Fund Manager Summary
The fund managers believe that Austco Healthcare Ltd presents a promising investment opportunity, particularly as it emerges from years of operational challenges. In their opinion, the recent financial results, highlighted by a strong second half with $6 million EBITDA and a 74% increase in the order book, reflect the resilience and strategic management of the company. The turnaround initiated in 2015, led by CEO Clayton Astles, has positioned AHC for significant growth by shifting focus to high-margin proprietary software and a streamlined product suite. Despite facing supply chain disruptions due to tariffs and the pandemic, AHC has demonstrated its ability to adapt and capitalize on market opportunities. With the business currently trading at 10-12x forward earnings, the fund managers are optimistic about the sustainability of growth and the potential for increased shareholder value.
Source: Trading View
Commentary From The Managers
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Tamim Funds Management
19 Nov 2025
$0.43
Summary
- Austco Healthcare (ASX: AHC) is a technology-enabled healthcare solutions provider in a growing industry.
- Demand driven by ageing populations, increasing staffing pressures, and rising expectations for care quality.
- Core products include nurse call systems, real-time location services, and workflow management solutions.
- These technologies enhance patient monitoring, reduce response times, and streamline operations.
- Recent performance shows 51% revenue growth in Q1, totaling $23.2 million.
- EBITDA increased to $4.2 million, with an 18.1% margin, indicating improved operating leverage.
- Unfilled contracted revenue stands at $54.6 million, providing visibility and reducing earnings volatility.
- Management targets 10-14% organic revenue growth for FY26, supported by strong Q1 performance.
- Long-term opportunities arise as facilities upgrade infrastructure, making Austco’s solutions essential.
- Austco remains attractive to global healthcare technology distributors due to its strong IP, high customer retention, and recurring service revenue.
- Despite strengths, valuation appears undemanding, with potential trading at a discount.
- Austco is positioned as a compelling small-cap opportunity in healthcare technology.
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Commentary From The Managers
Tamim Funds Management
19 Nov 2025
$0.43
- Austco Healthcare (ASX: AHC) is a technology-enabled healthcare solutions provider in a growing industry.
- Demand driven by ageing populations, increasing staffing pressures, and rising expectations for care quality.
- Core products include nurse call systems, real-time location services, and workflow management solutions.
- These technologies enhance patient monitoring, reduce response times, and streamline operations.
- Recent performance shows 51% revenue growth in Q1, totaling $23.2 million.
- EBITDA increased to $4.2 million, with an 18.1% margin, indicating improved operating leverage.
- Unfilled contracted revenue stands at $54.6 million, providing visibility and reducing earnings volatility.
- Management targets 10-14% organic revenue growth for FY26, supported by strong Q1 performance.
- Long-term opportunities arise as facilities upgrade infrastructure, making Austco’s solutions essential.
- Austco remains attractive to global healthcare technology distributors due to its strong IP, high customer retention, and recurring service revenue.
- Despite strengths, valuation appears undemanding, with potential trading at a discount.
- Austco is positioned as a compelling small-cap opportunity in healthcare technology.
Summary
Tamim Funds Management
31 Oct 2025
$0.44
- Austco Healthcare (ASX: AHC) reported a strong Q1 FY26 with revenue up 51% to $23.2m, driven by organic and acquisition-led growth.
- EBITDA rose to $4.2m (18.1% margin), up from 16.0% at FY25 year-end, reflecting operating leverage and integration benefits.
- Unfilled Contracted Revenue stands at $54.6m, supporting future momentum.
- Demand remains robust for integrated nurse call, RTLS, and workflow solutions.
- The company targets 10–14% organic revenue growth for FY26.
- CEO Clayton Astles highlighted positive acquisition contributions and margin expansion, reinforcing confidence in sustained profitable growth.
- Tamim Funds Management anticipates further contract wins and a possible acquisition during the year.
- Estimates suggest AHC is on track for $18m in EBITDA with a net cash balance sheet and an undemanding valuation of 7.5x.
- The stock is still significantly under owned by institutions and is an attractive takeover target for a global healthcare distributor.
Summary
Mereweather Capital
31 Oct 2025
$0.44
- Mereweather Capital updates their investment thesis on Austco Healthcare Ltd (AHC).
- AHC reported a revenue growth of 51% in their first quarter update at the AGM.
