Ebos Needs to Reset Its Gearing Targets -- Market Talk

Dow Jones03-24

2208 GMT - Forsyth Barr thinks Ebos needs to reset its gearing targets as part of its investor day on April 30. Ebos has historically targeted leverage of less than 2.3x net debt to Ebitda. Analyst Matt Montgomerie highlights Ebos's growing lease obligations, which aren't covered by that goal. So, the leverage target likely understates its gearing. "We think Ebos needs to provide a clear target with leases included in net debt," says Forsyth Barr. "We think our FY26 forecast of 2.7x is on the high side of investor comfort levels and provides limited headroom for M&A." Forsyth Barr has an outperform call and NZ$35.80/share price target on Ebos, which is up 1.7% at NZ$22.28 today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 23, 2026 18:08 ET (22:08 GMT)

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So, the leverage target likely understates its gearing. \"We think Ebos needs to provide a clear target with leases included in net debt,\" says Forsyth Barr. \"We think our FY26 forecast of 2.7x is on the high side of investor comfort levels and provides limited headroom for M&amp;A.\" Forsyth Barr has an outperform call and NZ$35.80/share price target on Ebos, which is up 1.7% at NZ$22.28 today. 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So, the leverage target likely understates its gearing. \"We think Ebos needs to provide a clear target with leases included in net debt,\" says Forsyth Barr. \"We think our FY26 forecast of 2.7x is on the high side of investor comfort levels and provides limited headroom for M&A.\" Forsyth Barr has an outperform call and NZ$35.80/share price target on Ebos, which is up 1.7% at NZ$22.28 today. 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