Ramsay upgraded its net profit and earnings guidance to 15% to 17% growth for the full year. There is a clear orientation towards growth and expansion in France and China. At this point in the investment cycle we think the company will continue to fund this growth through a combination of debt and free cash flow. However, the timing of acquisitions / new projects will impact credit metrics which means they could deteriorate further before stabilising. Subscribers can access the updated Full Research Report by clicking here Want a broker to contact you? Click here.