Ryman Continues to Ride on Momentum, NZD 13.00 FVE Unchanged
Transition of our coverage to a new analyst and an acceleration in fiscal 2019 build rate prompts a revision in our development and margin forecasts for narrow-moat Ryman Healthcare, but our fair value estimate of NZD 13.00 remains intact.Ryman finished fiscal 2019 in line with consensus, with underlying earnings of NZD 227 million, or NZD 45 cents per share, up 11.5% on fiscal 2018. This was driven by increased development margins, particularly from Nellie Melba, Ryman’s second village in Melb...
Ryman Healthcare develops, owns and operates integrated retirement villages, resthomes and hospitals for the elderly within New Zealand and Australia.
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