Jumped 7.74% on a positive surprise in first half results this morning. EBITDA for the half fell marginally to $1.04b, covering more than half of the market’s full year expectations. In part the EBITDA line was held up by Government grants and agreements which will slowly roll off, as well as a small gain realised on the sale of assets in Australia & Europe. In the outlook statement they noted “surgical backlogs and latent demand for non-surgical services are expected to drive volumes,” the caveat obviously being a continued decline in virus numbers and the vaccine roll out hitting targets with lockdowns easing.
We like Ramsay, expecting it to breakout of the range through $70 on the back of this positive update.
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