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Fisher & Paykel Healthcare

NZSE:FPH
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FPH
NZSE
NZ$9B
Market Cap
  1. Home
  2. NZ
  3. Healthcare
Company description

Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems. The last earnings update was 57 days ago. More info.


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FPH Share Price and Events
7 Day Returns
5.9%
NZSE:FPH
0.5%
Oceania Medical Equipment
1.2%
NZ Market
1 Year Returns
12.2%
NZSE:FPH
9.3%
Oceania Medical Equipment
14.1%
NZ Market
FPH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fisher & Paykel Healthcare (FPH) 5.9% 8.7% 2.4% 12.2% 55.9% 252.8%
Oceania Medical Equipment 0.5% 4.9% 13.5% 9.3% 51.7% 161.6%
NZ Market 1.2% 3.7% 6.6% 14.1% 26.8% 58%
1 Year Return vs Industry and Market
  • FPH outperformed the Medical Equipment industry which returned 9.3% over the past year.
  • FPH underperformed the Market in New Zealand which returned 14.1% over the past year.
Price Volatility
FPH
Industry
5yr Volatility vs Market

FPH Value

 Is Fisher & Paykel Healthcare undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Fisher & Paykel Healthcare to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Fisher & Paykel Healthcare.

NZSE:FPH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year NZ Government Bond Rate 2.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NZSE:FPH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NZ Govt Bond Rate 2.4%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.87
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.87 (1 + (1- 28%) (0.93%))
0.917
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.37% + (0.917 * 5.96%)
7.83%

Discounted Cash Flow Calculation for NZSE:FPH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fisher & Paykel Healthcare is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NZSE:FPH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NZD, Millions) Source Present Value
Discounted (@ 7.83%)
2020 119.50 Analyst x2 110.82
2021 217.50 Analyst x2 187.05
2022 283.00 Analyst x1 225.70
2023 336.90 Est @ 19.04% 249.17
2024 384.21 Est @ 14.04% 263.52
2025 424.70 Est @ 10.54% 270.14
2026 459.06 Est @ 8.09% 270.78
2027 488.32 Est @ 6.37% 267.12
2028 513.58 Est @ 5.17% 260.53
2029 535.82 Est @ 4.33% 252.07
Present value of next 10 years cash flows NZ$2,356.91
NZSE:FPH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NZ$535.82 × (1 + 2.37%) ÷ (7.83% – 2.37%)
NZ$10,041.63
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$10,041.63 ÷ (1 + 7.83%)10
NZ$4,723.98
NZSE:FPH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$2,356.91 + NZ$4,723.98
NZ$7,080.89
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$7,080.89 / 573.85
NZ$12.34
NZSE:FPH Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$12.34
Current discount Discount to share price of NZ$16.37
= -1 x (NZ$16.37 - NZ$12.34) / NZ$12.34
-32.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Fisher & Paykel Healthcare is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Fisher & Paykel Healthcare's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fisher & Paykel Healthcare's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NZSE:FPH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in NZD NZ$0.37
NZSE:FPH Share Price ** NZSE (2019-07-23) in NZD NZ$16.37
Oceania Medical Equipment Industry PE Ratio Median Figure of 9 Publicly-Listed Medical Equipment Companies 44.63x
New Zealand Market PE Ratio Median Figure of 89 Publicly-Listed Companies 17.94x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fisher & Paykel Healthcare.

NZSE:FPH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NZSE:FPH Share Price ÷ EPS (both in NZD)

= 16.37 ÷ 0.37

44.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fisher & Paykel Healthcare is overvalued based on earnings compared to the Oceania Medical Equipment industry average.
  • Fisher & Paykel Healthcare is overvalued based on earnings compared to the New Zealand market.
Price based on expected Growth
Does Fisher & Paykel Healthcare's expected growth come at a high price?
Raw Data
NZSE:FPH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 44.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
12.9%per year
Oceania Medical Equipment Industry PEG Ratio Median Figure of 5 Publicly-Listed Medical Equipment Companies 3.07x
New Zealand Market PEG Ratio Median Figure of 64 Publicly-Listed Companies 1.43x

*Line of best fit is calculated by linear regression .

NZSE:FPH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 44.82x ÷ 12.9%

3.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fisher & Paykel Healthcare is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Fisher & Paykel Healthcare's assets?
Raw Data
NZSE:FPH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in NZD NZ$1.59
NZSE:FPH Share Price * NZSE (2019-07-23) in NZD NZ$16.37
Oceania Medical Equipment Industry PB Ratio Median Figure of 32 Publicly-Listed Medical Equipment Companies 3x
New Zealand Market PB Ratio Median Figure of 127 Publicly-Listed Companies 1.59x
NZSE:FPH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NZSE:FPH Share Price ÷ Book Value per Share (both in NZD)

= 16.37 ÷ 1.59

10.28x

* Primary Listing of Fisher & Paykel Healthcare.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fisher & Paykel Healthcare is overvalued based on assets compared to the Oceania Medical Equipment industry average.
X
Value checks
We assess Fisher & Paykel Healthcare's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Medical Equipment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Medical Equipment industry average (and greater than 0)? (1 check)
  5. Fisher & Paykel Healthcare has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FPH Future Performance

 How is Fisher & Paykel Healthcare expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fisher & Paykel Healthcare expected to grow at an attractive rate?
  • Fisher & Paykel Healthcare's earnings growth is expected to exceed the low risk savings rate of 2.4%.
Growth vs Market Checks
  • Fisher & Paykel Healthcare's earnings growth is expected to exceed the New Zealand market average.
  • Fisher & Paykel Healthcare's revenue growth is expected to exceed the New Zealand market average.
Annual Growth Rates Comparison
Raw Data
NZSE:FPH Future Growth Rates Data Sources
Data Point Source Value (per year)
NZSE:FPH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 12.9%
NZSE:FPH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 9.8%
Oceania Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 18.2%
Oceania Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 11.6%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 7.7%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 4.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NZSE:FPH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NZSE:FPH Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 408
2023-03-31 1,604 368 1
2022-03-31 1,447 326 8
2021-03-31 1,287 333 282 9
2020-03-31 1,154 285 245 9
NZSE:FPH Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,070 253 209
2018-12-31 1,052 256 208
2018-09-30 1,034 259 206
2018-06-30 1,007 253 198
2018-03-31 981 248 190
2017-12-31 954 224 181
2017-09-30 928 200 172
2017-06-30 911 197 171
2017-03-31 894 194 169
2016-12-31 877 190 164
2016-09-30 860 186 160
2016-06-30 838 165 152

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fisher & Paykel Healthcare's earnings are expected to grow by 12.9% yearly, however this is not considered high growth (20% yearly).
  • Fisher & Paykel Healthcare's revenue is expected to grow by 9.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NZSE:FPH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Fisher & Paykel Healthcare Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:FPH Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31
2023-03-31 0.63 0.63 0.63 1.00
2022-03-31 0.57 0.60 0.55 4.00
2021-03-31 0.49 0.51 0.47 6.00
2020-03-31 0.42 0.43 0.41 6.00
NZSE:FPH Past Financials Data
Date (Data in NZD Millions) EPS *
2019-03-31 0.37
2018-12-31 0.36
2018-09-30 0.36
2018-06-30 0.35
2018-03-31 0.33
2017-12-31 0.32
2017-09-30 0.30
2017-06-30 0.30
2017-03-31 0.30
2016-12-31 0.29
2016-09-30 0.28
2016-06-30 0.27

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Fisher & Paykel Healthcare is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Fisher & Paykel Healthcare's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Oceania market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Oceania market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Fisher & Paykel Healthcare has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FPH Past Performance

