Morningstar Analyst Report for Ramsay Health Care Limited

Ramsay Health Care is Australia's largest private hospital operator, capitalised at more than AUD 14 billion. Ramsay operates 223 hospitals and day surgery facilities, employs more than 60,000 staff, and manages more than 25,000 beds. Ramsay can generate strong returns on capital due to its ownership of the best and most recognisable private hospitals in Australia, leading us to award it a narrow moat rating. Health expenditure is predominantly a necessary expense, which limits risk and supports our medium uncertainty rating.