Morningstar

Morningstar, Inc.

Equity Bottom-Up

We maintain our AUD 20.00 (NZD 21.00) fair value estimate for Ebos, following the group's fully underwritten NZD 150 million share placement. We calculate the issue to be merely 2% EPS-dilutive on a pro-forma basis, with the 5% increase in the share base partly offset by lower forecast interest charge from the reduced debt. Shares in Ebos were trading broadly in line with our fair value estimate before the capital raising announcement
Issue of the new shares at NZD 19.70 each, just 6% below…

Ebos operates a conglomerate business offering a range of products and services targeting the healthcare and animal-care markets in both Australia and New Zealand. Ebos has grown primarily via acquisitions during the past 13 years. Its transformational Symbion acquisition in 2013 propelled Ebos to the second-largest and most diversified pharmaceutical wholesaler and the largest hospital distributor in the Australian market. Ebos Group's narrow economic moat rating is predicated on the efficient…

<p>Following our trip to narrow-moat Ebos' first investor day and the visit to its new Symbion distribution centre in Brisbane, we maintain our fair value estimate of NZD 20 per share (AUD 19 per share using the spot exchange rate of 1.07). Despite ongoing headwinds from the group's pharmacy distribution business, we believe improving cost efficiency and diversification into pet care and consumer brands will support overall profitability, and we expect Ebos' EBIT margin to remain at around 3.2% for…</p>

<p>We reaffirm our NZD 19 per share (AUD 17.50 per share using an Australian dollar/New Zealand dollar exchange rate of 1.09) following another strong first-half performance by Trans-Tasman conglomerate and narrow-moat-rated Ebos Group. Ebos impressed with an underlying net profit after tax, or NPAT, of NZD 76.7 million on group revenue of NZD 3,942.7 million, up 5.5% and down 3.8%, respectively, compared with the previous corresponding period, or pcp, in constant currency terms, reflecting an…</p>

Australia

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

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