- EBITDA reached $4.2m, with a record EBITDA margin of 18.1%.
- Acquisitions are the primary driver of these headline numbers.
- Management is targeting 10-14% organic growth.
- AHC is expected to achieve a net profit of $11-12m in FY26.
- This projection suggests a reasonable valuation against the current market capitalisation of $165m.
Summary
DMX Asset Management
31 Oct 2025
$0.44
- DMX Asset Management continues to hold Austco Healthcare (ASX:AHC) due to its robust financial performance.
- Austco reported a 71% increase in EBITDA driven by a 51% increase in revenue.
- The company achieved a 2% uplift in EBITDA margin, reaching 18%.
- Organic revenue growth is estimated to be more than 20%.
- Austco's order book has increased to approximately $55 million, indicating strong momentum.
- Management highlighted that profitability improvements stem from strong organic growth, contributions from acquisitions, and operating leverage.
- Austco Healthcare's recent performance includes a 22% rise in share value, reflecting ongoing growth.
Summary
Tamim Funds Management
4 Sept 2025
$0.34
- Austco Healthcare (ASX: AHC) specializes in nurse call and communication systems for hospitals and aged care facilities.
- Following the acquisition of Amentco and G&S Technologies, revenue has increased by 37–41% YoY, reaching $80–82 million in FY25.
- EBITDA has grown by 54–67%, demonstrating strong operational performance.
- Austco has a $55.8 million backlog and a $14.4 million cash balance, indicating robust revenue visibility.
- Projected FY26 EBITDA is estimated to be at least $16 million, with earnings per share approaching 3 cents.
- With a market cap just above $100 million, Austco is positioned to attract attention from small-cap institutional investors and potential strategic acquirers in the healthcare tech or equipment sectors.
Summary
Tamim Funds Management
31 July 2025
$0.37
- Tamim Funds Management notes that Austco Healthcare Limited (ASX: AHC) has upgraded its trading guidance for FY25.
- Projected revenue is between $80-$82 million, representing a 37%-41% increase from FY24.
- Expected EBITDA ranges from $12.5-$13.5 million, indicating a 54%-67% growth compared to FY24.
- Cash at bank stands at $14.4 million, up 6% from FY24.
- Unfilled contracted revenue totals $55.8 million.
- The Amentco acquisition has outperformed expectations, leading to an additional $2.5 million earn-out expense.
- The G&S Technologies acquisition was completed on 30 May 2025, funded through operating cash flows.
- Austco's unfilled order book closed the year at $50 million, with a robust pipeline of opportunities.
- Forecast for FY26 includes an EBITDA of at least $16 million and an EPS of 2.8-3 cents.
- The stock has reached a critical inflection point with a market cap exceeding $100 million and an undemanding multiple, likely attracting more investor interest.
Summary
DMX Asset Management
31 July 2025
$0.37
- DMX Asset Management continues to hold Austco Healthcare (ASX:AHC) due to its strong finish to the year and positive full year results.
- FY25 was described by the company as "a transformative year" with double-digit growth achieved.
- Revenue growth of ~40% to over $80m was reported, leading to ~60% growth in EBITDA to $13m.
- The successful integration of acquisitions, particularly Amenco, has contributed to these results.
- Austco Healthcare is on track to deliver revenue in excess of $100m and NPAT of more than $10m in FY26.
- The record high order book of $55m as of 30 June 2025 supports this growth momentum.
- With increasing momentum and scale, Austco Healthcare is well positioned for continued earnings growth and multiple rerating into FY26.
Summary
Mereweather Capital
31 July 2025
$0.37
- Mereweather Capital notes that Austco Healthcare (AHC) has announced FY25 revenue guidance in the range of $80-82m, reflecting a growth of 37-41%.
- The EBITDA guidance is projected between $12.5-13.5m, indicating an increase of 54-67%.
- Growth is primarily driven by acquisitions, yet AHC is also achieving organic growth of 10-15%.
- This organic growth provides a solid foundation for further strategic acquisitions.
- The midpoint of EBITDA guidance aligns with expectations, but Mereweather Capital anticipates AHC will report towards the higher end based on historical performance.
- With full contributions from recent acquisitions expected in the new financial year, AHC is estimated to be trading at approximately 12x earnings.
- AHC maintains a rock-solid balance sheet, supporting its growth strategy.
