If you have $810 NZD forecast, GM of 60.8%, and raise pcp operating costs by 12%, and add on $5m interest even for the half, and take tax at 26.3% - you get a PAT of about $123m. They are targeting about 102.5 as a midpoint. Even 110 due to them being conservative leaves a bit of an unexplained hole.
I noticed on fnarena UBS updated their view - they are easily the most pessimistic on the panel however. The CEO seemed to be saying gross margin is on track the way I read today's release.
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UBS
29/08/2023
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Sell
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COMMENTARYFisher & Paykel Healthcare's trading update, released earlier today, seems to yet again have missed forecasts by UBS and market consensus.The broker, in a quick reaction to the release, points out the "miss" can be blamed on a slower recovery in the gross margin. 1H24 net profit margin guidance range of 12-13% sits below UBS at 14% and market consensus at 15%.Sell. Target NZ$20.FORECASTUBS forecasts a full year FY24 dividend of 38.61 cents and EPS of 41.37 cents.UBS forecasts a full year FY25 dividend of 42.29 cents and EPS of 52.40 cents.
FPH Price at posting:
$20.23 Sentiment: Hold Disclosure: Held
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