The Bottom?, page-10

I think you know why. MVF is a good business in the sense its profitable and its in the healthcare sector (defensive) - with votility in the market people like safety thats why ramsay its such a good stock. Now, the problem with it though is that it doesnt have much of a moat. its easy to copy its model and its mainly based or trying to acquire low-cost IVF cycles. Primary health and Virtus health seems to bundle and offer more services. One stop shop is always better. also the specialists in MVF are younger so their client base is small. No doubt, like you said. its cheap at the moment. However it carries quite abit of risk. If government funding on IVF cycles are taken away for an example - its going to be very interesting, the lack of moat and the fact that it doesnt really have a big market share in large population areas - eg. established in South Australia but not NSW . I've been reading about this stock and one of the things that keep striking me is the lack of a plan. Sure- acquire more low cost IVF clinics but surely they would like to diversify as well? into more expensive services that are harder to break into or establish themselves in an area? The malaysia thing doesnt seem that great to be honest. - people from malaysia frequently go to Singapore for procedures .
Still, like you said - its cheap - profitable and whilst growth is a problem it will pay dividends in the future - looks that way and also the doctors surely would like some cash too (being shareholders) . Maybe im alittle harsh with this stock . maybe im missing something.