Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to €101, the stock trades at a forward P/E ratio of 78x. Average forward P/E is 15x in the Healthcare Services industry in Europe. Total returns to shareholders of 166% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €41.81 per share. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Alice Joans Williams was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 12
Pro Medicus Limited Announces Interim Dividend for the six months ended December 31, 2025, Payable on March 20, 2026 Pro Medicus Limited announced Interim dividend for the six months ended December 31, 2025 . The distribution will be paid on PME – Ordinary Fully Paid securities. This is a new announcement dated 12 February 2026. The distribution amount is AUD 0.32000000 per security. The ex-date is 26 February 2026, the record date is 27 February 2026, and the payment date is 20 March 2026. Announcement • Jan 19
Pro Medicus Limited to Report First Half, 2026 Results on Feb 12, 2026 Pro Medicus Limited announced that they will report first half, 2026 results on Feb 12, 2026 Announcement • Sep 24
Pro Medicus Limited, Annual General Meeting, Nov 24, 2025 Pro Medicus Limited, Annual General Meeting, Nov 24, 2025. Location: leonda by the yarra, 2 wallen road, hawthorn, vic 3122, Australia Announcement • Jul 07
Pro Medicus Limited to Report Fiscal Year 2025 Results on Aug 14, 2025 Pro Medicus Limited announced that they will report fiscal year 2025 results on Aug 14, 2025 Announcement • Feb 13
Pro Medicus Limited Declares Interim Franked Dividend for the Six Months Ended December 31, 2024, Payable on March 21, 2025 The Board of Pro Medicus Limited is of the view that there are sufficient cash reserves to fund the anticipated growth of the business from internal sources. Consistent with the Company's dividend policy, the company declared fully franked interim dividend for the six months ended December 31, 2024 is AUD 0.25000000 per share amounting to AUD 26,125,000, payable on 21 March 2025 against AUD 0.18000000 per share in 2024. Record date is on February 28, 2025. Ex-date is on February 27, 2025. Announcement • Jan 21
Pro Medicus Limited to Report First Half, 2025 Results on Feb 12, 2025 Pro Medicus Limited announced that they will report first half, 2025 results on Feb 12, 2025 Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Alice Joans Williams was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 08
Pro Medicus Limited, Annual General Meeting, Nov 25, 2024 Pro Medicus Limited, Annual General Meeting, Nov 25, 2024. Location: at leonda by the yarra, 2 wallen road, hawthorn, vic 3122., Australia Declared Dividend • Aug 16
Final dividend of AU$0.22 announced Shareholders will receive a dividend of AU$0.22. Ex-date: 4th September 2024 Payment date: 26th September 2024 Dividend yield will be 0.4%, which is lower than the industry average of 0.9%. Payout Ratios Payout ratio: 50%. Cash payout ratio: 61%. New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • Aug 14
Full year 2024 earnings released: EPS: AU$0.79 (vs AU$0.58 in FY 2023) Full year 2024 results: EPS: AU$0.79 (up from AU$0.58 in FY 2023). Revenue: AU$166.3m (up 33% from FY 2023). Net income: AU$82.8m (up 37% from FY 2023). Profit margin: 50% (up from 49% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Jul 12
Pro Medicus Limited to Report Fiscal Year 2024 Results on Aug 14, 2024 Pro Medicus Limited announced that they will report fiscal year 2024 results on Aug 14, 2024 Upcoming Dividend • Feb 22
Upcoming dividend of AU$0.18 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 22 March 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (5.3%). Lower than average of industry peers (1.4%). Declared Dividend • Feb 18
First half dividend of AU$0.18 announced Shareholders will receive a dividend of AU$0.18. Ex-date: 29th February 2024 Payment date: 22nd March 2024 Dividend yield will be 0.5%, which is lower than the industry average of 0.9%. Payout Ratios Payout ratio: 52%. Cash payout ratio: 58%. Reported Earnings • Feb 16
First half 2024 earnings released: EPS: AU$0.35 (vs AU$0.26 in 1H 2023) First half 2024 results: EPS: AU$0.35 (up from AU$0.26 in 1H 2023). Revenue: AU$74.1m (up 30% from 1H 2023). Net income: AU$36.3m (up 33% from 1H 2023). Profit margin: 49% (up from 48% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Jan 16
Pro Medicus Limited to Report First Half, 2024 Results on Feb 15, 2024 Pro Medicus Limited announced that they will report first half, 2024 results on Feb 15, 2024 Recent Insider Transactions • Nov 30
Co-Founder recently sold €53m worth of stock On the 21st of November, Anthony Hall sold around 1m shares on-market at roughly €52.86 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Anthony has been a net seller over the last 12 months, reducing personal holdings by €92m. New Risk • Nov 26
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €53m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risk Significant insider selling over the past 3 months (€53m sold). Announcement • Oct 10
Pro Medicus Limited, Annual General Meeting, Nov 20, 2023 Pro Medicus Limited, Annual General Meeting, Nov 20, 2023, at 10:00 AUS Eastern Standard Time. Location: The Yarra, 2 Wallen Road Leonda Hawthorn Australia Board Change • Sep 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Alice Joans Williams was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 30
