reports
LIFE HEALTHCARE sees an upgrade to Positive due to a better fundamenta...
The general evaluation of LIFE HEALTHCARE (ZA), a company active in the Health Care Providers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 31, 2021, the closing price was ZAR 24....
- Steph Erasmus
Life Healthcare | ESG analysis
We rank Life Healthcare's (JSE: LHC) corporate governance as ‘adequate' with a score of 2.44. Based on our ESG risk framework, LHC's ESG risk exposure is moderate to high, with a residual risk rating of 3.7 out of 5. LHC's below-average ESG ratings stem from governance concerns we have. We engaged with LHC management regarding our concerns and include the feedback in our report. We commend management's willingness to engage with us. The Group's board comprises of nine non-executive members, of...
- Steph Erasmus
Life Healthcare | Scanning the horizon for opportunities
Life Healthcare's offshore expansion has been poor in India (sold out to KKR at a ZAR 1bn profit) and Poland (we estimate ZAR 1.5bn write-down of fair value). Alliance Medical operates in the UK and derives the majority of its income from NHS contracts which expire in c.2025 to 2027. LHC is trying to transition its Alliance Medical business model to SA by expanding into the SA radiology market. However, we have reservations looking at the experience set of Mediclinic (MEI) when they applied to t...
- Steph Erasmus
Healthcare | Rising off a low base
Our views around Mediclinic Switzerland (MEISW) have evolved guided by evidence that MEISW is delivering on its turnaround strategy by generating c.14% EBITDA margin for H1 20f. In our view, MEI's current share price is not reflective of the green shoots guided for in Switzerland. While Life Healthcare (LHC) has withdrawn from its Max India investment, we remain concerned about the longevity of their Alliance Medical (LHCAM) business. Since Jan ‘19 LHC has benefited from the inclusion c.470...
- Steph Erasmus
Healthcare | The final Health Market Inquiry report, expected yet unse...
Our outlook for Life Healthcare, Mediclinic and Netcare's (the healthcare providers) South African acute EBITDA margins has worsened. The Health Market Inquiry (HMI) commission's findings on the profitability of the healthcare providers suggest that the government will embark on further measures to reduce the profitability of the healthcare providers. The general tone of the HMI report is also of concern, with the HMI commission (the commission) not making mention of private-public partnership...
1 director sold
A director at Life Healthcare Group Holdings Limited sold 600,000 shares at 23.057ZAR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...
- Steph Erasmus
Healthcare | Amputate, cauterise or euthanise?
Healthcare demand is inelastic, representing one of society's most basic needs. Despite 1.5% annual population growth and an ageing affluent consumer, occupancies for South Africa's (SA) private healthcare providers have weakened to c.70% of capacity from c.72% in 2015 due to static medical scheme covered lives in SA at c.9m. By filling unused capacity, SA's private healthcare providers could care for an additional c.7.7m South Africans. Considering that c.44m South Africans depend on the pub...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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