07/11/2023 09:14

Fisher & Paykel Corp Ltd (FPH) $20.77

Medical device company FPH swung around dramatically into and out of COVID. The stock is not cheap, trading at 52x for FY 2024, especially as it experiences slower gross margin recovery and lower Hospital consumable sales. The stock looks “ok” value trading ~$20, it's not compelling to us.

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29/11/2022 09:03

Fisher & Paykel Healthcare Corp Ltd (FPH) $19.20

FPH like Ansell has also more than halved from its post-Covid high, again taking it below levels seen before the outbreak of the pandemic. Arguably the largest issue is the stocks trading on a lofty 60x valuation for 2023 in a period where value contraction has been the main game in town, revenue growth targets are solid but we question if they are already built into the share price as it approaches $20.The stock was extremely popular during the Covid panic due to its dominance of respiratory care products but the business has failed to deliver the lift in profits many expected and it’s just not overly exciting around current levels. • We believe a degree of value has been restored to FPH but the risk/reward isn’t exciting after the stock bounced over 20%.

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11/11/2022 08:51

Fisher & Paykel Corp Ltd (FPH)

Medical device company FPH has more than halved since its heady Covid days illustrating perfectly that stock prices aren’t a perfect science with huge swings in optimism/pessimism taking companies well away from their fair value. The stock was extremely popular during the Covid panic due to its respiratory care products but the business has failed to deliver the lift in profits many expected.

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24/03/2022 09:19

Fisher & Paykel Corp Ltd (FPH) $23.73

Medical device company FPH was the market’s worst performer yesterday falling almost 8% after management outlined how its business had been impacted by the Omicron variant plus heavy freight costs – an estimated drop in full-year revenue of up to 15% rarely goes down well. The stock was in vogue during the outbreak of the coronavirus due to its respiratory care products but its not delivered the lift in profits many expected, we see value in the stock back towards $20, where it was pre-COVID.

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31/08/2021 09:38

Fisher & Paykal (FPH) $31.32

Respiratory company FPH has soared over recent years with the COVID outbreak providing a healthy tailwind for the company. We believe this is a strong $18bn business but its priced for ongoing strong growth however we feel much of this tailwind is already priced into the stock and there’s no hurry to be chasing at today’s valuation i.e. COVID is not going...

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