The general evaluation of VIRTUS HEALTH (AU), 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 4 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 21, 2021, the closing price was AUD 6.75 ...
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....
A director at Virtus Health Limited bought 5,000 shares at 5.930AUD and the significance rating of the trade was 68/100. 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 the last two years c...
We plan to cease coverage of no-moat Virtus in early November 2018. We provide broad coverage of more than 1,500 companies across more than 90 industry groups globally and adjust our coverage as necessary based on client demand and investor interest. Virtus is a no-moat, high-risk company, facing stiff competition. Nonetheless, we continue to believe the company is well positioned domestically to grow organically and extract synergy gains through increasing productivity of existing clinics, in c...
We plan to cease coverage of no-moat Virtus in early November 2018. We provide broad coverage of more than 1,500 companies across more than 90 industry groups globally and adjust our coverage as necessary based on client demand and investor interest. Virtus is a no-moat, high-risk company, facing stiff competition. Nonetheless, we continue to believe the company is well positioned domestically to grow organically and extract synergy gains through increasing productivity of existing clinics, in c...
No-moat Virtus Health reported results broadly in line with expectations after a challenging second half that was marred by market share losses in the price-sensitive markets of Queensland and Tasmania, offset by growing contribution from burgeoning offshore operations now in four countries. Reported net profit after tax of AUD 30.8 million on group revenue of AUD 262.1 million, up 2% and 9%, respectively, tracked our forecast of AUD 31.7 million and AUD 266 million, respectively. We are maintai...
Virtus Health is a leading provider of in vitro fertilisation, or IVF, services, with 36% of the national market, and is the first pure play to list on the Australian Securities Exchange. Domestically, the company's integrated service offering and broad geographic reach provide scale benefits that support direct marketing to general practitioners for referrals and advertising among potential patients. A move into low-cost IVF services is segmenting the market, while the recent acquisition of a 7...
No-moat Virtus Health reported results broadly in line with expectations after a challenging second half that was marred by market share losses in the price-sensitive markets of Queensland and Tasmania, offset by growing contribution from burgeoning offshore operations now in four countries. Reported net profit after tax of AUD 30.8 million on group revenue of AUD 262.1 million, up 2% and 9%, respectively, tracked our forecast of AUD 31.7 million and AUD 266 million, respectively. We are maintai...
We raise our fair value estimate for no-moat Virtus Health to AUD 6.35 per share from AUD 6.20, given the impact to earnings following its acquisition of Trianglen Fertility Clinic, a full-service IVF provider located in Copenhagen, Denmark. The purchase consideration comprises DKK 141.5 million, or about AUD 30 million, in cash, with the remaining DKK 15 million, or AUD 3.2 million, in debt. The acquisition price represents an EBITDA multiple of about 8 times, in line with Virtus’s past acq...
We raise our fair value estimate for no-moat Virtus Health to AUD 6.35 per share from AUD 6.20, given the impact to earnings following its acquisition of Trianglen Fertility Clinic, a full-service IVF provider located in Copenhagen, Denmark. The purchase consideration comprises DKK 141.5 million, or about AUD 30 million, in cash, with the remaining DKK 15 million, or AUD 3.2 million, in debt. The acquisition price represents an EBITDA multiple of about 8 times, in line with Virtus’s past acq...
No-moat Virtus Health reported a good first-half fiscal 2018 result in line with our expectations on an aggregate basis. With underlying NPAT of AUD 17.4 million and group revenue of AUD 133.8 million, up 18% and 1.8%, respectively, the company remains on track to meet our full-year forecasts. Although our earnings forecasts remain unchanged, we trim our fair value estimate to AUD 6.20 per share, from AUD 6.50 previously, after incorporating guidance for effective tax of 30% and capital expendit...
We maintain our AUD 6.50 fair value estimate for no-moat-rated Virtus Health following the release of Medicare IVF fresh and frozen volume data for November 2017. At the total Australian market level, we estimate volumes of fresh and frozen IVF cycles have increased by 5% and 6%, respectively. Likewise, on a 12-month rolling basis, we estimate fresh and frozen volumes have increased by 4% and 7%, respectively. As such, we remain comfortable with our base-case long-term volume growth assumption o...
We reiterate our AUD 6.50 per share fair value estimate for no-moat Virtus Health after the company reported full-year results slightly below expectations. Net profit after tax attributable to ordinary equityholders of AUD 28.1 million trailed our forecast for AUD 33.1 million, with the difference mostly driven by lower top-line revenue from the core Australian business, and higher-than-expected labour costs during the period stemming from acquisitions. That said, we’re encouraged that Austral...
We reiterate our AUD 6.50 per share fair value estimate for no-moat Virtus Health after the company reported full-year results slightly below expectations. Net profit after tax attributable to ordinary equityholders of AUD 28.1 million trailed our forecast for AUD 33.1 million, with the difference mostly driven by lower top-line revenue from the core Australian business, and higher-than-expected labour costs during the period stemming from acquisitions. That said, we’re encouraged that Austral...
We maintain our AUD 6.50 fair value estimate for no-moat-rated Virtus Health following the release of Medicare IVF fresh and frozen volume data (Medicare items 13200, 13201, 13202, 13218) for June 2017. At current levels, we regard shares in Virtus Health as undervalued given they are trading at a 13% discount to our intrinsic assessment. Total fresh and frozen cycle volumes, on a combined basis, were effectively flat compared with the previous corresponding period, or pcp. This comprised a 3% r...
We maintain our AUD 6.50 fair value estimate for no-moat-rated Virtus Health following the release of Medicare IVF fresh and frozen volume data (Medicare items 13200, 13201, 13202, 13218) for June 2017. At current levels, we regard shares in Virtus Health as undervalued given they are trading at a 13% discount to our intrinsic assessment. Total fresh and frozen cycle volumes, on a combined basis, were effectively flat compared with the previous corresponding period, or pcp. This comprised a 3% r...
We maintain our AUD 6.50 fair value estimate for no-moat-rated Virtus Health following the release of Medicare IVF volume data for February 2017. Total fresh and frozen cycle volumes, on a combined basis, increased by 4% on the previous corresponding period, or pcp. This comprised an 8% rise in frozen embryo transfer cycles and a more modest 1% gain in fresh IVF cycle volumes compared with the pcp. On a 12-month rolling basis, fresh and frozen cycle volumes combined increased by 1%. Queensland o...
No-moat-rated Virtus Health delivered an interim profit of AUD 14.7 million, 11% below our expectations and down 18% on the previous corresponding period largely due to lower IVF volumes in the period consistent with the atypically soft market overall. In Australia, we anticipate currently subdued IVF market conditions to continue for the remainder of this fiscal year, given management commentary from both Virtus Health and peer Monash IVF Group. This result also highlights the inherent operatin...
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