Medibank’s Profit Beats Expectations, but Underlying Earnings Growth Slows. AUD 2.80 FVE Unchanged
We retain our AUD 2.80 per share fair value estimate for narrow-moat Medibank Private following its first-half fiscal 2017 result. NPAT of AUD 232 million, up 1.9% on the previous corresponding period came in 7% ahead of our AUD 217 million forecast and 11% stronger than consensus estimates. This was driven by a stronger performance from the relatively small complementary services business and much higher investment income (up 89% on second-half fiscal 2016 based on annualised 6.6% return). The ...Medibank Private is a private health insurer. Co.'s main business is Health Insurance, whereby it underwrites and distributes private health insurance policies under two brands, Medibank and ahm. Co. has two segments, Health Insurance, which provides private health insurance products including hospital cover and extras cover, as stand-alone products or packaged products that combine the two and also provides health insurance products to overseas visitors and students; and Complementary Services, which include activities such as contracting with government and corporate customers to provide health management services, as well as providing telehealth services in Australia and New Zealand.
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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