FPH - Fisher Paykel Healthcare.

[winner69]

Another record result

Well done FPH

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/FPH/327359/291205.pdf

[peat]

its solid, but hardly inspiring for a stratospheric PE - somewhere in the 40's !!! according to ANZ details.

[Lewylewylewy]

Gotta accept greater fool risk if you want to buy a piece of this great company.

No chance to ever make money on dividends at that pe.

Therefore buying into fph is a bet that the pe will always be astronomical.

Shame really.

He ate two strategies I've used to buy fph:

1. A while ago I bought some of these then sold down after the price increased to reduce my average buy price.

2. Ive also bought a small parcel so the risk of pe drop doesn't bother me.

Both strategies are arguably flawed, as they start to get into increasing psychology. On both points i was left with some shares that were priced to sell and had no way to earn a decent dividend rate for the amount of money the shares were worth.

In the end, after all my trading, im left with just a small parcel that i hold simply because i like the company and don't mind writing off that cash. The only strategy i will use to buy fph in future is buying significant dips, and possibly option 1 again if i find myself in a position to see significant tailwinds that i don't think the market has noticed.

Hey, maybe after 10 years my small parcel will be worth something, and i can sell up to buy something that will give me a little income.

Perhaps a good stock if you want to leave an inheritance for someone?

Notably a bad result could easily half the value of this stock, dropping that high pe.

[Joshuatree]

Been a great investment stock for me , my entry av $3.02, have sold some over the years but it usually kept going up after. I may possibly sell some more to build some cash if things really start to look grim bear wise globally but its been a great long term premium investment grade story. The penny finally dropped and i invested in competitor RMD Resmed later, at average A$6.65. Very similar 10 year charts with incredibly similar gains.

[Lewylewylewy]

If you bought 5 years ago at $3.5 (right at the start of the stella growth) you'd be getting a dividend of about 5.5% on your initial investment. You'd also have stock in a very good growth company.

I guess if the growth continues at that rate, it's a good investment!

I wonder what a dividend return chat would look like against a company that constantly spits out a higher div, like nzx.hlg?

As a long term investment (assuming you never sell)... How many years before you'd get a total dividend return from fph greater than hlg?

Growth vs high div

[Jonboyz]

Half-year results look pretty good with 20% increase in net profit after tax.

https://www.nzx.com/announcements/327359

[kiora]

Speaks for itself doesn't it?Who would have suggested FPH outperformed by EBOS though.Can EBOS continue to grow at this rate by acquisition.Have they got the future management in place to facilitate?
https://www.nzherald.co.nz/best-of-business-analysis/news/article.cfm?c_id=1501241&objectid=12169126&utm_source=ST&utm_medium=email&utm_campaign=ShareTrader+AM+Update+for+Saturday+1+ December+2018
Compared to infratil which is similar returns and in my view the right ethos and succession in place
https://infratil.com/for-investors/

[dreamcatcher]

Interestingly GS downgraded FPH to SELL this morning

[macduffy]

Speaks for itself doesn't it?Who would have suggested FPH outperformed by EBOS though.Can EBOS continue to grow at this rate by acquisition.Have they got the future management in place to facilitate?
https://www.nzherald.co.nz/best-of-business-analysis/news/article.cfm?c_id=1501241&objectid=12169126&utm_source=ST&utm_medium=email&utm_campaign=ShareTrader+AM+Update+for+Saturday+1+ December+2018
Compared to infratil which is similar returns and in my view the right ethos and succession in place
https://infratil.com/for-investors/

All three are worth a place in my portfolio!

:)

[Joshuatree]

Interestingly GS downgraded FPH to SELL this morning

FWIW Craigs on 27th Nov maintain HOLD but Target price (one year) trimmed 4%.

[dreamcatcher]

FWIW Craigs on 27th Nov maintain HOLD but Target price (one year) trimmed 4%.

GS a little more brutal A$11.20

[Joshuatree]

Interesting behemoth fundie Vanguard becomes a 5% plus holder.Defensive strategy ?

[kiora]

Interesting behemoth fundie Vanguard becomes a 5% plus holder.Defensive strategy ?

Adding to ATM as well

[777]

And KPG....

[alex f]

Any reason for the price drop in the past week?. 14.20 to 12.70

[alex f]

Found it, Resmed au had an analyst down grade and lost 25%, FPH was affected

[mondograss]

It appears the era of Mutually Assured Destruction is now over:
https://www.nzx.com/announcements/330869

[IAK]

It appears the era of Mutually Assured Destruction is now over:
https://www.nzx.com/announcements/330869

Wow ATM yesterday and FPH today. Market likes the announcement, lawyers don't.

[BlackPeter]

Wow ATM yesterday and FPH today. Market likes the announcement, lawyers don't.

Well yes - however, if you are buying - MIND THE GAP!

10333

[IAK]

Well yes - however, if you are buying - MIND THE GAP!

10333

Thanks BP, not buying, holding for the long term.

[RupertBear]

Well yes - however, if you are buying - MIND THE GAP!

10333

Thanks BP. I have been waiting and watching for a top up opportunity, which I almost did yesterday but I got swept away watching the milky one take off. Oh well I will definitely mind that gap and wait and watch for another top up upportunity :)

[Biscuit]

It appears the era of Mutually Assured Destruction is now over:
https://www.nzx.com/announcements/330869


I guess that means we lost? or we won? or...? So much for protecting our IP position. Demonstrates again that the patent system does not work.

[mondograss]

I guess that means we lost? or we won? or...? So much for protecting our IP position. Demonstrates again that the patent system does not work.

I'll go for an honorable draw. I think probably both sides realised the cycle of claim and counter claim was becoming a bit counterproductive and wasn't going to actually end up with either side further ahead than they started at.

[Lewylewylewy]

Are you suggesting that the only people that benefit from all these laws are the people that make and enforce the laws?! Astonishing! Surely that would never happen! Lol

[kiora]

$7.7 m on litigation.Hope it has protected their patents
https://resources.fphcare.com/resources/corporate/media/resources/presentations/19-03-06-deutsche-craigs-nz-corporate-day-presentation.pdf

[Joshuatree]

Looks like a new high isn't far away.A higher high tomorrow would support the momentum.


Population age and weight both increasing


− US population 65 years+ to grow ~80% over next 20 years1

− US males 60 - 74 years, average weight increased 0.4 kg/year since 19602


60% of US healthcare cost is after age 65 years3

50% of rev in US currency. 19% European, 1% NZ
Margins look to be flattening.

OUR ASPIRATION:
Sustainably DOUBLING
our constant currency revenue every 5-6 years.

Lower Care Intensity = Lower Cost

Optiflow - Displacing Conventional Oxygen Therapy

Obstructive Sleep Apnea


Temporary closure of airway during sleep

Can greatly impair quality of sleep, leading to fatigue; also associated with hypertension, stroke and heart attack

EstimatedUS$3+billionworldwidemarket.

Estimate>50millionpeopleaffectedin
developed countries
FPH Presentation to Deutsche Bank NZ Corporate Day (http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/FPH/331539/296299.pdf)

[Ggcc]

https://www.nzx.com/announcements/335053

I am just not sure why this company is worth so much in SP?? It goes well, but very very slow growth.

[percy]

https://www.nzx.com/announcements/335053

I am just not sure why this company is worth so much in SP?? It goes well, but very very slow growth.

Makes you wonder.?
PE over four times their growth rate..
Dividend yield of 1.33%,

[winner69]

Makes you wonder.?
PE over four times their growth rate..
Dividend yield of 1.33%,

What happens when big end of town (worldwide) thinks something is very good.

More to stock prices not just numbers like PE ratios

[percy]

What happens when big end of town (worldwide) thinks something is very good.

More to stock prices not just numbers like PE ratios

Yes brokers like to have their clients in "core" portfolios consisting of stocks where the PE is well over 20 to 40.Think POT,MFT etc,
They have been proven correct over the past few years, which is a bit of a concern.?..lol.

[Ggcc]

Yes brokers like to have their clients in "core" portfolios consisting of stocks where the PE is well over 20 to 40.Think POT,MFT etc,
They have been proven correct over the past few years, which is a bit of a concern.?..lol.
I guess slow and steady wins the race. FPH is the Tortoise and ATM is the Hare one might say.

[kiora]

A lot of naysayers?
Disclaimer:Originally purchased for $4/share,doubled up when share price dropped to $3.Interesting to note share price relative to ATM.What are their relative risk profiles?
Things to like with FPH
"constant currency revenue growth of 20% from new applications consumables"
"Gross margin increased by 56 basis points to 66.9%, or a 58 basis points increase in constant currency, compared to the previous year, primarily due to favourable product mix"
"Last year, we invested $100 million (equal to 9% of our revenue) into R&D and we have a full pipeline of new products in development."
"reduction of debt to below the target gearing range"
"capital expenditure for the 2020 financial year to be approximately NZ$150 million"
"At current exchange rates we expect full year operating revenue for the 2020 financial year to be approximately NZ$1.15 billion and net profit after tax to be approximately NZ$240 million to NZ$250 million. Recent changes introduced by the New Zealand Taxation (Research and Development Tax Credits) Act 2019, a significant reduction in patent litigation costs and forecast currency benefits have been factored into our earnings guidance for 2020"
"86% of the company’s revenue was generated from recurring items, such as consumables and accessories"
A very sound company now litigation is behind it.

"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price. Warren Buffett

[percy]

I guess slow and steady wins the race. FPH is the Tortoise and ATM is the Hare one might say.

