Report
Chris Kallos, CFA
EUR 101.80 For Business Accounts Only

Infertility market dynamics and the government funding model underpin a positive growth outlook.

We maintain our AUD 6.50 fair value estimate for no-moat-rated Virtus Health following the release of Medicare IVF fresh and frozen volume data for November 2017. At the total Australian market level, we estimate volumes of fresh and frozen IVF cycles have increased by 5% and 6%, respectively. Likewise, on a 12-month rolling basis, we estimate fresh and frozen volumes have increased by 4% and 7%, respectively. As such, we remain comfortable with our base-case long-term volume growth assumption o...
Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Chris Kallos, CFA

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