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Undervalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 21.39 Fair value 24.21 One-star price 27.40
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (21.39) to the one-star price (27.40).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 19.88 |
| Price - 12 month high | 24.27 |
| Price - 12 month low | 18.11 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.52 |
| Market capitalization | 9,825.45 |
| 12 Month High price date | 19 FEB 2026 |
| 12 Month Low price date | 12 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 2.91 |
| Price - 1 Day % Change | 2.63% |
| Price - 13 week price percent change | -10.00% |
| Price - 26 week price percent change | -0.45% |
| Price - 5 Day % Change | 5.35% |
| Price - 52 week price percent change | -4.33% |
| Price - YTD price percent change | -12.07% |
| Price % Change Month To Date | 7.69% |
| EPS excluding extraordinary items - most recent fiscal year | 1.230 |
| EPS excluding extraordinary items - trailing 12 month | 1.230 |
| EPS Normalized - most recent fiscal year | 1.256 |
| Revenue/share - most recent fiscal year | 21.922 |
| Revenue/share - trailing 12 month | 21.922 |
| Book value per share - most recent fiscal year | 16.872 |
| Book value per share - most recent half-year | 16.872 |
| Book value (tangible) per share - most recent fiscal year | -3.143 |
| Book value (tangible) per share - most recent half-year | -3.143 |
| Cash per share - most recent fiscal year | 1.323 |
| Cash per share - most recent half-year | 1.323 |
| Cash Flow per share - most recent fiscal year | 2.842 |
| Cash Flow per share - trailing 12 month | 2.842 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 1.080 |
| EBITD per share - trailing 12 month | 3.805 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 1.231 |
| EPS Basic excluding extraordinary items - trailing 12 month | 1.231 |
| EPS including extraordinary items - most recent fiscal year | 1.231 |
| EPS including extraordinary items - trailing 12 month | 1.231 |
| Free Cash Flow per share - trailing 12 month | 1.354 |
| P/E excluding extraordinary items, most recent fiscal year | 16.16 |
| P/E Normalized, most recent fiscal year | 15.83 |
| Price to sales - most recent fiscal year | 0.91 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 14.68 |
| Price to Cash Flow per share - trailing 12 month | 7.00 |
| Price to Book - most recent fiscal year | 1.18 |
| P/E excluding extraordinary items high, trailing 12 months | 22.10 |
| P/E excluding extraordinary items low, trailing 12 months | 14.93 |
| Net Debt, LFI | 5,393.15 |
| Net Debt, LFY | 5,186.09 |
| Dividend Yield - 5 Year Average | 3.54% |
| Dividend Yield - indicated annual dividend divided by closing price | 5.52% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 5.43% |
| Free Cash Flow - most recent fiscal year | 669.81 |
| LT debt/equity - most recent fiscal year | 60.02% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 68.76% |
| LT debt/equity - most recent half-year | 58.65% |
| Total debt/total equity - most recent half-year | 68.22% |
| Free Cash Flow - trailing 12 month | 669.81 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 10,841.36 |
| Revenue - trailing 12 month | 10,841.36 |
| EBITD - most recent fiscal year | 1,881.92 |
| EBITD - trailing 12 month | 1,881.92 |
| Earnings before taxes - most recent fiscal year | 824.54 |
| Earnings before taxes - trailing 12 month | 824.54 |
| Net Income available to common - most recent fiscal year | 608.29 |
| Net Income available to common - trailing 12 months | 608.29 |
| Earnings before taxes Normalized - most recent fiscal year | 800.63 |
| Net Income Available to Common, Normalized - most recent fiscal year | 620.99 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.26 |
| Net Profit Margin % - 1st historical fiscal year | 5.87% |
| Net Profit Margin % - trailing 12 month | 5.87% |
| Operating margin - 1st historical fiscal year | 9.02% |
| Operating margin - trailing 12 month | 9.02% |
| Pretax margin - trailing 12 month | 7.61% |
| Pretax margin - 1st historical fiscal year | 7.61% |
| Operating Margin - 5 year average | 12.54% |
| Pretax Margin - 5 year average | 11.46% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 11.29% |
| Free Operating Cash Flow/Revenue, TTM | 6.18% |
| Net Profit Margin - 5 year average | 8.51% |
| Return on average assets - most recent fiscal year | 3.83% |
| Return on average assets - trailing 12 month | 3.83% |