Maybe.
The old Buffett saying "you are better to pay a fair price for a good business,rather than a good price for a fair business" has been pushed to extremes by paying,2,3,or over 4 times their growth rates.

[couta1]

I guess slow and steady wins the race. FPH is the Tortoise and ATM is the Hare one might say. The amount of money I have in ATM currently I wouldn't dream of putting into FPH.

[Onion]

https://www.nzx.com/announcements/335053

I am just not sure why this company is worth so much in SP?? It goes well, but very very slow growth.


Overview of key results for the 2019 financial year

10% growth in net profit after tax to a record NZ$209.2 million.
8% increase in final dividend to 13.5 cps (2018: 12.5 cps).
9% growth in operating revenue to a record NZ$1.07 billion, 8% growth in constant currency.
12% growth in Hospital operating revenue, 11% growth in constant currency.
Revenue growth of 20% in constant currency for consumables used in non-invasive ventilation, Optiflow nasal high flow therapy and surgical applications, accounting for 62% of Hospital consumables revenue.
6% growth in Homecare operating revenue, 4% growth in constant currency.
Investment in R&D was 9% of revenue or NZ$100.4 million.
86% of the company’s revenue was generated from recurring items, such as consumables and accessories.



Such slow growth! Only 4% to 12% annually depending on sector! Overall 8% in constant currency.

Sounds disastrous.

[hogie]

The company is doing too well ... should increase tax to prevent them from growing so fast ...

"Let's tax this!"

[Onion]

FPH SP has only gone up 280% over the last 5 years! Why would you consider putting your cash there?

10557

A comparison with ATM may be unflattering, a comparison with just about any other share indicates returns have been pretty healthy.

[Biscuit]

I bought quite a lot up until 2012 then I have been selling chunks every year since then thinking the price was ridiculous. It is still one of my larger NZX holdings as the price just keeps growing. Having been wrong about selling every year over the last 6 years, I have decided not to sell any this year and just go with the flow.

[Ggcc]

Such slow growth! Only 4% to 12% annually depending on sector! Overall 8% in constant currency.

Sounds disastrous.
I am not saying the company is bad quite the opposite. This company is magnificent, just not for this price. This particular share has a great record for capital gains. Will it continue, who knows for the short term....

If I were to sell my A2 milk for other investments FPH would not even be a consideration for me, as in 5 years time A2 will have higher dividends than FPH, maybe even sooner with growth far exceeding FPH.

Hey but its only my opinion and I have been proven wrong before.

[Joshuatree]

I bought quite a lot up until 2012 then I have been selling chunks every year since then thinking the price was ridiculous. It is still one of my larger NZX holdings as the price just keeps growing. Having been wrong about selling every year over the last 6 years, I have decided not to sell any this year and just go with the flow.


I hear you, im not selling anymore either.Yeah go with( the sleep apnoea) FLOW, masks. Theres 29 million OSA people in the USA alone and growing(all those fatties).
Ive got the easier solution , holding ATM and FPH (and RMD) and looking at other similar companies atm.

[Joshuatree]

"Let's tax this!"
Curious as to where you got this quote from, a parrot?

[Biscuit]

I hear you, im not selling anymore either.

No way I could buy a company on a PE of ~40 that's growing at ~10% pa. Makes no sense. But here it is at $16 a share and looking back, I sure wish I hadn't sold at $3, $4, $6, $10 ....

[Lewylewylewy]

I wonder if next year will be greater than 10% growth because the competitor is based in China, which is looking at some serious cost increases. Additionally, as a currency hedge, this could be good.

I'll be buying the dips, though admittedly im carrying a fair bit of cash that would otherwise be invested in stocks.

[Lewylewylewy]

Correction, the competitor's factory is based in China

[Ggcc]

I guess someone now is realising that FPH needs a more realistic SP

[Biscuit]

I guess someone now is realising that FPH needs a more realistic SP

The rate of increase in NPAT has been trending down over the last few years (27%, 18%, 12%, 10%). Forecast next year increase in NPAT of at least 15%, reversing the trend if it comes to pass. They are a pretty sure bet to increase profit next year. I guess there are not that many companies you could say that for.

[Ggcc]

The rate of increase in NPAT has been trending down over the last few years (27%, 18%, 12%, 10%). Forecast next year increase in NPAT of at least 15%, reversing the trend if it comes to pass. They are a pretty sure bet to increase profit next year. I guess there are not that many companies you could say that for.

It is a great company of that I have no doubt, but I only value it around what analysts value it at, roughly $13 give or take. I would only invest if I had no need for the dividend for about 5-10 years at these figures. I have been proven wrong over the years with the valuation of FPH and a couple of other companies, but I have been correct before on others and sold out at the right time and made good money. At the end of the day we all have different strategies for investing.

FPH is a solid company and not going broke anytime soon.

[Biscuit]

..... I have been correct before on others and sold out at the right time and made good money. At the end of the day we all have different strategies for investing....


I find buying shares in great companies at a cheap price relatively easy. There are always bargains around the corner if you are patient enough. I have more problem selling. I usually start selling too early. Also, I can never bring myself to sell completely out of a company I like, no matter what the price. Logically, FPH is over priced and has been for years but it will stay in my portfolio until I lose interest in the company no matter what the price.

[kiora]

Maybe being priced like a bond but with good chance of an increase in capital value and dividend over time

[Ggcc]

Will she break the below $15 today????

Not today

[Lewylewylewy]

Trump whacked a 5% tariff on Mexican goods today (or at least announced it) with our going up 5% per month up to 25%. That's FPHs advantage poked. I see these dropping away significantly. I wouldn't like to put a guess on the bottom, but like everyone, I'll be putting some money on it when it feels right.

[kiora]

Trump whacked a 5% tariff on Mexican goods today (or at least announced it) with our going up 5% per month up to 25%. That's FPHs advantage poked. I see these dropping away significantly. I wouldn't like to put a guess on the bottom, but like everyone, I'll be putting some money on it when it feels right.

" divert production from Mexico elsewhere and supply the US market from New Zealand – where it still does the bulk of its manufacturing – if necessary.

Gradon also noted in November that the lower value of the Trump-hit Mexican peso would make manufacturing in Mexico cheaper."
https://www.stuff.co.nz/business/industries/88868478/kiwi-firm-builds-bigger-factory-in-mexico-as-trump-talks-tariffs
Also building in Auckland
https://www.nzx.com/announcements/312093

[Blue Skies]

Trump whacked a 5% tariff on Mexican goods today (or at least announced it) with our going up 5% per month up to 25%. That's FPHs advantage poked. I see these dropping away significantly. I wouldn't like to put a guess on the bottom, but like everyone, I'll be putting some money on it when it feels right.

I remember when the spectre of tariffs on Mexico were first raised a couple of years ago, discussion around swapping FPH exports from Mexico factories to the US, being swapped with FPH exports from NZ plant to the EU. They have options if felt necessary.

[Lewylewylewy]

Yup, from memory the sp dropped to about $8 as investors didn't believe the story that it wouldn't damage profits much.

This is different of course, because trump suggested that it will be lifted. So im expecting a slower, longer, but shallower decline of the sp this time around.

The big question is how much personal business interest the next US leaders have in Mexico when they get in (in 2020?).

I'll be looking to make a few bucks on this one. I like gambling when the worst case scenario is being stuck with over priced shares in a decent dividend paying growth company.

[share4eva]

Wow back up to $6.20. This thing is a machine

[BlackPeter]

Wow back up to $6.20. This thing is a machine

Jeez - you might give some holders a pretty rough wake up call.

I suppose you mean $16.20?

[share4eva]

Now $16.44. MACHINE!!!

[kiora]

Now $16.44. MACHINE!!!

Lofty heights.Lucky Eva :)

[share4eva]

Lofty heights.Lucky Eva :)

Now $16.57. Look out $20!!!!:):):):)

[kiora]

Now $16.57. Look out $20!!!!:):):):)

Steady Eva.Its not today;s price that is important,its the price in 10-20 years when you wish to sell some.Today;s price is irrelevant.

[kiora]

The SP was once far > ATM,then less and now back to worth more.
SP is correlated to $ US/NZ ? recently

Steady up tick in TO,net profit & good margins.
Aim to double every 5 years

Someone caught short today?
Up $0.94,6.2%

[Joshuatree]

fph (https://online.asb.co.nz/ost/DE85BFDA64911C7B4ECC07074DD9425C/companyannouncements/showannouncement/nzx/fph?issuercode=fph&number=339951&ispdf=false) Mkt likes the reassurance here with slight upgrade and solid 2020.

I also hold RMD (all time high today:) and young upstart OVN which appeals to the many who find a CPAP mask doesn't work for them, its poorly tolerated. The efficacy for OVN See thread) airway technology devices are near CPAP efficacy and alot cheaper. Win/WIN/WIn for me atpit DYOR

[Lewylewylewy]

The ovn product seems a bit shammy to me. There. I've said it!

Almost like it's a different market. Maybe for people with a less serious problem.

Is it an uneducated view? Yes. But it's how I feel about it, and you have to feel good about the product in some way to buy in.

[kiora]

fph (https://online.asb.co.nz/ost/DE85BFDA64911C7B4ECC07074DD9425C/companyannouncements/showannouncement/nzx/fph?issuercode=fph&number=339951&ispdf=false) Mkt likes the reassurance here with slight upgrade and solid 2020.

