Company Profile

Ord Minnett Research 27 September 2021

Ramsay Health Care Limited (RHC.AX)

Ramsay Health Care Limited (RHC) is a global health care company with a Snapshot reputation for operating high-quality services and delivering excellent patient care. Ramsay facilities cater for a broad range of health care needs from Last Price $69.26 Market Cap. $15,852 million primary care to highly complex surgery, as well mental health care and 52 Week High/Low $72.41 - $58.61 rehabilitation. The company employs more than 77,000 staff and treats 8.5 Shares on issue 228 million million patients in its hospitals and primary care clinics located in , GICS Industry Health Care Providers & Services France, the , Sweden, Norway, Denmark, Germany, Italy, Malaysia, Indonesia and Hong Kong. Key Dates Accounts Close 30 June Australia: They have 72 hospitals and day surgery units, Ramsay Health AGM 24 Nov 2020 Care Australia admits more than 1.1 million patients, delivers more than Listing Date 24 Sep 1997 23,000 babies, and employs more than 30,000 people. In addition to its comprehensive range of private hospitals, Ramsay Health Care also operates Investment Fundamentals four public facilities in Australia, most notably the Joondalup Health Campus, 2021A 2022E 2023E 2024E a comprehensive teaching hospital licensed for more than 700 beds in Sales Rev. $m 13,332 13,980 14,865 15,543 Western Australia; Mildura Base Hospital; Noosa Hospital and Peel Health Rep Profit $m 439.9 475.6 646.7 689.6 Campus. Norm Profit $m 449.0 484.6 655.9 699.3 Europe: Ramsay Sante is a pan European operator of hospitals, specialist Rep EPS ¢ 192.5 207.1 281.5 300.2 clinics, and primary care units with circa 300 locations across six countries in Norm EPS ¢ 192.5 207.1 281.5 300.2 Europe. It employs 36,000 staff and its facilities treat approximately seven Rep PE x 32.7 33.4 24.6 23.0 million patients each year. Ramsay Sante also operates a 93 bed hospital in Norm PE x 35.9 33.4 24.6 23.0 Italy which cares for more than 5,000 people per year. DPS ¢ 151.5 152.5 155.0 160.0 United Kingdom: Ramsay Health Care UK is providers of independent Yield % 2.4 2.2 2.2 2.3 hospital services in England, with a network of 34 acute hospitals and day Franking % -- 100 100 100 procedure centres providing a comprehensive range of clinical specialties to ROE % 10.2 10.5 13.4 13.4 private and self- insured patients as well as to patients referred by the NHS. Source: Ord Minnett Asia: Ramsay Health Care owns and operates eight facilities in Asia through Share Price Chart a joint venture arrangement with Malaysian multinational conglomerate Sime Darby Berhad. Ramsay Sime Darby Health Care Sdn Bhd operates three hospitals in Indonesia, three hospitals and a nursing college in Malaysia and one day surgery in Hong Kong. The business employs more than 4,000 staff.

Total Return on $10,000 Investment

Page 1 This report is to be read in conjunction with the disclaimers on page three. 27 September 2021 Company Profile

Ratios and Substantial Shareholders Recent Operational History 2017A 2018A 2019A 2020A 2021A 26 August 2021 - Ramsay Health Care provided FY 2021 results Profitability Ratios presentation. It reported Balance sheet and cashflow remain positive EBITDA Margin % 14.75 13.68 14.02 15.15 16.63 supporting ongoing investment in the business to drive growth. EBIT Margin % 10.44 9.39 9.80 7.67 9.35 Revenue from patients increased 3.9% and reflects the impact of Net Profit Margin % 5.84 5.62 5.66 2.69 3.81 operational restrictions across the regions due to COVID and lower Return on Equity % 22.25 21.78 25.61 8.57 11.67 demand for non surgical services. It noted fully franked final dividend Return on Assets % 7.27 6.46 6.43 3.52 3.98 of 103 cps taking the full year dividend to 151.5 cps flat on FY 2019 Debt/Safety Ratios level. Net Debt/Equity % 124.13 130.00 160.41 189.18 209.79 Interest Cover x 6.88 7.60 6.67 2.22 2.95 26 August 2021 - Ramsay Health Care reported statutory profit increased 58.1% reflecting an increase in admissions as regions emerged from the initial wave of the pandemic. A fully franked final Top 5 Substantial Shareholders Paul Ramsay Holdings Pty Ltd 18.8% dividend of 103.0 cps was determined taking the FY 2021 full year dividend to 151.5 cps equivalent to the pre COVID FY19 full year dividend (cps). Revenue from patients increased 7.8% to $5.4bn compared to the pcp. 20 July 2021 - Ramsay Health Care announced that it had reached agreement with the board of Spire Healthcare Group on the terms of a recommended cash offer to acquire the entire issued and to be issued Source: Morningstar share capital of Spire, by way of a scheme of arrangement under part 26 of the UK Companies Act 2006 (Scheme). The Court Meeting and Principals & Directors General Meeting at which Spire shareholders voted on resolutions to approve and implement the Scheme were held in the UK. Principals Company Secretary Ms Henrietta Rowe Directors Mr Peter John Evans ( Non-Executive Director,Non-Executive Deputy Chairman ) Mr David Ingle Thodey ( Non-Executive Director ) Ms Catriona Alison Deans ( Non-Executive Director ) Mr Michael Stanley Siddle ( Non-Executive Director,Non-Executive Chairman ) Mr Craig Ralph McNally ( Chief Executive Officer,Managing Director ) Ms Karen Lee Collett Penrose ( Non-Executive Director ) Ms Claudia Ricarda Rita Sussmuth Dyckerhoff ( Non-Executive Director ) Mr James Malcolm McMurdo ( Non-Executive Director )

Source: Morningstar

Peer Analysis Market Price PE (x) EPS Growth Dividend Yield Franking Cap %%% Company Name Code Recommendation ($m) ($) 2022 2023 2022 2023 2022 2023 2022 2023 Sonic Healthcare SHL Hold 19,454 40.59 17.4 27.7 -13.7 -37.4 2.4 2.5 40 30 Ramsay Health Care RHC Buy 15,852 69.26 33.4 24.6 7.6 35.9 2.2 2.2 100 100 ResMed RMD Hold 15,567 38.22 45.1 38.9 12.8 15.7 0.6 0.7 -- -- Cochlear COH Hold 14,847 225.73 52.9 47.8 18.0 10.8 1.3 1.5 10 40 ANN Accumulate 4,449 34.76 13.8 14.6 -5.9 -5.2 3.4 3.3 -- -- Healius HLS Accumulate 3,072 4.93 14.8 21.5 40.9 -31.4 3.2 3.2 100 100 Nanosonics NAN Hold 1,958 6.49 -- 91.2 41.4 73.2 ------Polynovo PNV Hold 1,296 1.96-4,975.1 105.2 925.0 363.4 ------

Page 2 This report is to be read in conjunction with the disclaimers on page three. 27 September 2021 Company Profile

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