RYMAN HEALTHCARE LIMITED (RYM)
Share Price Analysis and Chart

27/05/2026

1

Outperform

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Ryman Healthcare saw a strong turnaround delivered in existing operations over FY26, yet there remains a negative in buyback drag, Macquarie notes, while Care was a standout, driving FY27 upside.

Improvements in sales cadence are evident with 2H26 resales contracts of 440 up 16% half on half, contracted resale stock up 15% and uncontracted stock stabilising, Macquarie reports.

Cash release potential appears well above $500m targeted by FY29 which will reduce net debt and gearing and allow for measured growth.

Macquarie retains Outperform on valuation, signs of improving resale trends, and strong execution of cash improvement, particularly in Care. Target rises to NZ$2.86 from NZ$2.80.

FORECAST
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.50 cents.
Macquarie forecasts a full year FY28 dividend of 3.40 cents and EPS of 17.20 cents.

09/02/2026

3

Neutral

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In the wake of the investor briefing from Ryman Healthcare, Jarden notes significant debt and development losses have dominated the investment case for the past three years.

A transition is now occurring in which yield will become the focus for investors, with asset growth providing valuation support albeit as a second consideration to the 14,500 unit and bed asset base.

The broker believes investors will need to be patient, although there is an attractive growth trajectory envisaged for the next 10-15 years. Neutral rating. Targets edges up to NZ$2.96 from NZ$2.94.

FORECAST
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -3.83 cents.