I also hold RMD (all time high today:) and young upstart OVN which appeals to the many who find a CPAP mask doesn't work for them, its poorly tolerated. The efficacy for OVN See thread) airway technology devices are near CPAP efficacy and alot cheaper. Win/WIN/WIn for me atpit DYOR

Do you mean this one JT?
Loss for the year attributable to the owners of Oventus Medical Limited up 34% to (7,848,255)
https://stocknessmonster.com/charts/ovn.asx/

[Joshuatree]

Thats the one. 50 to 60% quit CPAP in the first year.OVN is the solution for many . OVN has its own thread ,and its way more risky then the established big guys DYOR.

[Joshuatree]

The ovn product seems a bit shammy to me. There. I've said it!

Almost like it's a different market. Maybe for people with a less serious problem.

Is it an uneducated view? Yes. But it's how I feel about it, and you have to feel good about the product in some way to buy in.

I understand that .there are many shonky mouth pieces out there.Hell i saw somewhere in a comparison test you can get a boil in bag mouth piece on Ebay for 79c ! OVN has its own thread and is way riskier and not in profit yet.DYOR

[share4eva]

The gift that keeps giving. Go FPH!!!

[share4eva]

$16.62!!! New record high!!!!!!

[Joshuatree]

Are we there yet ,no . Been higher twice ,as far as $16.80 by my charts. Following RMD to higher planes.Highest volume for a while too.

[Joshuatree]

Has hit $17.26 (atpit) share4eva :)looks like the real deal atpit. Brand new high ,on average vol.

[limmy]

This stock is a stock market darling.

[share4eva]

Just a lazy $17.64 close the week. Not bad considering it was $15.15 on the 27th August.

[BlackPeter]

Just a lazy $17.64 close the week. Not bad considering it was $15.15 on the 27th August.

Good time for another tweet from the orange gorilla ;)?

Actually - just looked into the trend chart:

10751

If you look at the RSI value for FPH (second graph - the red "potatoes" in the chart mark the relevant peak when the SP started dropping) - looks like we are currently again at the FPH specific peak-value.

You still can enjoy your gains over the weekend - and long term I am sure FPH is a good hold - but short-term the SP gains might disappear again next week.

Just saying.

[share4eva]

Love your downramping BlackPeter. Were you doing that at $2.30??!!

[BlackPeter]

Love your downramping BlackPeter. Were you doing that at $2.30??!!

Calling the publication of a technical chart "down ramping" is inappropriate, offensive and quite stupid if I may say so. I am just discussing facts and possibilities. If anybody, than it is you "ramping" and on the way offending fellow posters.

[ratkin]

Love your downramping BlackPeter. Were you doing that at $2.30??!!

How can posting a chart on a sharetrading site be construed as down ramping??

[kiora]

The SP was once far > ATM,then less and now back to worth more.
SP is correlated to $ US/NZ ? recently

Steady up tick in TO,net profit & good margins.
Aim to double every 5 years

Someone caught short today?
Up $0.94,6.2%

Well that has been a bumpy ride since this post

[winner69]

FPH could become a $20 share on this news

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/FPH/342528/309634.pdf

[BlackPeter]

FPH could become a $20 share on this news

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/FPH/342528/309634.pdf

Hmm - $260m NPAT would mean an EPS of 45 cents. If we take your prediction of $20 SP, than this would make a PE of "only" 44.

Does not sound that dear these days for a company growing with a roughly 10% revenue CAGR, doesn't it?

Not my cup of tea, though - just imagine the markets decide at some stage in their collective wisdom to go for a healthy PE reduction back say back to 20 considering the growth (or heavens forbid - if they have an under-swinger to 10) ...

[Lewylewylewy]

Id say a pe of 25 would be healthy for these. 20 would be a bargain.

[winner69]

Hmm - $260m NPAT would mean an EPS of 45 cents. If we take your prediction of $20 SP, than this would make a PE of "only" 44.

Does not sound that dear these days for a company growing with a roughly 10% revenue CAGR, doesn't it?
..

Earnings growth >20% this year not too shabby

[BlackPeter]

Earnings growth >20% this year not too shabby

True, but long term earnings CAGR (9 years) is 11.6. Still not bad, but not a Ryman either ;);

I guess we need to see whether this years earnings growth is just a blip or an indication of earnings growth speeding up.

I am sure the twit in the white house will always be good for bad surprises ....

[dreamcatcher]

GS not impressed

"New mask approved in US; guidance nudged up but largely FX; Sell"

[share4eva]

BlackPeter's downramping didn't work. Lazy $18.32 on close

[etnom]

BlackPeter's downramping didn't work. Lazy $18.32 on close

Share4eve..... being vindictive and silly on being corrected, does show ones immaturity. There's no need for this negativity.

BlackPeter's charts posted on this site have always been informative and appreciated. Perhaps if you spend a little time, read and understand TA basics you would appreciate the effort by posters on this site.... sharing views for everyone's benefit.

[winner69]

Getting to $20 quicker than I thought

And to think the earnings upgrade was essentially currency related

[hogie]

Getting to $20 quicker than I thought

And to think the earnings upgrade was essentially currency related


And the madness continues!! Kind've gutted I sold a big chunk @ $17.50 a week or so ago :(

[pg0220]

It is pretty hard to believe how the market has reacted... earnings upgrade mainly due to fx changes. Then if currency reverses back to where it was, then downgrade earnings again? Solid business but yeah it is looking quite expensive. But I think people think this is a safe place to leave your money in...

[winner69]

And the madness continues!! Kind've gutted I sold a big chunk @ $17.50 a week or so ago :(

Yes indeed - you need to heed what my signature says “In a roaring bull market, knowledge is superfluous and experience is a handicap.”

Forget about PE ratios, 19 year CAGRs, RSIs and all those sort of things (suoerfluous and a handicap) and just go with the flow.

Maybe up my expectations ton$25 by Xmas

Kingfish Fund has heaps of these as well so many cheering it on.

[Blue Skies]

It is pretty hard to believe how the market has reacted... earnings upgrade mainly due to fx changes. Then if currency reverses back to where it was, then downgrade earnings again? Solid business but yeah it is looking quite expensive. But I think people think this is a safe place to leave your money in...

But is it "mainly due to fx changes"?
I could be wrong but seems to me somehow a commentators view re fx changes has morphed into the main reason for increase in SP.
I always thought it was mainly due to the early approval & release of their brilliant new OSA mask into the huge US market.
They've managed to solve one of the main complaints from patients who need these types of masks.
FX changes add some icing to the cake.

[winner69]

Only 70 cents away from 20 bucks

Probably won’t stop there - one if the best company’s on the NZX and loved by global investors

[nzspeak]

Is today the $20 day?

[kiora]

Probably not,possibly,does it matter?.To think this was priced lower than ATM not so long ago.Go Eva !

[Jim]

Is today the $20 day?

It's over that magical $20

[winner69]

It's over that magical $20

On its way to $25 now ....was going to say $30 but thought I’d temper my enthusiasm

Still good value I reckon.

[RupertBear]

On its way to $25 now ....was going to say $30 but thought I’d temper my enthusiasm

Still good value I reckon.

Was the very first share I bought, paid $2.00 for them :eek2: wish I had kept all of them :mellow: oh well still have a few so no worries :D

[nzspeak]

I think it does matter they are over $20. One of the greatest vehicles of shareholder wealth in NZ history might get some traction on this board, so newbees might buy this instead of XXXX and actually make some real money.

My only hope is that people don't starting talking about there own CPAC experience (I have been on one) and start giving us long irrelevant torturous personal accounts like people do in the Air NZ thread...
'Last night, I was cleaning the hose that connects to my FPH breathing mask (I chose the white version), and this green discharge starting exiting...

[macduffy]

Nicely put, nzspeak!

:ohmy:

[Joshuatree]

I think it does matter they are over $20. One of the greatest vehicles of shareholder wealth in NZ history might get some traction on this board, so newbees might buy this instead of XXXX and actually make some real money.

My only hope is that people don't starting talking about there own CPAC experience (I have been on one) and start giving us long irrelevant torturous personal accounts like people do in the Air NZ thread...
'Last night, I was cleaning the hose that connects to my FPH breathing mask (I chose the white version), and this green discharge starting exiting...

I understand at least 50% of people discontinue cpap use within the first year, thats why besides holding RMD(mkt cap re A$8.7 bill) and FPH (mkt cap re $ 11.5 bill) im also holding Oventus OVN (mkt cap re $64 mill)which has the closest efficacy to masks with its mouthpiece and something like 20% plus more then Somned's(mkt cap re $180 mill) ones. However a whole lot of risk with this early stage minnow compared with the incumbent giants. DYOR

[share4eva]

Good time for another tweet from the orange gorilla ;)?

Actually - just looked into the trend chart:

10751

If you look at the RSI value for FPH (second graph - the red "potatoes" in the chart mark the relevant peak when the SP started dropping) - looks like we are currently again at the FPH specific peak-value.

You still can enjoy your gains over the weekend - and long term I am sure FPH is a good hold - but short-term the SP gains might disappear again next week.

Just saying.

Nice $20.49 close today. Hope everyone held on.

[winner69]

Half year profit up 24% on pcp

Share price should closer to 30 bucks on the back of that

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/FPH/344963/312790.pdf

[kiora]

Half year profit up 24% on pcp

Share price should closer to 30 bucks on the back of that

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/FPH/344963/312790.pdf

Eva's a winner & a griner :cool:

[Joshuatree]

Decline in sleep apnoea masks ( a new trend?) offset by the extended flu season

"In the Hospital product group, which includes humidification products used in
respiratory, acute and surgical care, operating revenue increased 19% to a
record $353.6 million. This represented 17% growth in constant currency,
during an extended flu season in the United States. Products in the Hospital
group made up 62% of the company's operating revenue.

