U.S. Medicare Fee Changes Face Increasing Industry Pressure; Maintaining FVE for Sonic
We are maintaining our AUD 24 per share fair value estimate for narrow-moat Sonic Healthcare after the company recently reiterated fiscal 2018 guidance based on the first four months of trading. As such, we continue to forecast fiscal 2018 EBITDA of AUD 953 million, compared with guidance of between AUD 942 million and AUD 960 million. At current levels, shares in Sonic Healthcare are trading broadly in line with fair value.Notably, the company quantified the impact of potential changes to U.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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