reports
- Chris Kallos
- CFA
Competitive Offer Increases Bidding Tension, Healthscope Now in Play; ...
We maintain our AUD 2.40 fair value estimate for narrow-moat Healthscope following the news of an unsolicited, non-binding indicative proposal from Canadian Private Equity firm Brookfield Asset Management Inc. The offer is to acquire all of the shares in Healthscope by way of a scheme of arrangement at an indicative price of AUD 2.50 per share (the price will be reduced by any dividends announced or paid). This represents a 6% premium to the current bid offer of AUD 2.36 proposed on April 26, 20...
- Chris Kallos
- CFA
Healthscope Receives Takeover Bid Validating Our FVE
Narrow-moat Healthscope announced it has received an unsolicited offer from consortium of financial investors to acquire all the shares in Healthscope by way of scheme of arrangement. The offer price of AUD 2.36 per share represents a premium of 16% to the closing share price of AUD 2.03 on April 24, 2018. The proposal is stated to be a preliminary, non-binding indication of interest, and does not need shareholder action to proceed. The company’s board has commenced an assessment of the propos...
- Chris Kallos
- CFA
Brownfield momentum and solid pipeline underscore near-term growth pro...
Narrow-moat Healthscope delivered a disappointing first-half fiscal 2018 result that was below our expectations. Key issues previously flagged around the performance of Victorian, and to a lesser extent Tasmanian, hospital sites at the full-year 2017 briefing proved to be a greater drag in the period than we anticipated. This weakness was driven by nursing wage inflation, one-off planned brownfield expansion disruptions, softer private hospital market conditions with variability in case mix, and...
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