Beware overpaying for healthcare stocks

In the winter of 2000, billing software maker Hansen Technologies (ASX: HSN) listed on the ASX at $1.00. Over the following nine months, the stock more than doubled to $2.31 as investors began to appreciate the enormous opportunity before them: captive customers, a capital-light business model, economies of scale in a growing industry, and plenty of untapped pricing power. This company was going to be big.Two years later, they were sitting on a paper loss of 94%. The stock was trading at just 14 cents after the dot-com bubble burst and Hansen lost a substantial customer. It was only in...

In the winter of 2000, billing software maker Hansen Technologies (ASX: HSN) listed on the ASX at $1.00. Over the following nine months, the stock more than doubled to $2.31 as investors began to appreciate the enormous opportunity before them: captive customers, a capital-light business model, economies of scale in a growing industry, and plenty of untapped pricing power. This company was going to be big.

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