Report
Chris Kallos, CFA
EUR 98.48 For Business Accounts Only

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

We retain our AUD 3.90 per share fair value estimate for no-moat Primary Health Care following the appointment of Malcolm Parmenter as managing director and CEO of the company, effective Sept. 6, 2017. Parmenter will succeed current CEO Peter Gregg, who announced his resignation in January. At current levels, shares in Primary are trading at an 8% discount to our intrinsic assessment.
Parmenter boasts extensive management experience in the private sector, and is likely to enjoy a strong cultural...
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, CFA

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