HALFYR: FPH: Strong Half Year Result for Fisher & Paykel Healthcare (https://online.asb.co.nz/ost/696E7276166B87D6F001F039F666741C/companyannouncements/showannouncement/nzx/fph?issuercode=fph&number=344963&ispdf=false)

[Joshuatree]

My brokers research FPH OSA sleep apnoea masks may be wound down to zero in 5 years. Hospital growth for masks a healthy growth replacement. Have to review whether its time for me to sell the last of my FPH shares with the run in s/p. Santa rally to higher multiples then peers.Currently 39 and forward PE est of re 45.

[Biscuit]

..... Have to review whether its time for me to sell the last of my FPH shares with the run in s/p. ....

past experience selling down, suggests you would end up wishing you hadn't, but maybe this time.

[Onion]

past experience selling down, suggests you would end up wishing you hadn't, but maybe this time.

Use some "science".

Look at the SP graph the last 5 years (take your glasses off 'cos you don't want the detail messing things up).

Odd number years -- SP gain
Even number years -- flat for the year

... so next year will be flat!

[Onion]

My brokers research FPH OSA sleep apnoea masks may be wound down to zero in 5 years. Hospital growth for masks a healthy growth replacement. Have to review whether its time for me to sell the last of my FPH shares with the run in s/p. Santa rally to higher multiples then peers.Currently 39 and forward PE est of re 45.

FPH spend a generous amount on R&D. Hopefully that positions them well to have new products replacing old if they start to wane.

[mondograss]

FPH spend a generous amount on R&D. Hopefully that positions them well to have new products replacing old if they start to wane.

They have a substantial patent portfolio as well which will likely flow through. In actual fact if you look at P20 of the Investor Presentation you'll see the gain\flat\gain\flat pattern you're talking about.

[Joshuatree]

past experience selling down, suggests you would end up wishing you hadn't, but maybe this time.

Absolutely true. My average entry was $3 according to my craigs info. Want to spread some more dough around into something else with more yield as well. Sold a third , keeping my RMD atpit as i see more growth there and my early stage OVN , potentially HUGE growth but early riskier days for this runt.

[Jim]

past experience selling down, suggests you would end up wishing you hadn't, but maybe this time.

Wish I haven't sold any of them but FPH is still my largest holding. I am not selling any from now on

[limmy]

Wish I haven't sold any of them but FPH is still my largest holding. I am not selling any from now on
Same here.

[nzspeak]

Anyone know what was behind the bump today?

[Joshuatree]

NZX at a new high, FPH too; call it the PEACH effect?:t_up:

[kiora]

Anyone know what was behind the bump today?

The EVA affect surely?

[hogie]

Maybe investors are speculating that Trump is removed from power and FPH will have free reign on the USA market again? :P

[Cricketfan]

Anyone know what was behind the bump today?

So I guess you need to ask the same thing about the dip today? (Answer is probably "shares go up, shares go down")

[Blue Skies]

Imagine demand for some of FPH medical respiratory devices will go through the roof with the Coronavirus epidemic.

disc, long time holder.

[Ggcc]

Imagine demand for some of FPH medical respiratory devices will go through the roof with the Coronavirus epidemic.

disc, long time holder.
Much to the dislike of King, I still feel this company overpriced. I do believe this is a solid company, but I would not invest at these levels. That is how I feel about a lot of companies on the NZX. Luckily I am 95% currently in the market

[Blue Skies]

Remember when the big question was if FPH or ATM would be first to $20. Well we know who won that race way back start of Nov.
FPH up 247% in 5 years.
Heading towards $23 finally.
Coronavirus a SP Changing event.
Surprised markets taken so long to catch on FPH with the gold standard in respiratory medical products exporting to 120 countries could have an extraordinary year ahead.
How long to get to $30?
Such a brilliant company.

disc. my largest holding by miles so probably a little bit biased

[Joshuatree]

And RMD Resmed up re 195% in the same time, holding both.
RMD up 4.6% atm on more great results.

[Biscuit]

lol, Who would have thought FPH would have turned out to be a defensive stock?

[BlackPeter]

Great company in growth sector. But with a PE of more than 50 based on management guidance, there is a massive amount of future growth baked in to the price. PEs over 50 for established companies make my head spin and remind by of the Japan market in 1989 when the average PE hit 58.

Psst - don't tell the thread-dwellers that the emperor has no clothes on ... they don't like it ...

But yes, from a fundamental perspective you certainly have a good point - but who knows what hype keeps doing to this SP until the trend ends.

[Joshuatree]

Every time i think this (and RMD) are way overvalued and sell down some more, guess what happens , it reaches new highs!. Its been "overvalued" for a long time. It and RMD are in an amazing niche especially with sleep apnoea, a recognised and part funded health problem, the effect of which causes people to die falling asleep at the wheel or to be under productive at work etc. Always watching for a bend at the end of the trend which never ends of this multibagger and for competitors with better products(OVN maybe but too early to tell). Then again maybe the bull mkt will end this year and affect all stocks.

[Lewylewylewy]

When deciding whether to invest in FPH, I would suggest graphing PE over time to see if it's a good time to buy.

I would also try to apply some predictions of forward PE, present and upcoming market sentiment.

[macduffy]

When deciding whether to invest in FPH, I would suggest graphing PE over time to see if it's a good time to buy.

I would also try to apply some predictions of forward PE, present and upcoming market sentiment.

Better polish that crystal ball extra hard, Lewy!

;)

[Jonboyz]

FPH up 4.46% this morning. Someone's forecasting a greater need for respiratory equipment!

[BlackPeter]

So - how good are the analysts? Here is the 4th review in my little series ...

Stock: FPH
Prediction month: January 2019
Forecast month: January 2020



Peak share price during prediction month
$14.10



Consensus forecast
$12.71



achieved peak shareprice in forecast month
$23.30
65% SP rise and 83% above forecast - PREDICTION FAIL


consensus recommendation
underperform (1,9/10)



actual 12 month growth vs NZX50
outperformed NZX50 by 50%
PREDICTION FAIL



Rating of the analysts so far:

4 stocks checked (checking for each consensus and buy recommendation);
predictions correct: 1
predictions wrong: 7
analyst hitrate so far: 12.5%

Ouch.

[nzspeak]

Cracked the quarter ton today ($25). Congrats to all of the holders. FPH reminds me of a quiet Xero from yesteryear.

[Biscuit]

Cracked the quarter ton today ($25). Congrats to all of the holders. FPH reminds me of a quiet Xero from yesteryear.

That's over a 1000% gain for me on average buy, according to Direct Broking. Have to say I have sold a depressingly large amount of these for under $10 in the last few years.

[nzspeak]

I have sold a depressingly large amount of these for under $10 in the last few years.
Biscuit, we all did. Everyone who bought them south of $3 sold some. It is what it is.

[Biscuit]

Profit upgrade - is it going to go even higher now - PE currently 60 plus

[Blue Skies]

Profit upgrade - is it going to go even higher now - PE currently 60 plus

Yes definitely imo, would any holder sell their FPH shares at the moment? Would have to be crazy or desperate.
With the increasing challenges around hospitals being great incubators for things like COVID-19 & superbug antibiotic resistant viruses, some of the FPH medical devices which get patients out of hospitals faster & able to recuperate in their own homes are a godsend to doctors, financially stretched hospital boards and anxious patients.
These are not non essential discretionary consumer products, they help provide vital solutions to a rapidly increasing problem.
If the ship was sinking & someone could sell you a seat on a lifeboat, you're not going to haggle too much over the price are you. :)

[Biscuit]

If the ship was sinking & someone could sell you a seat on a lifeboat, you're not going to haggle too much over the price are you. :)

Why sir, I should certainly never purchase a seat on a life boat :ohmy:

[Blue Skies]

Wow, look at that SP go. I was thinking $30 by end of the year but looks like much sooner.

[share4eva]

Just a lazy $17.64 close the week. Not bad considering it was $15.15 on the 27th August.

Just a lazy $26.05 finish today. Outstanding!!!

[kiora]

Just a lazy $26.05 finish today. Outstanding!!!

Like buying that house in Remas agh. Good for Eva !

[Mr Slothbear]

Just a lazy $26.05 finish today. Outstanding!!!


we had the 2000’s dot com bubble now theres the 2020 corona bubble. FPH and CSL look akin to healthcare tulips.

They both have a long way to fall if it pops.

[Blue Skies]

we had the 2000’s dot com bubble now theres the 2020 corona bubble. FPH and CSL look akin to healthcare tulips.

They both have a long way to fall if it pops.


It's possible to understand at the most superficial glance someone might draw a comparison, but please just think about it.

During the Dotcom bubble, at a time when home ownership of computers in the US was just taking off, many Dotcom companies SP rose over 1000% some even over 2000%, on wild speculation of future profits at the same time they were making huge losses. Every new Dotcom company launch was greeted with an extravagant Dotcom party with investors hardly knowing or even caring what the company did.

