Archive
Research & Markets
Recent Publications
Sonic Healthcare (SHL) - Making The Right Noises As Margin Recovery Gets Underway
Defensive qualities, stabilisation in ROIC, 8-12% pa EPS growth & >5% yield see us upgrade to a Positive recommendation (was Neutral).
Please login to read the full article
Primary Health Care (PRY) /Sonic Healthcare (SHL) - FY12 Relief But M&A Imperative Remains
Agreed cap & floor on growth in Medicare pathology outlays to FY16 provides funding but not margin certainty, especially beyond FY12.
Please login to read the full article
Sonic Healthcare (SHL) - Earnings Accretion vs Returns Dilution
SHL is best positioned to benefit from regulatory/A$ relief but with every intention of deploying $500m debt capacity & low confidence in the acquisition returns outlook, we maintain our Neutral view.
Please login to read the full article
Primary Health Care (PRY)/Sonic Healthcare (SHL) - Down & Dirty For Now, But FY12 Consolidation Play To Get Interesting
Domestic pathology market remains depressed.
Please login to read the full article
Primary Health Care/Sonic Healthcare (PRY/SHL) - Bad Medicine
Poor results are likely to extend at least to the December 2010 half, at which point regulatory risk will again be front of mind.
Please login to read the full article