Fisher & Paykel: No Major Surprises at Annual General Meeting

We maintain our NZD 22 fair value estimate, or AUD 20.50, and earnings estimates for narrow-moat Fisher & Paykel following a brief market update. Fisher reiterated its fiscal 2024 revenue guidance of NZD 1.7 billion and provided first-half fiscal 2024 guidance of NZD 790 million in group revenue and NZD 95 million to NZD 105 million in net profit after tax. First-half revenue guidance implies 14% growth on the previous corresponding period and a stronger second half. This is in line with typical seasonality given the North American flu season. We leave our fiscal 2024 forecasts of NZD 1.68 billion in group revenue and EBIT of NZD 335 million unchanged.