Updates

** Shares of Fisher & Paykel Healthcare FPH.NZ fall as much as 1.1% to NZ$36.9, their lowest level since May 26

** Morningstar raises its fair value estimate for FPH to NZ$30.5, reflecting adjustments for the time value of money

** Investment research firm says shares are overvalued, with the market appearing 'too optimistic' about the pace of revenue growth

** Trims its FY2027 payout ratio forecast to 65% from 75%, implying a 12% reduction in dividend to NZ$0.59

** However, Morningstar will revert to a 75% payout ratio assumption upon completion of its fifth facility at the East Tāmaki campus and final land payment at its Karaka site

** YTD, stock down ~2%