The Australian Competition and Consumer Commission's conditional approval of Internal Diagnostics' (ASX:IDX) proposed acquisition of Capitol Health (ASX:CAJ) will lead to an upside to shareholder returns, Jarden Research said in a Tuesday note.
The pending merger offers the company value-accretive opportunities, including increased scale, a broader referral base, telehealth integration, and improved billing accuracy to capture missed revenue from miscoding, the note said.
Post-merger, Jarden expects shareholder returns of about 28%.
It also expects the company to receive additional funding from the Australian Government National Lung Screening Program for scans for early detection of lung cancer.
The investment firm maintained Integral Diagnostics' buy rating but cut its target price to AU$3.68 from AU$3.72.
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