$107m net in the jar for the 1st half, but predicting $250-260m for the full year.....:)
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$107m net in the jar for the 1st half, but predicting $250-260m for the full year.....:)
Always a great company. Only question is, what is a fair price for the shares.
The current price is probably about right.
What's going on alokdhir ..... share price going down again after that boomer result
FPH rival has product quality and regulatory problems in the US.
https://www.philips.com/a-w/about/ne...ults-2023.html
Boop boop de do
Marilyn
Think we’ll be seeing $27/$28 share price soon?
Maybe in lead up to results in May …or they might come out with a surprise update soon.
https://www.nzx.com/announcements/428415
Fisher & Paykel Healthcare updates FY24 revenue and earnings guidance
Auckland, New Zealand, 22 March 2024 – Fisher & Paykel Healthcare Corporation Limited announced today that it has updated its revenue and earnings guidance for the financial year ending 31 March 2024.
The full year guidance previously provided on 29 November 2023, based on a NZ:US exchange rate of 58 cents, was for operating revenue to be approximately $1.7 billion and net profit after tax to be in the range of approximately $250 million to $260 million.
Now, assuming a NZ:US exchange rate of approximately 61 cents for the balance of the financial year, the company expects full year operating revenue to be approximately $1.73 billion and underlying profit after tax (excluding any fair value changes) to be in the range of approximately $260 million to $265 million.
“In the Hospital product group, there has been a continuation of solid demand for our hospital consumables across the product portfolio throughout the second half, which is towards the upper end of our expectations from November,” said Lewis Gradon, Managing Director and CEO.
“In OSA masks, we have continued to see strong performance from our Evora Full mask. We have received positive feedback on our revolutionary F&P Solo mask after the recent release in early markets, and we look forward to its introduction in more countries in the coming months.”
Revaluation of company-owned land impact on FY24 net profit
The company will shortly be commencing a scheduled valuation of the properties that it owns in East Tāmaki and Karaka, Auckland and in Tijuana, Mexico as at 31 March 2024.
“In preliminary discussions we have been advised that the higher interest rate environment and current zoning status of our land in Karaka will likely have an adverse impact on the Karaka property valuation. Any reduction in the value of the Karaka land would be recognised as a non-cash accounting adjustment in the income statement and will impact our reported net profit after tax for the year. The quantum of any potential reduction in value is currently unknown, and our FY24 earnings guidance excludes this non-cash effect.
“Asset valuations will be undertaken by independent valuers, are subject to final audit and will be confirmed in the financial results for the year ending 31 March 2024, expected to be announced on 29 May 2024.
“Development of the new campus will occur over the next 30 to 40 years. We expect to submit our application for re-zoning of the Karaka land next financial year and the approvals to be granted over the coming years. We have received an enthusiastic response from the local community, and all national and local authorities recognise the significant economic, social and environmental benefits that the development of our second campus will provide,” concluded Mr Gradon.
It seems just as well NZD stayed up ..other wise a downgrade?
Think I have that right ..is early and no coffee yet.
Trading on a P/E of 56x???
Cheap as chips then :)
I wonder what Couta thinks?
FPH always had a high PE ….some say deserves it because if it’s high ROE ….others because if it’s growth profile etc etc
Anyway here’s how the PE has tracked over the years ……based on current earnings …not forecast earnings
A bit out of date …the line has gone higher since I updated it earlier lol
FPH up 500% over the last 10 years. A quarter of that gain is due to multiple expansion. Thats cool
My thoughts too - FPH is effectively an exporter that reports in NZ$ and its main market is in US$ - a weak NZ$ should help it? (accepting that its more complex than than as it also makes product in Mexico). It does quite a bit of hedging so who knows if it has won or lost on these - its a zero-sum game at best!
FPH share price nudging 27 bucks today
Getting back to where it was a year ago and seeing better shape it could go to $30 in next month or two ……and then $35 by end of year
Quite likely
Index buying ahead of end of the month?
https://nz.finance.yahoo.com/quote/fph.NZ/holders/
https://www.nzx.com/announcements/428702
FPH in trouble today ?? $ 12 mil downgrade !!!
One offs don’t count ..just normalise it like Fletchers …or The Warehouse
Not really a downgrade …so share price OK …...but punters might be thinking this is the beginning of a series of bad news …..recall, building depreciation impacting tax ….hint if property devaluations coming up …… what next I wonder?
From 24-7-24
This has been predictable,dependable & reliable ever since they listed.The rest is just noise.
"Heavyweight Fisher and Paykel Healthcare led the market upwards by increasing 68c or 2.65% to $26.30 after investment manager UBS upgraded the stock’s target price to $29.10, from $28.50.
Smith said the UBS report commented Fisher and Paykel had its strongest (obstructive sleep apnea) mask offering in a decade and upgraded its hospital revenue growth to 70% over the next five years.
“Investors are positive over the launch of its fourth mask (Nova Micro) in two years and they are fetching premium prices compared to competitors’ products. It all rolls into a new earnings growth story."
https://www.goodreturns.co.nz/articl...or+10+Apr+2024
Wheres Couta?
Weight loss drug is showing signs of reduced OSA.
If this plays out then it could affect FPH core business
https://www.cnbc.com/2024/04/17/eli-...-in-trial.html
What caused the big jump after close yesterday?
