Netcare Limited

Image placeholder
Netcare Limited
  • Netcare Limited
  • Year : Feb 2019
3 Tokens
USD 300.00

JSE-listed Netcare is one of SA’s largest private healthcare services providers. Netcare’s offering includes an extensive network of hospitals and day clinics, with treatments ranging from acute to primary care, dialysis; as well as emergency and mental health services. The group historically operated in both South Africa and the UK (via its stake in BMI Healthcare Ltd (“BMI”), a major independent service provider), although management took the decision to divest from the latter region as at 28 March 2018. This, as the UK business continued to struggle in the face of increased medical funder-led demand management initiatives amongst other pressures. Thus, in its current operational form, Netcare Limited now purely consists of the South African business, but still holds a 56.9% interest in GHG PropCo 2 (a portfolio of 6 properties where BMI is the tenant), which is carried at R203m as held for sale.

Additional Information

Factors that could trigger a rating action may include

Positive change: The ratings could benefit from its ability to gain market share and demonstrate continued revenue and earnings growth, as well as

improved diversification.

Negative change: A material weakening in performance, and/or higher gearing could pressure the ratings. Significant industry-wide reimbursement or regulatory challenges could also bode negatively.

Related Publication

Basil Read Limited (2013-06)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

South African Corporate Industry

The bulletin provides an overview of the ratings accorded by GCR over the past year, and broadly surveys the credit risk characteristics of various...

GCR Risk Score Snapshot as of Dec 31st 2019

If you are interested in the underlying scores, ratings or a more detailed score breakdown for any of the issuers mentioned, or the methodologies t...

Available Purchase Options: