Got this in an email today...Friday, 29 November 2024FPH -...

Got this in an email today...


Friday, 29 November 2024

FPH - FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Macquarie rates FPH as Outperform (1) - Fisher & Paykel Healthcare's 1H earnings (EBIT) exceeded Macquarie's forecast due to higher new applications revenue, strong Hardware sales, and lower operating expenses. Higher-than-expected interest costs and a higher tax rate led to a -1% profit miss.

The broker expects new applications to drive increased penetration in the addressable market over the next ten years, supporting long-term growth opportunities.

Management has reiterated its FY25 guidance.

Macquarie slightly lowers its target price to NZ$41.70 from NZ$41.80 but retains an Outperform rating, citing a favourable growth trajectory for Hospitals and Homecare alongside anticipated margin expansion.

Current Price is $33.85. Target price not assessed. Current consensus price target is $23.06, suggesting downside of -31.9%(ex-dividends)The company's fiscal year ends in March.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 39.23 cents and EPS of 54.85 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 61.71. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.8, implying annual growth of N/A. Current consensus DPS estimate is 42.2, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 62.9.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 40.43 cents and EPS of 67.62 cents . At the last closing share price the estimated dividend yield is 1.19%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.06. How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 66.7, implying annual growth of 24.0%. Current consensus DPS estimate is 48.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 50.7.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.Market Sentiment: 0.0All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources