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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, and markets medical device products and systems worldwide. The last earnings update was 177 days ago. More info.


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FPH Share Price and Events
7 Day Returns
0.3%
NZSE:FPH
1.8%
Oceania Medical Equipment
0.7%
NZ Market
1 Year Returns
21.1%
NZSE:FPH
9%
Oceania Medical Equipment
11.2%
NZ Market
FPH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fisher & Paykel Healthcare (FPH) 0.3% 6.7% 20.9% 21.1% 58.5% 268.3%
Oceania Medical Equipment 1.8% 8.5% 15.2% 9% 56.8% 159.2%
NZ Market 0.7% 2% 7.7% 11.2% 26.6% 51.7%
1 Year Return vs Industry and Market
  • FPH outperformed the Medical Equipment industry which returned 9% over the past year.
  • FPH outperformed the Market in New Zealand which returned 11.2% 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 7.9%
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 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.895 (1 + (1- 28%) (1.02%))
0.934
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.37% + (0.934 * 5.96%)
7.94%

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 (@ 7.94%)
2019 79.50 Analyst x2 73.65
2020 184.00 Analyst x2 157.93
2021 271.00 Analyst x1 215.50
2022 332.99 Est @ 22.87% 245.32
2023 388.67 Est @ 16.72% 265.29
2024 436.94 Est @ 12.42% 276.30
2025 478.02 Est @ 9.4% 280.05
2026 512.88 Est @ 7.29% 278.37
2027 542.71 Est @ 5.82% 272.90
2028 568.67 Est @ 4.78% 264.92
Present value of next 10 years cash flows NZ$2,330.23
NZSE:FPH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NZ$568.67 × (1 + 2.37%) ÷ (7.94% – 2.37%)
NZ$10,455.38
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$10,455.38 ÷ (1 + 7.94%)10
NZ$4,870.80
NZSE:FPH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$2,330.23 + NZ$4,870.80
NZ$7,201.03
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$7,201.03 / 573.79
NZ$12.55
NZSE:FPH Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$12.55
Current discount Discount to share price of NZ$16.17
= -1 x (NZ$16.17 - NZ$12.55) / NZ$12.55
-28.8%

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 (2018-09-30) in NZD NZ$0.36
NZSE:FPH Share Price ** NZSE (2019-05-21) in NZD NZ$16.17
Oceania Medical Equipment Industry PE Ratio Median Figure of 9 Publicly-Listed Medical Equipment Companies 43.42x
New Zealand Market PE Ratio Median Figure of 90 Publicly-Listed Companies 18.27x

* 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)

= 16.17 ÷ 0.36

44.8x

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 44.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
13.7%per year
Oceania Medical Equipment Industry PEG Ratio Median Figure of 5 Publicly-Listed Medical Equipment Companies 2.81x
New Zealand Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.47x

*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

= 44.8x ÷ 13.7%

3.28x

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 (2018-09-30) in NZD NZ$1.36
NZSE:FPH Share Price * NZSE (2019-05-21) in NZD NZ$16.17
Oceania Medical Equipment Industry PB Ratio Median Figure of 32 Publicly-Listed Medical Equipment Companies 2.75x
New Zealand Market PB Ratio Median Figure of 125 Publicly-Listed Companies 1.55x
NZSE:FPH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 16.17 ÷ 1.36

11.91x

* 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
13.7%
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 13.7%
NZSE:FPH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 9.9%
Oceania Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 15.2%
Oceania Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 10%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 7%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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 (7 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
2024-03-31 416
2023-03-31 1,611 375 1
2022-03-31 1,455 330 1
2021-03-31 1,331 349 294 8
2020-03-31 1,199 291 253 9
2019-03-31 1,079 237 209 9
NZSE:FPH Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
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
2016-03-31 815 145 143
2015-12-31 776 135 135

