Prabhudas Lilladher's research report on Max Healthcare Institute
Max Healthcare Institute (MAXHEALT) reported EBIDTA of Rs4.3bn (up 6% QoQ) came above our estimates at 4%, aided by higher ARPOB of Rs.77.7k in Q4 vs Rs.66.8k in Q3. The company showed phenomenal growth in past two years and we expect this momentum to continue given 1) strong expansion plans (+1500 additional beds by FY25E end), 2) improving payor mix (15% revenue contribution from institutional by FY25E vs 17.5% now) and 3) scale up in labs. Operational efficiency has also been commendable, especially in competitive markets like NCR.
Outlook
Our FY24/25E EBIDTA stands marginally increased by 2% and expect 14% EBIDTA CAGR over FY23-25E. We ascribe 25x EV/EBIDTA (24x earlier) based on FY25E. Maintain ‘BUY’ rating with a revised target price of Rs. 565/share (earlier Rs 500/share).
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