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) recent profit warning dealt a major blow to investor confidence in management's ability to deliver its medium-term earnings goal, and created balance sheet concerns.</li><li>The speed and severity of the earnings downgrade given just two months before year end highlights THL's exposure and leverage to the used vehicle sales market.</li><li>We determine around half of the recent downgrade was related to the sale of ex-rental vehicles, which could have been avoided. </li></ul>

Tourism Holdings' (THL) recent profit warning dealt a major blow to investor confidence in management's ability to deliver its medium-term earnings goal, and created balance sheet concerns.The speed and severity of the earnings downgrade given just two months before year end highlights THL's exposure and leverage to the used vehicle sales market.We determine around half of the recent downgrade was related to the sale of ex-rental vehicles, which could have been avoided. 

Tourism Holdings - Depreciation Is a Problem, and a Solution