reports
- Daniel Ragonese
Morningstar | Soft Volumes Weighing on Healius’ Near-Term Performanc...
No-moat Healius reported underlying net profit after taxes of AUD 39 million for the first half of fiscal 2019, down 10% from the prior corresponding period. The weak performance reflected soft market conditions across all divisions, mostly driven by the benign winter flu season. However, we do not expect these conditions to continue and expect volumes to eventually revert toward the historical norm. The second half of fiscal 2019 should improve, as efficiency initiatives in pathology and imagin...
- Daniel Ragonese
Morningstar | Aging Population, Advancements in Technology, and Rising...
Healius provides investors with exposure to a portfolio of medical businesses with reliable earning streams. We expect the latter to grow solidly over the medium and longer term as the firm fills excess capacity and benefits from rising demand from an aging population. Earnings should be relatively insulated from cuts to public healthcare budgets, as the effective delivery of diagnostic services helps to constrain healthcare costs by enabling early treatment of disease. The aging population and ...
- Daniel Ragonese
Morningstar | Jangho Looks to Acquire Healius, But Indicative Offer Be...
Given shares in no-moat-rated Healius have been depressed over recent months, Jangho's proposal to acquire the healthcare company for AUD 3.25 per share is convenient timing. The bid falls short of our fair value estimate of AUD 3.50, and could be a shrewd bit of business for the Chinese company if they manage to pull it off. While the bid of AUD 3.25 represents a 46% premium to the stock price on Dec. 31, 2018, the last trading day before the proposal was announced, it is still more than 7% sho...
- Daniel Ragonese
Morningstar | Healius to Benefit from Ageing Population and Growing Go...
Healius provides investors with exposure to a portfolio of medical businesses with reliable earning streams. We expect the latter to grow solidly over the medium and longer term as the firm fills excess capacity and benefits from rising demand from an ageing population. Earnings should be relatively insulated from cuts to public healthcare budgets, as the effective delivery of diagnostic services helps to constrain healthcare costs by enabling early treatment of disease. The ageing population an...
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