But how much revenue did FPH made last year ?
Over $1 Billion, with products sold in over 120 countries around the world & NPAT of $209 Million.
60% of that came from FPH products in the Hospital care range, for respiratory care, acute care, surgical care.
These aren't airy fairy non essential discretionary consumer products, they are life saving, & medical expenditure is the fastest increasing cost for govt's around the world.
Why are hospitals DHB's etc everywhere struggling with their budgets ? Because when it comes to a choice between medical care & saving lives, or saving money, medical care wins hands down every time.
FPH's Homecare products also save lives & also have high (revenue driving) consumables i.e. parts like filters, lines etc which need regular replacing.
Projected NPAT for this year before (Coronavirus) COVID-19 broke was projected at $240 - $250 million.
With many of their products setting the Gold standard in Respiratory care & a significant R&D focus on developing new products the future looks increasingly stronger & is reflected in the ever increasing SP.

[share4eva]

we had the 2000’s dot com bubble now theres the 2020 corona bubble. FPH and CSL look akin to healthcare tulips.

They both have a long way to fall if it pops.

Take your downramping somewhere else

[BlackPeter]

Take your downramping somewhere else

Quite unreasonable post. I think Mr Slothbear is full in his rights to share the same thread as up-rampers.

If you only want to hear your own opinions I recommend you leave this and any other any forum and write emails or memos to yourself. This will fix it :):

[Mr Slothbear]

Take your downramping somewhere else

Very poor rhetoric.

i’m far from a downramper. FPH has one of the best track records on the NZX but regardless of that you can’t be myopic enough to deny a ttm P E of 62 for a mature company is not overexuberant nearing ridiculous.

[ratkin]

Would any of their respiratory products be of any use with coronavirus respiratory problems?

[Blue Skies]

Would any of their respiratory products be of any use with coronavirus respiratory problems?


Short answer, yes.
Latest FPH (Friday) and 3rd profit upgrade so far this year linked to better than expected sales of Home Care products, continued strong demand for Hospital Product Group and increasing demand from China linked to COVAD-19 Corona virus.

Just some observations,
As these classified as Essential medical devices, no disruption to supply or distribution channels.
Staff now working long hours trying to keep up with demand.
No devices manufactured in China.
Products sold in over 120 countries worldwide.

Don't want to be accused of up ramping so draw your own conclusions, but since COVAD-19 now spreading rapidly to 20 something countries including the US, Europe & Middle East, think it reasonable to predict there might be some significantly increasing demand.

[nizzy]

Take your downramping somewhere else

Schroders Aust have owned CSL since the year dot and have a price on CSL of $150, ie less than 50% of current price. love the company but think valuation way too high at moment.

[kiora]

Is there any thoughts regarding 2020 sales?
If sales are up 25% on forecast to $1.5b then EBIT $475m?,PE down to 40?
Thoughts ?

[Jim]

Is there any thoughts regarding 2020 sales?
If sales are up 25% on forecast to $1.5b then EBIT $475m?,PE down to 40?
Thoughts ?

This baby is going gang buster. It is now the largest company worth in excess of $15B


https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12313529

[Joshuatree]

New all time high on a red red day. Low was $25 but it finished on its high $26.77 on a last trade of re 250,000 shares.More than defensive atpit:).

[Cadalac123]

will crash soon too

[Blue Skies]

A respiratory pandemic sweeping the world with hospitals & health systems desperately short of respiratory equipment to cope with the numbers, AND an extraordinary company (FPH) selling to over 120 countries, making & continuing to develop the Gold Standard in Respiratory Devices for both hospital & home care (allowing home isolation & saving hospital beds ).
Even once this pandemic passes, heath systems will not ever want to be caught short again.
Connect the dots!

[Cadalac123]

Cant wait to pick this up again at $1.10

[Ggcc]

Cant wait to pick this up again at $1.10
That won't happen and even I think FPH is over valued.

[nzspeak]

Cant wait to pick this up again at $1.10

Unfortunately this thread is full of 10 years of these types of comments. Not sure where the motivation comes from? Obviously jealousy is far too simple an explanation. It find it facinating the FPH owners just count their $$$ contently and the trolls run the thread.

[Joshuatree]

Think its just simple novice ignorance about this company and its history. Always been "overvalued" and "over priced". And again like yesterday,one big sale/buy right at the end of the day but down this time.Attempted Manipulators?

[RupertBear]

I dont think Cadalac123 is an ignorant novice I think he/she is just taking the piss....;)

[Joshuatree]

Cadalac use emoticons your piss takes are lost in ;)transalation

[RupertBear]

Cadalac use emoticons your piss takes are lost in ;)transalation

I am only guessing its a piss take as I saw him/her claiming Xero would go down to $5....so they are either bonkers or they are taking the piss....so I am giving them the benefit of the doubt JT ;)

[Cadalac123]

I was kidding geez lol

[Bjauck]

we had the 2000’s dot com bubble now theres the 2020 corona bubble. FPH and CSL look akin to healthcare tulips.

They both have a long way to fall if it pops. Five years ago when the price was $6 something, my broker said it was overvalued. I listened and reduced my holding (fortunately by not as much as was suggested)....I am not sure that as a producer of breathing support supplies necessarily means that its recent price rises are unjustified at this juncture.

[Mr Slothbear]

Down 8.5% so far and still has a long, long way to fall.

[BlackPeter]

Down 8.5% so far and still has a long, long way to fall.

No resistance worthwhile mentioning. One punter bidding $2.60 per share, and this offer is under the top 20 bids. LOL.

I guess this drop shows that all the rampers knew all the time their stock is overvalued, they just didn't wanted to admit it.

Maybe at the end of this blood bath will FPH reach a sensible price level. Looking for an entry point.

[Biscuit]

Maybe at the end of this blood bath will FPH reach a sensible price level. Looking for an entry point.

What's a sensible re-entry point do you think? FPH a great company just chronically over priced. Still 9% of my remaining portfolio.

[BlackPeter]

What's a sensible re-entry point do you think? FPH a great company just chronically over priced. Still 9% of my remaining portfolio.

Hard to say. I think I will be interested somewhere between 15 and 16 dollars, but impossible to predict whether it will go there (or even lower, which would be nice from my perspective ;);

[Mr Slothbear]

It would have to more than halve before it would be worth casting an eye to it.

its EPS is 40.5 cents per share.

for a company currently $20 per share. Let that sink in.

[mondograss]

Share price was cycling between about $12 and $16.50 from late 2017 into early 2019 (looks like an average of around $14 through that time), so if we're just giving up a years worth of gains that would suggest that anything under $15 is probably pretty good and under $14 even better.

[Biscuit]

Hard to say. I think I will be interested somewhere between 15 and 16 dollars, but impossible to predict whether it will go there (or even lower, which would be nice from my perspective ;);

I think that if you take out the speculative premium (people buying just because it is going up so much), which must surely now be extinguished, I would not think it would be worth buying over $10.

[Joshuatree]

You are just one of many dreamers on the threads imo, scroll back and look.
Meanwhile as the USA and other countries become enveloped with Covid 19,F&P is very well placed to help.

"This result was mainly driven by our Hospital product group, which delivered revenue growth of 19 per cent. We saw strong demand for our Optiflow and AIRVO systems, which continued to benefit from the growing body of clinical research in the use of nasal high flow therapy. Our results were also assisted by the extended flu season in the United States.

View report (https://resources.fphcare.com/resources/corporate/media/resources/documents/investor/annual-reports/2020-fph-interim-report.pdf)

[Biscuit]

You are just one of many dreamers on the threads imo, scroll back and look.


lol, I have made a lot of money out of FPH over the last 10 years, but it is over-priced.

[Joshuatree]

Scroll back and you will see it always has been;) Im up 652% atm

"This result was mainly driven by our Hospital product group, which delivered revenue growth of 19 per cent. We saw strong demand for our Optiflow and AIRVO systems, which continued to benefit from the growing body of clinical research in the use of nasal high flow therapy. Our results were also assisted by the extended flu season in the United States

[Biscuit]

Scroll back and you will see it always has been;) Im up 652% atm


Well, you are up about half what I was last time I sold and no FPH has not always been over-priced, nor will it always be over-priced.

[Joshuatree]

Hang in there biscuit it may well come to you with this carnage/meltdown anything can happen

"Our results were also assisted by the extended flu season in the United States"

[kiora]

https://www.tradingview.com/chart/FPH/WuLpC0ZE-Corona-Virus-stock-go-long-on-Fisher-Paykel-Healthcare/
Is this true?
"
fill777
Mar 5
I heard through a friend who heard this from a doctor (i've personally met). Apparently this doctor spoke with a sales representative of FPH within the past 2 weeks that an order of respirators from this company had been purchased by China. A Chinese healthcare company ordered 100,000 respirator units for their hospitals! I'm going to be watching this stock very closely!"

[Joshuatree]

I would say probably. This from an update way back in FEB (seems like a long time ago already) making FPH possibly justifying a defensive hold still.

“We’ve seen better-than-expected sales in our Homecare product group combined with continued strong growth in our Hospital product group. This includes an increase in demand from China related to the COVID-19 coronavirus outbreak,” said Lewis Gradon, Managing Director and CEO.
Coronavirus impact
Mr Gradon said the company has received inquiries about possible impacts to the company’s supply chain resulting from coronavirus. Fisher & Paykel Healthcare does not have a manufacturing facility in China; however, some of its suppliers of raw materials are based in China.
“At this stage, we do not anticipate any significant impact on supply to our existing customers. We will continue to assess this on an ongoing basis, particularly if the outbreak escalates or continues for a prolonged period,” said Mr Gradon.
“During this challenging time for China, we appreciate the efforts of our own team and our suppliers. Our people have been working long hours to ship products quickly, assemble them, and meet the need for training, particularly in Wuhan. Many of our suppliers have expedited the supply of raw materials to us as a manufacturer of essential medical devices, and we are deeply grateful for that,” he said

Fisher & Paykel Updates Revenue & Earnings Guidance (https://www.nzx.com/announcements/348775)

[Joshuatree]

And This. We need that update asap.

