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Prabhudas Lilladher Report
HealthCare Global Enterprises Ltd. Q1 consolidated Ebitda grew by 22% YoY (down 1% QoQ) to Rs 909 million; in line with our estimates. We expect margins to improve further, as benefit of ramp up in occupancy across centers should aid better operating leverage along with scale up in new centers.
HealthCare Global's asset light approach with focus on partnering has made its business model more capital efficient and scalable, in our view.
Our FY25/FY26E Ebitda stands increased by 6% and 11% as we factor in MG hospital acquisition while profit after tax stands reduced by 5% in FY26. We expect 26% Ebitda CAGR over FY24-26E.
At current market price, the stock trades at 13 times FY26E enterprise value/Ebitda adjusted for rentals. Maintain ‘Buy' rating with a target price of Rs 420/share valuing at 15 times on FY26E EV/Ebitda.
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