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MPL

Medibank Private ASX:MPL Stock Report

Last Price

AU$3.47

Market Cap

AU$9.6b

7D

0%

1Y

-1.7%

Updated

01 Oct, 2022

Data

Company Financials +
MPL fundamental analysis
Snowflake Score
Valuation4/6
Future Growth4/6
Past Performance2/6
Financial Health6/6
Dividends2/6

MPL Stock Overview

Medibank Private Limited provides private health insurance and health services in Australia.

Medibank Private Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Medibank Private
Historical stock prices
Current Share PriceAU$3.47
52 Week HighAU$3.79
52 Week LowAU$3.00
Beta0.24
1 Month Change-5.71%
3 Month Change7.43%
1 Year Change-1.70%
3 Year Change6.77%
5 Year Change16.84%
Change since IPO62.15%

Recent News & Updates

Aug 21
Medibank Private (ASX:MPL) Has Announced That It Will Be Increasing Its Dividend To A$0.073

Medibank Private (ASX:MPL) Has Announced That It Will Be Increasing Its Dividend To A$0.073

Medibank Private Limited ( ASX:MPL ) has announced that it will be increasing its periodic dividend on the 29th of...

Shareholder Returns

MPLAU InsuranceAU Market
7D0%-0.5%-1.7%
1Y-1.7%-5.6%-10.8%

Return vs Industry: MPL exceeded the Australian Insurance industry which returned -5.6% over the past year.

Return vs Market: MPL exceeded the Australian Market which returned -10.8% over the past year.

Price Volatility

Is MPL's price volatile compared to industry and market?
MPL volatility
MPL Average Weekly Movement2.6%
Insurance Industry Average Movement3.8%
Market Average Movement9.4%
10% most volatile stocks in AU Market16.5%
10% least volatile stocks in AU Market4.2%

Stable Share Price: MPL is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: MPL's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19763,291David Koczkarhttps://www.medibank.com.au

Medibank Private Limited provides private health insurance and health services in Australia. The company operates in two segments, Health Insurance and Medibank Health. The Health Insurance segment provides private health insurance products, including hospital cover that offers members with health cover for hospital treatments; and ancillary cover, which provides members with health cover for healthcare services, such as dental, optical, and physiotherapy.

Medibank Private Fundamentals Summary

How do Medibank Private's earnings and revenue compare to its market cap?
MPL fundamental statistics
Market CapAU$9.56b
Earnings (TTM)AU$393.90m
Revenue (TTM)AU$7.10b

24.3x

P/E Ratio

1.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MPL income statement (TTM)
RevenueAU$7.10b
Cost of RevenueAU$5.68b
Gross ProfitAU$1.42b
Other ExpensesAU$1.03b
EarningsAU$393.90m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.14
Gross Margin20.06%
Net Profit Margin5.54%
Debt/Equity Ratio0%

How did MPL perform over the long term?

See historical performance and comparison

Dividends

3.9%

Current Dividend Yield

94%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

MPL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.3x
Enterprise Value/EBITDA15.8x
PEG Ratio3.3x

Price to Earnings Ratio vs Peers

How does MPL's PE Ratio compare to its peers?

MPL PE Ratio vs Peers
The above table shows the PE ratio for MPL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average50.1x
NHF nib holdings
25.1x9.1%AU$3.4b
GDG Generation Development Group
124.1x34.2%AU$235.8m
IAG Insurance Australia Group
32.5x19.0%AU$11.3b
SUN Suncorp Group
18.6x12.4%AU$12.7b
MPL Medibank Private
24.3x7.3%AU$9.6b

Price-To-Earnings vs Peers: MPL is good value based on its Price-To-Earnings Ratio (24.3x) compared to the peer average (50.1x).


Price to Earnings Ratio vs Industry

How does MPL's PE Ratio compare vs other companies in the Global Insurance Industry?

Price-To-Earnings vs Industry: MPL is expensive based on its Price-To-Earnings Ratio (24.3x) compared to the Global Insurance industry average (11.2x)


Price to Earnings Ratio vs Fair Ratio

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

MPL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.3x
Fair PE Ratio26.8x

Price-To-Earnings vs Fair Ratio: MPL is good value based on its Price-To-Earnings Ratio (24.3x) compared to the estimated Fair Price-To-Earnings Ratio (26.8x).


