Healthscope in the waiting room

Compared with Ramsay Health Care, Healthscope is a bargain. But is it cheap?Ramsay, Australia’s largest private hospital operator, currently sports a price-earnings ratio (PER) of 34 and dividend yield of 1.7%. Despite being a very similar business, when Healthscope floats later this month it will have a PER of 25 and a yield twice that of Ramsay’s. There’s a lot to like about this business but, growing at only 5-8% a year, it’s too expensive.Despite public hospital funding increasing 145% in the decade to 2012, for patients at the bottom of waiting lists, wait times increased by 31%. The Government also recently...

Compared with Ramsay Health Care, Healthscope is a bargain. But is it cheap?

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