The factories in Mexico are producing the consumables, and I would have thought that for consumables they had a better chance of passing the tariff cost through to the customer.
Also they have prepared for this, and although it will involve more freight cost they can rematch their manufacturing with sales destination, ie they can send more from NZ to the US, and reroute Mexican production to Europe etc.
I guess that they will also have built up stock on the US side of the border, so even the above mitigated impact should be pretty negligible FY25.
I would hold FPH except that the share price always appears so stretched. I came close post covid, but still too high for me.
EL
FPH Price at posting:
$34.35 Sentiment: None Disclosure: Not Held
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