Despite Strong Momentum, NIB Remains Overvalued. AUD 5.60 FVE Unchanged
Shares in narrow-moat private health insurer NIB Holdings are trading 18% above our AUD 5.60 fair value estimate, following a 17% rally since acquisition of unlisted specialist corporate private health insurer, GU Health, revealed in September 2017. The AUD 156 million acquisition is small compared to NIB Holdings’ AUD 3 billion market value, but supports the insurer’s long-term growth strategy and is expected to be EPS-accretive from day one.ÂThe stock price has increased 42% during the past 1...
NIB Holdings operates in five segments: Australian Residents Health Insurance, which consists of Co.'s main product offering within the Australian private health insurance industry; New Zealand Residents Health Insurance, which consists of Co.'s main product offering within the New Zealand private health insurance Industry; International (Inbound) Health Insurance, which consists of Co.'s offering of health insurance products for international students and workers; World Nomads Group, which consists of Co.'s distribution of travel insurance products; and NIB Options, which consists of Co.'s facilitation of access to cosmetic and dental treatment both overseas and in Australia.
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