"Auckland, New Zealand, 27 February 2020 - Fisher & Paykel Healthcare Corporation Limited announced today that its investor day, originally scheduled to be held on Tuesday, 3 March 2020, has been postponed.

Given the company’s current focus on responding to the coronavirus outbreak, a decision has been made to postpone next week’s investor day. The company will update the market in due course on a revised date."
FPH Postpones March 2020 Investor Day (https://www.nzx.com/announcements/349095)

[Joshuatree]

Maybe these posts have helped:) S/P up 5.1% atm.

[Leftfield]

Further upgrade from FPH (https://www.nzx.com/announcements/350047). It's not all doom and gloom out there. GLH.

[Blue Skies]

Ha, & what have we been telling everybody!

“Our respiratory humidifiers and consumables are directly involved in treating patients with coronavirus. We have seen an increase in demand globally and have ramped up our manufacturing output. At the same time, we have benefited from stronger sales in our Homecare product group and a weakening of the NZ dollar,” said Managing Director and CEO Lewis Gradon.

Disc, happy holder.

[ratkin]

What happens if the area the factories are in go into lockdown? Mexico seems to be starting to hve a few cases

[Joshuatree]

By jove thats close to an all time high, chocks away chaps,Toot toot:D
up 9% atm to $27.48

[limmy]

When reporters ask Mike Pence and Donald Trump about wanting enough ventilators, do they mean respirators for the patients ?

[Jonboyz]

In retrospect, the worst investment I've ever made is selling FPH about 13 years ago. Had bought them for $2.95 each but then sold 90% of them off after two years when the SP moved very little. I'd be sitting on an extra $600k if I hadn't...

Disc: Holding (never gonna give you up)

[ratkin]

In retrospect, the worst investment I've ever made is selling FPH about 13 years ago. Had bought them for $2.95 each but then sold 90% of them off after two years when the SP moved very little. I'd be sitting on an extra $600k if I hadn't...

Disc: Holding (never gonna give you up)

Yeah we all get them. Mine was xero lots of if onlys.

I bought into FPH a few days ago for 25.00. They just seem to have all the tailwinds at the moment, weakening NZ dollar, increasing production, directly involved in helping Covid patients.
Only thing that concerns me short term is if Mexico has a bad case of virus and the production factories have to close or are disrupted by supply issues or whatever.
But apart from that there appear to be no negatives

[Biscuit]

Yeah we all get them. Mine was xero lots of if onlys.

I bought into FPH a few days ago for 25.00. They just seem to have all the tailwinds at the moment, weakening NZ dollar, increasing production, directly involved in helping Covid patients.
Only thing that concerns me short term is if Mexico has a bad case of virus and the production factories have to close or are disrupted by supply issues or whatever.
But apart from that there appear to be no negatives

What do you think about Trump's promise to "go to war" on the virus including ramping up production of "ventilators"? How is that likely to impact FPH short/long term?

[ratkin]

When reporters ask Mike Pence and Donald Trump about wanting enough ventilators, do they mean respirators for the patients ?

Ventilators are very different from the things FPH make, they both help with breathing though.
A ventilator actually pushes air into the lungs, and is generally for serious conditions. FPH makes respirators that are for things like sleep apnea etc. Am not sure what there actual purpose is in treating covid 19

According to their website, the optiflow system they make helps prevent the need for intubation, which I think means it reduces the need for a ventilator, but im not 100% on that

[Biscuit]

FPH seem to have a good thing going with devices that blow air at people, I'd be a bit wary of Federal interference in that market.

[Champion]

Ratlin and Biscuit - FPH key products in fighting covid 19 are the respiratory humidifiers and a product called Airvo. The respiratory humidifier is used with ventilators to condition the gas. So the more ventilators are used, the higher the demand of FPH products. Airvo is a flow source to help the patient to breath through the use of nasal highflow (alternative to ventilators) with a built-in humidifier, usually for less severe patients who can breath for themselves, but need assistance.

Product for sleep apnea is just part of their business, but probably more well know to people.

Hope this helps.

[Blue Skies]

Ratlin and Biscuit - FPH key products in fighting covid 19 are the respiratory humidifiers and a product called Airvo. The respiratory humidifier is used with ventilators to condition the gas. So the more ventilators are used, the higher the demand of FPH products. Airvo is a flow source to help the patient to breath through the use of nasal highflow (alternative to ventilators) with a built-in humidifier, usually for less severe patients who can breath for themselves, but need assistance.

Product for sleep apnea is just part of their business, but probably more well know to people.

Hope this helps.


Thanks for clarifying this Champion.

Also can add to these what they call 'consumables', all the parts which need to be regularly replaced, filters etc which of course provide an ongoing income stream for FPH long after the device has been sold.

[Joshuatree]

In retrospect, the worst investment I've ever made is selling FPH about 13 years ago. Had bought them for $2.95 each but then sold 90% of them off after two years when the SP moved very little. I'd be sitting on an extra $600k if I hadn't...

Disc: Holding (never gonna give you up)

I hear you but these are extraordinary times and i want more cash where i can get it for amazing opps later. So ive sold afew into this uplift demand. Int research note out from my broker, estimates FPH can lift production 30% short term, mentions the boom bust cycle when covid 19 is contained and have a target price of $25.50 with a hold FWIW.

[kiora]

JT they are making some assumptions that may be better informed than me.

Mine
Demand vs supply:I would assume they previously have been on one shift,what if they went to 3 shifts?
Raw material from China priority(can get as much as they need)
Corona takes longer to control than they estimate
FPH have large market share in Optiflow & intubation,protected by patents & difficult to replicate
56% sales are consumables with high margins that need to be replaced
I'm not putting a figure on it,it would only be a guess but easy to see could be higher than their price target

[ratkin]

If this does last Eighteen months it plays right into the hands of FPH. There will be a constant stream of customers and a long lasting demand. Even after the outbreak there may be some needing ongoing care

[Joshuatree]

As I said unprecedented times , i want some more ammo for extremely distressed cap raises etc, think back to 2008-9 .FPH is a great stock right now but i can see my money working better elsewhere in the not too distant future. Still holding a bunch atp.

[Pricey]

I agree with JT that money elsewhere will work better, but only in the medium term. "Flattening the curve" is based on the premise that everyone gets this thing, but over a longer period of time. I expect Covid will be around for a while and hospitals will be buying whatever is available. FPH's next announcement is in May, so not too far away, which should keep momentum up.

[Joshuatree]

https://meticulousblog.org/top-10-companies-in-global-ventilators-market/

FPH 4th in the top ten.
"A report into the projected growth of the current ventilators market by Meticulous researchhas produced some incredible forecasts for the industry. By 2023, it’s expected to have grown at a CAGR of 7.2%, reaching over $2.5 billion."

[Onion]

I have been thinking I will sell my holding, but being a procrastinator is working for me. Up over 10% today. Finished at a record high of $30!

It makes me feel a little better when I see this amongst the sea of red for all my other holdings recently.

[share4eva]

Just a lazy $30 finish.

Wonder what the share price will go to if we don't end up in a depression

[RupertBear]

I have been thinking I will sell my holding, but being a procrastinator is working for me. Up over 10% today. Finished at a record high of $30!

It makes me feel a little better when I see this amongst the sea of red for all my other holdings recently.

I have learned from experience NEVER sell FPH as it will always go up. Should have listened to myself yesterday when I sold a few at around $26 to free up some cash :rolleyes: so keep on procrastinating Onion!! :D

[macduffy]

I have been thinking I will sell my holding, but being a procrastinator is working for me. Up over 10% today. Finished at a record high of $30!

It makes me feel a little better when I see this amongst the sea of red for all my other holdings recently.

Indeed, I could have written that, too!

:mellow:

[Jim]

FPH.NZ - Fisher & Paykel Healthcare Corporation Limited Ord Shares
Market Settlement
Type Date Qty ccy Price Value Fees Settlement Realised P/L ccy FX Rate Price Value Fees Settlement Realised P/L
BUY 23/11/2004 2,000 NZD 302 6,040.00 47.28 6,087.28 NZD 1 302 6,040.00 47.28 6,087.28
[delete] [edit]
BUY 02/08/2007 1,500 NZD 334 5,010.00 29.90 5,039.90 NZD 1 334 5,010.00 29.90 5,039.90
[delete] [edit]
BUY 21/05/2008 1,500 NZD 273 4,095.00 29.90 4,124.90 NZD 1 273 4,095.00 29.90 4,124.90
[delete] [edit]
BUY 05/08/2011 1,500 NZD 246 3,690.00 29.90 3,719.90 NZD 1 246 3,690.00 29.90 3,719.90
[delete] [edit]
BUY 30/08/2011 2,000 NZD 218 4,360.00 29.90 4,389.90 NZD 1 218 4,360.00 29.90 4,389.90
[delete] [edit]
BUY 08/02/2012 2,100 NZD 210 4,410.00 29.90 4,439.90 NZD 1 210 4,410.00 29.90 4,439.90
[delete] [edit]
BUY 24/07/2012 3,000 NZD 193 5,790.00 29.90 5,819.90 NZD 1 193 5,790.00 29.90 5,819.90

I should have bought more and not sell any of it

[share4eva]

