NIB Holdings: A broad-based beat

About the author:

Author name:

By Richard Coles

Job title:

Senior Analyst

Date posted:

22 August 2023, 8:00 AM

Sectors Covered:

Insurance, Diversified Financials

• NIB Holdings' (ASX:NHF) FY23 underlying operating profit (A$263m) was +11% on the pcp and 4% above consensus.
• Overall we saw this as a solid FY23 result, with the UOP beat being driven by a better performance than expected across all key divisions (apart from Travel where it was more in line).
• We upgrade NHF FY24F/FY25F EPS by 1%-2% reflecting several broad earnings changes. Our price target rises to (login to view).
• We think NHF is a well-run company, but we remain somewhat cautious with the stock trading on 19x, arguably cyclically high earnings. HOLD maintained.

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