Sonic Delivers Solid Interim Result, but Fee Cuts in Germany Back on The Radar
Following a solid performance in the six months to December, narrow-moat Sonic Healthcare is on track to meet our fiscal 2018 forecasts for EBITDA of AUD 953 million. This compares with full-year guidance reiterated by management of between AUD 942 million and AUD 960 million. As such, we are leaving our fair value estimate unchanged at AUD 24 per share. At current levels, we think shares in Sonic are fairly valued. The company delivered adjusted net profit after tax, or NPAT, of AUD 209 million...
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