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Prabhudas Lilladher Report
Max Healthcare Institute Ltd. reported Ebitda of Rs 4.94 billion (up 15% YoY) which was in-line with our estimates, aided by higher average revenue per occupied bed at Rs 78.1k/day; up 11% YoY.
The company showed phenomenal growth (18% Ebitda compound annual growth rate) over FY22-24, despite negligible capacity additions. We expect pick-up in the growth momentum given-
strong expansion plans (+3000 additional beds over FY24-27E),
improving payor mix and
Bolt on acquisitions like recently added unit in Lucknow and Nagpur.
Operational efficiency has also been commendable, especially in competitive markets like NCR.
Our FY25E/26E Ebitda broadly remains unchanged however PAT stands reduced by ~5% factoring in recent acquisitions and we expect Ebitda/profit after tax to grow ~two times over FY24-27E. We ascribe 30 times EV/Ebitda based on FY26E. Maintain ‘Buy' rating with target price of Rs 925/share and remains our top pick.
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