY6nqdStWwqI1KvhW5ThvicCUEY-9AKqSwY6xFibBgl8RlNRCzFZHFHoOVCHJe61K3A&amp;disp=emb" class="editor-image img-responsive"></figure>
 M: +64 20 4196 2993 |P: +64 4 914 2217 | TF: 0800 367 227&nbsp; Level 22, NTT Tower, 157 Lambton Quay, Wellington

Pushpay (PPH) CEO appointment Molly Matthews and update to guidance
PPH have today announced the appointment of internal candidate Molly Matthews (Chief Customer Officer) as its new CEO, to assume duties from 1 March 2021.
PPH have also updated FY21 EBITDA guidance from US$54m-58m to US$56-60m (+4% at the mid-point) against our current EBITDA forecast of US$60.6m &nbsp;
Unscheduled trading update
PPH has cited very strong processing volumes in December, driving its expected total FY21 processing volumes to be higher than originally expected. In our view talking to several megachurches in recent months, we are unsurprised by the strong processing volumes, with PPH guidance now moving nearer to our forecast of US$60.6m.
PPH has again in its trading update provided commentary around focusing on the Catholic church – in our view a far smaller opportunity than nondenominational and evangelical churches. We expect to hear more details at the full year result on 12 May 2021.
Molly Matthews appointed new CEO
In a surprising move, PPH has appointed Chief Customer Officer to CEO. Molly Matthews has been with PPH since January 2017. Molly is currently based out of Seattle in the US. Previous experience includes Director of K-12 Education (7 years), Management Consulting (4 years) and has held positions at PPH as: Senior Implementation Manager (8 months), Senior manager of Enterprise &amp; Strategic Accounts (1.5 years), Director of Customer Success (2 years), Chief Customer Officer (10 months).
Jamie Foulkes&nbsp; Analyst, Equities

 M: +64 20 4196 2993 |P: +64 4 914 2217 | TF: 0800 367 227&nbsp; Level 22, NTT Tower, 157 Lambton Quay, Wellington

Pushpay Holdings

PPH CEO/Guidance Update