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>We believe Ryman Healthcare (RYM) is changing its stripes more than the market is giving it credit for.</li><li>The ~NZ$2bn of debt built up over the last five years was driven equally by (1) WIP build up, and (2) poor cash recycling.</li><li>Our detailed analysis of the debt accumulation causes suggests that the announced pivot to less high density villages and less care should be enough to get back to 100% cash recycling</li></ul>

We believe Ryman Healthcare (RYM) is changing its stripes more than the market is giving it credit for.The ~NZ$2bn of debt built up over the last five years was driven equally by (1) WIP build up, and (2) poor cash recycling.Our detailed analysis of the debt accumulation causes suggests that the announced pivot to less high density villages and less care should be enough to get back to 100% cash recycling

Ryman Healthcare

Ryman Healthcare: Changing Its Stripes