FPH.NZ - Fisher & Paykel Healthcare Corporation Limited Ord Shares
Market Settlement
Type Date Qty ccy Price Value Fees Settlement Realised P/L ccy FX Rate Price Value Fees Settlement Realised P/L
BUY 23/11/2004 2,000 NZD 302 6,040.00 47.28 6,087.28 NZD 1 302 6,040.00 47.28 6,087.28
[delete] [edit]
BUY 02/08/2007 1,500 NZD 334 5,010.00 29.90 5,039.90 NZD 1 334 5,010.00 29.90 5,039.90
[delete] [edit]
BUY 21/05/2008 1,500 NZD 273 4,095.00 29.90 4,124.90 NZD 1 273 4,095.00 29.90 4,124.90
[delete] [edit]
BUY 05/08/2011 1,500 NZD 246 3,690.00 29.90 3,719.90 NZD 1 246 3,690.00 29.90 3,719.90
[delete] [edit]
BUY 30/08/2011 2,000 NZD 218 4,360.00 29.90 4,389.90 NZD 1 218 4,360.00 29.90 4,389.90
[delete] [edit]
BUY 08/02/2012 2,100 NZD 210 4,410.00 29.90 4,439.90 NZD 1 210 4,410.00 29.90 4,439.90
[delete] [edit]
BUY 24/07/2012 3,000 NZD 193 5,790.00 29.90 5,819.90 NZD 1 193 5,790.00 29.90 5,819.90

I should have bought more and not sell any of it


WOW!!!!! So you are making a $375,000 PROFIT!!!!!!:scared::eek2::eek2::eek2::eek2::eek2: :eek2::eek2::eek2::eek2:

[Bjauck]

I have learned from experience NEVER sell FPH as it will always go up. Should have listened to myself yesterday when I sold a few at around $26 to free up some cash :rolleyes: so keep on procrastinating Onion!! :D I second that. FPH is an essential supplier during the epidemic. Mexico would be unlikely to halt production at the factories.

[Blue Skies]

FPH has always been significantly the biggest shareholding in my portfolio, I've never sold any & without it, I would be deeply depressed,... as opposed to moderately depressed :)

[peat]

sure has a negative correlation to the rest of the market !

[kiora]

sure has a negative correlation to the rest of the market !

Positive correlation to NZDUSD exchange rate

[kiora]

Is their production 24/7?
Is their Auckland building expansion complete?
If not is it continuing now?
Day & afternoon production shifts & warehouse night shift jobs advertised
No production line staff advertised so fully staffed?
https://www.workhere.co.nz/company/fisher--paykel-healthcare/about-us
https://jobs.fphcare.com/search/page/0/search/cvid-ovAd7/Desired-Location%2CNew-Zealand%2Cjobs.html

https://www.seek.co.nz/Fisher-&-Paykel-Healthcare-jobs/in-East-Tamaki-Auckland

[ratkin]

Is their production 24/7?
Is their Auckland building expansion complete?
If not is it continuing now?
Day & afternoon production shifts & warehouse night shift jobs advertised
No production line staff advertised so fully staffed?
https://www.workhere.co.nz/company/fisher--paykel-healthcare/about-us
https://jobs.fphcare.com/search/page/0/search/cvid-ovAd7/Desired-Location%2CNew-Zealand%2Cjobs.html

https://www.seek.co.nz/Fisher-&-Paykel-Healthcare-jobs/in-East-Tamaki-Auckland

Not sure about NZ but am wondering about the Mexican facility as Tijuana has just gone into lock down. Hopefully it does not interfere with the supply chain as they will be going gangbusters trying to supply the US market

[kiora]

"WHAT HAPPENS IN ICU?

"In ICU, various treatments can support these more serious breathing problems. This includes high-flow humidified oxygen, delivered via a nasal mask.

The oxygen is warmed and its humidity artificially increased so as to avoid uncomfortable dryness. It is gently pumped into the lungs at a comfortable rate that still allows the patient to speak and eat"
".An analysis of adult Covid-19 patients treated at two Wuhan hospitals found that 50 of the 191 cases studied required ICU treatment.Of these 50 ICU patients, 41 received high-flow humidified oxygen, 33 were intubated, and 3 received extracorporeal membrane oxygenation.

Only 8 of the 41 patients treated with high-flow oxygen survived, and just one of the intubated patients"

So around 20 %of patients in hospital needed FPH unit?
https://www.stuff.co.nz/national/health/coronavirus/120688102/how-are-the-most-serious-coronavirus-cases-treated-and-does-the-coronavirus-cause-lasting-damage

[ratkin]

"WHAT HAPPENS IN ICU?

"In ICU, various treatments can support these more serious breathing problems. This includes high-flow humidified oxygen, delivered via a nasal mask.

The oxygen is warmed and its humidity artificially increased so as to avoid uncomfortable dryness. It is gently pumped into the lungs at a comfortable rate that still allows the patient to speak and eat"
".An analysis of adult Covid-19 patients treated at two Wuhan hospitals found that 50 of the 191 cases studied required ICU treatment.Of these 50 ICU patients, 41 received high-flow humidified oxygen, 33 were intubated, and 3 received extracorporeal membrane oxygenation.

Only 8 of the 41 patients treated with high-flow oxygen survived, and just one of the intubated patients"

So around 20 %of patients in hospital needed FPH unit?
https://www.stuff.co.nz/national/health/coronavirus/120688102/how-are-the-most-serious-coronavirus-cases-treated-and-does-the-coronavirus-cause-lasting-damage

Pretty ugly survival rate, then there is heart, Kidney and liver damage. Seems like once you need ICU it almost game over. How do you know the units were all supplied by FPH though?

[kiora]

There are other manufacturers high-flow humidified oxygen, delivered via a nasal mask.
In google search FPH Optiflow comes up first
I would assume the survival rate includes all those other conditions

[percy]

https://sendy.tarawera.co.nz/l/J6oLVth2f3f6IXNYvUBQEg/JMurU1wa0763dDO3DroFhldw/OGmdqAwzYqHAxZmUmsZB4Q

Competition.?

[kiora]

???
For Amazon or FPH?
"Instacart workers highlights the impact of the coronavirus outbreak on the grocery delivery business, where workers are worried about their safety as they try to meet a surge in demand for online groceries"

[peat]

whoever bought instead of sold (I though it was in the Direct Broking thread) yesterday wont be complaining today!

[Jay]

Wasn't brave enough to take the plunge at around $25 - would have been a nice earner even on my very modest probable purchase -how higher can it go, which more than 1 of us has been saying since about $10 or so

[Jim]

whoever bought instead of sold (I though it was in the Direct Broking thread) yesterday wont be complaining today!

It was me whom I thought made a mistake by putting in a contract to buy instead of a sell of 2000 FPH at $30. Well the mistake is well worth, I sold it today and made a tidy profit.

[Cadalac123]

I’m sure FPH will benefit from the current situation but if you think it’s to the same level as a biotech involved in this space you are dreaming

Hospitals aren’t going to be stockpiling their products specifically

[Ggcc]

Great company and great products and many more to come, but the PE ratio is way too high for the growth it is hoping to achieve. I would rather go 100% in ATM than in FPH. Still this company is a great company, but I would not be buying unless it was lower than $18 per share. Just my opinion and I have been wrong so far as everyone is buying their boots full

[Champion]

"WHAT HAPPENS IN ICU?

"In ICU, various treatments can support these more serious breathing problems. This includes high-flow humidified oxygen, delivered via a nasal mask.

The oxygen is warmed and its humidity artificially increased so as to avoid uncomfortable dryness. It is gently pumped into the lungs at a comfortable rate that still allows the patient to speak and eat"
".An analysis of adult Covid-19 patients treated at two Wuhan hospitals found that 50 of the 191 cases studied required ICU treatment.Of these 50 ICU patients, 41 received high-flow humidified oxygen, 33 were intubated, and 3 received extracorporeal membrane oxygenation.

Only 8 of the 41 patients treated with high-flow oxygen survived, and just one of the intubated patients"

So around 20 %of patients in hospital needed FPH unit?
https://www.stuff.co.nz/national/health/coronavirus/120688102/how-are-the-most-serious-coronavirus-cases-treated-and-does-the-coronavirus-cause-lasting-damage

Note that FPH units are also used in non-ICU settings as well (i.e. to avoid deteriorating further, or in recovery), and for both nasal high flow as well as intubated patients. And yes, there are other competitors products. So it is hard to estimate the % of patients on FPH units.

[Cadalac123]

nm ...................

[Onion]

When the dust settles, and the hospitals revert to business as usual, there are going to be so many ventilators sloshing around that I wonder if FPH will be able to sell any for the next 10 years or so.

I assume that the ventilators being produced by unconventional suppliers (Ford, GM, Dyson, etc.) will be basic models - so FPH's models may well be better and still have a niche market.

Any thoughts?

[IAK]

Agree. I think many countries have been caught on the hop and will decide (& rightly so) that the production of medical equipment (ventilators, masks etc,) is in the national interest and will start making their own.

[Champion]

Agree. I think many countries have been caught on the hop and will decide (& rightly so) that the production of medical equipment (ventilators, masks etc,) is in the national interest and will start making their own.

I think this could be true. However, in terms of not able to sell in the future because there is an excess, that is less of a concern. FPH makes humidifers not ventilators and the main revenues come from consumables, not the device itself. So I think while the demand will drop back, it won't be as bad as those who make ventilators.

The bigger effect may come from less people having flu or respiratory illness due to the awareness and prevention.

