NIB Holdings Ltd

NHF: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.70	Yrwgbg	Gdlmzfy

NIB Holdings Earnings: Open Border Rebound and Line Drawn on Claim Catchups

Nathan Zaia

Aug 21, 2023

We increase our fair value estimate for narrow-moat NIB Holdings by 7% to AUD 7.50 per share on the time value of money and improved outlook for the travel insurance division and nonresidents private health insurance, both recording better margins than we expected. For the group, we forecast 5.5% profit growth per year over our forecast period. While we anticipate Australian health insurance earnings to be in gradual decline as margins normalise, the other divisions are benefiting from a rebound in activity postpandemic, plus growth via acquisitions in plan management for participants of the National Disability Insurance Scheme, or NDIS.

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