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) announced the first part of its Business Improvement Program (BIP), with a focus on increasing prices, reducing costs and releasing cash from work in progress.</li><li>The changes were broadly in line with our estimates, but with some variations. The most significant surprise was the move to a base case Deferred Management Fee (DMF) of 30%, effective from 1 October, up from 20% today and our expectation of 25%.</li><li>The impact on its P&amp;L will be slightly more long-dated than we expected, with RYM moving to a nine (from seven) year accrual for ILUs. </li></ul>

Ryman Healthcare (RYM) announced the first part of its Business Improvement Program (BIP), with a focus on increasing prices, reducing costs and releasing cash from work in progress.The changes were broadly in line with our estimates, but with some variations. The most significant surprise was the move to a base case Deferred Management Fee (DMF) of 30%, effective from 1 October, up from 20% today and our expectation of 25%.The impact on its P&amp;L will be slightly more long-dated than we expected, with RYM moving to a nine (from seven) year accrual for ILUs. 

Ryman Healthcare - Taking Action; Steps 3, 4, 5 and 9. More to Come