Morningstar - Sigma Healthcare Ltd (SIG) Sigma Lowers Guidance as Chemist Warehouse Surprisingly Switches Suppliers; Lowering FVE

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Morningstar

Chris Kallos

Sigma Lowers Guidance as Chemist Warehouse Surprisingly Switches Suppliers; Lowering FVE

We are lowering our fair value estimate for narrow-moat Sigma Healthcare to AUD 0.70 per share from AUD 0.95, after contract renewal negotiations with key customer My Chemist/Chemist Warehouse Group, or MC/CW, failed. The materiality of the impact to Sigma is reflected in around 41% of Sigmaâ€™s fiscal 2018 group revenue being composed of MC/CWâ€™s business, reflecting around 400 stores of the 2,000 pharmacies serviced by Sigma. Given the tender win, MC/CW is expected to sign a five-year contract, w...

02/07/2018 13 EN

Underlying

Sigma Healthcare Ltd

Sigma Healthcare is a pharmaceutical wholesale and distribution business in Australia, delivering to pharmacies Australia wide.Co.'s pharmacy-led network includes over 700 retail brand members representing the brands Amcal, Guardian, PharmaSave, Chemist King and Discount Drugstores. Co. also manages and promotes a range of Over the Counter private label products made available to brand member customers, as well as a generic range of private label products under the Pharmacy Care range. In addition, Co., through its subsidiary, Central Healthcare Services, has a presence in the hospital pharmaceutical distribution market.

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AU000000SIG5 Australian Securities Exchange Australia

Provider

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.

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Analysts

Chris Kallos

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Sigma Lowers Guidance as Chemist Warehouse Surprisingly Switches Suppliers; Lowering FVE

Sigma Healthcare Limited: 1 director

SIGMA HEALTHCARE suffers a double requalification, which weighs heavily on its rating, now at Neutral.

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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