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fisher & Paykel Healthcare's earnings are expected to grow by 13.7% yearly, however this is not considered high growth (20% yearly).
  • Fisher & Paykel Healthcare's revenue is expected to grow by 9.9% 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 (7 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 7 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 0.62 0.62 0.62 1.00
2022-03-31 0.55 0.55 0.55 1.00
2021-03-31 0.51 0.52 0.49 5.00
2020-03-31 0.44 0.47 0.42 6.00
2019-03-31 0.36 0.37 0.35 6.00
NZSE:FPH Past Financials Data
Date (Data in NZD Millions) EPS *
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
2016-03-31 0.26
2015-12-31 0.24

*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 exceeds its 5-year average (19.7% vs 16.9%)
  • Fisher & Paykel Healthcare's earnings growth has not exceeded the Oceania Medical Equipment industry average in the past year (19.7% vs 41%).
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 7 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
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
2012-06-30 524.17 66.60 144.96 42.73

*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 4/6, 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 4.2x 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 7 months ago.

NZSE:FPH Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
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
2012-06-30 353.62 155.38 5.07
  • Fisher & Paykel Healthcare's level of debt (12.4%) 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 (40.1% vs 12.4% today).
  • Debt is well covered by operating cash flow (269.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 419.7x coverage).
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
1.3%
Current annual income from Fisher & Paykel Healthcare dividends. Estimated to be 2.14% next year.
If you bought NZ$2,000 of Fisher & Paykel Healthcare shares you are expected to receive NZ$26 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 (3.3%).
  • Fisher & Paykel Healthcare's dividend is below the markets top 25% of dividend payers in New Zealand (5.7%).
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 3.8%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 2.1%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.3%
New Zealand Top 25% Dividend Yield 75th Percentile 5.7%

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$) Dividend per Share (annual) Avg. No. Analysts
2024-03-31
2023-03-31 0.53 1.00
2022-03-31 0.47 1.00
2021-03-31 0.36 7.00
2020-03-31 0.30 8.00
2019-03-31 0.24 8.00
NZSE:FPH Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2018-11-26 0.210 1.484
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

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
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
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 2.1%) - 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 1/6, 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$2,312,909
AGE 57
TENURE AS CEO 3.1 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 increased by more than 20% in the past year whilst earnings grew less 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:

2.4
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$2M
AGE
57
TENURE
3.1 yrs

Lyndal York

TITLE
Chief Financial Officer
TENURE
0.2 yrs

Andrew Somervell

TITLE
Vice President of Products & Technology
TENURE
3.1 yrs

Rachel Reynolds

TITLE
Senior Communications Manager

Paul Shearer

TITLE
Senior Vice President of Sales & Marketing
TENURE
17.5 yrs

Debra Lumsden

TITLE
VP of Human Resources & Privacy Officer
TENURE
2.4 yrs

Tony Barclay

TITLE
Consultant
TENURE
0.9 yrs

Andrea Blackie

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

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

3.6
Average Tenure
59.5
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$218K
AGE
60
TENURE
7.1 yrs

Lewis Gradon

TITLE
MD, CEO & Executive Director
COMPENSATION
NZ$2M
AGE
57
TENURE
3.1 yrs

Scott St John

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$137K
TENURE
3.6 yrs

Pip Greenwood

TITLE
Non-Executive Director
COMPENSATION
NZ$94K
TENURE
1.9 yrs

Mike Daniell

TITLE
Non-Executive Director
COMPENSATION
NZ$106K
AGE
60
TENURE
17.5 yrs

Donal O’Dwyer

TITLE
Independent Non-Executive Director
COMPENSATION
NZ$147K
AGE
65
TENURE
6.4 yrs

Geraldine McBride

TITLE
Independent Non Executive Director
COMPENSATION
NZ$96K
AGE
57
TENURE
5.8 yrs

