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Current Price Data+
Current Price
Open
High
Low
Last Close
Volume
Price Movement
$ 5.520
$ 5.420
$ 5.550
$ 5.420
$ 5.490
580,495
$ 0.030 0.546 %
Current Broker Consensus Recommendation
Recommendation :
Hold
Recommendation Date :
19th Jan 2010
12 Month Target Price (average) :
$6.483
Brokers Surveyed :
10
Market Statistics
% of Market:
0.2100
% of Sector:
5.3820
Sector:
Health Care
Industry Group:
Health Care Equipment & Services
Industry:
Health Care Providers & Services
Company Overview
Company Overview
PRY is involved in providing comprehensive services to healthcare providers, including premises, medical instruments, general equipment, marketing and all administrative services. The company generates revenue by charging GPs a percentage of their revenue. Other practitioners, including dentists, chemists and pathologists, are charged a fixed fee. PRY is also a leading pathology and radiology player and sells health technology software to medical practices and hospitals.
Company History
PRY has its origins in the late 1970s when Dr Edmund Bateman established a general practice at Manly. Bateman later formed the company Primary Health and opened a second centre at Chatswood. It listed on the ASX in July 1998. Since listing, PRY has opened numerous additional centres and diversified into pathology and related services. The largest step to-date in the development of PRY happened in March 2008, when the $2.6B acquisition of Symbion was completed.
Differentiating Factor
PRY provides an integrated service to GPs and other health practitioners. It provides a standardised service across its centres, including the integration of the latest IT technology, allowing doctors instant access to pathology, radiology and other test results.
Major Customers & Competitors
PRY's customers are primarily doctors, chemists and other specialists who lease its premises and utilise its services. Some of PRY's operations such as its pathology laboratories also service the public directly. PRY competes with various other healthcare service providers, including Sonic Healthcare and Healthscope in pathology, Sonic (and to a much lesser extent Healthscope) in medical centres and Sonic and DCA Group in radiology.
Financial Summary
Year to Jun
NPAT Rep $M
NPAT1 Adj $M
EPS c
EPS chg %
PER x
PER rel All Ords x
PER rel Sector x
DPS c
Yield %
Franking %
ROE %
2006A
37.8
37.8
30.1
n/a
18.3
0.9
0.4
50.0
9.1
100
10.1
2007A
56.8
56.8
31.4
4.3
17.6
1.0
0.5
45.0
8.2
100
14.2
2008A
6.8
56.6
20.4
-34.9
27.0
1.5
1.0
27.0
4.9
100
6.8
2009A
108.5
109.3
28.8
41.1
19.1
1.1
1.0
14.0
2.5
100
5.9
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
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$ 5.520
