Healthscope Remains Undervalued With Northern Beaches Hospital Boost Imminent
We maintain our fair value estimate for narrow-moat-rated Healthscope at AUD 2.40 per share following the transfer of coverage to a new analyst. Healthscope has had a busy 2019, with both takeover bids, from BGH at AUD 2.36 and Brookfield at AUD 2.50, being rejected and triggering a strategic review of the company. The sale of the Asian pathology assets for AUD 279 million and closure of underperforming hospitals should help to improve the firm's financial performance. We also expect the Norther...Healthscope is a private healthcare provider, with 45 private hospitals and 48 medical centres and skin clinics across Australia, as well as 56 international pathology laboratories. Co. is also a provider of pathology services in New Zealand, Singapore and Malaysia. Co.'s reportable segments are Hospitals Australia, which provides management and surgical and non-surgical private hospitals; Pathology New Zealand, which provides pathology services in New Zealand; and Other, which provides pathology services in Malaysia, Singapore and Vietnam and practice management services in medical centres in Australia.
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