FPH - Fisher Paykel Healthcare.

[ratkin]

Im picking they will report good revenues etc with a positive outlook , the dollar strength is already priced in and looking forward it likely to drop , this should add to positive tone of announcement

[Dr_Who]

Strong dollar 'bad' for F&P's health


The strong New Zealand dollar is likely to have a stifling effect on Fisher & Paykel Healthcare's full-year result, out on Wednesday.


The medical equipment maker slashed its profit forecast last month, laying the blame on the strong kiwi.



http://www.nzherald.co.nz/section/3/...ectid=10510918

[ratkin]

Nice result , as expected really but good to see nothing nasty thrown in.

Company looks to have a good solid future so once the exchange rate side is taken care of should be some upside

[redzone]

wouldnt surprise me that they dont go down the same track as FPA and move off shore

[Bob Marley]

Hey mon, I see FPH are now expecting Operating Profit to be around NZ$86m mon for the full year, assuming x-rate of 72 USD mon - this is up 48% from last year's NZ$58.1m mon. Taking off say NZ$6m for net interest mon, and 30% tax, gives FY09 NPAT of around NZ$56m (eps 10.9c) vs NZ$35m last year. This equates to a forward PE of 27.4 mon at current $3.00 market price.

I notice that the current range of analyst expectations is eps of 8.0-10.2cps, so they'll be upgrading their pretty research notes tonight mon.

I also notice the series of positive comments at the AGM including "Demand for our products continues to grow at a rate which would see the business more than double in size over the next five years."

With probable downside to the NZD/USD rate from FPH's assumed 72c, plus cost savings from offshore expansion (likely to be announced later in the year by the sounds of things), FPH looks like it is heading in one direction now mon.

"One love, one heart,..."

[a bowden]

An interesting Letter from FPH posted today on ASX, Especially page 2:

"Current analyst consensus valuation for FPH shares is NZ$3.57, with those analysts
who have updated their currency expectations to be more in line with current rates
valuing FPH shares at around NZ$4.00."

http://research.iress.com.au/ids/cur...F4120000&ppv=1

[DJDAVE]

It would be interesting to see the FPH share price vs the USD over recent months. Can someone possibly post an updated chart?

[winner69]

Seeing no action on this thread even though share price is up this year .... a rare event ..... I thought I'd post this from smokin cubans from another thread -

If you buy FPH you will double your money in a year - NPAT tripling this FY, 20% constant currency rev growth, resilient industry, corporate activity in the sector (Philips acquisition of Respironics). Its a no brainer - stop fluffing about with this ****.(Nuplex)

Agree with him ....

[upside_umop]

yeah, their hedging arrangements is 50/50 if i beleive right, and they rolled 50 of it over last year at 70 cents nzd/usd?

they are a stable company, but if there was any misguidance on the downside, they will punished, because as belg says ----> PE of 40..ouch....

should hold their own however, i'd be more thinking $4-$4.50 by year end if there is no suprises. still, 50% gain would nothing to frown upon.

[Bob Marley]

Belgy mon,

"DB has their yield at just 3.6% and there PE ratio at 40".

FPH disclosed back in Nov that they will likely post NPAT of around $60m for the y/e 31 March 2009 if the NZD/USD stays at 55c. If they achieve this, it will equate to a pe of about 29x ($3.50/($60m/509.5m shares)). So I'm not sure where Direct Broking get 40x from.

The 3.6% yield is a net yield not gross too, and it is based on the current f/y not the next 12 months. 3.6% = 12.4c divi likely to be paid for y/e 31/03/2009 / $3.50. Grossed up is 5.1%.

The FY10 figures obviously look a lot more attractive given they have been hedging in the low 50c range compared to a likely 70c avg for FY09.