Increased Confidence in Ryman's Development Prospects Prompts FVE Update to NZD 13.60
We have a more upbeat assessment of long-term growth prospects for narrow-moat-rated Ryman Healthcare and have upgraded our fair value estimate to NZD 13.60 from NZD 11.30. Our upgrade follows a revisit of industry drivers for the broader Australian and New Zealand retirement living and aged care sectors. The biggest upgrade relates to the outlook for Ryman's Australian operations, where the firm has just delivered the first phase of its second village, its largest to date, the 580 bed Nellie Me...Ryman Healthcare develops, owns and operates integrated retirement villages, resthomes and hospitals for the elderly within New Zealand and Australia.
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