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Motilal Oswal Report
Stocks to Buy: We have a Buy rating on Max Healthcare Institute Ltd. with our SoTP-based target price of Rs 1,380.
We expect a compound annual growth rate of 18.4%/16.2%/20.5% in revenue/Ebitda/PAT over FY25-27. We value Max on the SoTP basis (35 times enterprise value/Ebitda for hospital business, 26 times EV/Ebitda for Maxlab business, six times EV/sales for Max@home) to arrive at our target price of Rs 1,380.
We remain positive on Max on the back of a robust industry outlook in its focus markets (Delhi, UP, Maharashtra, Punjab, Uttarakhand, Haryana). Along with efficient execution, Max is tripling its bed capacity over the next five years, thus providing strong headroom for growth.
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