Mediclinic International

  • TickerMDC
  • ISINGB00B8HX8Z88
  • ExchangeLondon Stock Exchange
  • SectorHealth Care Equipment & Services
  • CountryUnited Kingdom

Analysts

Steph Erasmus

Healthcare | Rising off a low base

Our views around Mediclinic Switzerland (MEISW) have evolved guided by evidence that MEISW is delivering on its turnaround strategy by generating c.14% EBITDA margin for H1 20f. In our view, MEI's current share price is not reflective of the green shoots guided for in Switzerland. While Life Healthcare (LHC) has withdrawn from its Max India investment, we remain concerned about the longevity of their Alliance Medical (LHCAM) business. Since Jan ‘19 LHC has benefited from the inclusion c.470k insured PolMed lives, at the expense of Netcare (NTC). However, despite our c.40% growth in FY ‘20f...

Thanks to a better fundamental star rating, MEDICLINIC INTL.PLC. sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to MEDICLINIC INTL.PLC. (GB), active in the Health Care Providers industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date October 11, 2019, the closing price was GBp 348.30 and its expected value was estimated at GBp 335.89.

Steph Erasmus

Healthcare | The final Health Market Inquiry report, expected yet unsettling

Our outlook for Life Healthcare, Mediclinic and Netcare's (the healthcare providers) South African acute EBITDA margins has worsened. The Health Market Inquiry (HMI) commission's findings on the profitability of the healthcare providers suggest that the government will embark on further measures to reduce the profitability of the healthcare providers. The general tone of the HMI report is also of concern, with the HMI commission (the commission) not making mention of private-public partnerships. The commission, by its own admission said that there is no reliable source for health outcomes d...

MarketLine Department

Netcare Limited - Strategy, SWOT and Corporate Finance Report

Summary Netcare Limited - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Netcare Limited (Netcare or the company) is an investment holding company that operates private hospitals, primary healthcare, emergency medical services and renal care networks in South Africa and the UK. The company’s services portfolio includes emergency medical services, retail pharmacies...

Steph Erasmus

Healthcare | Amputate, cauterise or euthanise?

Healthcare demand is inelastic, representing one of society's most basic needs. Despite 1.5% annual population growth and an ageing affluent consumer, occupancies for South Africa's (SA) private healthcare providers have weakened to c.70% of capacity from c.72% in 2015 due to static medical scheme covered lives in SA at c.9m. By filling unused capacity, SA's private healthcare providers could care for an additional c.7.7m South Africans. Considering that c.44m South Africans depend on the public healthcare system, the proposed National Health Insurance scheme (NHI) could fill spare capacity...

Steph Erasmus

Healthcare | Rising off a low base

Our views around Mediclinic Switzerland (MEISW) have evolved guided by evidence that MEISW is delivering on its turnaround strategy by generating c.14% EBITDA margin for H1 20f. In our view, MEI's current share price is not reflective of the green shoots guided for in Switzerland. While Life Healthcare (LHC) has withdrawn from its Max India investment, we remain concerned about the longevity of their Alliance Medical (LHCAM) business. Since Jan ‘19 LHC has benefited from the inclusion c.470k insured PolMed lives, at the expense of Netcare (NTC). However, despite our c.40% growth in FY ‘20f...

Steph Erasmus

Healthcare | The final Health Market Inquiry report, expected yet unsettling

Our outlook for Life Healthcare, Mediclinic and Netcare's (the healthcare providers) South African acute EBITDA margins has worsened. The Health Market Inquiry (HMI) commission's findings on the profitability of the healthcare providers suggest that the government will embark on further measures to reduce the profitability of the healthcare providers. The general tone of the HMI report is also of concern, with the HMI commission (the commission) not making mention of private-public partnerships. The commission, by its own admission said that there is no reliable source for health outcomes d...

Steph Erasmus

Healthcare | Amputate, cauterise or euthanise?

