Sonic Healthcare Ltd

SHL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$47.00	Zgjfzy	Ldfbpnvm

Sonic Healthcare Earnings: Shares Undervalued as Margins Recover

Shane Ponraj

Aug 22, 2024

Narrow-moat Sonic reported fiscal 2024 underlying organic revenue growth of 6% to AUD 8.9 billion and a group EBITDA of AUD 1.6 billion, both meeting our expectations. The result was driven by strong organic sales growth in Australia and Europe. Although recent acquisitions and cost pressures have weighed on group profitability, the second-half group EBITDA margin expanded roughly 150 basis points on the first half to 18.6% on margin improvement initiatives.

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