Report
Chris Kallos
EUR 100.00 For Business Accounts Only

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

We cut our fair value estimate for no-moat Primary Health Care by 4% to AUD 3.85 from AUD 4.00 per share after adjusting for management’s confirmed expectations for fiscal 2018 earnings, now at the lower end of previous guidance of AUD 92 million-AUD 97 million, compared with our previous forecast of AUD 99 million. This assumes slower ramp-up of general practitioners, or GPs, dampening operating leverage, leading to EBITDA margin compression for the medical centre division in conjunction with l...
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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