The Point for Australia/NZ

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The Point for Australia/NZ

Jack Whelan

Resmed Inc (RMD.N, RMD.AX) - We think earnings growth now falls enough in

FY27 to give investors pause for thought. Downgrade to Neutral.

We downgrade Resmed from Buy to Neutral. The shares are up c.7% in July, but a

recently emerging problem with a component used in the Astral line of portable

ventilators means there will be a remediation program for machines built pre-

October 2024. The part required is scarce so making new machines will be

deprioritised for now. We estimate loss of USD220m sales and c.US100m of EBIT

for FY27, leading to forecast cuts of 4%/5% respectively. We see 16% FY26 EPS

growth but now see 4% in FY27 vs 9% prior. This puts Resmed among lower-

growth stocks in our coverage, and drops the PE we assign in our blended PE/DCF

valuation from 15x to 13x, given US peer multiples for comparable growth. Coupled

with a potential US OSA market return from competitor Philips that has always

been anchored to FY27, we think will see many stay on the sidelines for now.

Laura Sutcliffe, Ph.D.

Siteminder Ltd (SDR.AX) - Mews partnership represents upside to subs growth

in FY27e

As discussed in our recent report, we see Siteminder's partnership with Mews as

positive on multiple fronts - one being that it is a efficient growth channel, and we

see upside to FY27e subscriber growth forecasts due to the partnership. The

partnership is meant to go live in August and as part of Siteminder becoming the

integrated channel manager, our understanding is that Mews is meant to shut

down its OTA direct connections. There are ~12k Mews properties that are

currently not using Siteminder and while it is unclear as to how many of these are

currently using direct connections via Mews (instead of another channel manager)