Active Growth Portfolio – Amendments
MM are making several changes to the Active Growth Portfolio today
Healius (HLS)
HLS $0.49
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 0.49
- Change
- ▼ -0.01 (-2.00)
- Bid / Ask
- 0.49 - 0.49
- Volume
- 1,944,448
- Turnover
- 951,170
- Open
- 0.50
- Day Range
- 0.48 - 0.51
- VWAP
- 0.49
- Prev Close
- 0.50
- Last Trade
- 04/11 4:10pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Healthcare
- Shares Issued
- 726,178,798
- NTA/Share
- 0.02
- Last Dividend
- —
- Dividend Ex Date
- —
- Dividend Pay Date
- —
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 1,373.20
- EBITDA
- -100.50
- Profit
- -415.60
- Earnings Per Share (EPS)
- -0.57
- Dividend Per Share (DPS)
- —
- Yield %
- 0.00
- Market Cap
- 355.83
- Price to Earnings Ratio (P/E)
- -0.87
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 1,376.80
- EBITDA
- 264.00
- Profit
- -9.00
- Earnings Per Share (EPS)
- -0.01
- Dividend Per Share (DPS)
- 0.00
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 30 OCT 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 0.44 Fair value 0.76 One-star price 1.32
Morningstar Quantitative Rating as of 30 OCT 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 0.76
- Price / Fair Value
- 0.65
- Valuation
- Undervalued
- Uncertainty
- Very High
Morningstar Quantitative Rating as of 30 OCT 2026. The slider runs from the five-star price (0.44) to the one-star price (1.32).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 0.50 |
| Price - 12 month high | 1.07 |
| Price - 12 month low | 0.30 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 2.71 |
| Market capitalization | 359.46 |
| 12 Month High price date | 2 DEC 2025 |
| 12 Month Low price date | 9 JUN 2026 |
| Volume - avg. trading volume for the last 3 months | 5.11 |
| Price - 1 Day % Change | 2.06% |
| Price - 13 week price percent change | 32.00% |
| Price - 26 week price percent change | -3.88% |
| Price - 5 Day % Change | 19.28% |
| Price - 52 week price percent change | -38.13% |
| Price - YTD price percent change | -45.30% |
| Price % Change Month To Date | 19.28% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | -0.563 |
| EPS excluding extraordinary items - trailing 12 month | -0.563 |
| EPS Normalized - most recent fiscal year | -0.018 |
| Revenue/share - most recent fiscal year | 1.891 |
| Revenue/share - trailing 12 month | 1.891 |
| Book value per share - most recent fiscal year | 0.236 |
| Book value per share - most recent half-year | 0.236 |
| Book value (tangible) per share - most recent fiscal year | 0.017 |
| Book value (tangible) per share - most recent half-year | 0.017 |
| Cash per share - most recent fiscal year | 0.093 |
| Cash per share - most recent half-year | 0.093 |
| Cash Flow per share - most recent fiscal year | 0.291 |
| Cash Flow per share - trailing 12 month | 0.291 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | -0.138 |
| EPS Basic excluding extraordinary items - most recent fiscal year | -0.563 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.563 |
| EPS including extraordinary items - most recent fiscal year | -0.572 |
| EPS including extraordinary items - trailing 12 month | -0.572 |
| Free Cash Flow per share - trailing 12 month | 0.231 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | — |
| Price to sales - most recent fiscal year | 0.26 |
| Price to Tangible Book - most fiscal year | 28.76 |
| Price to Free Cash Flow per Share - most recent fiscal year | 2.14 |
| Price to Cash Flow per share - trailing 12 month | 1.70 |
| Price to Book - most recent fiscal year | 2.10 |
| P/E excluding extraordinary items high, trailing 12 months | — |
| P/E excluding extraordinary items low, trailing 12 months | — |
| Net Debt, LFI | 888.50 |
| Net Debt, LFY | 929.20 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 167.80 |
| LT debt/equity - most recent fiscal year | 476.04% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 580.99% |
| LT debt/equity - most recent half-year | 136.67% |
| Total debt/total equity - most recent half-year | 168.75% |
| Free Cash Flow - trailing 12 month | 167.80 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 1,373.20 |
| Revenue - trailing 12 month | 1,373.20 |
| EBITD - most recent fiscal year | -100.50 |
| EBITD - trailing 12 month | -100.50 |
| Earnings before taxes - most recent fiscal year | -378.00 |
| Earnings before taxes - trailing 12 month | -378.00 |
| Net Income available to common - most recent fiscal year | -415.60 |
| Net Income available to common - trailing 12 months | -415.60 |
| Earnings before taxes Normalized - most recent fiscal year | -29.40 |
| Net Income Available to Common, Normalized - most recent fiscal year | -13.20 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | -0.02 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | -29.78% |
| Net Profit Margin % - trailing 12 month | -29.78% |
| Operating margin - 1st historical fiscal year | 2.20% |
| Operating margin - trailing 12 month | 2.20% |
| Pretax margin - trailing 12 month | -27.53% |
| Pretax margin - 1st historical fiscal year | -27.53% |
| Operating Margin - 5 year average | 6.52% |
| Pretax Margin - 5 year average | -22.85% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 14.21% |
| Free Operating Cash Flow/Revenue, TTM | 12.22% |
| Net Profit Margin - 5 year average | -23.55% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | -24.69% |
| Return on average assets - trailing 12 month | -24.69% |
| Return on average equity - most recent fiscal year | -93.18% |
| Return on average equity - trailing 12 month | -93.18% |
| Return on average assets - 5 year average | -11.54% |
| Return on average equity - 5 year average | -34.99% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | -6.29% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | -7.83% |
| Growth rate% - Revenue, 3 year | -6.99% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | -39.31% |
| Capital Spending growth rate, 5 year | -6.72% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Healius (HLS) $1.355
HLS –6.55%: Was weaker today on a result that had been flagged at the end of last year. In a trading update on the 15th November, HLS provided guidance for this result, so we had a pretty good handle on what they should deliver.
