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FPH: Dividend Increase And Earnings Upgrade Will Support Fair Future Returns

Analysts Hold Price Target for Fisher and Paykel Healthcare as Valuation Inputs Remain Stable

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FPH
AnalystConsensusTarget
Not Invested
Published 01 Dec 2024

Update shared on 18 Dec 2025

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-0.9%

Analysts have slightly raised their price target on Fisher & Paykel Healthcare to $NZD 39.33, reflecting modestly lower discount rate assumptions and a slightly higher future P/E multiple, partly offset by a small downward revision to projected profit margins.

What's in the News

  • Directors approved an increased interim dividend of 19.0 cents per ordinary share, up from 18.5 cents in the prior first half, to be paid on 16 December 2025 with a record date of 4 December 2025 (company announcement).
  • Full year 2025 guidance was raised, with operating revenue now expected at approximately $2.17 billion to $2.27 billion, up from $2.15 billion to $2.25 billion previously (company guidance).
  • Net profit after tax guidance for full year 2025 was also lifted to a range of approximately $410 million to $460 million, compared with the earlier range of $390 million to $440 million (company guidance).

Valuation Changes

  • Fair Value Estimate was unchanged at NZ$39.33 per share, indicating no material revision to the intrinsic value assessment.
  • The discount rate edged down slightly from 7.79 percent to 7.76 percent, modestly increasing the present value of forecast cash flows.
  • The revenue growth assumption was effectively unchanged at around 11.20 percent, signalling no notable shift in top line expectations.
  • The net profit margin was trimmed slightly from about 22.13 percent to 21.86 percent, reflecting a small downgrade to medium term profitability assumptions.
  • The future P/E multiple increased modestly from 44.3 times to 44.8 times, implying a slightly higher valuation placed on future earnings.

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