Prabhudas Lilladher's research report on HealthCare Global Enterprises
HealthCare Global Enterprises (HCG) Q4 consolidated EBIDTA grew by 21% YoY (flat QoQ) to Rs. 763mn. Adjusted for ESOPs and one time consulting fees, EBIDTA was at Rs. 831mn (up by 2% QoQ) and in-line with our estimates. The company’s asset light approach with focus on partnering has made its business model more capital efficient and scalable, in our view. Furthermore, most of the Comprehensive Cancer Centers operate on lease/rental basis with investment only in equipments, wherein only 4 out of 25 CCC are owned lands.
Outlook
We expect 25% EBIDTA (PRE IND AS) CAGR over FY23-25E. At CMP, the stock trades at 12x FY25E EV/EBITDA adjusted for rentals. Maintain ‘Buy’ rating with TP of Rs375 valuing at 15x FY25E EV/EBIDTA.
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