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

Warehouse Group Limited / Equity Bottom-Up

<ul><li>The Warehouse Group (WHS) faces a challenging near-term outlook. Inflationary pressures on households continue to weigh on demand at a time when operating leverage in the business is at a peak.</li><li>WHS' key growth opportunity is further expansion of its grocery offering, which is occurring against a favourable regulatory backdrop and may add incremental value.</li><li>WHS appears to be trading in line with its historical multiple, and risk and reward appear balanced.</li></ul>

The Warehouse Group (WHS) faces a challenging near-term outlook. Inflationary pressures on households continue to weigh on demand at a time when operating leverage in the business is at a peak.WHS' key growth opportunity is further expansion of its grocery offering, which is occurring against a favourable regulatory backdrop and may add incremental value.WHS appears to be trading in line with its historical multiple, and risk and reward appear balanced.

The Warehouse Group: Checking Out the Sheds