F&P Healthcare's share price falls

The share price of this maker of sleep apnea products is down, but the company continues to grow.

Fisher & Paykel Healthcare's share price is down 13% since F&P Healthcare sues ResMed from 16 Aug 16 (Sell – $10.03). The company is growing rapidly, continues to improve its balance sheet and management expects several new masks and flow generators to be released in the coming year. Net profit of NZ$165m–170m is expected in 2017, up around 17%, putting the stock on a forward price-earnings ratio of 32 using the midpoint of that range. We see better opportunities on our Buy list but with the stock now more reasonably priced, we're upgrading to HOLD.


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