Share Price vs Fair Value

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

Below Fair Value: MPL (A$3.47) is trading below our estimate of fair value (A$5.28)

Significantly Below Fair Value: MPL is trading below fair value by more than 20%.


Analyst Price Targets

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

Analyst Forecast: Target price is less than 20% higher than the current share price.


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Future Growth

How is Medibank Private forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


7.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MPL's forecast earnings growth (7.3% per year) is above the savings rate (1.8%).

Earnings vs Market: MPL's earnings (7.3% per year) are forecast to grow faster than the Australian market (6.5% per year).

High Growth Earnings: MPL's earnings are forecast to grow, but not significantly.

Revenue vs Market: MPL's revenue (4.7% per year) is forecast to grow faster than the Australian market (3.7% per year).

High Growth Revenue: MPL's revenue (4.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MPL's Return on Equity is forecast to be high in 3 years time (24.4%)


Discover growth companies

Past Performance

How has Medibank Private performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-2.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MPL has high quality earnings.

Growing Profit Margin: MPL's current net profit margins (5.5%) are lower than last year (6.3%).


Past Earnings Growth Analysis

Earnings Trend: MPL's earnings have declined by 2.2% per year over the past 5 years.

Accelerating Growth: MPL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MPL had negative earnings growth (-10.7%) over the past year, making it difficult to compare to the Insurance industry average (-20.4%).


Return on Equity

High ROE: MPL's Return on Equity (20.2%) is considered high.


Discover strong past performing companies

Financial Health

How is Medibank Private's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MPL's short term assets (A$3.7B) exceed its short term liabilities (A$2.4B).

Long Term Liabilities: MPL's short term assets (A$3.7B) exceed its long term liabilities (A$167.2M).


Debt to Equity History and Analysis

Debt Level: MPL is debt free.

Reducing Debt: MPL has not had any debt for past 5 years.

Debt Coverage: MPL has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: MPL has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Medibank Private current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.86%

Current Dividend Yield

Dividend Yield vs Market

Medibank Private Dividend Yield vs Market
How does Medibank Private dividend yield compare to the market?
SegmentDividend Yield
Company (Medibank Private)3.9%
Market Bottom 25% (AU)2.8%
Market Top 25% (AU)7.2%
Industry Average (Insurance)3.0%
Analyst forecast in 3 Years (Medibank Private)4.6%

Notable Dividend: MPL's dividend (3.86%) is higher than the bottom 25% of dividend payers in the Australian market (2.8%).

High Dividend: MPL's dividend (3.86%) is low compared to the top 25% of dividend payers in the Australian market (7.16%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, MPL has been paying a dividend for less than 10 years.

Growing Dividend: MPL's dividend payments have increased, but the company has only paid a dividend for 7 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (93.7%), MPL's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (40.4%), MPL's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.7yrs

Average management tenure


CEO

David Koczkar (49 yo)

1.33yrs

Tenure

AU$3,761,153

Compensation

Mr. David Koczkar, BCom, PG Dip Finance, MAICD, serves as Managing Director, Director and Chief Executive Officer at Medibank Private Limited since May 17, 2021 and served as Group Executive and Chief Cust...


CEO Compensation Analysis

David Koczkar's Compensation vs Medibank Private Earnings
How has David Koczkar's remuneration changed compared to Medibank Private's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022AU$4mAU$2m

AU$394m

Mar 31 2022n/an/a

AU$414m

Dec 31 2021n/an/a

AU$435m

Sep 30 2021n/an/a

AU$438m

Jun 30 2021AU$2mAU$1m

AU$441m

Mar 31 2021n/an/a

AU$402m

Dec 31 2020n/an/a

AU$363m

Sep 30 2020n/an/a

AU$340m

Jun 30 2020AU$1mAU$919k

AU$316m

Mar 31 2020n/an/a

AU$368m

Dec 31 2019n/an/a

AU$420m

Sep 30 2019n/an/a

AU$429m

Jun 30 2019AU$2mAU$866k

AU$438m

Dec 31 2018n/an/a

AU$375m

Sep 30 2018n/an/a

AU$400m

Jun 30 2018AU$2mAU$802k

AU$424m

Mar 31 2018n/an/a

AU$454m

Dec 31 2017n/an/a

AU$463m

Sep 30 2017n/an/a

AU$456m

Jun 30 2017AU$2mAU$802k

AU$450m

Mar 31 2017n/an/a

AU$436m

Dec 31 2016n/an/a

AU$422m

Sep 30 2016n/an/a

AU$420m

Jun 30 2016AU$2mAU$789k

AU$418m

Compensation vs Market: David's total compensation ($USD2.42M) is about average for companies of similar size in the Australian market ($USD2.94M).

