FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED (FPH)
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FPH

FPH - FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

FNArena Sector : Medical Equipment & Devices
Year End: March
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 0.39
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Fisher & Paykel Healthcare is a designer and manufacturer of systems used in respiratory care and treatment of sleep disorders. It was separated from Fisher & Paykel and listed on the ASX and NZX in 2001. A brief Nasdaq listing was terminated in 2003. Only 1% of its revenues stems from New Zealand.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$33.39

23 May
2025

-0.620

OPEN

$33.58

-1.82%

HIGH

$33.63

218,496

LOW

$33.03

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FNARENA'S MARKET CONSENSUS FORECASTS
FPH: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 55.5 xxx
DPS (cps) 41.4 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 60.2 xxx
Dividend Yield 1.2% xxx
Div Pay Ratio(%) 74.5% xxx
This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 2.12%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.15

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: 05/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx21.1
DPS All xxxxxxxxxxxxxxx45.3
Sales/Revenue xxxxxxxxxxxxxxx1,629.7 M
Book Value Per Share xxxxxxxxxxxxxxx276.4
Net Operating Cash Flow xxxxxxxxxxxxxxx398.2 M
Net Profit Margin xxxxxxxxxxxxxxx7.54 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx7.56 %
Return on Invested Capital xxxxxxxxxxxxxxx7.12 %
Return on Assets xxxxxxxxxxxxxxx5.92 %
Return on Equity xxxxxxxxxxxxxxx7.56 %
Return on Total Capital xxxxxxxxxxxxxxx19.20 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-30.3 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 xxxxxxxxxxxxxxx88 M
Long Term Debt xxxxxxxxxxxxxxx85 M
Total Debt xxxxxxxxxxxxxxx173 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx75 M
Price To Book Value xxxxxxxxxxxxxxx8.51

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx314.2 M
Capex % of Sales xxxxxxxxxxxxxxx19.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx647 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx641 M
Research & Development xxxxxxxxxxxxxxx184 M
Investments - Total xxxxxxxxxxxxxxx49 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

0.3

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

-

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

-

xx.xx%

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Citi

04/02/2025

5

Sell

-

-

Following an executive order by President Trump imposing tariffs on imports from Canada, Mexico, and China, Citi highlights 25% of Fisher & Paykel Healthcare's revenue comes from goods manufactured in Mexico and sold in the US.

The broker assesses a maximum impact of -NZ$75m on 2026 net profit should no mitigation measures be taken.

Management expects to lessen the impact by shifting production volumes between its New Zealand and Mexican plants, though this will take time and increase logistics costs, caution the analysts.

Citi has adjusted its model to reflect a delay in gross margin recovery to 2028, compared to the prior expectation of 2027.

The broker reduces its 2026 and 2027 earnings per share estimates by -8% and -3%, respectively, and lowers the target price to NZ$32 from NZ$33.50. Sell rating.

FORECAST
Citi forecasts a full year FY25 dividend of 40.12 cents and EPS of 54.44 cents.
Citi forecasts a full year FY26 dividend of 44.95 cents and EPS of 60.73 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

-

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

1

xxx

$xx.xx

xx.xx%

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Jarden

09/04/2025

3

Upgrade to Neutral from Underweight

-

-

The key change in US President Trump's reciprocal tariff announcement last week that has implications for Fisher & Paykel Healthcare was nil tariff on Mexican imports and 10% tariff on NZ imports.

Jarden notes almost all of the company's Mexico imports are compliant with United States–Mexico–Canada Agreement (USMCA), which would mean no tariff. Last month, the broker conducted an analysis on an assumption of a 25% Mexico imports tariff.

The broker's revised estimate suggests the additional cost to the company would be NZ$30m in FY26, down from the previous analysis of NZ$100m. Factoring this into the forecasts, plus exchange rate changes, lowered the FY26 EPS estimate by -3%.

Target lifts to NZ$33.20 from NZ$30.10 on longer-term earnings upgrade and roll forward. Rating upgraded to Neutral from Underweight.

FORECAST
Jarden forecasts a full year FY25 dividend of 38.75 cents and EPS of 58.54 cents.
Jarden forecasts a full year FY26 dividend of 41.94 cents and EPS of 67.38 cents.

Wilsons

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxx xxxxxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

FPH STOCK CHART

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4
Australian Broker Call *Extra* Edition – Apr 15, 2025

Apr 16 2025 - Daily Market Reports
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Apr 11 2025 - Weekly Reports

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