Claudia Wyss

TITLE
Future Director
TENURE
0.9 yrs

Neville Mitchell

TITLE
Independent Non-Executive Director
AGE
59
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month 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
28. Jun 18 Sell Michael Daniell Individual 26. Jun 18 27. Jun 18 -50,000 NZ$15.20 NZ$-759,279
20. Jun 18 Buy Michael Daniell Individual 19. Jun 18 19. Jun 18 101,335 NZ$14.89 NZ$1,508,878
17. Jun 18 Buy Capital Research and Management Company Company 14. Jun 18 14. Jun 18 3,852,008 NZ$15.00 NZ$57,757,848
12. Jun 18 Sell Antony Barclay Individual 06. Jun 18 06. Jun 18 -10,000 NZ$14.33 NZ$-143,268
12. Jun 18 Sell Michael Daniell Individual 06. Jun 18 07. Jun 18 -50,000 NZ$14.37 NZ$-703,978
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

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 -

A Holistic Look At Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH)

Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of FPH, it

Simply Wall St -

Does Fisher & Paykel Healthcare (NZSE:FPH) Deserve A Spot On Your Watchlist?

So if you're like me, you might be more interested in profitable, growing companies, like Fisher & Paykel Healthcare (NZSE:FPH). … How Quickly Is Fisher & Paykel Healthcare Increasing Earnings Per Share. … The good news is that Fisher & Paykel Healthcare is growing revenues, and EBIT margins improved by 2.1 percentage points to 28%, over the last year.

Simply Wall St -

Is Fisher & Paykel Healthcare's (NZSE:FPH) Share Price Gain Of 290% Well Earned?

One great example is Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) which saw its share price drive 290% higher over five years. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … During five years of share price growth, Fisher & Paykel Healthcare achieved compound earnings per share (EPS) growth of 17% per year.

Simply Wall St -

What Should You Know About Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) Growth?

In September 2018, Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) announced its earnings update. … analyst consensus outlook appear cautiously subdued, … the higher past 5-year average growth rate of 17%

Simply Wall St -

Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH): How Much Money Comes Back To Investors?

I will take you through Fisher & Paykel Healthcare’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Fisher & Paykel Healthcare’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … There are two methods I will use to evaluate the quality of Fisher & Paykel Healthcare’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability

Simply Wall St -

Want To Invest In Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) Today? Read This First

Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) is considered a high growth stock. … Check out our latest analysis for Fisher & Paykel Healthcare? … Investors in Fisher & Paykel Healthcare have been patiently waiting for the uptick in earnings.

Simply Wall St -

Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH): How To Win In A Volatile Market

Today I want to bring to light the market's darling - Fisher & Paykel Healthcare Corporation Limited. … Looking at its size, financial health and track record, I believe there's an opportunity with Fisher & Paykel Healthcare during these volatile times. … Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, and markets medical device products and systems worldwide

Simply Wall St -

Is Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) A Strong Dividend Stock?

Historically, Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH) has paid a dividend to shareholders. … Does Fisher & Paykel Healthcare tick all the boxes of a great dividend stock? … View our latest analysis for Fisher & Paykel Healthcare

Simply Wall St -

FPH Company Info

Description

Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, and markets medical device products and systems worldwide. The company offers its products for use in respiratory, acute care, and surgery; and for the treatment of obstructive sleep apnea (OSA). It operates through four segments: New Zealand, North America, Europe, and Asia-Pacific. The company offers adult respiratory products, such as 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, including resuscitation, invasive ventilation, continuous positive airway pressure (CPAP) therapy, and nasal high flow therapy products. In addition, the company offers surgical humidification systems; and homecare products comprising masks, CPAP devices, data management, humidifiers, and accessories. It markets and sells its products through its distribution subsidiaries, third party distributors, and original equipment manufacturers. Fisher & Paykel Healthcare Corporation Limited was founded in 1934 and is headquartered in Auckland, New Zealand.

Details
Name: Fisher & Paykel Healthcare Corporation Limited
FPH
Exchange: NZSE
Founded: 1934
NZ$9,404,357,457
573,786,300
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
4,000
Fisher & Paykel Healthcare employees.
Industry
Health Care Equipment
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 10:32
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/19
Last earnings filing: 2018/11/25
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


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.