ICICI Direct's research report on Shalby
Started by renowned orthopaedic surgeon Dr Vikram Shah, Shalby is a multi-specialty hospitals chain with expertise in joint replacement. Revenue-wise breakup Q4FY23: Arthroplasty: 41%, Critical care & General medicine: 10%, Cardiac science: 10%, Orthopaedic: 7%, Oncology: 10%, Neurology: 4%, Nephrology: 5%, Others: 13% • Shalby registered a blended ARPOB of Rs 34,865 and ALOS of 4.01 days (without day care procedures) in Q4FY23 • Acquisition of US based Consensus to diversify into related implant business besides supporting arthroplasty and orthopaedic segments.
Outlook
We assign BUY rating on the back of 1) strong arthroplasty legacy and diversification into other super-specialties 2) asset light model via franchisee drive, 3) expansion of implant business into newer geographies besides stronger India and US traction • We value Shalby at Rs 220 based on SOTP valuation.
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