Financials Apollo Hospitals Enterprise Limited

Equities

APOLLOHOSP

INE437A01024

Healthcare Facilities & Services

Market Closed - NSE India S.E. Other stock markets 07:43:47 2024-05-03 am EDT			5-day change	1st Jan Change
6,010 ^INR	+0.86%		-3.98%	+5.36%

Apr. 29	Gains in Financial, Banking Stocks Lift Indian Equities to End Higher on Monday	MT
Apr. 29	India's Apollo Hospitals stock slides as unit's valuation underwhelms	RE

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	170,790	158,471	417,357	649,346	619,841	864,088	-	-
Enterprise Value (EV) ¹	201,137	185,849	442,681	660,331	636,264	893,039	889,830	880,851
P/E ratio	72.3 x	34.8 x	270 x	61.5 x	75.7 x	91.6 x	56.9 x	41.5 x
Yield	0.49%	0.53%	0.1%	0.26%	0.35%	0.21%	0.3%	0.43%
Capitalization / Revenue	1.78 x	1.41 x	3.95 x	4.43 x	3.73 x	4.54 x	3.87 x	3.3 x
EV / Revenue	2.09 x	1.65 x	4.19 x	4.5 x	3.83 x	4.69 x	3.98 x	3.36 x
EV / EBITDA	18.9 x	11.7 x	38.9 x	30.2 x	31.7 x	36.9 x	27.8 x	22 x
EV / FCF	89 x	23.9 x	45.3 x	68.9 x	256 x	104 x	73.7 x	53.6 x
FCF Yield	1.12%	4.19%	2.21%	1.45%	0.39%	0.97%	1.36%	1.86%
Price to Book	5.12 x	4.75 x	9.07 x	11.5 x	10 x	12.3 x	10.5 x	8.56 x
Nbr of stocks (in thousands)	139,125	139,125	143,785	143,785	143,785	143,785	-	-
Reference price ²	1,228	1,139	2,903	4,516	4,311	6,010	6,010	6,010
Announcement Date	5/30/19	6/25/20	6/23/21	5/25/22	5/30/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	96,174	112,468	105,600	146,626	166,124	190,538	223,503	262,123
EBITDA ¹	10,637	15,873	11,374	21,851	20,065	24,205	31,953	40,048
EBIT ¹	6,681	9,676	5,643	15,844	13,912	17,657	24,705	32,268
Operating Margin	6.95%	8.6%	5.34%	10.81%	8.37%	9.27%	11.05%	12.31%
Earnings before Tax (EBT) ¹	3,726	6,601	2,215	15,854	11,008	14,114	22,067	29,842
Net income ¹	2,360	4,549	1,504	10,556	8,191	9,477	14,999	20,555
Net margin	2.45%	4.05%	1.42%	7.2%	4.93%	4.97%	6.71%	7.84%
EPS ²	16.97	32.70	10.74	73.42	56.97	65.58	105.6	144.7
Free Cash Flow ¹	2,260	7,780	9,780	9,585	2,485	8,624	12,075	16,422
FCF margin	2.35%	6.92%	9.26%	6.54%	1.5%	4.53%	5.4%	6.27%
FCF Conversion (EBITDA)	21.25%	49.01%	85.98%	43.86%	12.39%	35.63%	37.79%	41.01%
FCF Conversion (Net income)	95.75%	171.01%	650.43%	90.8%	30.34%	91%	80.51%	79.89%
Dividend per Share ²	6.000	6.000	3.000	11.75	15.00	12.61	18.08	25.85
Announcement Date	5/30/19	6/25/20	6/23/21	5/25/22	5/30/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	27,598	28,680	37,602	37,171	36,389	35,464	37,956	42,511	42,636	43,022	44,178	48,163	48,265	49,440	52,180
EBITDA ¹	3,903	4,118	5,199	6,150	5,870	4,632	4,907	5,654	5,054	4,917	5,090	6,129	6,147	6,557	-
EBIT ¹	2,653	2,734	3,793	4,702	4,380	2,968	3,430	4,104	3,520	3,327	3,421	4,538	4,491	5,109	5,931
Operating Margin	9.61%	9.53%	10.09%	12.65%	12.04%	8.37%	9.04%	9.65%	8.26%	7.73%	7.74%	9.42%	9.31%	10.33%	11.37%
Earnings before Tax (EBT) ¹	1,853	2,376	3,051	3,830	3,675	2,357	2,543	3,271	2,658	2,536	2,641	3,836	3,696	3,953	-
Net income ¹	1,304	1,678	4,893	2,478	2,284	901.4	3,171	2,040	1,535	1,445	1,666	2,556	2,477	2,722	-
Net margin	4.73%	5.85%	13.01%	6.67%	6.28%	2.54%	8.35%	4.8%	3.6%	3.36%	3.77%	5.31%	5.13%	5.51%	-
EPS ²	9.380	11.77	34.03	17.24	15.88	6.270	22.05	14.19	10.67	10.50	11.59	20.53	17.51	17.08	25.00
Dividend per Share ²	-	3.000	-	-	-	11.75	-	-	-	9.000	-	-	-	11.90	-
Announcement Date	2/12/21	6/23/21	8/13/21	11/12/21	2/11/22	5/25/22	8/11/22	11/10/22	2/14/23	5/30/23	8/11/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	30,347	27,379	25,325	10,985	16,423	28,951	25,741	16,763
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.853 x	1.725 x	2.227 x	0.5027 x	0.8185 x	1.196 x	0.8056 x	0.4186 x
Free Cash Flow ¹	2,260	7,780	9,780	9,585	2,485	8,625	12,075	16,422
ROE (net income / shareholders' equity)	7.17%	13.6%	3.79%	20.6%	13.9%	14.1%	19.6%	22.3%
ROA (Net income/ Total Assets)	2.65%	4.43%	1.32%	8.57%	5.91%	6.82%	10%	11.8%
Assets ¹	88,978	102,607	113,780	123,155	138,485	138,997	149,742	174,539
Book Value Per Share ²	240.0	240.0	320.0	393.0	431.0	487.0	574.0	702.0
Cash Flow per Share ²	65.00	92.70	91.00	112.0	95.80	99.30	157.0	192.0
Capex ¹	6,789	5,119	2,955	6,572	11,285	9,761	11,506	12,598
Capex / Sales	7.06%	4.55%	2.8%	4.48%	6.79%	5.12%	5.15%	4.81%
Announcement Date	5/30/19	6/25/20	6/23/21	5/25/22	5/30/23	-	-	-

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 Apollo Hospitals Enterprise Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6,010 INR

Average target price

6,847 INR

Spread / Average Target

+13.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
APOLLO HOSPITALS ENTERPRISE LIMITED	+5.36%	10.36B
AIER EYE HOSPITAL GROUP CO., LTD.	-18.46%	16.57B
BANGKOK DUSIT MEDICAL SERVICES	+4.50%	12.51B
IHH HEALTHCARE	+4.31%	11.69B
ENCOMPASS HEALTH CORPORATION	+24.72%	8.38B
RAMSAY HEALTH CARE LIMITED	-2.64%	7.75B
MOUWASAT MEDICAL SERVICES COMPANY	+20.04%	7.16B
THE ENSIGN GROUP, INC.	+4.17%	6.6B
GLOBAL HEALTH LIMITED	+46.90%	4.54B
DALLAH HEALTHCARE COMPANY	-5.70%	4.22B

Hospitals, Clinics & Primary Care Services