Many reasons to care

研报英文原文证据摘录

Many reasons to care

Macquarie Equity Research Oceania Healthcare

FY26 result wrap

The good The not so good The interesting

• Care earnings lifted 46% like-for-like • OCA's ramp-up of development • OCA delivered targetted $13.2m of

to $24.6m given cost focus (including is a little slower than our previous FY26 cost savings and on track for

divested sites EBITDA was $28.8m). expectations, with OCA guiding to $20.4m of cost out annualised in

Care EBITDA per bed was $14.8k, ~80 p.a. for FY27/28 compared to our FY27. OCA are targeting $10m of

up from $10.4k pcp given efficiency prior ~100 p.a. forecast. OCA still plan other cash savings in FY27 around

initiatives, and stabilised occupancy to lift this to 150 exit rate by FY31. maintenance, refurbishment and

lifted 1pp to 95.5%. OCA are wanting • While operating cash flow lifted, FCF buyback stock reduction, however no

to see this lift towards $20k/bed further annualised efficiency / opex from operations was still a challenge

excluding capital gains, and FY27 savings were identified. at -$15m or -$11m excluding some

efficiencies will help. one-off transformation costs. • While resale margins for FY26 were

• New sales were up 9% to 201 for There are some moving parts, with down ~380bp against pcp, 2H26

FY26 and resales lifted 20% to 402 FY26 benefiting from sell-down of saw some improvement. OCA noted

both beating our estimates, and a buyback stock but also a build in that FY26 were impacted by the

strong 2H acceleration of growth. ORA receivables, while such working sell-through of long-dated stock

OCA noted that applications remain capital release will be a key feature of which they discounted to move, and

up y/y and continue to lift m/m, and delivering positive FCF in FY27. accordingly margins could improve into