Sonic downgraded to Sell

Sonic Healthcare’s share price has been on a tear since the company was chosen in October to enter an exclusive due diligence period with Alberta Health Services to provide pathology services in Edmonton, Canada. The 15-year contract is expected to generate CA$200m a year in revenue and be finalised in early 2015.Management didn’t provide details of how the contract would impact net profit, but at Sonic’s historic profit margin of around 9–10% it could add up to $20m a year to the bottom line – around 5.0 cents per share. Still, given the intensity of competition for large contracts with...

Sonic Healthcare’s share price has been on a tear since the company was chosen in October to enter an exclusive due diligence period with Alberta Health Services to provide pathology services in Edmonton, Canada. The 15-year contract is expected to generate CA$200m a year in revenue and be finalised in early 2015.

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