Pro Medicus Ltd

PME: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Pro Medicus: Another Academic Hospital Signed

Shane Ponraj

Jan 16, 2025

We raise our fair value estimate for narrow-moat Pro Medicus by 2% to AUD 46 per share, largely due to a strengthening US dollar and the time value of money. Our constant-currency earnings estimates are broadly unchanged. We expect further contract wins to underpin earnings growth. To this end, the firm announced a contract win with the University of Kentucky for a total committed minimum value of AUD 33 million over nine years. Planning for the rollout is commencing immediately based on Pro Medicus’ established cloud-based implementation and we assume a two-month earnings contribution in fiscal 2025.

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Pro Medicus Ltd

Pro Medicus: Another Academic Hospital Signed

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