Medibank Private (MPL) - A pleasing FY15 result

Bell Potter

Stockbroker

Medibank had previously guided it was unlikely to meet prospectus revenue forecast. The Health Insurance business revenues were $60m below prospectus; hence this is a small miss. Health Insurance business (HIB) gross margin rose from 13.5% in 2014 to 14.2% in 2015. The prospectus was for gross margin of 13.6%. The FY15 result was very pleasing in this respect as the GM% is approaching industry best. Management expenses in the HIB declined in absolute terms by $4m over FY14. The Management expenses ratio (MER) declined from 9.1% in 2014 to 8.6% in 2015 – also a very pleasing outcome and in line with our expectation. Read our full summary here: (VIEW LINK)


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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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