Report
Chris Kallos

Primary benefits from defensive diagnostics earnings and upside from increased medical centre usage.

No-moat Primary Health Care reported a mixed first-half fiscal 2018 result that was nonetheless in line with our expectations with little that would alter our long-term view of the company. We are leaving our fair value estimate at AUD 4 per share. Nonetheless, we found the commentary provided by incoming CEO Dr Malcolm Parmenter, previously CEO of Sonic Healthcare’s Independent Practitioner Network as promising. The revamp of the medical centres is focused on customising services at the medical...
Underlying
Healius

Primary Health Care is a medical center operator engaged in providing diagnostic imaging services and pathology services. Co. operates three principal operating segments: Medical Centres, which provides a range of services and facilities to general practitioners, specialists and other health care providers; Pathology, which provides pathology services; and Imaging, which provides imaging and scanning services from stand-alone imaging sites and from within the consolidated entity's medical centres.

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

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