We Expect Ryman Will Benefit From Strong House Price Growth in New Zealand and Australia

Ryman is New Zealand’s largest retirement village operator, controlling about 18% of a fragmented market. It typically combines retirement and aged care facilities, allowing residents to transition from independent to supported living. In addition to a reputation for quality, we believe the integrated model is a benefit that existing competitors would struggle to replicate, due to the costs of retrofitting existing nonintegrated facilities. We believe Ryman Healthcare remains well-positioned to achieve double-digit earnings growth during the next 10 years, driven by strong fundamentals in the aged-care sector.