  How has Fisher & Paykel Healthcare performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Fisher & Paykel Healthcare's growth in the last year to its industry (Medical Equipment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Fisher & Paykel Healthcare's year on year earnings growth rate has been positive over the past 5 years.
  • Fisher & Paykel Healthcare's 1-year earnings growth is less than its 5-year average (10% vs 15.9%)
  • Fisher & Paykel Healthcare's earnings growth has not exceeded the Oceania Medical Equipment industry average in the past year (10% vs 40.2%).
Earnings and Revenue History
Fisher & Paykel Healthcare's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Fisher & Paykel Healthcare Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:FPH Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,070.40 209.20 327.80 100.40
2018-12-31 1,052.05 207.75 317.40 96.95
2018-09-30 1,033.70 206.30 307.00 93.50
2018-06-30 1,007.25 198.25 298.95 94.10
2018-03-31 980.80 190.20 290.90 94.70
2017-12-31 954.20 181.25 288.70 93.00
2017-09-30 927.60 172.30 286.50 91.30
2017-06-30 911.00 170.75 277.90 88.65
2017-03-31 894.40 169.20 269.30 86.00
2016-12-31 877.06 164.39 262.50 82.53
2016-09-30 859.72 159.59 255.70 79.06
2016-06-30 837.60 151.51 248.99 76.17
2016-03-31 815.49 143.43 242.28 73.29
2015-12-31 775.68 134.86 222.56 71.39
2015-09-30 735.87 126.29 202.83 69.48
2015-06-30 704.11 119.73 191.87 67.23
2015-03-31 672.35 113.17 180.91 64.99
2014-12-31 654.66 107.33 178.54 62.33
2014-09-30 636.97 101.48 176.17 59.67
2014-06-30 630.21 99.27 173.81 56.91
2014-03-31 623.45 97.05 171.45 54.15
2013-12-31 608.34 92.67 166.15 52.17
2013-09-30 593.23 88.29 160.85 50.20
2013-06-30 574.74 82.67 156.32 47.96
2013-03-31 556.25 77.05 151.79 45.72
2012-12-31 543.95 73.07 149.53 44.60
2012-09-30 531.65 69.09 147.27 43.47

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Fisher & Paykel Healthcare has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Fisher & Paykel Healthcare used its assets more efficiently than the Oceania Medical Equipment industry average last year based on Return on Assets.
  • Fisher & Paykel Healthcare's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fisher & Paykel Healthcare's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Fisher & Paykel Healthcare has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FPH Health

 How is Fisher & Paykel Healthcare's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fisher & Paykel Healthcare's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fisher & Paykel Healthcare is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fisher & Paykel Healthcare's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Fisher & Paykel Healthcare's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 5.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Fisher & Paykel Healthcare Company Filings, last reported 3 months ago.

NZSE:FPH Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 913.20 86.80 140.90
2018-12-31 913.20 86.80 140.90
2018-09-30 776.70 96.00 110.80
2018-06-30 776.70 96.00 110.80
2018-03-31 761.40 82.70 132.60
2017-12-31 761.40 82.70 132.60
2017-09-30 687.20 85.90 59.50
2017-06-30 687.20 85.90 59.50
2017-03-31 661.60 61.90 61.50
2016-12-31 661.60 61.90 61.50
2016-09-30 589.98 67.15 18.00
2016-06-30 589.98 67.15 18.00
2016-03-31 541.67 69.21 18.74
2015-12-31 541.67 69.21 18.74
2015-09-30 447.77 115.43 12.08
2015-06-30 447.77 115.43 12.08
2015-03-31 471.19 70.93 13.67
2014-12-31 471.19 70.93 13.67
2014-09-30 414.25 102.22 7.05
2014-06-30 414.25 102.22 7.05
2014-03-31 406.12 112.74 10.63
2013-12-31 406.12 112.74 10.63
2013-09-30 373.07 150.02 7.01
2013-06-30 373.07 150.02 7.01
2013-03-31 372.23 141.77 7.74
2012-12-31 372.23 141.77 7.74
2012-09-30 353.62 155.38 5.07
  • Fisher & Paykel Healthcare's level of debt (9.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (27.7% vs 9.5% today).
  • Debt is well covered by operating cash flow (291.8%, greater than 20% of total debt).
  • Fisher & Paykel Healthcare earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Fisher & Paykel Healthcare's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Fisher & Paykel Healthcare has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FPH Dividends

 What is Fisher & Paykel Healthcare's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.42%
Current annual income from Fisher & Paykel Healthcare dividends. Estimated to be 2.02% next year.
If you bought NZ$2,000 of Fisher & Paykel Healthcare shares you are expected to receive NZ$28 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Fisher & Paykel Healthcare's pays a lower dividend yield than the bottom 25% of dividend payers in New Zealand (3.26%).
  • Fisher & Paykel Healthcare's dividend is below the markets top 25% of dividend payers in New Zealand (5.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NZSE:FPH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Oceania Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1.6%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 73 Stocks 3.6%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 2.3%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.3%
New Zealand Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NZSE:FPH Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2024-03-31
2023-03-31 0.44 1.00
2022-03-31 0.38 7.00
2021-03-31 0.33 8.00
2020-03-31 0.28 8.00
NZSE:FPH Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2019-05-27 0.233 1.494
2018-11-26 0.210 1.476
2018-05-28 0.213 1.459
2017-11-23 0.200 1.521
2017-05-22 0.195 1.646
2016-08-23 0.167 1.805
2015-05-29 0.138 1.630
2015-05-28 0.138 2.141
2014-05-23 0.124 2.235
2014-05-22 0.124 2.953
2013-05-22 0.124 3.299
2012-11-21 0.172 6.778
2012-05-24 0.124 5.841
2011-11-22 0.124 5.459
2011-05-24 0.124 4.961
2010-11-24 0.124 4.010
2010-08-27 0.124 4.054
2009-11-18 0.124 3.836
2009-05-26 0.124 4.000
2008-11-20 0.124 3.931

