FPH - Fisher Paykel Healthcare Corp

[Left Field]

FPH still not much loved on this forum (only 270 posts v (say) over 1600 posts for TRA)...... however, boring is good and this latest update and upgrade will be welcomed by holders.

https://www.nzx.com/announcements/463379

Fisher & Paykel Healthcare delivers strong growth for the first half; net profit up 39%
 
"Auckland, New Zealand, 26 November 2025 – Fisher & Paykel Healthcare Corporation Limited (NZX:FPH, ASX:FPH) has announced its results for the first half of the 2026 financial year, which ended 30 September 2025.
 
 Total operating revenue was $1.09 billion, an increase of 14% over the first half of the prior financial year, or 12% in constant currency. Net profit after tax was $213.0 million, an increase of 39% over the first half of the prior financial year, or 28% in constant currency.
 
.....The company's directors have approved an interim dividend of 19.0 cents per ordinary share, up from 18.5 cents per share in the first half of the prior year. The interim dividend, carrying full New Zealand imputation credit, will be paid on 16 December 2025 with a record date of 4 December 2025.
 
 Looking ahead
 
 The full-year guidance previously provided in August was for operating revenue to be in the range of approximately $2.15 billion to $2.25 billion and net profit after tax to be in the range of approximately $390 million to $440 million.
 
 At 31 October exchange rates*, the company now expects full-year operating revenue in the range of approximately $2.17 billion to $2.27 billion and full-year net profit after tax in the range of approximately $410 million to $460 million."

Overview of key results for the first half of the 2026 financial year
 • 14% increase in operating revenue to $1.09 billion, 12% increase in constant currency.
 • 39% increase in net profit after tax to $213.0 million, 28% increase in constant currency.
 • 17% increase in Hospital operating revenue to $692.2 million, 15% increase in constant currency.
 • 16% increase in constant currency for new applications consumables (products used in noninvasive ventilation, Optiflow nasal high flow and surgical applications) accounting for 74% of Hospital consumables revenue.
 • 10% increase in Homecare operating revenue to $395.9 million, 8% increase in constant currency.
 • 6% increase in constant currency for OSA masks and accessories revenue.
 • Investment in R&D was 10% of revenue, or $114.1 million.
 • Increase in interim dividend to 19.0 cps (1H FY25: 18.5 cps).
 

[Basil]

Seeing as you brought it up Left Field.  Maybe people don't post about it because they think its fully valued and not a growth at a reasonable price company and there's little to no opportunity here that isn't already priced for absolute perfection ?
https://www.marketscreener.com/quote/stock/FISHER-PAYKEL-HEALTHCARE--6492630/

Noting market consensus EPS forecast for FY28 of $1.015 that compares with 31 cps in FY18 which is impressive growth but I just put that into a CAGR calculator and if FPH hit their target EPS in FY28 that's a decade long CAGR of 12.59%

The thing is Turners has been growing at the same rate and forecast to continue doing so and its on a forecast FY26 PE of 16 whereas FPH is more than triple that on a forward PE of 49.8  You are paying a PEG ratio for FPH (price earnings to growth) of just on 4 whereas for TRA is just on 1.3
(By way of comparison, according to a recent presentation by Barramundi the average PEG ratio for ASX 200 stocks is 3.2)

Over the last year FPH is down 4% and TRA is up 48%, (does not include dividend returns which are much higher for TRA).  Maybe people were right to be discussing mispriced value opportunities ?

[BlackPeter]

FPH still not much loved on this forum (only 270 posts v (say) over 1600 posts for TRA)...... however, boring is good and this latest update and upgrade will be welcomed by holders.

https://www.nzx.com/announcements/463379

Fisher & Paykel Healthcare delivers strong growth for the first half; net profit up 39%

...

Well, I guess they are a well run company.

Question however is, whether they are worth the price people pay for it. Forward PE (over a 10 year window, i.e. 7 years past and 3 years prediction) is 48. Backwards PE (10years) is 80. This means that (if analyst forecasts are right) it will take nearly 50 years before the company earns the price people pay at the moment for the share.

Sure - Earnings CAGR is 8. But still - 48 minus 8 is still 40 years ...

Just have a look at the longterm SP developemnt. If you bought them a couple of years ago for 17 dollars, its (if you sell now) a good traders share. If you bought them five years ago for nearly $40 plus ... not so much.

Hard to see how people think, how FPH will ever earn the current SP (within an acceptable tme), but hey - if its just follow the trend ... though not quite sure, the trend is currently going upwards, is it?

[Left Field]

Over the last year FPH is down 4% and TRA is up 48%, (does not include dividend returns which are much higher for TRA).  Maybe people were right to be discussing mispriced value opportunities ?

Quantity v Quality???  IMO It's all about having a balanced LT portfolio..... I'm more than happy with a TOTAL NZX portfolio gain YTD 2025 of  over 25% (in SP gains alone, ie excluding divvies)

FPH up 60% (excl dividends) on my av hold SP of $23.00... so more than happy to hold FPH at the quality end of my NZX portfolio.

There is no "black or white, right or wrong" in share investing..... just different returns.

So yes happy holder.

[Basil]

Fair enough Left Field.  As you quite rightly point out, there's more than one way to skin a cat.
Mr Market likes the result.