Steady Domestic Hospital Performance Offset by Offshore Weakness; Lowering FVE for Ramsay
Narrow-moat Ramsay Health Care’s first-half fiscal 2018 result was uneven and characterised by steady growth in the Australian hospital business, albeit lower than expected, given the timing of brownfield capacity expansion activity, NHS volume weakness in the United Kingdom, and pricing constraints in France. At a group level, normalised net profit after tax of AUD 288 million was in line with our forecasts on revenue of AUD 4.4 billion, up 7.5% and 3%, respectively, on the prior corresponding ...
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