To be fair - while Pharmacies delivered last HY 62% of the earnings, it is not the whole story. GXH do have as well a "doctors" division (basically a number of GP practices) and a "community health" division (community nurses).
Earnings for pharmacies dropped last HY (which included as well some prominent Covid lockdowns), while revenue for the doctors and community health increased (admittedly from a low basis). Obviously - all three divisions do have (or should have) a healthy tailwind from an aging baby boomer generation.
Forward PE (depending on somebody's estimates) and backwards PE (I take typically 10 years and get flamed from winner for that) both between 9 and 10, which looks not too bad. Earnings CAGR (backward) close to 9, which is good, but sure - who knows how future earnings development will look like.
I am overall cautiously optimistic, but agree that one would need a good team to exploit the tailwind without taking too much trouble in the turbulences of new competition. The still newish CEO (Rachael Newfield) started to improve the numbers and brought the community care division out of the doldrums), which is good, however - shareholder communication overall is not particularly good, which is a bit sad. At this stage it is still a bit of hope that their work behind the scenes is better than their shareholder communication.
Looking at the SP - I think the market does price in a fair chunk of future turbulences which may or may not come. I do see them at this stage conservatively, but fairly priced. Hold a medium sized parcel and could not bring me to sell them for the current price (Hey - who would sell a healthcare stock with a PE below 10 in an established and growing market). I see the opportunities for price rises as higher than the potential of further share price drops.