Healthscope gives $4.11 billion bid a cool reception


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In a note to clients, Citi analyst Victor Windeyer said the bid appeared to be opportunistic partly because the company’s large project, the $840 million Northern Beaches Hospital, was about to open and would go from being a cost to being an earnings contributor in the next financial year.


He said a deal would more likely be struck in the range of $2.56 to $3.33 per share, the bottom end of the range representing the three-year average multiple of profit before interest, tax, depreciation and amortisation (EBITDA). The upper end would be hit if a 30 per cent control premium were applied.


Mr Windeyer said the offer was “highly conditional”.


“It’s a good price, it’s a positive result for shareholders,” said Danial Moradi, equity strategist at Lonsec Research.


“The company’s been underperforming for 18 months now. For the share price to get to higher levels, they would have had to do something they haven’t done in the past couple of years.”


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