| Return on average equity - most recent fiscal year | 7.57% |
| Return on average equity - trailing 12 month | 7.57% |
| Return on average assets - 5 year average | 6.18% |
| Return on average equity - 5 year average | 11.18% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 4.37% |
| EPS growth rate, 5 year | -14.75% |
| Growth rate% - dividend, 3 year | 1.92% |
| Revenue/share (5 yr growth) | 3.82% |
| Growth rate% - Revenue, 3 year | 10.00% |
| Growth rate% - EPS, 3 year | -5.34% |
| Book value per share growth rate, 5 year | 4.78% |
| Capital Spending growth rate, 5 year | 15.16% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -5.06% |
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 |
Sonic Healthcare is one of the world’s largest diagnostic healthcare providers, and the leading private pathology operator across Australia, the UK, Germany and Switzerland. It also holds top-tier positions in Belgium, New Zealand and the US with revenue in FY being split Europe (50%), US (25%) and ANZ (25%).
Sonic Healthcare (SHL) +9.89%: a reassuring result yesterday for the medical diagnostics business after a tough few years, with revenue ahead of consensus and guidance maintained, while management continues to address US margin pressure that has plagued operations since the Covid bump.
This global medical diagnostics company has struggled for almost four years. We discussed it at length in August Here, adopting a neutral stance and removing it from our Growth Portfolio Hitlist when it was trading ~$24.
This Sydney-based global medical diagnostics company operates one of the world’s largest networks of pathology labs, imaging/radiology services, and primary care clinics across Australia, the US, and Europe.
SHL was the second-best-performing stock into the close, finishing the session up ~7%. Today's well-received AGM saw the board cite growth in its base business and its expanding global footprint across seven countries.
We touched on SHL last month after an FY24 earnings guidance miss sent the stock below $24. As we said at the time, to press the buy button on SHL, we need to believe that substantial operating performance improvement can be delivered in FY25 and not pushed into FY26 / beyond. At this stage, we are comfortable being an observer as the stock isn't cheap enough to take on the risks of further operational disappointment.
SHL’s FY24 earnings guidance led to downgrades of around 8%, which initially saw the stock spike under $24. However, it has recovered strongly, trading close to levels before the result. Cost pressures have been the issue for SHL, with too many collection sites and staff costs the main issue, though we see these improving over the coming 12 months.
SHL –6.01%: Sold off today although the worst of it was seen early with the shares recovering from their morning lows following a downgrade to guidance. Organic sales guidance is for 6% growth for the full year (no prior guidance had been provided) which is broadly inline with current consensus
Diagnostics business SHL has struggled over recent years, but they showed some signs of improvement at their result in February. This is a solid business, but COVID was ultimately not kind to them. While it delivered a big short term sugar hit to revenue, SHL’s cost base also blew out which they have carried into a weaker sales environment i.e. they haven't pivoted quick enough.
MM is cautiously bullish towards SHL around $20
MM is now cautiously bullish towards SHL ~$23
MM is now cautiously bullish towards SHL
MM is now adopting a neutral stance towards SHL
MM is cautiously bullish toward SHL
MM likes SHL ~$28
MM is cautiously bullish towards SHL
MM is cautiously bullish towards SHL around $26
MM believes the low could now be in for SHL after a tough period
MM is now cautiously bullish towards SHL
Sonic Healthcare is an Australia-based global laboratory medicine/pathology provider. It has global operations and has the largest pathology market share in its home market of Australia, and is also the largest in Germany, Switzerland and the UK. It also provides laboratory medicine services in New Zealand, Belgium and Poland. In addition, Sonic provides diagnostic imaging radiology in Australia, where it is the second-largest operator. Finally, the group is Australia's biggest medical center operator, providing primary care medical services under the Independent Practitioner Network brand.
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