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$27.99 sonic healthcare limited

The above calcs put this at a PE of 23 /24. What's holding you...

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Swage_17

2,061 Posts.

504

20/02/24

13:44

Post #: 72499529
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Originally posted by madamswer: ↑

As a reality check, let's quickly build an abridged P&L for FY2024 from first principles; the company's presentation provides all the information we need:

EBITDA = $1.725 (they tell us that... bottom-end of guidance)

Less: D&A = - $780m (first-half was Dep was $343m and Amort was $40m, so together $383m, to which I add a bit more for conservatism sake)

=> EBIT =$945m

Less: Interest = -$125m (they tell us that)

=> Pre-Tax Profit = $820m

Less: Tax = -$220m (27% tax rate; they tell us that)

=> NPAT = $600m ... which is 30% higher than your $464m number and also around 15% higher than FY2019's earnings level (i.e., pre-Covid)

(So, if one strips out the Covid distortions, the business has grown.
Of course, they made $1.7bn worth of acquisitions over that period, so if one strips out the added earnings from the acquisition activity the organic growth hasn't done much at all, but that's a separate discussion).

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The above calcs put this at a PE of 23 /24. What's holding you back from buying stock in this company? The valuation looks attractive.

SHL Price at posting: $29.15 Sentiment: Hold Disclosure: Held
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Last $27.99		Change 1.790(6.83%)		Mkt cap ! $13.44B

Open	High	Low	Value	Volume
$26.51	$28.20	$26.43	$45.47M	1.641M

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No.	Vol.	Price($)
1	138	$27.98

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Price($)	Vol.	No.
$28.00	4545	3

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No.	Vol.	Price($)
1	880	27.950
1	5616	27.890
2	4431	27.870
1	1322	27.850
1	773	27.840

Price($)	Vol.	No.
28.000	2476	2
28.050	38	1
28.100	7200	3
28.140	825	2
28.150	5772	1

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