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Fairly valued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 48.35 Fair value 54.57 One-star price 61.59
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (48.35) to the one-star price (61.59).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 54.92 |
| Price - 12 month high | 56.10 |
| Price - 12 month low | 30.39 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.71 |
| Market capitalization | 12,677.17 |
| 12 Month High price date | 29 OCT 2026 |
| 12 Month Low price date | 10 NOV 2025 |
| Volume - avg. trading volume for the last 3 months | 0.87 |
| Price - 1 Day % Change | -1.49% |
| Price - 13 week price percent change | 26.54% |
| Price - 26 week price percent change | 39.53% |
| Price - 5 Day % Change | 1.24% |
| Price - 52 week price percent change | 74.07% |
| Price - YTD price percent change | 59.84% |
| Price % Change Month To Date | -1.15% |
| EPS excluding extraordinary items - most recent fiscal year | 1.358 |
| EPS excluding extraordinary items - trailing 12 month | 1.358 |
| EPS Normalized - most recent fiscal year | 1.502 |
| Revenue/share - most recent fiscal year | 76.150 |
| Revenue/share - trailing 12 month | 76.150 |
| Book value per share - most recent fiscal year | 20.380 |
| Book value per share - most recent half-year | 20.380 |
| Book value (tangible) per share - most recent fiscal year | -1.654 |
| Book value (tangible) per share - most recent half-year | -1.654 |
| Cash per share - most recent fiscal year | 3.162 |
| Cash per share - most recent half-year | 3.162 |
| Cash Flow per share - most recent fiscal year | 5.902 |
| Cash Flow per share - trailing 12 month | 5.902 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.910 |
| EBITD per share - trailing 12 month | 6.950 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 1.362 |
| EPS Basic excluding extraordinary items - trailing 12 month | 1.362 |
| EPS including extraordinary items - most recent fiscal year | 1.362 |
| EPS including extraordinary items - trailing 12 month | 1.362 |
| Free Cash Flow per share - trailing 12 month | 2.873 |
| P/E excluding extraordinary items, most recent fiscal year | 40.44 |
| P/E Normalized, most recent fiscal year | 36.57 |
| Price to sales - most recent fiscal year | 0.72 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 19.11 |
| Price to Cash Flow per share - trailing 12 month | 9.31 |
| Price to Book - most recent fiscal year | 2.69 |
| P/E excluding extraordinary items high, trailing 12 months | 369.22 |
| P/E excluding extraordinary items low, trailing 12 months | 28.59 |
| Net Debt, LFI | 11,393.70 |
| Net Debt, LFY | 10,268.60 |
| Dividend Yield - 5 Year Average | 1.81% |
| Dividend Yield - indicated annual dividend divided by closing price | 1.64% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 1.66% |
| Free Cash Flow - most recent fiscal year | 696.50 |
| LT debt/equity - most recent fiscal year | 185.39% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 196.62% |
| LT debt/equity - most recent half-year | 195.73% |
| Total debt/total equity - most recent half-year | 207.27% |
| Free Cash Flow - trailing 12 month | 696.50 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 18,460.00 |
| Revenue - trailing 12 month | 18,460.00 |
| EBITD - most recent fiscal year | 1,684.80 |
| EBITD - trailing 12 month | 1,684.80 |
| Earnings before taxes - most recent fiscal year | 513.60 |
| Earnings before taxes - trailing 12 month | 513.60 |
| Net Income available to common - most recent fiscal year | 329.20 |
| Net Income available to common - trailing 12 months | 329.20 |
| Earnings before taxes Normalized - most recent fiscal year | 541.60 |
| Net Income Available to Common, Normalized - most recent fiscal year | 364.10 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.50 |
| Net Profit Margin % - 1st historical fiscal year | 1.74% |
| Net Profit Margin % - trailing 12 month | 1.74% |
| Operating margin - 1st historical fiscal year | 4.86% |
| Operating margin - trailing 12 month | 4.86% |
| Pretax margin - trailing 12 month | 2.78% |
| Pretax margin - 1st historical fiscal year | 2.78% |
| Operating Margin - 5 year average | 4.06% |
| Pretax Margin - 5 year average | 2.67% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 2.58% |
| Free Operating Cash Flow/Revenue, TTM | 3.77% |
| Net Profit Margin - 5 year average | 1.76% |
| Return on average assets - most recent fiscal year | 1.48% |
| Return on average assets - trailing 12 month | 1.48% |
| Return on average equity - most recent fiscal year | 6.64% |
| Return on average equity - trailing 12 month | 6.64% |
| Return on average assets - 5 year average | 1.40% |
| Return on average equity - 5 year average | 6.86% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 8.37% |
| EPS growth rate, 5 year | -6.75% |
| Growth rate% - dividend, 3 year | -5.74% |
| Revenue/share (5 yr growth) | 7.53% |
| Growth rate% - Revenue, 3 year | 7.49% |
| Growth rate% - EPS, 3 year | 2.86% |
| Book value per share growth rate, 5 year | 4.29% |
| Capital Spending growth rate, 5 year | 3.14% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -3.68% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
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 |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
RHC +13.72%: Surprised on the upside in FY26, with earnings comfortably ahead of expectations as better cost management, particularly across the UK and Australia, translated into stronger margins while the looming separation of Ramsay Santé should also leave behind a simpler business with a cleaner earnings profile.
