Medibank Pvt Ltd

MPL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.50	Rctpwf	Kyvgvwck

Medibank: Profitability Still Elevated and Policyholder Numbers Modestly Higher

Nathan Zaia

Nov 22, 2023

Our fair value estimate for narrow-moat Medibank is maintained at AUD 3.50 per share with management reiterating fiscal 2024 outlook statements at the annual general meeting. Our forecasts are in line with management guidance which includes up to 2% growth in policyholder numbers, claims per policyholder to rise by 2.6%, and another AUD 30 million to AUD 35 million in one-off cyber costs. Margins in private health insurance are expected to be broadly flat.

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