Prabhudas Lilladher's research report on Apollo Hospitals Enterprise
Apollo hospitals enterprise’s (APHS) reported consolidated EBIDTA of Rs 5.1bn (up 4% QoQ); in-line with our estimates. Adjusted for 24x7 losses and ESOP cost (Rs2bn), EBIDTA was at Rs 7.1bn, up 19% YoY. We believe APHS has created a solid growth platform across segments and digital foraying has further made it a strong Omni channel play. The company also has good presence in offline format, making it more of a formidable player than just pure play online company. Though stake sale in Apollo HealthCo has been delayed, scale up in business is on track. Our FY24E and FY25E EBITDA ex 24x7 broadly remain unchanged. Overall we estimate 16% EBITDA CAGR over FY23-25E (ex 24x7).
Outlook
Maintain ‘BUY’ rating with revised TP of Rs. 5,800/share (earlier Rs5,300/share). We ascribe 24x (22x earlier) EV/EBITDA multiple to hospital segment, 25x (20x earlier) to offline pharmacy and 20x to AHLL, assign zero value to the 24/7 business.
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