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fisher & Paykel Healthcare is not paying a notable dividend for New Zealand, therefore no need to check if the payments are stable.
  • Fisher & Paykel Healthcare is not paying a notable dividend for New Zealand, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Fisher & Paykel Healthcare's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Fisher & Paykel Healthcare's dividends as it is not paying a notable one for New Zealand.
Future Payout to shareholders
  • No need to calculate the sustainability of Fisher & Paykel Healthcare's dividends in 3 years as they are not expected to pay a notable one for New Zealand.
X
Income/ dividend checks
We assess Fisher & Paykel Healthcare's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Fisher & Paykel Healthcare afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fisher & Paykel Healthcare has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FPH Management

 What is the CEO of Fisher & Paykel Healthcare's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Lewis Gradon
COMPENSATION NZ$2,678,092
AGE 58
TENURE AS CEO 3.3 years
CEO Bio

Mr. Lewis G. Gradon has been the Chief Executive Officer, Managing Director & Executive Director at Fisher & Paykel Healthcare Corporation Limited since April 1, 2016. Mr. Gradon served as the Senior Vice President of Products & Technology at Fisher & Paykel Healthcare Corporation Limited from 2001 to March 31, 2016. He served as Senior Vice President of Research and Development at Fisher & Paykel Healthcare Corporation Limited since November 2001. He served six years as the General Manager of Research and Development of Fisher & Paykel Industries' healthcare business since September 1996 and as Research and Development Manager since May 1990 and Senior Vice President of Products & Technology for 15 years. During his 35 year tenure with Fisher & Paykel Healthcare he has also held various engineering positions, included product design engineer since 1985 and he has overseen the development of its complete healthcare product range. As at 31 March 2018 he held as Director of Fisher & Paykel Healthcare Employee Share Purchase Trustee Limited. He received his Bachelor of Science degree in physics from the University of Auckland, New Zealand. He held Directors of following subsidiaries at March 31, 2018: Fisher & Paykel Healthcare Limited (NZ), Fisher & Paykel Healthcare Properties Limited (NZ), Fisher & Paykel Healthcare Treasury Limited (NZ),Fisher & Paykel Healthcare Asia Limited (NZ),Fisher & Paykel Healthcare Asia Investments Limited (NZ),Fisher & Paykel Healthcare Americas Investments Limited (NZ),Fisher & Paykel Healthcare Pty Limited (Australia),Fisher & Paykel Healthcare Limited (Canada),Fisher & Paykel Healthcare (Guangzhou) Limited (China),Fisher & Paykel Healthcare SAS (France), Fisher & Paykel Healthcare Limited (Hong Kong),Fisher & Paykel Healthcare India Private Limited (India), Fisher & Paykel Healthcare K.K. (Japan), Fisher & Paykel Healthcare S.A. de C.V. (Mexico),Fisher & Paykel Healthcare Mexico S.A. de C.V. (Mexico),Fisher & Paykel Healthcare Mexico Properties S.A. de C.V. (Mexico), Limited Liability Company Fisher & Paykel Healthcare (Russia),Fisher & Paykel Healthcare AB (Sweden), Fisher Paykel Saglik Ürünleri Ticaret Limited Sirketi (Turkey), Fisher & Paykel Healthcare Limited (UK),Fisher & Paykel Holdings Inc. (USA) and Fisher & Paykel Healthcare Inc. (USA) and Fisher & Paykel Healthcare Distribution Inc.

