Medibank delivered 1H18 NPAT of $245 million, which is an increase of 6% versus the same time last year.
Operating conditions are expected to remain largely unchanged and we expect revenue and underlying profit to remain flat in FY19.
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With the stock trading 20x earnings and 4.1% yield, investors should add an at-the-money-call option to strip out the maximum cash flow from dividends, call option premium and franking credits.
Medibank
