A company that stoodout from its peers
We would highlight Pacific Smiles as a company which is well positioned to outperform peers in the healthcare sector. The company is the second largest dentistry player in Australia, with a market share of around 2%. The company operates 48 clinics and is rolling out 8-10 new locations per annum. The company’s low market share, and highly fragmented nature of the industry allows this strong growth without any natural ceiling in market share for a long time to come. The company was formed over ten years ago with three clinics in the Hunter Valley, and the founders are still actively involved. Given that the growth relies on the company continuing to expand a business that they have successfully run for over a decade, we believe this growth opportunity is lower risk than others which require diversification.
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