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) reported a FY22 result slightly below our and consensus expectations, but was still the second most profitable in company history</li><li>Relative to a strong FY21 from COVID reopenings, FY22 was impacted by lower foot traffic, supply chain constraints and higher freight costs across the three largest divisions (Red Sheds, Blue Sheds, and Noel Leeming)</li><li>Management has not provided FY23 guidance; August trading to date has been ahead of expectations</li></ul>

The Warehouse Group (WHS) reported a FY22 result slightly below our and consensus expectations, but was still the second most profitable in company historyRelative to a strong FY21 from COVID reopenings, FY22 was impacted by lower foot traffic, supply chain constraints and higher freight costs across the three largest divisions (Red Sheds, Blue Sheds, and Noel Leeming)Management has not provided FY23 guidance; August trading to date has been ahead of expectations

The Warehouse Group: COVID Still Masking New Earnings Base