OCEANIA HEALTHCARE LIMITED (OCA)
Share Price Analysis and Chart

25/05/2026

1

Outperform

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According to Macquarie, Oceania Healthcare delivered a strong beat due to higher sales volumes over 2H26 with new sales up 9% y/y and resales up 40%.

Margins were noted for coming under some slight pressure to boost the sales momentum while applications are up on the prior year and months.

Positively, net debt fell -17% on the prior half and gearing is at 30%. The analyst notes free cash remains negative but should be assisted by working capital release in FY27–FY28.

Target price moves to NZ$1.06 from NZ$1.04 with EPS forecasts tweaked lower by -1.5% for FY26 and down -6.1% for FY27.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 7.67 cents.
Macquarie forecasts a full year FY27 dividend of 1.31 cents and EPS of 8.37 cents.

26/05/2026

3

Neutral

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Jarden retains a Neutral rating for Oceania Healthcare with its target price decreased to NZ$0.72 from NZ$0.84 following an in-line FY26 financial result.

The business achieved a meaningful reduction in net debt to $500m through divestment proceeds and a strong new sales inventory sell-down.

Care bed profitability is improving and overheads remain contained, positioning the company to generate positive pre-interest cash flow from existing operations during FY27.

Despite the resilient operational execution, earnings and valuation forecasts are revised downwards to account for an increase in risk-free rates and a benign near-term unit pricing environment.

A return to dividend payments remains possible in FY28 if cash generation targets are achieved, the broker notes.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.00 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.26 cents.