RAMSAY HEALTH CARE LIMITED (RHC)
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RHC

RHC - RAMSAY HEALTH CARE LIMITED

FNArena Sector : Healthcare services
Year End: June
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 5.42
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Founded in Sydney in 1964, Ramsay Health Care is the largest provider of private healthcare in Australia, with operations in the UK, France, Indonesia and Malaysia. The company specialises in surgery, rehabilitation and psychiatric care. It was first listed in 1997.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$36.13

23 May
2025

0.450

OPEN

$35.74

1.26%

HIGH

$36.21

800,633

LOW

$35.65

TARGET
$38.192 5.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ACL . AHX . ALC . BMT . DOC . EBO . HLS . IDX . M7T . MDR . MPL . MVF . NHF . PSQ . SHL . SLA .
FNARENA'S MARKET CONSENSUS FORECASTS
RHC: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 381.6 121.8 xxx
DPS (cps) xxx 80.0 71.4 xxx
EPS Growth xxx 100.0% - 68.1% xxx
DPS Growth xxx 6.7% - 10.7% xxx
PE Ratio xxx N/A 29.7 xxx
Dividend Yield xxx N/A 2.0% xxx
Div Pay Ratio(%) xxx 21.0% 58.6% xxx

Dividend yield today if purchased 3 years ago: 1.03%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.21

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 11/03 - ex-div 40c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx381.6
DPS All xxxxxxxxxxxxxxx80.0
Sales/Revenue xxxxxxxxxxxxxxx16,665.4 M
Book Value Per Share xxxxxxxxxxxxxxx2,030.3
Net Operating Cash Flow xxxxxxxxxxxxxxx1,302.0 M
Net Profit Margin xxxxxxxxxxxxxxx1.62 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx5.94 %
Return on Invested Capital xxxxxxxxxxxxxxx1.76 %
Return on Assets xxxxxxxxxxxxxxx1.27 %
Return on Equity xxxxxxxxxxxxxxx5.98 %
Return on Total Capital xxxxxxxxxxxxxxx5.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx413.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx606 M
Long Term Debt xxxxxxxxxxxxxxx10,332 M
Total Debt xxxxxxxxxxxxxxx10,938 M
Goodwill - Gross xxxxxxxxxxxxxxx5,745 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx662 M
Price To Book Value xxxxxxxxxxxxxxx2.34

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx753.8 M
Capex % of Sales xxxxxxxxxxxxxxx4.52 %
Cost of Goods Sold xxxxxxxxxxxxxxx15,055 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx674 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx112 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

28/02/2025

3

Hold

$37.10

2.68%

Ramsay Health Care reported 1H25 EBIT of $500m, in line with guidance, driven by low single-digit admissions growth and indexation gains, Morgans notes.

The broker details mixed performance, with growth in Australian and UK acute hospitals offset by declines in Elysium and the EU due to inflationary pressures.

Management is reviewing strategic options for the EU division, with a potential divestment under consideration.

Operating cash flow rose 44%, while return on capital employed improved by -100bps. The fully franked dividend remains flat at 40c. FY25 guidance was qualitative, indicating slower activity growth.

Morgans lowers FY25-27 NPAT forecasts by -6%/-4%/-3%, respectively, on lower operating margins and higher tax. Target price slips to $37.10 from $37.74. Hold rating unchanged.

FORECAST
Morgans forecasts a full year FY25 dividend of 80.00 cents and EPS of 128.00 cents.
Morgans forecasts a full year FY26 dividend of 104.00 cents and EPS of 164.00 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Goldman Sachs

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Wilsons

06/03/2025

3

Market Weight

$38.50

6.56%

Wilsons notes Ramsay Health Care's 1H25 result was in line and activity levels held well, but capex investments were subdued which the broker sees as a troubling signal.

The broker made modest revisions having already cut the margin outlook in FY24. The additional change was to pull back upside from brownfield given the lower capex rate.

The broker believes the immediate challenge remains about extracting price increases to match costs, which means the ROIC and incremental margin from growth capex is not there. 

Target price is $38.5 and rating remains at Market Weight.

FORECAST
Wilsons forecasts a full year FY25 dividend of 83.00 cents and EPS of 134.30 cents.
Wilsons forecasts a full year FY26 dividend of 101.80 cents and EPS of 162.10 cents.

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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RHC STOCK CHART

FNArena News on RHC

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May 22 2025 - Rudi's View
2
Australian Broker Call *Extra* Edition – May 22, 2025

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4
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May 15 2025 - Rudi's View
5
Australian Broker Call *Extra* Edition – May 12, 2025

May 12 2025 - Daily Market Reports

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