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Fisher & Paykel Healthcare Corp Ltd FPH

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Stock XNZE Rating as of
NZD 34.75 −0.75 (2.11%)
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Company Report

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Fisher & Paykel: Continued Strong Product Demand and Improving Profitability

Shane Ponraj

Narrow-moat Fisher & Paykel Healthcare has made steady progress in early fiscal 2025. Management reiterated fiscal 2025 revenue guidance of NZD 1.9 to 2.0 billion but increased fiscal 2025 net profit after tax guidance by 3% at the midpoint to NZD 320 to NZD 370 million. We think the market reacted favorably to improved profitability on a constant-currency basis, with the firm continuing to focus on gross margin improvement initiatives. However, the guidance assumes exchange rates on July 31, 2024, will persist. Since then, the US dollar has weakened roughly 4% against the New Zealand dollar, a headwind for reported earnings. We maintain our NZD 25 fair value estimate for narrow-moat Fisher & Paykel Healthcare, or AUD 23 at current exchange rates.

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Price vs Fair Value

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FPH is trading within a range we consider fairly valued.
Price
NZD 34.75
Fair Value
NZD 44.00
Uncertainty
Medium
1-Star Price
NZD 19.27
5-Star Price
NZD 78.40
Economic Moat
Ymhmfy
Capital Allocation
Bqdmntnlv

Bulls Say, Bears Say

Bulls

The long-term growth opportunity for respiratory support devices is sizable as developing markets are still significantly underpenetrated.

Bears

Changing clinical practices to adopt NHF therapy requires more widespread clinical evidence, and even so, is a gradual marketing process that often takes years and is hospital specific.

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News

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Trading Information

Previous Close Price
NZD 35.50
Day Range
NZD 34.75–35.90
52-Week Range
NZD 20.29–38.87
Bid/Ask
NZD 34.70 / NZD 35.00
Market Cap
NZD 20.29 Bil
Volume/Avg
1.2 Mil / 441,200

Key Statistics

Price/Earnings (Normalized)
96.96
Price/Sales
11.60
Dividend Yield (Trailing)
1.19%
Dividend Yield (Forward)
1.19%
Total Yield
1.19%

Company Profile

Fisher & Paykel Healthcare is one of the three largest respiratory care device companies globally. It is the market leader in hospital use humidifiers, masks and related consumables and the number three player in the at-home treatment of sleep apnea using respiratory devices. Both the hospital and homecare markets for respiratory devices are growing strongly in the developed markets in which Fisher & Paykel has a presence. The company earns 42% of its revenue in the US, 32% in Europe, 18% in Asia-Pacific and the remaining 8% in emerging markets. Fisher conducts its own R&D and has thousands of patents and pending applications. It manufactures in New Zealand and Mexico and has a multichannel distribution model.
Sector
Healthcare
Industry
Medical Instruments & Supplies
Stock Style Box
Large Growth
Total Number of Employees
7,375
Website
https://www.fphcare.com

Competitors

Valuation

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Metric
FPH
PHIA
COLO B
Price/Earnings (Normalized)
 96.9622.6839.52
Price/Book Value
 11.542.3211.98
Price/Sales
 11.601.607.51
Price/Cash Flow
 47.4622.3057.56
Price/Earnings
FPH
PHIA
COLO B

Financial Strength

Metric
FPH
PHIA
COLO B
Quick Ratio
 0.880.660.53
Current Ratio
 1.831.160.85
Interest Coverage
 13.770.158.81
Quick Ratio
FPH
PHIA
COLO B

Profitability

Metric
FPH
PHIA
COLO B
Return on Assets (Normalized)
 11.54%4.12%11.10%
Return on Equity (Normalized)
 15.07%10.11%35.43%
Return on Invested Capital (Normalized)
 13.94%6.98%15.15%
Return on Assets
FPH
PHIA
COLO B

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