Fisher & Paykel Healthcare Corp Ltd
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| LOCK|.P | LOCK|Nx&gj | LOCK|GG!N?fjl |
Fisher & Paykel Earnings: Strong Demand in Homecare Consumables
Narrow-moat Fisher & Paykel’s first-half fiscal 2025 revenue grew strongly, up 17% to NZD 951 million, while net profit after tax rose 51% to NZD 153 million, both largely tracking our expectations. Management reiterated fiscal 2025 revenue guidance of NZD 1.9 billion-NZD 2.0 billion and fiscal 2025 NPAT guidance of NZD 320 million-NZD 370 million, versus our respective little-changed forecasts of NZD 1.95 billion and NZD 335 million. The guidance implies a typically stronger second half reflective of the US flu season. We maintain our NZD 25 per share fair value estimate, or AUD 23 at current exchange rates.
