Report
Chris Kallos, CFA
EUR 147.86 For Business Accounts Only

No Surprises in Latest Medicare Data; Maintaining AUD 2.10 fair value estimate for Monash IVF Group

We maintain our fair value estimate of AUD 2.10 per share for no-moat-rated Monash IVF Group, or Monash, following the release of Medicare IVF data for the month of November 2016. This is broadly in line with the current share price.
At an industry level, the published data indicates fresh IVF treatment numbers for the last rolling 12 months is up 3% which is in line with our underlying volume growth assumptions for Monash’s IVF business. Volume growth at the state level remains mixed with South...
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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