ICICI Direct's research report on Rainbow Children’s Medicare
Rainbow Children’s Medicare (RCML) is a leading chain of paediatric multi-speciality and perinatal hospitals in India, operating 16 hospitals and three clinics in six cities, with a total bed capacity of 1,655 beds. Paediatric: Perinatal revenues break-up- 70:30 • Revenue, EBITDA grew at CAGR of 21.5%, 27.1%, respectively, in FY19-22 • Healthy return ratios with last three-year’s average RoE, RoCE of 15.1%, 15.2%, respectively • RCML registered blended ARPOB of Rs 49,054 with occupancy at 54.2% and ALOS at 2.76 days for 9MFY23.
We value RCML at 19x FY25E EV/EBITDA to arrive at a target price of Rs 840.
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