Ryman Healthcare Ltd

RYM: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 8.90	Grchkb	Zmrhgtym

Ryman Healthcare: Tough Conditions but Long-Term Outlook Remains Solid

Alexander Prineas

Apr 8, 2024

Conditions remain tough for narrow-moat Ryman Healthcare. Management downgraded fiscal 2024 underlying profit guidance to NZD 265 million-NZD 285 million in February, down from NZD 300 million-NZD 330 million. Our forecasts are unchanged, with our fiscal 2024 underlying profit forecast of NZD 269 million sitting at the lower end of the reduced guidance. Our fair value estimate remains NZD 9.60, and Ryman securities screen as significantly undervalued.

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