Pro Medicus Ltd

PME: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Pro Medicus: Solid New Contract Signed but Within Our Expectations

Shane Ponraj

Feb 4, 2025

We maintain our AUD 46 fair value estimate for narrow-moat Pro Medicus. Our constant currency earnings estimates are unchanged. We expect further contract wins to underpin our forecast five-year earnings per share compound annual growth rate of 20%. To this end, the firm announced a contract win with BayCare in Florida, for a total committed minimum value of AUD 53 million over seven years. Planning for the rollout is commencing immediately based on Pro Medicus’ established cloud-based implementation, and we assume a nine-month earnings contribution in fiscal 2026. Our broadly unchanged fiscal 2026 EBIT forecast of AUD 215 million implies 43% growth on fiscal 2025.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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Pro Medicus Ltd

Pro Medicus: Solid New Contract Signed but Within Our Expectations

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