Report
Chris Kallos, CFA
EUR 147.86 For Business Accounts Only

Increasing Competition Adds to Industry-Level Weakness in Demand; Placing Virtus Health Under Review

We are placing our fair value estimate for no-moat Virtus Health under review, following management’s negative trading update, its second in two months, and the release of Medicare volume data for December. Specifically, we intend to revisit our pricing assumptions, given signs of intensifying competition in Victoria and New South Wales.
From an industry perspective, just-released fresh cycle volume data, reflecting both full-service and low-cost offerings from all participants, was disappointin...
Underlying
Virtus Health

Virtus Health is a global healthcare company engaged in the provision of healthcare services which included fertility services, medical day procedure services and medical diagnostic services. As an Assisted Reproductive Services provider in Australia and Ireland with a presence in Singapore, Co. provides patients with access to some of the clinical and scientific capabilities in fertility treatment as well as assisted reproductive technologies.

Provider
Morningstar
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.

Analysts
Chris Kallos, CFA

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