Summary
Mereweather Capital
31 May 2025
$0.31
- Mereweather Capital updates its investment thesis on Austco Healthcare Ltd (AHC).
- Austco Healthcare secured a contract worth $2.1 million to provide nurse call and clinical workflow software to a Canadian hospital.
- This marks the third contract won by Austco in Canada with the same head contractor.
- The head contractor has two additional hospitals under construction in Ontario, positioning AHC favorably for future contracts as these projects progress.
- Mereweather Capital continues to hold its position in AHC due to these positive developments.
Summary
Mereweather Capital
30 Apr 2025
$0.28
- Austco Healthcare (AHC) announced the acquisition of G&S Technologies, enhancing its direct sales/support capability in key regions.
- The acquisition aligns with similar valuations in Australia, with AHC paying $8m NZD cash funded from its $15m cash reserve.
- G&S Technologies generated $22.9m NZD in revenue and $2.9m NZD EBITDA for the 2025 financial year.
- AHC also secured a $3.4m contract to supply the Tacera nurse call system for three hospitals in Mexico, including high-margin software modules.
- The earnings from G&S Technologies will not significantly impact the current year’s financial results, with a full contribution expected in the 2026 financial year.
- AHC's forecast earnings are approximately $10m, positioning it at about 10x against the current $105m market capitalisation.
Summary
Tamim Funds Management
30 Apr 2025
$0.28
- Austco Healthcare (ASX: AHC) announced two significant developments in April that bolster its strategic growth.
- Acquisition of G&S Technologies: Austco has entered into a binding term sheet to acquire New Zealand-based G&S Technologies, enhancing its capabilities in integrated nurse call and security systems.
- Valuation: The acquisition is valued at 3.5x EBITDA, with an upfront payment of NZ$7.97 million and an earnout based on future performance.
- Financial Performance: G&S generated NZ$22.9 million in revenue and NZ$2.9 million in EBITDA for the 12 months ending March 2025.
- Strategic Alignment: This acquisition aligns with Austco’s strategy to expand direct sales in key regions and enhance integrated communication solutions for cross-border clients.
- Contract with Angeles Health System: Austco secured a multi-year contract worth AUD $3.4 million for nurse call and infant protection systems across three hospitals in Mexico.
- Revenue Recognition: The contract includes installation, five years of technical support, software updates, and training, with revenue recognition spanning FY25–FY27 and ongoing support into FY29.
- Market Expansion: This win strengthens Austco’s presence in Latin America and highlights its capability to deliver scalable, mission-critical solutions globally.
- Financial Outlook: Tamim Funds Management estimates FY26 EBITDA of $16 million or EPS of 2.6 cents, indicating a potential 40% increase in stock value.
Summary
DMX Asset Management
30 Apr 2025
$0.28
- DMX Asset Management continues to hold Austco Healthcare Ltd (ASX:AHC) due to its recent strategic acquisition.
- Austco announced the acquisition of its NZ distributor for 3.5x EBITDA.
- This acquisition aims to strengthen direct sales capability and accelerate growth.
- It is expected to provide significant revenue synergies.
- Austco will have the opportunity to cross-sell software services into the NZ market.
Summary
DMX Asset Management
31 Mar 2025
$0.30
- Austco Healthcare Ltd (AHC) has continued their strong momentum from 2H24 with revenue up 62%.
- Net Profit Before Tax (NPBT) increased by 270% to $3.9 million.
- While growth was aided by acquisitions, organic growth is estimated to be in the mid-20% range.
- AHC has managed to maintain their contracted order book, providing revenue visibility in the coming years.
- Despite a rerate, AHC continues to trade on an undemanding mid-teens valuation.
- The company shows strong organic growth alongside global revenues.
Summary
Mereweather Capital
28 Feb 2025
$0.28
- Austco Healthcare (AHC) reported revenue at the top end and EBITDA ahead of guidance.
- Positive outlook for the future with new products set for release.
- The market initially rewarded the strong result.
- Concerns around US tariffs led to a sharp sell-off in AHC shares.
- Modest impact from further tariffs expected.
- AHC has experience dealing with previous tariffs from 2018.
- Flexibility in their supply chain to manage challenges.
- Mereweather Capital continues to hold because of AHC's resilience and growth potential.
