one for the longer term super fund imo
hopefully price is at the lower end of the ranges.
stock will be tight, raising is only ~150M i heard, with a market cap of around ~320m
Integral Diagnostics, Australia's fourth-largest imaging diagnostics company, is seeking an ASX-listing before the end of 2015. Nicolas Walker
by Sarah Thompson Anthony Macdonald Jake Mitchell
UBS analysts have valued Integral Diagnostics' equity at $285 million to $370 million, or 15.7 times to 20.3 times forecast net profit, as the company prepares for an initial public offering.
Australia's fourth-biggest radiology group has forecast net profit growth of 12 per cent to $18.2 million in fiscal year 2016, on revenue of $171 million.
UBS analyst Andrew Goodsall and his team said Integral's growth strategy revolved around organic growth, including new sites in its existing network, and merger and acquisition opportunities with "right fit" deals and new hospital co-locations, as well as outsourcing.
The company will also be able to ride the growing diagnostic imaging market. UBS has forecast the market to grow by 6.8 per cent a year to $5.1 billion by 2020.
UBS and Morgan Stanley are the joint lead managers on Integral's float.
Morgan Stanley analysts valued Integral at 15.5 times to 18.5 times forecast profit.
Goodsall said Integral was expected to payout 65 per cent to 70 per cent as profits in the second half of fiscal 2016.
Analysts will front local fundies this week before the roadshow hits Asia. It means a management roadshow will roll into October, with a bookbuild expected to come midway through the month.
