Primary Reports In-Line Results, but Health Check Still a Work in Progress; Maintaining FVE
We are maintaining our AUD 4.00 per share fair value estimate for no-moat Primary Health Care after it posted full-year results in line with recent guidance of underlying net profit after tax, or NPAT, of AUD 92 million, down 5% on prior corresponding period continuing operations. Primary also booked a noncash impairment charge of AUD 575 million on a pretax basis, as expected, relating to Medical Centre goodwill and other underperforming assets. Guidance for the upcoming year was not provided. ...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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