Morningstar Analyst Report for Ramsay Health Care Limited

Ramsay Health Care is Australia's largest private hospital operator, capitalised at over AUD 10 billion. The company operates 223 hospitals and day surgery facilities, employs more than 60,000 staff, and manages more than 25,000 beds. Ramsay generates relatively strong returns on capital due to its ownership of the best and most recognisable private hospitals in Australia and associated cost advantages which justify a narrow economic moat rating. Health expenditure is predominantly a necessary expense, which limits risk and supports our medium uncertainty rating.