Report
Chris Kallos, CFA
EUR 101.80 For Business Accounts Only

Monash IVF is well positioned to benefit from growing social acceptance of infertility therapies.

We are reducing our fair value estimate to AUD 1.80 per share from AUD 2.00 for no-moat-rated Monash IVF group following a slightly weaker-than-expected result, combined with a subdued fiscal 2018 outlook that implies net profit after tax will remain effectively flat. NPAT for fiscal 2017 was AUD 29.6 million on group revenue of AUD 155.2 million, up 2.9% and down 0.9%, respectively, on the prior corresponding period. This compares with our forecast NPAT of AUD 31.3 million. However, EBITDA mar...
Underlying
Monash IVF Group

Healthbridge Enterprises is engaged in the provision of medical services in the area of human reproduction and human pathology.

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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