Financials Global Health Limited

Equities

MEDANTA

INE474Q01031

Healthcare Facilities & Services

End-of-day quote NSE India S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
1,335 ^INR	-4.91%		-3.85%	+39.21%

11:10am	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	358,511	-	-
Enterprise Value (EV) ¹	141,325	354,739	349,526	345,288
P/E ratio	41.9 x	74.2 x	57.3 x	46.4 x
Yield	-	0.21%	0.25%	0.3%
Capitalization / Revenue	5.25 x	10.8 x	9.31 x	7.82 x
EV / Revenue	5.25 x	10.8 x	9.08 x	7.54 x
EV / EBITDA	23.1 x	44.4 x	34.4 x	28.2 x
EV / FCF	34.6 x	128 x	113 x	68.1 x
FCF Yield	2.89%	0.78%	0.88%	1.47%
Price to Book	5.82 x	12.3 x	10.1 x	8.46 x
Nbr of stocks (in thousands)	268,195	268,507	-	-
Reference price ²	527.0	1,335	1,335	1,335
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	38,490	45,824
EBITDA ¹	-	6,122	7,991	10,173	12,259
EBIT ¹	-	4,623	6,263	8,405	10,363
Operating Margin	-	17.16%	19.12%	21.84%	22.61%
Earnings before Tax (EBT) ¹	-	4,493	6,271	8,556	10,394
Net income ¹	1,962	3,261	4,782	6,207	7,665
Net margin	-	12.1%	14.6%	16.13%	16.73%
EPS ²	7.770	12.57	17.80	23.29	28.77
Free Cash Flow ¹	-	4,085	2,751	3,090	5,067
FCF margin	-	15.16%	8.2%	8.03%	11.06%
FCF Conversion (EBITDA)	-	66.73%	32.32%	30.38%	41.33%
FCF Conversion (Net income)	-	125.29%	55.82%	49.79%	66.11%
Dividend per Share ²	-	-	2.800	3.300	4.000
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	8,473
EBITDA ¹	1,631	1,843	1,908	2,030	2,196
EBIT ¹	1,252	1,439	1,510	1,650	1,728
Operating Margin	17.79%	18.62%	18.88%	20.27%	20.39%
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%	15.39%
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	8,985	13,223
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	4,085	2,751	3,090	5,067
ROE (net income / shareholders' equity)	-	16.1%	18.6%	19.3%	19.8%
ROA (Net income/ Total Assets)	-	8.98%	11.7%	13%	13.5%
Assets ¹	-	36,307	42,153	47,648	56,700
Book Value Per Share ²	-	90.50	108.0	132.0	158.0
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	2,360	4,457	4,632	4,635
Capex / Sales	-	8.76%	13.29%	12.03%	10.11%
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

OUTPERFORM

Number of Analysts

Last Close Price

1,335 INR

Average target price

1,384 INR

Spread / Average Target

+3.67%

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	+39.21%	4.53B
AIER EYE HOSPITAL GROUP CO., LTD.	-18.84%	16.76B
BANGKOK DUSIT MEDICAL SERVICES	+3.60%	12.65B
IHH HEALTHCARE	+3.98%	11.86B
APOLLO HOSPITALS ENTERPRISE LIMITED	+4.28%	10.28B
ENCOMPASS HEALTH CORPORATION	+28.60%	8.67B
RAMSAY HEALTH CARE LIMITED	-6.94%	7.6B
THE ENSIGN GROUP, INC.	+6.40%	6.8B
MOUWASAT MEDICAL SERVICES COMPANY	+8.59%	6.52B
DALLAH HEALTHCARE COMPANY	-3.49%	4.39B

Hospitals, Clinics & Primary Care Services