Ann: FPH 2022 Annual Shareholders Meeting Update, page-3

Just got this in an email ...Tue, 23 Aug at 9:33 am

Tuesday, 23 August 2022

FPH - FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Macquarie rates FPH as Outperform (1) - Fisher & Paykel Healthcare has provided first half FY23 profit guidance -45% below Macquarie's forecast.

Macquarie downgrades FY23-24 Hospital revenue forecasts on higher destocking and a slower clinical adoption ramp-up. By the broker's estimates, hospital destocking could be worth NZ$100-200m plus in revenue with the challenge assessing how much of this has been worked through.

While acknowledging a quality business with a solid medium-term growth profile, Macquarie notes its revised earnings forecasts has the stock trading on a 56x forward PE. Downgrade to Neutral from Outperform. Target falls to NZ$21.49 from NZ$26.66.

Current Price is $18.25. Target price not assessed. Current consensus price target is $19.50, suggesting upside of 6.8%(ex-dividends)The company's fiscal year ends in March.

Forecast for FY23:

Macquarie forecasts a full year FY23 dividend of 21.24 cents and EPS of 33.53 cents . At the last closing share price the estimated dividend yield is 1.16%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.43. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 22.5, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 59.8.

Forecast for FY24:

Macquarie forecasts a full year FY24 dividend of 24.77 cents and EPS of 38.93 cents . At the last closing share price the estimated dividend yield is 1.36%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.88. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.2, implying annual growth of 31.8%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 45.4.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.Market Sentiment: 0.7All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources