Mediclinic 6M - Hurt by regulation change in Switzerland


On Thursday morning Mediclinic released less than impressive numbers. As a group, their revenue dropped 1%, and earnings per share declined 9%. In the recent past, their issues were related to the Middle East division, this time it is their Swiss division which disappointed.


Mediclinic's disappointing trading statement


Yesterday Mediclinic released a trading statement which left the market very disappointed. It felt a lot like Aspen in fact. The market was expecting so much more and it took no prisoners. Not many bear markets do.


Mediclinics new Dubai hospital


On the 22nd of September Mediclinic opened it's Parkview Hospital. No, this facility is not overlooking Zoo Lake. It is in fact a 182-bed in- and out-patient facility conveniently located on the intersection of Umm Suqeim Road and Sheikh Mohammed Bin Zayed Road in Dubai.


Mediclinic FY18 numbers - CEO Transplant


Hospital group Mediclinic is a core holding in Johannesburg portfolios, and it has not done us any favours lately.


Mediclinic 6m numbers - Calling off Spire purchase


Last week Thursday we received interim results from Mediclinic. It was a very busy 6 months for the business as they tried to turn around the Middle Eastern division whilst dealing with tough conditions in South Africa and Switzerland. Here are the financial highlights for the 6 month period.


Mediclinic 6M trading update


Private hospital provider Mediclinic International released their interim trading and operational update yesterday. This is the first trading update after the Thiqa regulations in Abu Dhabi on co-payments by citizens had been repealed by the King.


Mediclinic FY numbers - under pressure in UAE


Mediclinic released their full year numbers during the course of yesterday. We all had a very solid look at these, this is the first year that the integration is all comparable. Remember that the company reversed into the Al Noor listing and then converted your shares of Mediclinic to Mediclinic international. You will recall that as a shareholder from before, you were bought out at a ratio of around 0.625 new Mediclinic for the older ones that you had, at a conversation Rand price of above 200 Rand a share, regardless of what level you had owned them before.


Mediclinic FY trading update


Mediclinic have released a trading update this morning. Here is a Full Year 2017 Trading Update. I think that at face value it looks a little weak, relative to the expectations from the past, what is happening now is quite simple really. Consolidation after a significant growth phase, a slowing of their core markets and the share price has definitely reflected that. This trading statement fleshes out all the regions, being of course here locally, in which they seem to have performed better than some of their peers.


Mediclinic trading statement - still struggling in UAE


Mediclinic had a trading update yesterday, their results are not until May, this was more of a look at their Middle East business. The first line is OK - "During the year we have seen a good trading performance from our two largest platforms in Switzerland and Southern Africa in line with full year expectations for the full year 2016/17."


Mediclinic half year numbers - not going so well in UAE


Mediclinic reported numbers for their half year to end September. "Things" are taking a little longer with regards to integrating the Al Noor reverse listing. Not the listing itself, that has gone OK, rather the AL Noor operations into the existing Middle East businesses that Mediclinic had before they became a London listed business earlier this year. Excluding the Al Noor business, revenues grew by 11 percent, including, it was up 27 percent to 1.283 billion Pounds. Operating profits increased 10 percent. The big change in these results is that the weighted number of shares in issue grew to 737 million from 545 million. Earnings per share decreased 26 percent to 12.8 pence for the half. The dividend was hiked by 20 percent to 3.2 pence.


Mediclinic 5 month trading numbers


Mediclinic has released a five month trading update this morning. The first half of the year ends on the 30th of September, that is Friday, right? The results themselves are expected to be released on the 10th of November. Is this a case of simply taking the five month revenues and presuming that the last month will be similar? It is a bit weird to have a five month trading update, I know that it is something that Richemont does too.


Mediclinic statement - Revenue down, cost cutting going well


Mediclinic produced a trading update at the get go on Friday that the market received favourably, the stock was up two and a half percent. Remembering however that the stock took some heat on Thursday, during that session the share price sank five percent. Hmmm .... if the market knew this was coming it could have been some positioning of some sort, call me a sceptic on share prices moving heavily on larger volumes ahead of an announcement. The trading update is titled Trading update and Middle East integration.


Mediclinic International FY numbers - first as London listing


Mediclinic reported numbers yesterday, for the first time as a UK listed entity. So what is important to note is that there is really no comparable currency of comparable business in the current format to measure against. A rights issue, the buying of Al Noor, reversing into the London listing and on top of it all, the confusion amongst retail investors of what their actual price is for the stock. We can deal with all of those briefly. Firstly, herewith a table with the "comparable" period from last year:


Mediclinic corp action


What happened to Mediclinic yesterday? Effectively the old Mediclinic as you know it, the listed entity here, stopped trading. And as such, the code for Mediclinic, MDC, will return you currently a flat price at the close of trade Friday. What you end up with, as per our explanation from November titled Mediclinic, Al Noor update, is 0.625 shares in the new entity, currently called Al Noor. The share code tells you that the name change will take effect shortly, MEI is no doubt short for Mediclinic International. The share price here in Johannesburg will trade as a function now of the primary listing in London. Although as you know, most of the shares appear here on the share register, which is very different to say for instance, British American Tobacco or Glencore, those are different entities.


Mediclinic, Al Noor update


The Mediclinic circular has been posted and if you are a shareholder of the stock you will have the opportunity to vote, the Mediclinic shareholders will vote mid December. I hope that you are all still around. The Al Noor shareholders will also vote on this, the NMC Health deal disappeared on Monday, they announced that they would not be pursuing the purchase of their Emirates rival. The Al Noor information does not appear (as we write) on their website yet, I will continue to monitor. Let us presume that all the shareholders on both sides vote yes (they probably will), the new Al Noor shares (that you will own in the ratio of 0.625 per Mediclinic share you currently own) will be listed on the 1st of February, next year. The business will then change its name to Mediclinic International PLC, and will have the main board listing in London, an inward secondary listing here in Jozi.


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