Morningstar | We Recommend Voting for the Brookfield Scheme of Arrangement
Solid market fundamentals continue to fuel demand for the Australian private hospital sector, with supportive government policy helping to underpin growth. In our view, government policies designed to support private health insurance membership, combined with the current inefficiencies of the public hospital system, bode well for private service providers. As such, Healthscope's size and geographic reach position it to benefit from these attractive market dynamics. As the second-largest player in what is essentially an oligopoly market, we view Healthscope as having a narrow economic moat. Incremental streamlining of operations is sharpening the focus on cost efficiencies and efforts to improve profitability.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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