F&P Healthcare: Show us the money

Forecasts of a flat profit this year suggest growth might be slowing. Nathan Bell reassesses the investment case.

One year ago on 11 May 2011 we upgraded Fisher & Paykel Healthcare to Long Term Buy at a price of $2.19 in F&P Healthcare: An awakening. The share price has fallen 30% since then, as you can see in Chart 1, so let’s re-check the story now the 2012 annual result has been released (the company has a 31 March year end).

Before turning to the nuts and bolts of the result, though, let’s briefly recap the investment case.



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