Compensation vs Earnings: David's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: MPL's management team is seasoned and experienced (5.7 years average tenure).


Board Members

Experienced Board: MPL's board of directors are considered experienced (5.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

ASX:MPL Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
26 Apr 22BuyAU$23,230,111The Vanguard Group, Inc.Company6,452,808AU$3.60
19 Apr 22SellAU$12,834,785The Vanguard Group, Inc.Company3,795,552AU$3.50
22 Mar 22BuyAU$150,524Gerard DalboscoIndividual48,400AU$3.11
04 Nov 21BuyAU$18,124,732State Street Global Advisors, Inc.Company5,083,614AU$3.59

Ownership Breakdown

What is the ownership structure of MPL?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,612,5480.06%
Public Companies10,198,9070.4%
Institutions966,722,67835.1%
General Public1,777,613,80364.5%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 31.96% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
8.13%
BlackRock, Inc.
224,049,642A$777.5m0%0.01%
5.12%
State Street Global Advisors, Inc.
141,100,861A$489.6m0%0.02%
5%
The Vanguard Group, Inc.
137,868,557A$478.4m0%0.01%
2.09%
Schroder Investment Management (Singapore) Ltd
57,488,735A$199.5m0%0.9%
1.79%
Franklin Resources, Inc.
49,314,895A$171.1m3.2%0.05%
1.41%
J.P. Morgan Asset Management, Inc.
38,786,752A$134.6m3.42%0.02%
1.23%
Norges Bank Investment Management
33,968,948A$117.9m0%0.01%
1.12%
Geode Capital Management, LLC
30,744,691A$106.7m3.09%0.01%
0.93%
Commonwealth Superannuation Corporation
25,673,694A$89.1m0%1.12%
0.75%
Colonial First State Investments Limited
20,692,879A$71.8m48.12%0.59%
0.52%
BetaShares Capital Limited
14,412,633A$50.0m4.41%0.42%
0.46%
UBS Asset Management
12,595,246A$43.7m-0.34%0.01%
0.4%
Dimensional Fund Advisors LP
11,043,151A$38.3m1.2%0.01%
0.33%
Pictet Asset Management Limited
9,101,550A$31.6m0%0.02%
0.3%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
8,186,207A$28.4m1.91%0.01%
0.28%
Charles Schwab Investment Management, Inc.
7,746,146A$26.9m1.34%no data
0.28%
Van Eck Associates Corporation
7,693,151A$26.7m2.5%0.04%
0.28%
Insignia Financial Ltd.
7,687,215A$26.7m26.96%no data
0.28%
Deutsche Asset & Wealth Management
7,599,817A$26.4m-11.57%0.01%
0.27%
Netwealth Investments Ltd.
7,512,796A$26.1m-25.99%0.36%
0.26%
Schroder Investment Management Limited
7,187,354A$24.9m0%0.01%
0.23%
National Australia Bank Limited, Asset Management Arm
6,348,489A$22.0m3.22%2.58%
0.21%
abrdn plc
5,876,867A$20.4m-0.49%0.01%
0.15%
Sectoral Asset Management Inc.
4,217,041A$14.6m0%1.17%
0.14%
Union Asset Management Holding AG
3,972,943A$13.8m0%0.01%

Company Information

Medibank Private Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Medibank Private Limited
  • Ticker: MPL
  • Exchange: ASX
  • Founded: 1976
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Implied Market Cap: AU$9.564b
  • Shares outstanding: 2.76b
  • Website: https://www.medibank.com.au

Number of Employees


Location

  • Medibank Private Limited
  • 720 Bourke Street
  • Level 6
  • Docklands
  • Victoria
  • 3008
  • Australia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MPLASX (Australian Securities Exchange)YesOrdinary SharesAUAUDNov 2014
MPLCHIA (Chi-X Australia)YesOrdinary SharesAUAUDNov 2014
MPVDB (Deutsche Boerse AG)YesOrdinary SharesDEEURNov 2014
MDBP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDNov 2014

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2022/06/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.