Fisher & Paykel Healthcare Poised for Further Revenue Growth, Operating Leverage Over Next Few Years, RBC Says

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Fisher & Paykel Healthcare (ASX:FPH, NZE:FPH) has a substantial growth opportunity in the hospital market given its dominant market position despite overall low market penetration, RBC Capital Markets said in a Tuesday note.

The company has delivered double-digit revenue growth over the past few years, supported by its high flow therapy devices in the hospital market and strong homecare growth due to mask launches.

RBC believes Fisher & Paykel can continue to achieve mid-to-high teens revenue growth and further operating leverage over the next few years despite an expected slowdown in homecare revenue growth in fiscal 2027.

Although the company trades at a significant valuation premium to peers, it has the lowest price/earnings-to-growth ratio among large-cap growth healthcare companies, RBC said.

It added that the strength of Fisher & Paykel's business could allow it to beat the top end of fiscal 2027 guidance for net profit after tax of NZ$525 million to NZ$565 million.

RBC upgraded its rating on the company to outperform and raised the price target to NZ$52 per share from NZ$39.

Fisher & Paykel Healthcare's New Zealand shares rose 2% at Wednesday's close, while its Australian shares gained 1% in recent trade.

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Paykel Healthcare (ASX:FPH, NZE:FPH) has a substantial growth opportunity in the hospital market given its dominant market position despite overall low market penetration, RBC Capital Markets said in a Tuesday note.</p><p>The company has delivered double-digit revenue growth over the past few years, supported by its high flow therapy devices in the hospital market and strong homecare growth due to mask launches.</p><p>RBC believes Fisher &amp; Paykel can continue to achieve mid-to-high teens revenue growth and further operating leverage over the next few years despite an expected slowdown in homecare revenue growth in fiscal 2027.</p><p>Although the company trades at a significant valuation premium to peers, it has the lowest price/earnings-to-growth ratio among large-cap growth healthcare companies, RBC said.</p><p>It added that the strength of Fisher &amp; Paykel's business could allow it to beat the top end of fiscal 2027 guidance for net profit after tax of NZ$525 million to NZ$565 million.</p><p>RBC upgraded its rating on the company to outperform and raised the price target to NZ$52 per share from NZ$39.</p><p>Fisher &amp; 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