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>Tourism Holdings (THL) reported a solid 1H24 result but disappointed with a decline in FY24 earnings guidance.</li><li>The result was characterised by robust rental performance, improving contributions from manufacturing and its Waitomo businesses, but a material decline in vehicle sales profits due to lower volumes and weaker margins.</li><li>The new FY24 NPAT guidance of ‘about NZ$75m’ implies a FY24 PE of ~10x. Our one year forward PE is now at ~9x. </li></ul>

Tourism Holdings (THL) reported a solid 1H24 result but disappointed with a decline in FY24 earnings guidance.The result was characterised by robust rental performance, improving contributions from manufacturing and its Waitomo businesses, but a material decline in vehicle sales profits due to lower volumes and weaker margins.The new FY24 NPAT guidance of ‘about NZ$75m’ implies a FY24 PE of ~10x. Our one year forward PE is now at ~9x. 

Tourism Holdings - 1H24 — Don't Let a Pothole Spoil the Journey