Upcoming dividend of AU$0.17 per share at 0.5% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (1.3%). New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Full year 2023 earnings released: EPS: AU$0.58 (vs AU$0.43 in FY 2022) Full year 2023 results: EPS: AU$0.58 (up from AU$0.43 in FY 2022). Revenue: AU$127.3m (up 35% from FY 2022). Net income: AU$60.6m (up 37% from FY 2022). Profit margin: 48% (in line with FY 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 22
Pro Medicus Limited to Report Fiscal Year 2023 Final Results on Aug 15, 2023 Pro Medicus Limited announced that they will report fiscal year 2023 final results on Aug 15, 2023 Recent Insider Transactions • Mar 15
Chairman recently sold €1.9m worth of stock On the 13th of March, Peter Kempen sold around 50k shares on-market at roughly €38.19 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Upcoming Dividend • Feb 23
Upcoming dividend of AU$0.13 per share at 0.4% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 24 March 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.3%). Reported Earnings • Feb 16
First half 2023 earnings released: EPS: AU$0.26 (vs AU$0.20 in 1H 2022) First half 2023 results: EPS: AU$0.26 (up from AU$0.20 in 1H 2022). Revenue: AU$56.9m (up 28% from 1H 2022). Net income: AU$27.2m (up 32% from 1H 2022). Profit margin: 48% (up from 47% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 15
Pro Medicus Limited Announces Dividend for the Six Months Ended December 31, 2022, Payable on March 24, 2023 Pro Medicus Limited announced dividend for the six months ended December 31, 2022 of AUD 0.13000000 per share. Ex-date is March 2, 2023. Record date is March 3, 2023. Payment date is March 24, 2023. Announcement • Jan 24
Pro Medicus Limited to Report First Half, 2023 Results on Feb 15, 2023 Pro Medicus Limited announced that they will report first half, 2023 results on Feb 15, 2023 Upcoming Dividend • Sep 01
Upcoming dividend of AU$0.12 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.4%). Reported Earnings • Aug 19
Full year 2022 earnings released: EPS: AU$0.43 (vs AU$0.30 in FY 2021) Full year 2022 results: EPS: AU$0.43 (up from AU$0.30 in FY 2021). Revenue: AU$94.1m (up 38% from FY 2021). Net income: AU$44.4m (up 44% from FY 2021). Profit margin: 47% (up from 45% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 24%, compared to a 16% growth forecast for the Healthcare Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 26% per year. Upcoming Dividend • Feb 24
Upcoming dividend of AU$0.10 per share Eligible shareholders must have bought the stock before 03 March 2022. Payment date: 25 March 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (3.4%). Lower than average of industry peers (1.2%). Reported Earnings • Feb 17
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$0.20 (up from AU$0.13 in 1H 2021). Revenue: AU$44.3m (up 40% from 1H 2021). Net income: AU$20.7m (up 53% from 1H 2021). Profit margin: 47% (up from 43% in 1H 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 28%, compared to a 44% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 02
Upcoming dividend of AU$0.08 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 01 October 2021. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (0.9%). Reported Earnings • Aug 18
Full year 2021 earnings released: EPS AU$0.30 (vs AU$0.22 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$68.1m (up 20% from FY 2020). Net income: AU$30.9m (up 34% from FY 2020). Profit margin: 45% (up from 41% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 03
New 90-day high: €30.54 The company is up 69% from its price of €18.12 on 03 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.97 per share. Upcoming Dividend • Feb 25
Upcoming Dividend of AU$0.07 Per Share Will be paid on the 19th of March to those who are registered shareholders by the 4th of March. The trailing yield of 0.3% is below the top quartile of German dividend payers (3.4%), and is lower than industry peers (1.0%). Recent Insider Transactions • Feb 23
Co-Founder recently sold €30m worth of stock On the 18th of February, Anthony Hall sold around 1m shares on-market at roughly €29.50 per share. This was the largest sale by an insider in the last 3 months. Anthony has been a seller over the last 12 months, reducing personal holdings by €29m. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue misses expectations Revenue missed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 37%, compared to a 21% growth forecast for the Healthcare Services industry in Germany. Reported Earnings • Feb 18
First half 2021 earnings released: EPS AU$0.13 (vs AU$0.12 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: AU$31.6m (up 7.8% from 1H 2020). Net income: AU$13.5m (up 12% from 1H 2020). Profit margin: 43% (up from 41% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 08
New 90-day high: €27.85 The company is up 40% from its price of €19.94 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.53 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €23.11 The company is up 29% from its price of €17.91 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.71 per share. Is New 90 Day High Low • Dec 19
New 90-day high: €20.91 The company is up 37% from its price of €15.25 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.36 per share. Is New 90 Day High Low • Nov 05
New 90-day high: €20.58 The company is up 45% from its price of €14.15 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.26 per share. Is New 90 Day High Low • Oct 08
New 90-day high: €17.07 The company is up 11% from its price of €15.40 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.05 per share. 
