Financials Global Health Limited

Equities

MEDANTA

INE474Q01031

Healthcare Facilities & Services

End-of-day quote NSE India S.E. Other stock markets 06:00:00 2024-06-04 pm EDT			5-day change	1st Jan Change
1,122 ^INR	+4.23%		-5.47%	+17.02%

May. 21	Jefferies Downgrades Global Health to Hold From Buy, Adjusts Price Target to INR1,400 From INR1,470	MT
May. 17	Global Health Limited Reports Consolidated Operational Results for the Fiscal Year 2024	CI

Valuation

Fiscal Period: March	2023	2024	2025	2026
Capitalization ¹	141,325	301,373	-	-
Enterprise Value (EV) ¹	141,325	354,739	291,674	288,185
P/E ratio	41.9 x	74.2 x	48.6 x	39.3 x
Yield	-	0.25%	0.3%	0.37%
Capitalization / Revenue	5.25 x	10.8 x	7.86 x	6.59 x
EV / Revenue	5.25 x	10.8 x	7.61 x	6.3 x
EV / EBITDA	23.1 x	44.4 x	28.9 x	23.6 x
EV / FCF	34.6 x	107 x	89.7 x	57.6 x
FCF Yield	2.89%	0.93%	1.12%	1.74%
Price to Book	5.82 x	10.4 x	8.55 x	7.15 x
Nbr of stocks (in thousands)	268,195	268,507	-	-
Reference price ²	527.0	1,122	1,122	1,122
Announcement Date	5/27/23	5/17/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2022	2023	2024	2025	2026
Net sales ¹	-	26,942	32,751	38,348	45,746
EBITDA ¹	-	6,122	7,991	10,096	12,191
EBIT ¹	-	4,623	6,263	8,405	10,363
Operating Margin	-	17.16%	19.12%	21.92%	22.65%
Earnings before Tax (EBT) ¹	-	4,493	6,271	8,431	10,299
Net income ¹	1,962	3,261	4,782	6,154	7,619
Net margin	-	12.1%	14.6%	16.05%	16.66%
EPS ²	7.770	12.57	17.80	23.09	28.59
Free Cash Flow ¹	-	4,085	2,751	3,253	5,006
FCF margin	-	15.16%	8.2%	8.48%	10.94%
FCF Conversion (EBITDA)	-	66.73%	32.32%	32.22%	41.07%
FCF Conversion (Net income)	-	125.29%	55.82%	52.85%	65.71%
Dividend per Share ²	-	-	2.800	3.350	4.150
Announcement Date	5/26/22	5/27/23	5/17/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	7,034	7,730	7,997	8,141	8,513
EBITDA ¹	1,631	1,843	1,908	2,030	2,207
EBIT ¹	1,252	1,439	1,510	1,650	1,728
Operating Margin	17.79%	18.62%	18.88%	20.27%	20.3%
Earnings before Tax (EBT) ¹	1,331	1,410	1,537	1,634	1,863
Net income ¹	1,011	1,020	1,094	1,173	1,304
Net margin	14.37%	13.2%	13.69%	14.41%	15.32%
EPS ²	3.760	3.800	4.100	4.300	4.600
Dividend per Share	-	-	-	-	-
Announcement Date	5/27/23	8/10/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	-	7,080	9,699	13,187
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	4,085	2,751	3,253	5,006
ROE (net income / shareholders' equity)	-	16.1%	18.6%	19.2%	19.7%
ROA (Net income/ Total Assets)	-	8.98%	11.7%	13%	13.5%
Assets ¹	-	36,307	42,153	47,245	56,362
Book Value Per Share ²	-	90.50	108.0	131.0	157.0
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	2,360	4,457	4,632	4,635
Capex / Sales	-	8.76%	13.29%	12.08%	10.13%
Announcement Date	5/26/22	5/27/23	5/17/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Global Health Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,122 INR

Average target price

1,376 INR

Spread / Average Target

+22.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
GLOBAL HEALTH LIMITED	+17.02%	3.61B
AIER EYE HOSPITAL GROUP CO., LTD.	-23.26%	15.57B
BANGKOK DUSIT MEDICAL SERVICES	-0.90%	11.94B
IHH HEALTHCARE	+2.49%	11.59B
APOLLO HOSPITALS ENTERPRISE LIMITED	+4.24%	10.23B
ENCOMPASS HEALTH CORPORATION	+28.91%	8.66B
RAMSAY HEALTH CARE LIMITED	-6.48%	7.44B
THE ENSIGN GROUP, INC.	+7.32%	6.8B
MOUWASAT MEDICAL SERVICES COMPANY	-0.89%	5.96B
DALLAH HEALTHCARE COMPANY	-5.47%	4.25B

Hospitals, Clinics & Primary Care Services