Healius (HLS) $1.335
HLS -16.04%: When it rains, it pours! HLS today provided commentary at their AGM via the CEO’s presentation that was disappointing, insofar as while they said that pathology volumes have increased by 4.5% for the year to date, with revenues growing by 5.9%, they put a big caveat on how that revenue would translate into earnings due to cash draw from investments and inflationary pressures, in terms of goods and labour.
Healius Ltd (HLS) $1.85
Pathology giant HLS surged +7.25% on Tuesday, making it the top performer on the main board. In the process, it posted fresh 12-month highs - yet interestingly, no news was crossing the wires. Analysts dislike this company as they did the resources before China fuelled a strong short covering rally: 4 Sells & 6 Holds with an average price target (PT) of $1.55, well below yesterday's close – this data can be seen on the MM website.
Healius (HLS) $1.73
HLS +7.45% was up nicely today on news it has agreed to sell its imaging unit Lumus to U.S-based Affinity Equity Group for $965 million. As per our last note on HLS, we expected a sale price of circa. $700 million. We think this is a good price given Lumus has been loss-making for the past 2 years.
Healius (HLS) $1.65
HLS -2.65% was hit hard early today, down as much as 9% at the lows before recovering. The drop was a result of Barrenjoey downgrading the stock to sell with a $1.37 price target, a bearish view that is actually aligned with the majority in the market i.e. more analysts have a negative outlook on HLS.
Active Growth Portfolio – Amendments
We are making two changes to the Active Growth Portfolio.
Healius Ltd (HLS) $1.66
HLS soared +12.9% on Wednesday following its FY24 result, which beat the average analyst estimates. Margin improvements caught the eye, plus the potential for some value accretive asset sales.
Healius Ltd (HLS) $1.11
One of the positive aspects that shone through this reporting season has been the ability of companies to reduce costs to maintain profits as top-line growth becomes harder. This flexibility was enhanced through COVID, where companies had to be incredibly nibble as many watched sales plummet overnight. The opposite is true at Helius, with COVID testing volumes a huge win for their pathology business, underpinning a significant uplift in sales.
Healius Ltd (HLS) $1.83
HLS is looking to raise $187mn through a rights issue at $1.20, a steep 34.6% discount to the stock's last trade on Friday – they needed the cash! The offer was on a 1-for-3.65 basis, with the freshly listed equity looking to list under a separate ticker code as its suitor, Australian Clinical Labs (ACL), still has its scrip-only offer open.
Action
Updated
21/02/2025
17:31
HLS
Updated 21/02/2025 17:31
MM are selling HLS in the Active Growth Portfolio, taking a loss around $1.36
Updated
20/02/2025
17:39
HLS
Updated 20/02/2025 17:39
MM is neutral HLS
Updated
20/02/2025
17:03
HLS
Updated 20/02/2025 17:03
MM is neutral HLS
Updated
21/11/2024
10:26
HLS
Updated 21/11/2024 10:26
MM is cautious towards HLS ~$1.34
Updated
15/11/2024
17:47
HLS
Updated 15/11/2024 17:47
MM is now neutral HLS
Updated
16/10/2024
09:40
HLS
Updated 16/10/2024 09:40
MM is long and bullish HLS
Updated
24/09/2024
10:16
HLS
Updated 24/09/2024 10:16
MM remains long & bullish HLS
Updated
06/09/2024
17:32
HLS
Updated 06/09/2024 17:32
MM remains bullish & long HLS
Updated
02/09/2024
21:34
HLS
Updated 02/09/2024 21:34
MM are buying HLS in the Active Growth Portfolio, allocating 4% around $1.67
Updated
23/08/2024
09:39
HLS
Updated 23/08/2024 09:39
MM is bullish HLS ~$1.66
Business Summary
Healius is one of Australia's pathology providers, operating a national network of laboratories and collection centres. Pathology generates nearly all group revenue, the majority of which comes from bulk-billed tests funded through the government's Medicare Benefits Schedule, with the remainder from public hospital contracts, private health funds, and specialty services, including genomics and veterinary pathology.
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