CEO Compensation
  • Lewis's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Insufficient data for Lewis to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure of the Fisher & Paykel Healthcare management team in years:

2.9
Average Tenure
  • The tenure for the Fisher & Paykel Healthcare management team is about average.
Management Team

Lewis Gradon

TITLE
MD, CEO & Executive Director
COMPENSATION
NZ$3M
AGE
58
TENURE
3.3 yrs

Lyndal York

TITLE
Chief Financial Officer
TENURE
0.3 yrs

Andrew Somervell

TITLE
Vice President of Products & Technology
TENURE
3.3 yrs

Hayden Brown

TITLE
Investor Relations Manager

Rachel Reynolds

TITLE
Senior Communications Manager

Paul Shearer

TITLE
Senior Vice President of Sales & Marketing
TENURE
17.7 yrs

Debra Lumsden

TITLE
VP of Human Resources & Privacy Officer
TENURE
2.6 yrs

Marcus Driller

TITLE
Vice President of Corporate

Andrea Blackie

TITLE
General Manager of Finance
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Fisher & Paykel Healthcare board of directors in years:

4.8
Average Tenure
60
Average Age
  • The tenure for the Fisher & Paykel Healthcare board of directors is about average.
Board of Directors

Tony Carter

TITLE
Board Chair
COMPENSATION
NZ$225K
AGE
61
TENURE
7.3 yrs

Lewis Gradon

TITLE
MD, CEO & Executive Director
COMPENSATION
NZ$3M
AGE
58
TENURE
3.3 yrs

Donal O’Dwyer

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$157K
AGE
66
TENURE
6.6 yrs

Scott St John

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$144K
TENURE
3.8 yrs

Pip Greenwood

TITLE
Non-Executive Director
COMPENSATION
NZ$121K
TENURE
2.1 yrs

Mike Daniell

TITLE
Non-Executive Director
COMPENSATION
NZ$116K
AGE
61
TENURE
17.7 yrs

Geraldine McBride

TITLE
Independent Non Executive Director
COMPENSATION
NZ$99K
AGE
58
TENURE
5.9 yrs

Neville Mitchell

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$53K
AGE
59
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) Value (NZ$)
27. Sep 18 Sell Lewis Gradon Individual 24. Sep 18 24. Sep 18 -18,000 NZ$15.08 NZ$-271,523
27. Sep 18 Buy Lewis Gradon Individual 21. Sep 18 21. Sep 18 15,825 NZ$15.25 NZ$241,331
X
Management checks
We assess Fisher & Paykel Healthcare's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Fisher & Paykel Healthcare has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FPH News

Simply Wall St News

Was Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) Earnings Growth Better Than The Industry's?

When Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) announced its latest earnings (31 March 2019), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Fisher & Paykel Healthcare's average earnings over the past couple of years, and its industry performance. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 16%, indicating the rate at which FPH is growing has slowed down.

Simply Wall St -

Have Insiders Been Selling Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) Shares This Year?

So we'll take a look at whether insiders have been buying or selling shares in Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH). … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' View our latest analysis for Fisher & Paykel Healthcare Fisher & Paykel Healthcare Insider Transactions Over The Last Year The MD, CEO & Executive Director, Lewis Gradon, made the biggest insider sale in the last 12 months. … NZSE:FPH Recent Insider Trading, July 11th 2019 Does Fisher & Paykel Healthcare Boast High Insider Ownership?

Simply Wall St -

Why Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) CEO Pay Matters To You

Check out our latest analysis for Fisher & Paykel Healthcare How Does Lewis Gradon's Compensation Compare With Similar Sized Companies? … Our data indicates that Fisher & Paykel Healthcare Corporation Limited is worth NZ$9.3b, and total annual CEO compensation is NZ$2.7m. … Boasting a total shareholder return of 70% over three years, Fisher & Paykel Healthcare Corporation Limited has done well by shareholders.

Simply Wall St -

How To Gain With Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH)

High quality stocks such as Fisher & Paykel Healthcare Corporation Limited has fared well over time in a fickle stock market, which is why I want to bring it into light amongst all the chaos. … View our latest analysis for Fisher & Paykel Healthcare Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems. … NZSE:FPH Historical Debt, June 27th 2019 Currently Fisher & Paykel Healthcare has NZ$87m on its balance sheet, which requires regular interest payments.

Simply Wall St -

Why Investors Should Run Towards Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH)

High quality stocks such as Fisher & Paykel Healthcare Corporation Limited has fared well over time in a fickle stock market, which is why I want to bring it into light amongst all the chaos. … Check out our latest analysis for Fisher & Paykel Healthcare Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems. … This consistent market outperformance illustrates a robust track record of delivering strong returns over a number of years, increasing my conviction in Fisher & Paykel Healthcare as an investment over the long run.

