Morningstar says NZ's Fisher & Paykel Healthcare overvalued

Fisher & Paykel Healthcare

01/06/2026 22:12

** Morningstar raises its fair value estimate for New Zealand's Fisher & Paykel Healthcare FPH.NZ to NZ$30.5, lower than its previous close of NZ$37.29, reflecting adjustments for the time value of money
** Investment research firm says shares are overvalued, with the market appearing 'too optimistic' about the pace of revenue growth
** While clinical evidence for nasal high-flow therapy continues to build, changes in hospital practices are likely to take years, Morningstar says
** Trims its FY2027 payout ratio forecast to 65% from 75%, implying a 12% reduction in dividend to NZ$0.59
** However, Morningstar will revert to a 75% payout ratio assumption upon completion of its fifth facility at the East Tāmaki campus and final land payment at its Karaka site
** Five of 11 analysts rate the stock "buy" or higher, six "hold"; their median price target is NZ$41.20, as per data compiled by LSEG
** Down ~1% YTD

 (Reporting by Anjali Singh in Bengaluru)
 ((anjali.singh2@thomsonreuters.com;))