Healthscope Meets Expectations with Brownfield Pipeline on Track
We maintain our AUD 2.60 fair value estimate for narrow-moat-rated Healthscope after an interim result that met expectations overall and was in stark contrast to the cautious trading update provided in October 2016. Trading at a 9% discount to our intrinsic assessment, we believe the stock is undervalued. Healthscope posted underlying group EBITDA and revenue of AUD 216.8 million and AUD 1,192 million, up 5% and 4%, respectively on the previous corresponding period, buoyed by a strong contributi...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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