Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We recommend shareholders of narrow-moat Healthscope vote in favor of the Brookfield Scheme of Arrangement at the scheme meeting on May 22, 2019. We also recommend electing for the all-cash option, rather than maintaining a shareholding in the unlisted entity, which is likely to be extremely difficult to sell. Brookfield’s original AUD 2.50 per share offer included the AUD 0.035 per share fully franked interim dividend, paid on March 26, meaning, the offer is now worth AUD 2.465 per share, abo...
We recommend shareholders of narrow-moat Healthscope vote in favor of the Brookfield Scheme of Arrangement at the scheme meeting on May 22, 2019. We also recommend electing for the all-cash option, rather than maintaining a shareholding in the unlisted entity, which is likely to be extremely difficult to sell. Brookfield’s original AUD 2.50 per share offer included the AUD 0.035 per share fully franked interim dividend, paid on March 26, meaning, the offer is now worth AUD 2.465 per share, abo...
Solid market fundamentals continue to fuel demand for the Australian private hospital sector, with supportive government policy helping to underpin growth. In our view, government policies designed to support private health insurance membership, combined with the current inefficiencies of the public hospital system, bode well for private service providers. As such, Healthscope's size and geographic reach position it to benefit from these attractive market dynamics. As the second-largest player i...
Narrow-moat-rated Healthscope’s first-half result was somewhat academic considering the high probability the company will be acquired by Brookfield and that a trading update was provided only two weeks ago. Nevertheless, the result was in line with our expectations and we have maintained our earnings forecasts and fair value estimate at Brookfield’s Scheme of Arrangement offer price of AUD 2.50 per share. At the current share price of AUD 2.48, the shares are fairly valued. However, investor...
Narrow-moat-rated Healthscope’s first-half result was somewhat academic considering the high probability the company will be acquired by Brookfield and that a trading update was provided only two weeks ago. Nevertheless, the result was in line with our expectations and we have maintained our earnings forecasts and fair value estimate at Brookfield’s Scheme of Arrangement offer price of AUD 2.50 per share. At the current share price of AUD 2.48, the shares are fairly valued. However, investor...
Narrow-moat-rated Healthscope’s first-half result was somewhat academic considering the high probability the company will be acquired by Brookfield and that a trading update was provided only two weeks ago. Nevertheless, the result was in line with our expectations and we have maintained our earnings forecasts and fair value estimate at Brookfield’s Scheme of Arrangement offer price of AUD 2.50 per share. At the current share price of AUD 2.48, the shares are fairly valued. However, investor...
We have increased our fair value estimate for Narrow-moat rated Healthscope to Brookfield’s Scheme of Arrangement offer price of AUD 2.50 per share, which we believe is highly likely to succeed. In addition to granting exclusive due diligence access, the Healthscope board has now recommended shareholders vote in favour of Brookfield’s offer and entered into an implementation agreement with the Private Equity firm. Brookfield’s decision to sell Healthscope’s real estate assets to NorthWes...
We have increased our fair value estimate for Narrow-moat rated Healthscope to Brookfield’s Scheme of Arrangement offer price of AUD 2.50 per share, which we believe is highly likely to succeed. In addition to granting exclusive due diligence access, the Healthscope board has now recommended shareholders vote in favour of Brookfield’s offer and entered into an implementation agreement with the Private Equity firm. Brookfield’s decision to sell Healthscope’s real estate assets to NorthWes...
We have increased our fair value estimate for Narrow-moat rated Healthscope to Brookfield’s Scheme of Arrangement offer price of AUD 2.50 per share, which we believe is highly likely to succeed. In addition to granting exclusive due diligence access, the Healthscope board has now recommended shareholders vote in favour of Brookfield’s offer and entered into an implementation agreement with the Private Equity firm. Brookfield’s decision to sell Healthscope’s real estate assets to NorthWes...
We recommend shareholders in narrow-moat rated Healthscope do nothing following Brookfield’s new indicative and conditional takeover offer for the company. Brookfield plans to offer Healthscope shareholders AUD 2.55 per share under a Scheme of Arrangement with the option to receive proceeds in either cash or shares in a new unlisted entity that will own Healthscope. In addition, Healthscope shareholders would receive the AUD 3.5 cent unfranked interim dividend, which lifts the total value of t...
We recommend shareholders in narrow-moat rated Healthscope do nothing following Brookfield’s new indicative and conditional takeover offer for the company. Brookfield plans to offer Healthscope shareholders AUD 2.55 per share under a Scheme of Arrangement with the option to receive proceeds in either cash or shares in a new unlisted entity that will own Healthscope. In addition, Healthscope shareholders would receive the AUD 3.5 cent unfranked interim dividend, which lifts the total value of t...
We recommend shareholders in narrow-moat rated Healthscope do nothing following Brookfield’s new indicative and conditional takeover offer for the company. Brookfield plans to offer Healthscope shareholders AUD 2.55 per share under a Scheme of Arrangement with the option to receive proceeds in either cash or shares in a new unlisted entity that will own Healthscope. In addition, Healthscope shareholders would receive the AUD 3.5 cent unfranked interim dividend, which lifts the total value of t...
We recommend shareholders in narrow-moat rated Healthscope do nothing following Brookfield’s new indicative and conditional takeover offer for the company. Brookfield plans to offer Healthscope shareholders AUD 2.55 per share under a Scheme of Arrangement with the option to receive proceeds in either cash or shares in a new unlisted entity that will own Healthscope. In addition, Healthscope shareholders would receive the AUD 3.5 cent unfranked interim dividend, which lifts the total value of t...
We have maintained narrow-moat-rated Healthscope’s AUD 2.40 fair value estimate following its first-quarter trading update and annual general meeting, or AGM. At the current market price of AUD 2.10, we continue to believe the shares are undervalued. Aside from the evolving takeover drama, Healthscope is progressing as expected with the 10.4% operating EBITDA growth achieved in in the first quarter in line with both management guidance and our forecast of 10% for fiscal 2019. The Northern Beac...
We have maintained narrow-moat-rated Healthscope’s AUD 2.40 fair value estimate following its first-quarter trading update and annual general meeting, or AGM. At the current market price of AUD 2.10, we continue to believe the shares are undervalued. Aside from the evolving takeover drama, Healthscope is progressing as expected with the 10.4% operating EBITDA growth achieved in in the first quarter in line with both management guidance and our forecast of 10% for fiscal 2019. The Northern Beac...
We have maintained narrow-moat-rated Healthscope’s AUD 2.40 fair value estimate following its first-quarter trading update and annual general meeting, or AGM. At the current market price of AUD 2.10, we continue to believe the shares are undervalued. Aside from the evolving takeover drama, Healthscope is progressing as expected with the 10.4% operating EBITDA growth achieved in in the first quarter in line with both management guidance and our forecast of 10% for fiscal 2019. The Northern Beac...
HEALTHSCOPE LTD. (AU), a company active in the Health Care Providers industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 4 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date October 23, 2018, the closing price was A...
We think narrow-moat-rated Healthscope has a strong chance of being acquired following its second takeover bid from the BGH-Australian Super consortium in the space of six months. BGH has maintained its indicative offer price at AUD 2.36 cash per share and the offer has an even longer list of conditions this time. However, considering the share price collapsed by 30% following the board’s decision to deny due diligence access in May, we expect shareholders will pressure the board to co-operate...
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