Aster DM is among the top five healthcare companies in India, operating 19 hospitals (5,159 total beds/3,769 operational beds) and a network of pharmacies and diagnostic centres (262 labs/ PECs^, 203 pharmacies) across the southern India region. It has recently unlocked value by segregating its legacy GCC* business in Apr'24, generating ~$908 million, which has solidified its cash position (at Rs 13.81 billion as of March-25).
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HDFC Securities Institutional Equities
We expect Aster DM Healthcare Ltd. to see 21/27% sales/Ebitda CAGRs over FY25-28E and a 21.2% margin in FY28E (18.5% in FY25) on the back of steady performance across the hospital network.
We initiate coverage with an Add rating and assign EV/Ebitda of 26x to arrive at a target price of Rs 620.
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