Disappointing Homecare Growth and Outlook but Review of Systemic Risk Has Us Raise FVE to NZD 16.40
The transition of coverage to a new analyst and reduction in cost of equity following a review of narrow-moat Fisher & Paykel’s systemic risk exposure has us raising our fair value estimate to NZD 16.40 from NZD 11.00, despite weaker than expected growth reported and a subdued outlook in the homecare division. Based on an AUD/NZD exchange rate of 1.05, our fair value estimate is revised to AUD 15.60 up from AUD 10.70.Fisher & Paykel reported constant currency revenue growth of 8%, well ...
Fisher & Paykel Healthcare, together with its subsidiaries, is a designer, manufacturer and marketer of medical device products and systems for use in respiratory care, acute care and the treatment of obstructive sleep apnea (OSA). Co.'s respiratory and acute care products include heated humidifier and respiratory products that are used in the treatment of a variety of medical conditions which interfere with normal respiration. Co.'s OSA products include the continuous positive airway pressure (CPAP) therapy devices, which is used in the treatment of OSA. CPAP is delivered through a mask attached to a flow generator device which generates airflow and enough pressure to keep the airway open.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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