Healthcare demand is inelastic, representing one of society's most basic needs. Despite 1.5% annual population growth and an ageing affluent consumer, occupancies for South Africa's (SA) private healthcare providers have weakened to c.70% of capacity from c.72% in 2015 due to static medical scheme covered lives in SA at c.9m. By filling unused capacity, SA's private healthcare providers could care for an additional c.7.7m South Africans. Considering that c.44m South Africans depend on the public healthcare system, the proposed National Health Insurance scheme (NHI) could fill spare capacity...

1 director bought

A director at Mediclinic International bought 20,000 shares at 86.820ZAR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Thanks to a better fundamental star rating, MEDICLINIC INTL.PLC. sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to MEDICLINIC INTL.PLC. (GB), active in the Health Care Providers industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 2 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date October 11, 2019, the closing price was GBp 348.30 and its expected value was estimated at GBp 335.89.

MarketLine Department

Netcare Limited - Strategy, SWOT and Corporate Finance Report

Summary Netcare Limited - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Netcare Limited (Netcare or the company) is an investment holding company that operates private hospitals, primary healthcare, emergency medical services and renal care networks in South Africa and the UK. The company’s services portfolio includes emergency medical services, retail pharmacies...

Expert Corporate Governance Service (ECGS)

Mediclinic, 24 July 2019

Controlling shareholderShareholders should note that, unlike most UK companies, Mediclinic has a controlling shareholder. Remgro Ltd. owns 44.56% of the share capital. There is a relationship agreement in place whereby Remgro Ltd is entitled, for every 10% of the issued share capital held, to appoint a director to Board, up to a maximum of three. The appointment of a third director is subject to the Board maintaining a majority of independent Non-Executive Directors. Item 2: Advisory vote on the Remuneration ReportThe structure is satisfactory. Remuneration is weighted more towards rewarding ...

Mediclinic International – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jehanne Leroy

Mediclinic International - Proxy report 22/07/208

Leadership changes Danie Meintjes was replaced by Carol Van Der Merwe as CEO in June 2018. Danie Meintjes was then an Executive Director from June 2018 until August 2018 when he was appointed as a Non-Executive Director. Spire Takeover Takeover talks with Spire ended in November after Spire rejected Meclinic's bid in October. Controlling shareholder Shareholder should note that, unlike most UK companies, Mediclinic has a controlling shareholder. Remgro Ltd. owns 44.56% of the share capital. There is a relationship agreement in place whereby Remgro Ltd is entitled, for every 10% of the iss...

Expert Corporate Governance Service (ECGS)

Etude l' AG du 25/07/2017

Item 3: Approve the Remuneration Policy. The changes proposed to the Remuneration Policy do not address the concerns over the alignment between pay and performance. The STI relies entirely on EBITDA in different divisions rather than using a variety of metrics that would capture different aspects of performance.  In addition, while the LTI includes relative TSR as a performance metric, 60% of the award is determined by EPS, which can potentially be manipulated by executive actions.  The Remuneration Report was only supported by 85.0% of shareholders in the previous year. Item 7: Re-elect the C...

Matthieu DRIOL

Short term view - MEDICLINIC INTERNATIONAL PLC : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at 494.10 p. The background trend would be questioned should prices rise above 569.40 p.

Valérie GASTALDY

Medium term view - MEDICLINIC INTERNATIONAL PLC : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at 495.40 p, then 400.67 p. Passing 710.10 p would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - MEDICLINIC INTERNATIONAL PLC : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 494,10 p. La tendance de fond serait remise en cause en cas de franchissement de 569,40 p.

Valérie GASTALDY

Analyse moyen terme - MEDICLINIC INTERNATIONAL PLC : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 495,40 p, puis 400,67 p. Le franchissement de 710,10 p remettrait en cause la suite de la baisse.

Louis AZAIS

Short term view - MEDICLINIC INTERNATIONAL PLC : The major resistance has been reached, it causes the fall.

The trend is still bearish, the invalidation level is above 569.40 p. The target is at 455.80 p.Arguments :- The major resistance has been reached, it causes the fall.- Prices are breaking below the moving average, it is a sign of weakness.

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