Summary
Mereweather Capital
31 Dec 2024
$0.28
- Austco Healthcare (AHC) announced a first half trading update with revenue guidance of $36-37m and EBITDA of $4.5-5m.
- Both figures are boosted by acquisitions made last year.
- On an organic basis, revenue is projected to grow ~19% and EBITDA ~85%.
- The company typically experiences a stronger second half of the financial year.
- Mereweather Capital continues to hold because AHC is on track for expectations of $12-13m EBITDA in FY25.
- With depreciation and amortisation of ~$3m and a normalised tax rate of 25%, net profit expected around $7.5m.
- Shares trading on roughly 15x earnings are considered a fair price.
- Mereweather Capital believes that the market may trade AHC on a higher multiple due to its growing size and liquidity.
- There is a dearth of profitable growth available at reasonable prices in the small cap sector.
Summary
DMX Asset Management
31 Oct 2024
$0.26
- Austco Healthcare (ASX:AHC) has reported an organic revenue increase of 16% in Q1.
- Including acquisitions, revenue growth stands at 90%.
- Record contracted orders have reached $51m.
- DMX Asset Management is optimistic about AHC's investments in sales and marketing, particularly in high-growth markets.
- The company is strategically positioned to leverage opportunities in the expanding healthcare technology sector.
- Current portfolio weightings of AHC range from 2% to 5%.
- Strong future performance is anticipated as company fundamentals have improved significantly.
- Despite improvements, AHC remains under the radar in the market.
Summary
Mereweather Capital
30 Aug 2024
$0.22
- Mereweather Capital views Austco Healthcare (AHC) as a significant investment, now being the largest position in the Fund.
- AHC has faced unique challenges yet has remained profitable, culminating in a strong second half of the financial year.
- Since 2015, AHC has undergone a turnaround under CEO Clayton Astles, focusing on innovation and high-margin products.
- The product portfolio was rationalized from over 900 to less than 300, leading to the launch of the Tacera Pulse suite.
- AHC dealt with supply chain disruptions due to tariffs imposed by the previous U.S. administration, forcing shifts in sourcing strategies.
- Despite the pandemic's restrictions on marketing and sales, AHC adapted to challenges, managing supply chain issues effectively.
- Strategic inventory management allowed AHC to secure contracts that competitors could not fulfill.
- AHC's main competitor faced administration challenges due to similar disruptions, demonstrating AHC's resilience.
- The company's recent financial performance reflects years of groundwork, with a record order book indicating strong future growth potential.
- AHC's $6 million EBITDA in the second half showcases a building momentum, with expectations for strong growth moving forward.
- The recent acquisition only partially contributed to earnings, indicating more potential as the business continues to develop.
- Mereweather Capital anticipates that as past headwinds diminish, AHC's true earnings potential will become clearer.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"Navigating through years of turbulence, Austco Healthcare appears poised for a breakout. With a record order book and a resilient management team, the future seems bright as past headwinds give way to growth potential that investors can no longer ignore."
Last Updated: 19 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Austco Healthcare Ltd (ASX:AHC)?
Fund managers including Mereweather Capital, DMX Asset Management and Tamim Funds Management have invested in Austco Healthcare Ltd (ASX:AHC).
Why do fund managers invest in Austco Healthcare Ltd?
Fund managers are investing in Austco Healthcare Ltd (AHC) due to its resilient business model and successful turnaround strategies under CEO Clayton Astles. Despite facing significant challenges, including supply chain disruptions from tariffs and the COVID-19 pandemic, AHC has maintained profitability and demonstrated strong growth potential. The company has streamlined its product offerings, focusing on high-margin, innovative solutions, which have led to a record order book and impressive financial results in the second half of FY2024. This momentum positions AHC favorably for future growth, making it an attractive investment for fund managers.
What happened to Austco Healthcare Ltd (ASX:AHC)?
Fund managers are investing in Austco Healthcare Ltd (ASX: AHC) due to its strong revenue growth, projected at 37-41% for FY25, and significant improvements in EBITDA, expected to rise by 54-67%. The company's successful integration of acquisitions, such as Amenco and G&S Technologies, has bolstered performance, with a record order book of $55 million indicating robust demand for its healthcare communication solutions. AHC's focus on organic growth, targeting 10-14% for FY26, combined with a solid balance sheet, enhances its appeal as a compelling investment in the growing healthcare technology sector.