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 FY24 result in line with its most recent guidance, but one that was heavily impacted by slowing demand, particularly for vehicle sales, in the last quarter.</li><li>This slowdown reflects lingering cyclical challenges, particularly in the Australian market, though management expects better overall financial performance through FY25.</li><li>This will be driven by a combination of: (1) higher RevPARVs (revenue per available rental vehicle), (2) cost-out initiatives, including further Apollo synergy realisation, and (3) a slightly larger fleet. </li></ul>

Tourism Holdings (THL) reported a FY24 result in line with its most recent guidance, but one that was heavily impacted by slowing demand, particularly for vehicle sales, in the last quarter.This slowdown reflects lingering cyclical challenges, particularly in the Australian market, though management expects better overall financial performance through FY25.This will be driven by a combination of: (1) higher RevPARVs (revenue per available rental vehicle), (2) cost-out initiatives, including further Apollo synergy realisation, and (3) a slightly larger fleet. 

Tourism Holdings - FY24 — Same Destination, Longer Journey