Vision Eye Institute Limited (VEI)



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General Information
Company Name: Vision Eye Institute Limited
Stock Code: VEI
Website: www.investor.visioneyeinstitute.com.au
GICS Sub-Industry: Health Care Services
Market Cap ($M): 129
Equiv. Shares (M): 179

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.720 $ 0.695 $ 0.720 $ 0.695 $ 0.720 6,184 0%

Current Broker Consensus Recommendation more
Recommendation: Strong Buy (1)
Recommendation Date: 17th Dec 2014
Brokers Surveyed: 1

Company Overview

Business Description:
Vision Eye Institute Limited (VEI) is an ophthalmic services provider focused on the operation and management of eighteen consulting clinics, eight state of the art day surgeries and seven refractive and laser eye surgery centres in Victoria, New South Wales and Queensland.

Strategy Analysis:
The rationale of the model is to remove administration and marketing tasks from the doctors to achieve economies of scale, and in equipment expenditure. Management has been careful to establish and preserve a culture of doctor sovereignty. The group has a hub and spoke model with a number of consulting practices feeding a well-resourced central surgery facility in each region of operation. This makes expensive, modern equipment more affordable via higher utilisation. In terms of growth VGH is particularly focused on Southern Queensland where there is a rapidly increasing population of retirees. There is also focus on strengthening and leveraging the Vision brand, which could become very valuable in what is otherwise a fragmented market.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F -- 7.0 -3.1 10.3 1.4 1.9 --
2015  F -- 7.2 -9.0 10.0 1.4 2.0 --
2014  A 13.2 7.9 23.5 8.8 1.3 1.8 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Capitol Health (CAJ) $315 M 0.7872 -- -- 43.4524 -- -- 1.23 -- --
Vision Eye Institute (VEI) $123 M 0.2347 -0.0900 -0.0306 8.7452 9.6100 9.9138 1.81 2.09 2.01
Virtus Health (VRT) $578 M 1.2932 0.1856 0.1806 18.8150 15.8702 13.4423 3.59 3.92 4.63

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
VEI 0.75 9.53 1.46 10.00 1.09
Market 1.02 13.7 0.95 1.00 2.85
Sector 0.64 18.0 2.44 1.62 1.87

Directors
Name Position Start Date
Dr Joe A Reich Executive Director 22 January 2007
Dr Tim Roberts Executive Director,Medical Director 01 October 2014
Mr Brett Coverdale Managing Director,Chief Executive Officer 01 September 2012
Mr Shane Tanner Non-Executive Chairman 17 December 2004
Ms Zita Peach Non-Executive Director 01 October 2011
Mr Iain Kirkwood Non-Executive Director 17 December 2004
Dr Michael Wooldridge Non-Executive Director 01 July 2012

Management
Name Position
Karen Lopreiato Company Secretary
Anne McGrath Company Secretary

Substantial Shareholders
Holding Name
10,534,389 (6.54%) Adam Smith Asset Management Pty Ltd
9,284,316 (5.77%) Intelligent Investor Funds Pty Ltd
35,236,861 (21.88%) Primary Health Care Limited
12,150,181 (7.55%) AMP Limited
8,209,176 (5.10%) National Nominees Ltd as Custodian for Australian Ethical Smaller Companies Trust

Calendar of Events
Date Event
19 October 2015 Report (Annual)
25 August 2015 Report (Annual)
25 August 2015 Report (Prelim)
24 February 2015 Report (Interim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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