Downgrade Highlights Transformational Challenges with Bulk Billing Medical Centres for Primary
We reduce our fair value estimate for no-moat Primary Health Care to AUD 3.90 per share, from AUD 4.50, after management delivered a disappointing interim result and lacklustre fiscal 2017 guidance, highlighting the ongoing difficulties in attracting GPs to work in the medical centre division (44% contributor to EBITDA in first-half 2017). Our no-moat rating remains intact and reflects lack of sustainable competitive advantage largely due to the reliance on GPs to drive operating efficiencies gi...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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