Integral Diagnostics Ltd

IDX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.70	Hjbb	Wqvthmd

Integral Diagnostics Earnings: Lagging Industry Growth but Margin Recovery Underway

Shane Ponraj

Aug 27, 2024

No-moat Integral Diagnostics' fiscal 2024 Australian revenue grew 7.2%, driven by increases to government funding and out-of-pocket fees, but was below market growth of 9.5%. However, we maintain our AUD 3.60 fair value estimate, with shares undervalued. We remain positive on Integral's margin recovery as it focuses on digitization and higher-value imaging modalities. Teleradiology now accounts for roughly 15% of Integral's Australian revenue. Our long-term estimates, including a group midcycle fiscal 2034 EBITDA margin forecast of 24%, are broadly unchanged.

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