Introduction 3
The impact of the downturn (part 2) 3
Social Care looking OK for now… 5
Health Care 6
Funding basis may have to change 8
Quality will out? 9
Choice is here to stay 9
Quality=higher fees? 11
So how do the existing providers fare? 12
The new Regulator 16
Sector performance 17
Valuations 19
Subsector valuations 20
Recommendations and price targets 22
Key picks 23
Summary of changes to forecasts 24
Investec forecasts vs consensus 26
Company financials 28
Assura Group*† 28
Advanced Medical Solutions*† 30
Axis-Shield 32
BIOQUELL*† 34
Care UK*† 36
CareTech 38
Consort Medical* 40
Corin Group 42
CVS Group 44
Dechra Pharmaceuticals*† 46
Dignity*† 48
GW Pharmaceuticals*† 50
Hutchison Chi - Med* 52
Nestor Healthcare*† 54
Sinclair 56
Smith & Nephew 58
Southern Cross 60
Synergy Health*† 62