Fisher & Paykel Healthcare Corporation Limited

ASX:FPH Stock Report

Market Cap: AU$20.7b

Fisher & Paykel Healthcare Valuation

Is FPH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FPH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FPH (A$35.05) is trading above our estimate of fair value (A$20.49)

Significantly Below Fair Value: FPH is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FPH?

Key metric: As FPH is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FPH. This is calculated by dividing FPH's market cap by their current revenue.
What is FPH's PS Ratio?
PS Ratio12.7x
SalesNZ$1.74b
Market CapNZ$22.98b

Price to Sales Ratio vs Peers

How does FPH's PS Ratio compare to its peers?

The above table shows the PS ratio for FPH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average15.8x
COH Cochlear
8.8x8.1%AU$19.7b
SHL Sonic Healthcare
1.5x4.8%AU$13.4b
AVR Anteris Technologies
50.8x-4.3%AU$197.7m
ANN Ansell
1.9x6.7%AU$4.7b
FPH Fisher & Paykel Healthcare
13.2x10.8%AU$23.0b

Price-To-Sales vs Peers: FPH is good value based on its Price-To-Sales Ratio (13.2x) compared to the peer average (15.8x).

Price to Sales Ratio vs Industry

How does FPH's PS Ratio compare vs other companies in the AU Medical Equipment Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
SDI SDI
1.2x5.4%US$81.53m
SOM SomnoMed
0.6x9.0%US$39.34m
CMP Compumedics
1xn/aUS$32.26m
NXS Next Science
1.1x30.6%US$25.66m
FPH 12.7xIndustry Avg. 4.0xNo. of Companies10PS0612182430+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: FPH is expensive based on its Price-To-Sales Ratio (13.2x) compared to the Australian Medical Equipment industry average (4.1x).

Price to Sales Ratio vs Fair Ratio

What is FPH's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FPH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio12.7x
Fair PS Ratio7x

Price-To-Sales vs Fair Ratio: FPH is expensive based on its Price-To-Sales Ratio (13.2x) compared to the estimated Fair Price-To-Sales Ratio (7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FPH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$34.03
AU$28.08
-17.5%
20.4%AU$37.63AU$18.13n/a13
Nov ’25AU$32.97
AU$28.41
-13.8%
19.3%AU$36.02AU$18.51n/a13
Oct ’25AU$32.06
AU$28.41
-11.4%
19.3%AU$36.02AU$18.51n/a13
Sep ’25AU$33.01
AU$27.48
-16.7%
18.7%AU$35.17AU$18.54n/a13
Aug ’25AU$29.78
AU$23.67
-20.5%
12.3%AU$29.99AU$18.41n/a13
Jul ’25AU$27.42
AU$23.97
-12.6%
11.9%AU$30.30AU$18.60n/a14
Jun ’25AU$27.20
AU$23.97
-11.9%
11.9%AU$30.30AU$18.60n/a14
May ’25AU$25.50
AU$22.04
-13.6%
10.0%AU$26.58AU$16.81n/a14
Apr ’25AU$23.66
AU$21.93
-7.3%
9.5%AU$26.13AU$16.87n/a14
Mar ’25AU$22.83
AU$20.73
-9.2%
9.0%AU$23.47AU$17.28n/a14
Feb ’25AU$22.56
AU$20.48
-9.2%
9.1%AU$23.29AU$17.14n/a14
Jan ’25AU$21.83
AU$20.60
-5.6%
8.7%AU$23.29AU$17.14n/a14
Dec ’24AU$22.22
AU$20.60
-7.3%
8.7%AU$23.29AU$17.14n/a14
Nov ’24AU$19.57
AU$20.85
+6.6%
7.9%AU$23.51AU$18.29AU$32.9712
Oct ’24AU$19.99
AU$20.74
+3.8%
6.9%AU$23.14AU$18.51AU$32.0612
Sep ’24AU$20.62
AU$21.38
+3.7%
10.8%AU$25.88AU$18.42AU$33.0112
Aug ’24AU$22.81
AU$21.81
-4.4%
12.0%AU$26.02AU$18.53AU$29.7811
Jul ’24AU$22.54
AU$21.81
-3.2%
12.0%AU$26.02AU$18.53AU$27.4211
Jun ’24AU$22.35
AU$21.81
-2.4%
12.0%AU$26.02AU$18.53AU$27.2011
May ’24AU$25.52
AU$22.37
-12.3%
12.5%AU$26.88AU$18.54AU$25.5011
Apr ’24AU$24.86
AU$22.18
-10.8%
12.1%AU$26.77AU$18.46AU$23.6611
Mar ’24AU$23.60
AU$22.18
-6.0%
12.1%AU$26.77AU$18.46AU$22.8311
Feb ’24AU$23.61
AU$22.18
-6.1%
12.1%AU$26.77AU$18.46AU$22.5611
Jan ’24AU$21.28
AU$21.19
-0.4%
12.4%AU$25.36AU$17.47AU$21.8312
Dec ’23AU$22.55
AU$20.88
-7.4%
10.4%AU$24.15AU$17.28AU$22.2211
Nov ’23AU$18.30
AU$18.96
+3.6%
13.4%AU$23.31AU$15.33AU$19.5710

Analyst Forecast: Target price is lower than the current share price.

Discover undervalued companies

Doctor Care Anywhere Group

AU$23.8m

Provides digital healthcare and development services in the United Kingdom, Australia, and the Republic of Ireland.

DOC

AU$0.064

7D

-5.9%

1Y

36.2%

Nova Eye Medical

AU$33.2m

Designs, develops, manufactures, markets, and sells surgical devices for the treatment of glaucoma in Australia, the United States, Europe, the Asia Pacific, and internationally.

EYE

AU$0.14

7D

-3.3%

1Y

11.5%

CardieX

AU$30.9m

Engages in the design, manufacture, and marketing of medical devices used in cardiovascular health management in the Americas, Europe, and the Asia Pacific.

CDX

AU$0.10

7D

-12.5%

1Y

n/a