The Ramsay Health Care Limited (ASX: RHC) share price has been one of the worst-performers across the ASX 200 over the past 30 days.
The shares have fallen 15.4% over that period, compared to a 0.8% decline for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Meanwhile, the Healthscope Ltd (ASX: HSO) share price has declined 7.4%.
Ramsay Health Care has released its full-year financial results during that time. On 30 August, the company reported a 12.7% rise in its core net profit after tax (NPAT) to $542.7 million, off the back of a 0.2% increase in revenue to $8.7 billion.
It's worth noting that currency fluctuations had a negative impact on Ramsay Health Care's results, which is entirely outside of the business' control. Had currency exchange rates remained constant from the same time 12 months previously, revenue would have risen 4.1% instead. This could continue to act as a headwind for the business if the Australian dollar continues to rise, or else provide a boost to future earnings results should the AUD decline from here.
Still, the majority of Ramsay's growth came from Australia, which accounted for more than half of the group's entire revenue base. Australian operating earnings (EBIT) were up 13.6% as well, with slower growth coming from the group's international segments.
Ramsay Health also said it is targeting core earnings per share (EPS) growth of between 8% and 10% in financial year 2018 (FY18), down from the 13% recorded in FY17. This forecast of slower growth may be one reason behind the shares' heavy decline.
Ramsay Health's share price is currently fetching $62.23, down 19.5% from their 52-week high price. By comparison, the shares are trading within 2% of their 52-week low price of $61.06. The shares are still trading on a forward price-earnings ratio of around 22x but could still warrant the attention of investors willing to take a long and patient view.