For Bars report yesterday
We upgrade our rating on F&P Healthcare (FPH) to NEUTRAL from UNDERPERFORM. Our analysis suggests a large long-term opportunity in the anaesthesia market. This reflects: (1) strong industry feedback, (2) large market size, and (3) current use case/body of clinical research, underpinning a solid market penetration ability (which we expect to grow through time). Anaesthesia products represent only ~4% of our FY24 revenue forecast but are at a critical point for investors to take notice, with potential for the anaesthesia opportunity to be a key driver for the investment case over the next decade. While relative valuation to peers is ahead of history, it looks fair accounting for FPH's superior near-term earnings growth. We take comfort in the longer-term anaesthesia opportunity which underpins robust valuation support.
What's changed?
Earnings: Negligible near-term changes, more material longer-term upgrades given higher anaesthesia revenue.
Target price: Increased to NZ$25.90 (from NZ$23.45) given peers change and higher medium/long-term earnings expectations.
Rating: Upgraded to NEUTRAL (from UNDERPERFORM).
Large total addressable market (TAM) but current evidence suggests relatively low penetration
Our analysis suggests up to ~270m global procedures using general anaesthesia/procedural sedation (up to ~120m in developed markets). Based off current clinical evidence, using Australia as a guide, and clinician feedback, the primary use case today is for high-risk patients, but we expect the patient pool to grow over time as more population specific evidence is published. Today FPH's penetration is ~0.5% (~1.0% developed markets), our FY38 forecasts assume penetration of ~3-4% (developed markets of ~5-7%).
Industry feedback is constructive
Feedback from 12 users of the anaesthesia products is very consistent: (1) physicians ‘generally speaking’ love the product; (2) usage is primarily on high-risk patients/difficult airways (use is ~5% of total patients today, albeit there is a range); (3) there is no real perceived benefit in other standard procedures; thus, only clinicians need it for a small portion of patients at this stage (particularly given the current clinical evidence); and (4) there is little/no competition.
Anaesthesia underpins solid DCF valuation support
We now assume FY38 anaesthesia patient volumes of ~8.5m (from ~5m), which drives ~+5-7% EPS upgrades. This underpins robust ‘cash flow’ valuation support, helps allay our concerns on the new apps consumables growth factored into the share price, and provides greater confidence in consensus' consumables revenue growth long-term. We expect the share price to remain constrained given absolute valuation and relative valuation to peers is slightly elevated, and thus refrain from a more positive recommendation.
Is FPH overvalued at $28.55 ?
A better question might be is the FPH shareprice likely to fall or increase in the next .... year?
As a FPH shareholder do you want to sell some/all of the shares held? No
As a non FPH shareholder do you want to buy FPH? No
If you are and index fund will you likely to be buying or selling FPH shares: Buying?
Are FPH shares tightly held ? Yes ?
"The group holding the most number of shares in the company, around 55% to be precise, is institutions,then insiders with 9.4%"
https://finance.yahoo.com/news/fishe...223622781.html
https://app.companiesoffice.govt.nz/...H%2BiFKqWBAAAA
https://nz.finance.yahoo.com/quote/F...ey-statistics/
So if its a consistently good company likely to grow its earnings
https://www.marketscreener.com/quote...2630/finances/
What is likely to be supply & demand for buying its shares over the next year & what is likely to happen to its share price?
What is the likelihood of FPH SP dropping? Low?
Share price is likely to stay "elevated" is it not?
Its the "bumb" ETS money that has been buying lately
ETFs positioned on Fisher & Paykel Healthcare Corporation Limited
The ebb & flo of capital markets,shares to bonds,bonds to shares
Its the "bumb" ETS money that has been doing most of the buying lately.
ETFs positioned on Fisher & Paykel Healthcare Corporation Limited
https://www.marketscreener.com/quote...630/positions/
With TOP weightage on every NZ index ...FPH has automatic buyers ...many low cost KiwiSaver funds are pure index funds and they get regular flows ...supply is limited as not much retail participation ...Kiora wont sell ...
PS : Also read lot of talk about its high p/e ...I think its connected with its IPs and wide moat etc ...not directly with its earnings like one wud value TRA etc
Got excited this morning as it seemed FPH share price was going to rocket past 30 bucks ….but then ASX opened
Tomorrow maybe
Please don't jinx it W69 !
Sturdy result
Home Care:Dominated by Resmed.FHP strategy to have better product,right technology for customer,competive landscape reduced
R & D spend & new technologies constantly increasing
Anaesthesia /hospital products good potential,excited even,increased sales personal for anesthesia.
Dependant on regulators work flow.
Gross margins improving,lower freight costs(lower air freight) & stock levels =/- 50 basis points,a lot of moving parts,100+ improvement in Gross Margins over 5 years?
Goal 30 % operating margin,60 % gross margins.
Taken write down downs on land,product recall ,tax impacts in their stride,all out of cash flow.
Recall is for a 7-10 yr old product so assuming all acounted for in the $20m
Phone conference:Panel fully in touch with their business,performance & how products are performing.Transparent.
CAPEX;lumpiness,dependant on build in NZ ,mainly 2026,27.Dependant on requirements,building ahead.
Increasing OPEX across all the business
Foundations all there for continual improvement
World class
FPH caugh the Fletcher bug I note
+35% NPAT guidance for FY 25 is doing wonders to FPH ...:t_up:
Yep great result Alokdhir
I wonder if Couta still holds?
$17 Billion market cap?
it’s history of revenue & net income growth does not at all warrant a $17 Billion valuation. You can have all the IP moats in the world, but that doesn’t mean it has enough growth to warrant the current earnings multiple.
Attachment 15128
And prepared to protect its IP by putting its money were its mouth is
From 2019
"Fisher & Paykel settles all patent litigation with ResMed'
https://www.rnz.co.nz/news/business/...on-with-resmed
FPH share price on a roll ….over 31 bucks
Going great guns ….cool stuff