Sonic Reports In Line Despite Currency Headwinds as Offshore Grows in Mix; Maintaining FVE
We maintain our AUD 24 per share fair value estimate for narrow-moat Sonic Healthcare following full-year results. The firm posted underlying net profit after tax of AUD 459 million on underlying group revenue of AUD 5.3 billion, up 4% and 6% respectively on a constant-currency basis year on year. NPAT was slightly below our expectations of AUD 472 million, but our long-term forecasts are unchanged. At current levels, the shares are trading broadly in line with our intrinsic assessment.Sonic’s ...
Sonic Healthcare is involved in the provision of medical diagnostic services and the provision of administrative services and facilities to medical practitioners. Co. provides specialized pathology/clinical laboratory and diagnostic imaging services to clinicians, hospitals, community health services, and their patients. Co.'s segments are comprised of: Laboratory, which provides Pathology/clinical laboratory services in Australia, New Zealand, the U.K., the U.S., Germany, Switzerland, Belgium and Ireland; Imaging, which provides diagnostic imaging services in Australia; and Other, which Includes medical center operations and occupational health services.
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.
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