Financials Shalby Limited Bombay S.E.

Equities

SHALBY

INE597J01018

Healthcare Facilities & Services

Market Closed - Bombay S.E. Other stock markets 06:29:59 2024-04-26 am EDT			5-day change	1st Jan Change
279.4 ^INR	-1.57%		+4.76%	-7.47%

Apr. 12	Shalby Forms New Wholly Owned Subsidiary	MT
Mar. 18	Shalby Completes Acquisition of Healers Hospital	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,985	10,887	12,637	14,401	30,020	-	-
Enterprise Value (EV) ¹	4,985	10,887	12,637	14,401	30,020	30,020	30,020
P/E ratio	18.1 x	25.7 x	23.4 x	21.4 x	33.7 x	26.9 x	21.5 x
Yield	1.08%	0.99%	-	-	0.61%	0.75%	0.93%
Capitalization / Revenue	1.02 x	2.53 x	-	1.74 x	3.25 x	2.83 x	2.5 x
EV / Revenue	1.02 x	2.53 x	-	1.74 x	3.25 x	2.83 x	2.5 x
EV / EBITDA	6.1 x	12.6 x	-	9.04 x	16.3 x	13.9 x	11.7 x
EV / FCF	14 x	18.8 x	-	-	40.6 x	99.4 x	59.4 x
FCF Yield	7.14%	5.31%	-	-	2.47%	1.01%	1.68%
Price to Book	0.62 x	1.3 x	-	1.55 x	3.02 x	2.78 x	2.52 x
Nbr of stocks (in thousands)	108,010	108,010	108,010	107,310	107,310	-	-
Reference price ²	46.15	100.8	117.0	134.2	279.8	279.8	279.8
Announcement Date	6/15/20	5/5/21	5/25/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,868	4,309	-	8,274	9,238	10,613	12,006
EBITDA ¹	817.3	864.1	-	1,593	1,843	2,160	2,572
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	567.3	550.6	-	1,020	1,414	1,760	2,201
Net income ¹	275.9	424	-	676.8	898	1,118	1,398
Net margin	5.67%	9.84%	-	8.18%	9.72%	10.53%	11.64%
EPS ²	2.550	3.920	5.000	6.270	8.300	10.40	13.00
Free Cash Flow ¹	356	577.9	-	-	740	302	505
FCF margin	7.31%	13.41%	-	-	8.01%	2.85%	4.21%
FCF Conversion (EBITDA)	43.56%	66.88%	-	-	40.15%	13.98%	19.63%
FCF Conversion (Net income)	129.07%	136.31%	-	-	82.41%	27.01%	36.12%
Dividend per Share ²	0.5000	1.000	-	-	1.700	2.100	2.600
Announcement Date	6/15/20	5/5/21	5/25/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	-	2,018	2,025	2,082
EBITDA ¹	-	370.8	380	348.4
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	235.4	-
Net income	201.1	184.1	152.8	-
Net margin	-	9.12%	7.55%	-
EPS	-	-	1.420	-
Dividend per Share	-	-	-	-
Announcement Date	7/26/22	10/18/22	1/17/23	5/18/23

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	356	578	-	-	740	302	505
ROE (net income / shareholders' equity)	3.49%	5.19%	6.31%	7.5%	9%	10.3%	11.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	74.00	77.30	-	86.40	92.60	101.0	111.0
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	198	266	-	-	1,800	1,300	1,300
Capex / Sales	4.06%	6.16%	-	-	19.48%	12.25%	10.83%
Announcement Date	6/15/20	5/5/21	5/25/22	5/18/23	-	-	-

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 Shalby Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

279.8 INR

Average target price

320 INR

Spread / Average Target

+14.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
AIER EYE HOSPITAL GROUP CO., LTD.	-20.16%	16.21B
BANGKOK DUSIT MEDICAL SERVICES	+4.50%	12.44B
IHH HEALTHCARE	+3.98%	11.58B
APOLLO HOSPITALS ENTERPRISE LIMITED	+9.72%	10.79B
ENCOMPASS HEALTH CORPORATION	+23.61%	8.26B
RAMSAY HEALTH CARE LIMITED	-2.19%	7.68B
MOUWASAT MEDICAL SERVICES COMPANY	+20.75%	7.2B
THE ENSIGN GROUP, INC.	+4.49%	6.67B
GLOBAL HEALTH LIMITED	+50.89%	4.66B

Hospitals, Clinics & Primary Care Services