jb were says it is a "buy" GSJBW Reveals Its Favourites Among Healthcare Stocks
January 11 2006 - Australasian Investment Review
Analysts at GSJB Were have reviewed their Healthcare sector stock preferences ahead of reporting season. At current prices their short term (3 month) preferences are (in descending order) Cochlear (COH), Sonic (SHL) and Symbion (SYB). The analysts rate each of these stocks as Outperform (L/T Buy).
On a 12-month basis, Weres favours Sonic, Healthscope (HSP) and Symbion. Healthscope is also rated Outperform (L/T Buy).
Weres is expecting strong results from Cochlear, Sonic and Symbion the upcoming reporting season. Whilst the stocks are currently trading above the analysts’ valuations, they believe strong near term earnings momentum and positive news flow will continue to support their share prices in the short term.
On a longer term view, Sonic remains Weres’ preferred stock. The analysts believe the domestic business has the capacity to drive returns on tangible assets of better than 50%, and the offshore businesses provide a strong platform for further expansion. Although the analysts calculate the company to be trading on an FY06 multiple of 23x, they believe this is justified given Sonic’s high earnings certainty, low incremental capital requirements and its international growth opportunities.
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