Financials Apollo Hospitals Enterprise Limited Bombay S.E.

Equities

APOLLOHOSP

INE437A01024

Healthcare Facilities & Services

Market Closed - Bombay S.E. Other stock markets 06:00:49 2024-05-17 am EDT			5-day change	1st Jan Change
5,952 ^INR	+0.35%		+2.48%	+4.40%

Apr. 29	Gains in Financial, Banking Stocks Lift Indian Equities to End Higher on Monday	MT
Apr. 29	India's Apollo Hospitals stock slides as unit's valuation underwhelms	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	170,790	158,471	417,357	649,346	619,841	855,957	-	-
Enterprise Value (EV) ¹	201,137	185,849	442,681	660,331	636,264	883,340	881,872	873,225
P/E ratio	72.3 x	34.8 x	270 x	61.5 x	75.7 x	90.8 x	56.3 x	41.2 x
Yield	0.49%	0.53%	0.1%	0.26%	0.35%	0.22%	0.31%	0.45%
Capitalization / Revenue	1.78 x	1.41 x	3.95 x	4.43 x	3.73 x	4.49 x	3.83 x	3.26 x
EV / Revenue	2.09 x	1.65 x	4.19 x	4.5 x	3.83 x	4.64 x	3.95 x	3.33 x
EV / EBITDA	18.9 x	11.7 x	38.9 x	30.2 x	31.7 x	36.6 x	27.7 x	21.9 x
EV / FCF	89 x	23.9 x	45.3 x	68.9 x	256 x	102 x	73 x	53.2 x
FCF Yield	1.12%	4.19%	2.21%	1.45%	0.39%	0.98%	1.37%	1.88%
Price to Book	5.12 x	4.75 x	9.07 x	11.5 x	10 x	12.2 x	10.4 x	8.49 x
Nbr of stocks (in thousands)	139,125	139,125	143,785	143,785	143,785	143,785	-	-
Reference price ²	1,228	1,139	2,903	4,516	4,311	5,953	5,953	5,953
Announcement Date	5/30/19	6/25/20	6/23/21	5/25/22	5/30/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	96,174	112,468	105,600	146,626	166,124	190,532	223,481	262,334
EBITDA ¹	10,637	15,873	11,374	21,851	20,065	24,156	31,823	39,907
EBIT ¹	6,681	9,676	5,643	15,844	13,912	17,588	24,548	32,091
Operating Margin	6.95%	8.6%	5.34%	10.81%	8.37%	9.23%	10.98%	12.23%
Earnings before Tax (EBT) ¹	3,726	6,601	2,215	15,854	11,008	14,114	21,993	29,822
Net income ¹	2,360	4,549	1,504	10,556	8,191	9,457	15,057	20,524
Net margin	2.45%	4.05%	1.42%	7.2%	4.93%	4.96%	6.74%	7.82%
EPS ²	16.97	32.70	10.74	73.42	56.97	65.57	105.8	144.4
Free Cash Flow ¹	2,260	7,780	9,780	9,585	2,485	8,624	12,075	16,422
FCF margin	2.35%	6.92%	9.26%	6.54%	1.5%	4.53%	5.4%	6.26%
FCF Conversion (EBITDA)	21.25%	49.01%	85.98%	43.86%	12.39%	35.7%	37.94%	41.15%
FCF Conversion (Net income)	95.75%	171.01%	650.43%	90.8%	30.34%	91.2%	80.19%	80.02%
Dividend per Share ²	6.000	6.000	3.000	11.75	15.00	12.91	18.46	26.62
Announcement Date	5/30/19	6/25/20	6/23/21	5/25/22	5/30/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	27,598	28,680	37,602	37,171	36,389	35,464	37,956	42,511	42,636	43,022	44,178	48,163	48,265	49,424	52,180
EBITDA ¹	3,903	4,118	5,199	6,150	5,870	4,632	4,907	5,654	5,054	4,917	5,090	6,129	6,147	6,450	-
EBIT ¹	2,653	2,734	3,793	4,702	4,380	2,968	3,430	4,104	3,520	3,327	3,421	4,538	4,491	4,750	5,931
Operating Margin	9.61%	9.53%	10.09%	12.65%	12.04%	8.37%	9.04%	9.65%	8.26%	7.73%	7.74%	9.42%	9.31%	9.61%	11.37%
Earnings before Tax (EBT) ¹	1,853	2,376	3,051	3,830	3,675	2,357	2,543	3,271	2,658	2,536	2,641	3,836	3,696	3,953	-
Net income ¹	1,304	1,678	4,893	2,478	2,284	901.4	3,171	2,040	1,535	1,445	1,666	2,556	2,477	2,722	-
Net margin	4.73%	5.85%	13.01%	6.67%	6.28%	2.54%	8.35%	4.8%	3.6%	3.36%	3.77%	5.31%	5.13%	5.51%	-
EPS ²	9.380	11.77	34.03	17.24	15.88	6.270	22.05	14.19	10.67	10.50	11.59	20.53	17.51	17.08	25.00
Dividend per Share ²	-	3.000	-	-	-	11.75	-	-	-	9.000	-	-	-	11.48	-
Announcement Date	2/12/21	6/23/21	8/13/21	11/12/21	2/11/22	5/25/22	8/11/22	11/10/22	2/14/23	5/30/23	8/11/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	30,347	27,379	25,325	10,985	16,423	27,383	25,915	17,268
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.853 x	1.725 x	2.227 x	0.5027 x	0.8185 x	1.134 x	0.8143 x	0.4327 x
Free Cash Flow ¹	2,260	7,780	9,780	9,585	2,485	8,625	12,075	16,422
ROE (net income / shareholders' equity)	7.17%	13.6%	3.79%	20.6%	13.9%	14.1%	19.6%	22.3%
ROA (Net income/ Total Assets)	2.65%	4.43%	1.32%	8.57%	5.91%	6.82%	10%	11.8%
Assets ¹	88,978	102,607	113,780	123,155	138,485	138,694	150,329	174,269
Book Value Per Share ²	240.0	240.0	320.0	393.0	431.0	487.0	573.0	701.0
Cash Flow per Share ²	65.00	92.70	91.00	112.0	95.80	99.30	157.0	192.0
Capex ¹	6,789	5,119	2,955	6,572	11,285	9,856	11,552	12,679
Capex / Sales	7.06%	4.55%	2.8%	4.48%	6.79%	5.17%	5.17%	4.83%
Announcement Date	5/30/19	6/25/20	6/23/21	5/25/22	5/30/23	-	-	-

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 Apollo Hospitals Enterprise Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5,953 INR

Average target price

6,846 INR

Spread / Average Target

+15.00%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
AIER EYE HOSPITAL GROUP CO., LTD.	-18.52%	16.2B
BANGKOK DUSIT MEDICAL SERVICES	+5.41%	12.73B
IHH HEALTHCARE	+3.98%	11.68B
ENCOMPASS HEALTH CORPORATION	+28.07%	8.6B
RAMSAY HEALTH CARE LIMITED	-4.98%	7.78B
THE ENSIGN GROUP, INC.	+6.76%	6.73B
MOUWASAT MEDICAL SERVICES COMPANY	+7.33%	6.4B
GLOBAL HEALTH LIMITED	+48.17%	4.49B
DALLAH HEALTHCARE COMPANY	-3.38%	4.32B

Hospitals, Clinics & Primary Care Services