Primary Narrows Guidance in Line with Expectations and Flags Write Down of Medical Centre Assets
We maintain our AUD 4.00 per share fair value estimate for no-moat Primary Health Care after management guided to a fiscal 2017 underlying NPAT of about AUD 92 million, which is at the lower end of its previous guidance range but in line with our forecasts. Primary also expects to book a noncash impairment charge of about AUD 575 million relating mostly to Medical Centres goodwill and underperforming sites. This compares with interim goodwill of about AUD 850 million for the division. As such, w...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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