Medibank: AGM and APRA statistics

About the author:

Richard Coles
Author name:
By Richard Coles
Job title:
Senior Analyst
Date posted:
23 November 2023, 7:30 AM
Sectors Covered:
Insurance, Diversified Financials

  • Medibank (ASX:MPL) had hosted its AGM, with the company re-affirming key FY24 guidance metrics.
  • APRA has also released the Private Health Insurance (PHI) industry statistics for the September quarter. These showed continued reasonable industry policyholder growth (+2% on the pcp), but hospital treatment benefit growth does appear to be rising, in our view.
  • We make nominal changes to our MPL EPS forecasts of ~2% on a review of our earnings assumptions. Our PT is largely unchanged at (login to view).
  • The current operating environment still appears relatively favourable for MPL, but we see the stock as fair value trading on 18x FY24F PE. HOLD maintained.

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