Primary benefits from defensive diagnostics earnings and upside from increased medical centre usage.
No-moat Primary Health Care met our expectations following recently issued guidance. However, the firm surprised by announcing a AUD 250 million capital raising to fund the acquisition of a day-hospital network, along with new initiatives aimed at improving operational capacity in existing medical centres and upgrading pathology infrastructure over a five year horizon. The capital raising is a 1-for-5.21 rights issue at AUD 2.50 per share. We assume the hospital purchase component is around AUD ...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.
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