We like RHC, its started to deliver operationally after spending years in the shade and while it still has a long way to travel to test the dizzy heights when KKR bid $88 for the stock, we believe the next 20% is on the upside with a break above $45 feeling like a matter of time.
We covered RHC in detail back in Apil, here, and nothing has changed since with the stock trading 2-3% higher. Ramsay is a high quality business with attractive long-term fundamentals, but the operating environment remains challenging. The result has been lower returns and a more subdued earnings outlook than investors had become accustomed to before COVID, driving the significant derating in the stock, however on 25x, it’s not particularly cheap.
Ramsay Health Care (ASX:RHC) is one of the world's largest private hospital operators, running hospitals, day surgeries and mental health facilities across Australia, Europe and the UK. Its business is straightforward: provide private healthcare services, from elective surgery and cardiac care through to rehabilitation and mental health treatment. In Australia, it's a dominant force working closely with private health insurers; internationally, it expanded aggressively through acquisitions, particularly into Europe via its Ramsay Santé subsidiary, which created a tale of woe for the share price. The simple version — if you've ever had private surgery in Australia, there's a good chance Ramsay owned the hospital.
RHC surged ~10% after the private hospital operator delivered a better than expected 1H result in February Here. We liked the comments from Chief executive Natalie Davis saying the turnaround strategy for Australia’s largest private hospital operator is gaining traction, pointing to improved admissions, better utilisation of operating theatres, increased market share, and growth in both revenue and margins.
Ramsay Health Care (RHC) surged ~10% on Thursday after the private hospital operator posted better-than-expected first-half earnings and profit as the performance of its core Australian hospitals business improved.
RHC +12.7%: jumped after its AGM and 1Q trading update, as the market finally saw some signs that the Australian hospital business is turning the corner, even while big questions remain over its troubled European assets.
RHC slipped 1.6% on Monday as it continues to plumb fresh decades lows - over 60% below what KKR bid for the business in 2022.
RHC -10.5%: Different day, same result for RHC as shares plunged with the stock down more than 12% early in the session. The country's largest private hospital operator disappointed investors with weaker-than-expected margins from its Australian business.
Private hospital operator RHC is on the MM Hitlist after we reviewed the stock in detail earlier this month. Our back-of-the-envelope calculations, plus the markets overall dislike of its investment in Ramsay Sante, could see a 10-15% bullish rerating if/when they exit their holding; they are currently exploring strategies.
MM is bullish toward RHC
Trade Idea: Buy Ramsay Health Care (RHC) using a limit of $43.25, with stops at $39, around 10% risk.
MM is cautiously bullish towards RHC around $41
MM is cautiously bullish towards RHC around $40
MM is cautiously bullish toward RHC around $39
MM is now bullish towards RHC around $42
MM is bullish RHC
MM is neutral towards RHC
MM has no interest in RHC, it’s clearly still too hard
MM is bullish towards RHC
Ramsay Health Care is Australia's largest private hospital operator by benefits and admissions. Its operations also span acute and mental health hospitals in the UK and a 53% stake in Paris-listed European healthcare operator Ramsay Sante.Having divested its Ramsay Sime Darby Asian joint venture in 2023, the company has scaled back its global ambitions in favor of capital discipline and its core Australian business. It now proposes to spin off its Ramsay Sante stake to shareholders in 2026. We estimate Australia would account for around 80% of pro forma group EBIT should the demerger complete, with its UK operations making up the remainder. Ramsay treats both privately insured and publicly funded patients across its markets.
Pulse Check Webinar: Opportunities in the unloved parts of the market
Recorded Wednesday 27st September
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