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>Ryman Healthcare (RYM) reported a strong FY23 result, ahead of our and consensus expectations with annuity EBITDA up +27% versus FY22, driven by good cost control and continued high resale gains</li><li>Operating expenses normalising as COVID disruptions fade into the background</li><li>Positive free cash flow by FY25? Success is not a destination, it's a journey</li></ul>

Ryman Healthcare (RYM) reported a strong FY23 result, ahead of our and consensus expectations with annuity EBITDA up +27% versus FY22, driven by good cost control and continued high resale gainsOperating expenses normalising as COVID disruptions fade into the backgroundPositive free cash flow by FY25? Success is not a destination, it's a journey

Ryman Healthcare: FY23 Result; Clear Step in The Right Direction