Ann: Financial Results 31 December 2018, page-7

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Just_a_guy

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20/02/19

16:22

Post #: 37503598
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Originally posted by Just_a_guy: ↑

yep I was pretty unimpressed with the international portion of the group which is resulting in increased costs and capital outlays. I think with high person risk, ventures into Denmark, ireland and the uk are quite risky. They seem to want to spend more in this regard too targetting 30% of the revenue from overseas.

I’m not too worried about aus. There is the ongoing concern about specialists leaving mvf and vrt but I think that can be managed and is largely built into the price. This result looks especially bad because of costs assosicted with day hospitals and relocations.

in comparison I’ve been very impressed with mvfs expansion into Malaysia. They are doing really well. I think the cultural problem is always difficult to manage at large medical corporates but again I think we are being well compensated for that.

this is close to a buy for me but I still favour mvf as it emerges from the post lynn apocolypse, but I shouldn’t speak too soon with their result out soon (and a likely 15% drop in profits there).

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looks to me like vrt have spent almost 50mil (30mil cash plus a possible 10 mil performance related for Denmark plus 9mil for the uk practice) on buying overseas practices in the last 12 months and the ebitda has grown by 0.9mil. Is that the way others view it?

VRT Price at posting: $4.09 Sentiment: None Disclosure: Not Held
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Ann: Financial Results 31 December 2018, page-7

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Dale Gillham's weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

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