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General Information

Vision Eye Institute Limited
VEI
http://www.investor.visioneyeinstitute.com.au
Health Care Services
127
180

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$0.71 $0.71 $0.71 $0.70 $0.71 82815 $0.01 ( 0.70% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Strong Buy
20/04/2015
1

Company Overview

Business Description
Vision Eye Institute Limited (VEI) is an ophthalmic services provider focused on the operation and management of eighteen consulting clinics, eight state of the art day surgeries and seven refractive and laser eye surgery centres in Victoria, New South Wales and Queensland.
Strategy Analysis
The rationale of the model is to remove administration and marketing tasks from the doctors to achieve economies of scale, and in equipment expenditure. Management has been careful to establish and preserve a culture of doctor sovereignty. The group has a hub and spoke model with a number of consulting practices feeding a well-resourced central surgery facility in each region of operation. This makes expensive, modern equipment more affordable via higher utilisation. In terms of growth VGH is particularly focused on Southern Queensland where there is a rapidly increasing population of retirees. There is also focus on strengthening and leveraging the Vision brand, which could become very valuable in what is otherwise a fragmented market.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 0.0 6.4 -10.7% 11.0 1.3 1.8% 0.0%
2015 F 0.0 7.2 -9.0% 9.8 1.4 2.0% 0.0%
2014 A 13.2 7.9 23.5% 8.8 1.3 1.8% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Capitol Health (CAJ) $486M 0.7872 0.0000 0.0000 55.3571 0.0000 0.0000 0.97% 0.00% 0.00%
Vision Eye Institute (VEI) $127M 0.2347 -0.0900 -0.1072 8.9987 9.8886 11.0764 1.76% 2.03% 1.80%
Virtus Health (VRT) $629M 1.2932 0.1385 0.1148 20.4522 17.9639 16.1138 3.30% 3.62% 3.88%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.66 9.64 1.43 10.00
Market 0.90 14.30 1.04 1.16
Sector 0.68 22.80 2.89 2.01

Directors

Name Position Start Date
Mr Brett Coverdale Chief Executive Officer, Managing Director 01/09/2012
Dr Joe A Reich Executive Director 22/01/2007
Dr Tim Roberts Executive Director, Medical Director 01/10/2014
Mr Shane Tanner Non-Executive Chairman 14/12/2001
Ms Zita Peach Non-Executive Director 01/10/2011
Mr Iain Kirkwood Non-Executive Director 17/12/2004

Management

Name Position
Karen Lopreiato Company Secretary
Anne McGrath Company Secretary

Substantial Shareholders

Holding Name
35,236,861 (21.88%) Primary Health Care Limited
12,150,181 (7.55%) AMP Limited
10,534,389 (6.54%) Adam Smith Asset Management Pty Ltd
9,284,316 (5.77%) Intelligent Investor Funds Pty Ltd
8,209,176 (5.10%) National Nominees Ltd as Custodian for Australian Ethical Smaller Companies Trust

Calendar of Events

Date Event
23 February 2016 Report (Interim)
19 October 2015 Report (Annual)
25 August 2015 Report (Annual)
25 August 2015 Report (Prelim)
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