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 will report a mixed 1H24 result on 20 February 2024, showing progress on prior year underlying earnings (NPAT forecast of NZ$40.5m compared to NZ$26.3m in 1H23) but down on the pro forma (NZ$55.6m; Apollo included for full six months).</li><li>The result will be weaker than the prior year pro forma given: (1) it cycles the gain on sale of vehicles to Jucy of NZ$9m, and (2) reduced gain on sales given lower margins and acquisition accounting adjustments.</li><li>Moreover, at its Annual Shareholder Meeting in October 2023, management stated that it expects 1H24 to be &lt;50% of FY24. </li></ul>

Tourism Holdings will report a mixed 1H24 result on 20 February 2024, showing progress on prior year underlying earnings (NPAT forecast of NZ$40.5m compared to NZ$26.3m in 1H23) but down on the pro forma (NZ$55.6m; Apollo included for full six months).The result will be weaker than the prior year pro forma given: (1) it cycles the gain on sale of vehicles to Jucy of NZ$9m, and (2) reduced gain on sales given lower margins and acquisition accounting adjustments.Moreover, at its Annual Shareholder Meeting in October 2023, management stated that it expects 1H24 to be &lt;50% of FY24. 

Tourism Holdings 1H24 Preview — Bedding in Apollo