Simply Wall St -

How Much Of Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) Do Institutions Own?

The big shareholder groups in Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) have power over the company. … See our latest analysis for Fisher & Paykel Healthcare NZSE:FPH Ownership Summary, June 11th 2019 What Does The Institutional Ownership Tell Us About Fisher & Paykel Healthcare? … NZSE:FPH Income Statement, June 11th 2019 Hedge funds don't have many shares in Fisher & Paykel Healthcare.

Simply Wall St -

How Do Analysts See Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) Performing Over The Next Few Years?

Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) latest earnings announcement in March 2019 signalled that the company gained from a slight tailwind, leading to a single-digit earnings growth of 10.0%. … Below is a brief commentary on my key takeaways on how market analysts predict Fisher & Paykel Healthcare's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. … See our latest analysis for Fisher & Paykel Healthcare Market analysts' prospects for the coming year seems optimistic, with earnings expanding by a robust 17%.

Simply Wall St -

Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) Is Employing Capital Very Effectively

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Fisher & Paykel Healthcare: 0.34 = NZ$293m ÷ (NZ$1.0b - NZ$196m) (Based on the trailing twelve months to March 2019.) Therefore, Fisher & Paykel Healthcare has an ROCE of 34%. … Do Fisher & Paykel Healthcare's Current Liabilities Skew Its ROCE? … The Bottom Line On Fisher & Paykel Healthcare's ROCE This is good to see, and with such a high ROCE, Fisher & Paykel Healthcare may be worth a closer look.

Simply Wall St -

Should We Be Delighted With Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) ROE Of 27%?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Fisher & Paykel Healthcare: 27% = NZ$206m ÷ NZ$777m (Based on the trailing twelve months to September 2018.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Fisher & Paykel Healthcare Have A Good Return On Equity? … A company that can achieve a high return on equity without debt could be considered a high quality business.

Simply Wall St -

Despite Its High P/E Ratio, Is Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) Still Undervalued?

The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Fisher & Paykel Healthcare: P/E of 44.08 = NZ$15.91 ÷ NZ$0.36 (Based on the trailing twelve months to September 2018.) Is A High Price-to-Earnings Ratio Good? … Fisher & Paykel Healthcare increased earnings per share by an impressive 19% over the last twelve months. … Since Fisher & Paykel Healthcare holds net cash of NZ$15m, it can spend on growth, justifying a higher P/E ratio than otherwise.

Simply Wall St -

FPH Company Info

Description

Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems. It provides its products for use in respiratory care, acute care, and surgery, as well as the treatment of obstructive sleep apnea (OSA) in the home and within the hospital. The company offers adult respiratory products, including AIRVO 2 system, a humidifier with integrated flow source; Optiflow, a nasal high flow therapy; and noninvasive and invasive ventilation systems. It also provides infant respiratory products, such as resuscitation, invasive ventilation, continuous positive airway pressure (CPAP) therapy, and nasal high flow therapy products. In addition, the company offers hospital products comprising humidification products, breathing circuits, chambers, masks, nasal cannulas, accessories, and interfaces; and homecare products that include masks, CPAP devices, data management products, humidifiers, and accessories. It has operations in North America, Europe, the Asia Pacific, and internationally. The company was founded in 1934 and is headquartered in Auckland, New Zealand.

Details
Name: Fisher & Paykel Healthcare Corporation Limited
FPH
Exchange: NZSE
Founded: 1934
NZ$9,330,818,121
573,851,053
Website: http://www.fphcare.com
Address: Fisher & Paykel Healthcare Corporation Limited
15 Maurice Paykel Place,
East Tamaki,
Auckland,
2013,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE FPH Ordinary Shares New Zealand Stock Exchange NZ NZD 02. Jan 1992
OTCPK FSPK.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
ASX FPH Ordinary Shares Australian Securities Exchange AU AUD 02. Jan 1992
CHIA FPH Ordinary Shares Chi-X Australia AU AUD 02. Jan 1992
OTCPK FSPK.Y UNSPONSORD ADR Pink Sheets LLC US USD 29. Oct 2008
Number of employees
Current staff
Staff numbers
4,547
Fisher & Paykel Healthcare employees.
Industry
Health Care Equipment
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/23 10:31
End of day share price update: 2019/07/23 00:00
Last estimates confirmation: 2019/06/25
Last earnings filing: 2019/05/27
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.