Fisher & Paykel Healthcare Increases 1H Profit, But Shares Remain Overvalued
We continue to expect significant growth in Fisher & Paykel's key hospital segment, which enjoys switching costs underpinning the firm's narrow moat rating. However, given softer legacy product sales in first-half fiscal 2019, we have lowered our full-year net profit after tax, or NPAT, forecast to NZD 210 million from NZD 214 million. Last trading at around NZD 13.00, shares in Fisher and Paykel Healthcare trade at a premium to our unchanged NZD 11.00 fair value estimate. Despite increasing...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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