The thing is, will Covid19 ever go away? Or just the severity / impact is reduced? Even with flu vaccines, it is still affecting so many people. Covid 19 is more contagious with longer incubation time. Can we really eliminate it or just keep it under control?

[ratkin]

Grant Robertson was just asked if FPH had been approached with regards to making Ventilators. He neither confirmed nor denied

[hogie]

Grant Robertson was just asked if FPH had been approached with regards to making Ventilators. He neither confirmed nor denied

After having worked at FPH for several years, unless the regulations of "ventilators" are relaxed compared to other medical devices (especially FDA compliance), it would be nigh on impossible for FPH to change their product lines and gear up to produce ventilators ... the amount of product design, testing, quality checking, documentation that needs to go into producing a new product is absolutely impossible to churn out ... a vaccine would be out long before FPH could get a production line making ventilators ...

Unless of course the rules and regulations are relaxed :)

[kiora]

Thank goodness some one on here reads their reports before posting ;)
Thanks Champion.

[Onion]

I think this could be true. However, in terms of not able to sell in the future because there is an excess, that is less of a concern. FPH makes humidifers not ventilators and the main revenues come from consumables, not the device itself. So I think while the demand will drop back, it won't be as bad as those who make ventilators.

The bigger effect may come from less people having flu or respiratory illness due to the awareness and prevention.

The thing is, will Covid19 ever go away? Or just the severity / impact is reduced? Even with flu vaccines, it is still affecting so many people. Covid 19 is more contagious with longer incubation time. Can we really eliminate it or just keep it under control?

So all those ventilators might need a nice FPH humidifier attached.

Nevertheless I’ve cashed up half.

[RupertBear]

So all those ventilators might need a nice FPH humidifier attached.

Nevertheless I’ve cashed up half.

yep I cashed up some as well but I just know I will regret it! :rolleyes:

[ratkin]

https://techcrunch.com/2020/04/03/sleep-apnea-retrofit-designed-by-doctors-and-engineers-could-help-address-ventilator-shortage/

[Blue Skies]

https://techcrunch.com/2020/04/03/sleep-apnea-retrofit-designed-by-doctors-and-engineers-could-help-address-ventilator-shortage/


BOOM! Here we go.

You might want to post this on the Positive effects to NZ economy thread too Ratkin

[limmy]

https://techcrunch.com/2020/04/03/sleep-apnea-retrofit-designed-by-doctors-and-engineers-could-help-address-ventilator-shortage/
Very innovative.

[iceman]

Thanks for posting this interesting link Blue Skies

[ratkin]

"This time of year our financial controllers in our global offices would
usually be dedicated to completing year end reporting. Because of the
COVID-19 pandemic, many of these people are currently working remotely -
assisting with customer enquiries, getting product into the hands of
customers and providing operational support."

No doubt trying to cope with unprecedented demand

[Joshuatree]

Yes , flat out, all hands on deck.

"At the present time, we have nearly 5,000 people around the world who are
focussed on meeting the increased demand for our respiratory products, which
are being used in the treatment of patients with COVID-19," said Chief
Financial Officer Lyndal York."

fph (https://online.asb.co.nz/ost/F6361601ADDD0A28BAE33DBAA790CA62/companyannouncements/showannouncement/nzx/fph?issuercode=fph&number=351285&ispdf=false)

[Joshuatree]

FPH is one of those safe stocks imo where instos etc park their funds until buying signals appear of other beaten up stocks to rebuy, top up , load up on.

[BlackPeter]

FPH is one of those safe stocks imo where instos etc park their funds until buying signals appear of other beaten up stocks to rebut, top up , load up on.

And that's exactly the time when FPH's shares will drop ... just imagine a flock of instos pushing the sell button and retail shareholders noticing that they sit on a share with a backward PE of 135 while other shares at that stage might be available for single digit PE's. It is as well probably the time when everybody in the world has lots of idle ventilators sitting around - and no, they won't need that many of the masks either.

The trick will be to sell close to, but prior to this point in time.

[macduffy]

I thought that we had established that FPH's forte is humidifiers, not ventilators?

[BlackPeter]

I thought that we had established that FPH's forte is humidifiers, not ventilators?

Well, sure. Just ask yourself why their business is booming that much at the moment.

If the reasons for this boom are in any way connected to the current virus boom, than I am wondering why they should survive the latter?

Of course will FPH still have business afterwards, but it will return from the current boom to its normal growth path, and at that stage the SP might look really dear.

[limmy]

Don't forget that the NZD has weakened a lot against the USD, and hence it'll benefit FPH's bottom line.

[percy]

https://motorsport.us2.list-manage.com/track/click?u=e53ee4a8e73f0869b49460dd8&id=3520344ff3&e=2bfb89e068

[BlackPeter]

https://motorsport.us2.list-manage.com/track/click?u=e53ee4a8e73f0869b49460dd8&id=3520344ff3&e=2bfb89e068

Good stuff ... and Daimler has at this stage clearly a lower PE than FPH :);

Discl: holding (DAI)

[Blue Skies]

Good stuff ... and Daimler has at this stage clearly a lower PE than FPH :);

Discl: holding (DAI)


Ha, yes might expect a struggling car company to have a lower PE than a world leader like FPH in respiratory devices.
Perhaps Daimler will reinvent itself after this, in future going to be a lot more demand for healthcare than heavy fuel hungry expensive cars.

[BlackPeter]

Ha, yes might expect a struggling car company to have a lower PE than a world leader like FPH in respiratory devices.
Perhaps Daimler will reinvent itself after this, in future going to be a lot more demand for healthcare than heavy fuel hungry expensive cars.

Don't forget that at least half of Daimler's business is to build these amazing trucks we all need to get our essentials delivered to us and FPH needs to deliver their amazing devices :): - but lets not get of topic ...

[kiora]

Only around 15%? of Covid 19 patients hospitalized need ventilators

There are a lot of benefits using F & P therapies for Covid 19 patients

https://www.fphcare.com/nz/covid-19/


Nasal High Flow Therapy
Using Optiflow™ Nasal High Flow to treat COVID‑19 patients.

Heated Humidification
The use of heated humidification for healthcare professionals managing COVID‑19 patients.

Efficiency of Filters and F&P Evaqua™ 2
The viral and bacterial filtration efficiency of Fisher & Paykel Healthcare Filters and F&P Evaqua™ 2 Circuits.

Noninvasive (NIV) Therapy
Using Noninvasive (NIV) therapy to treat COVID-19 patients.

Optiflow THRIVE™ Product Conversion
Adapting existing Fisher & Paykel Healthcare products to treat COVID-19 patients.

CPAP Therapy for OSA
COVID-19 and CPAP therapy for Obstructive Sleep Apnea: Guidance for CPAP Users and Healthcare Professionals.

Remember:88 % of hospital revenue are consumables,recurring revenue,only 12% is hardware
https://resources.fphcare.com/resources/corporate/media/resources/presentations/fy2020-half-year-update.pdf

[kiora]

It seems to indicate triage,inflammatory marker blood test,leave isolated at home with F& P nasal cannula produce the best outcomes
https://time.com/5818547/ventilators-coronavirus/

Only 20 % survive intensive care & ventilators

[macduffy]

Perhaps that's because only the most advanced/severe cases get to ICU and ventilators?

[kiora]

Perhaps that's because only the most advanced/severe cases get to ICU and ventilators?

Agree but all the c@#p about car companies etc making ventilators cutting FPH future earnings is just c@*p when 88% of their earnings is consumables & their masks delivering high moisture air is best fit for purpose to treat Covid 19 patients :)

[macduffy]

No argument there. I hold tight to my FPH!

:cool:

[kiora]

No argument there. I hold tight to my FPH!

:cool:

I hope Eva is too :)

[BlackPeter]

Agree but all the c@#p about car companies etc making ventilators cutting FPH future earnings is just c@*p when 88% of their earnings is consumables & their masks delivering high moisture air is best fit for purpose to treat Covid 19 patients :)

Sigh ... I assume just a really bad case of cabin fever?

[Bjauck]

Perhaps that's because only the most advanced/severe cases get to ICU and ventilators? Actually in the UK, some of the most severe cases do not get ventilators, as ventilators are being rationed to those they think may stand a better chance of surviving.

Thankfully we have had a government that did not muck around as much as Boris Johnson's government did. He acted as though he was in charge of Heath Service that had been as well resourced as Germanys.

Here's a NY Times on the rationing of ventilators in the USA

https://www.nytimes.com/2020/04/15/opinion/covid-ventilator-rationing-blacks.html

[kiora]

I hear you but these are extraordinary times and i want more cash where i can get it for amazing opps later. So ive sold afew into this uplift demand. Int research note out from my broker, estimates FPH can lift production 30% short term, mentions the boom bust cycle when covid 19 is contained and have a target price of $25.50 with a hold FWIW.

I wonder what they allowed for in 2021 for R&D.
Typically 9-10% but in these unprecedented times could go lighter.
$120 m in 2020 on TO $1.2 b?
if hold it at this
$120 m in 2021 on TO $1.6 b ?
Margin improved by $40 m?
Who knows

[winner69]

FPH was the worst performing stock in the NZX50 in April ....and it was one of the best months for the NZX50 since it was formed.

Incredible

[iceman]

FPH was the worst performing stock in the NZX50 in April ....and it was one of the best months for the NZX50 since it was formed.

Incredible

On the other hand, I bought a chunk late January and on close today its up 27% from my purchase price. Increible indeed.