Financials Bumrungrad Hospital

Equities

BH

TH0168A10Z01

Healthcare Facilities & Services

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
251 ^THB	+3.29%		+1.21%	+13.06%

Apr. 25	Bumrungrad Hospital Public Company Limited Approves Dividend for an Operating Period from 1 July 2023 to 31 December 2023, Payable on 10 May 2024	CI
Apr. 25	Bumrungrad Hospital Public Company Limited Elects Chanida Sophonpanich as Non-Executive Director	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	107,140	95,350	112,037	168,516	176,465	199,524	-	-
Enterprise Value (EV) ¹	101,162	89,820	106,195	160,303	165,810	186,510	185,717	182,639
P/E ratio	34 x	86.3 x	101 x	37.3 x	27.5 x	27.3 x	25.8 x	25.2 x
Yield	2.18%	2.67%	2.27%	1.65%	2.03%	1.95%	2.18%	2.3%
Capitalization / Revenue	5.72 x	7.66 x	8.99 x	8.13 x	6.95 x	7.33 x	6.81 x	6.39 x
EV / Revenue	5.4 x	7.22 x	8.52 x	7.74 x	6.53 x	6.85 x	6.34 x	5.85 x
EV / EBITDA	17.2 x	34.7 x	40.6 x	23.1 x	17.6 x	17.9 x	16.8 x	16 x
EV / FCF	32.2 x	65.6 x	38.6 x	31.6 x	30 x	25.2 x	27.1 x	24.1 x
FCF Yield	3.11%	1.52%	2.59%	3.16%	3.33%	3.96%	3.69%	4.15%
Price to Book	5.36 x	5.15 x	6.48 x	8.55 x	7.41 x	7.36 x	6.48 x	5.85 x
Nbr of stocks (in thousands)	728,841	794,586	794,586	794,886	794,886	794,916	-	-
Reference price ²	147.0	120.0	141.0	212.0	222.0	251.0	251.0	251.0
Announcement Date	2/26/20	2/18/21	2/24/22	2/16/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,718	12,445	12,460	20,721	25,376	27,232	29,279	31,205
EBITDA ¹	5,884	2,591	2,613	6,940	9,398	10,424	11,034	11,434
EBIT ¹	4,661	1,371	1,434	5,823	8,301	9,153	9,683	10,038
Operating Margin	24.9%	11.01%	11.5%	28.1%	32.71%	33.61%	33.07%	32.17%
Earnings before Tax (EBT) ¹	4,534	1,243	1,456	6,049	8,638	9,314	9,907	9,970
Net income ¹	3,748	1,204	1,216	4,938	7,006	7,538	8,035	8,151
Net margin	20.02%	9.68%	9.76%	23.83%	27.61%	27.68%	27.44%	26.12%
EPS ²	4.320	1.390	1.400	5.690	8.080	9.206	9.739	9.972
Free Cash Flow ¹	3,143	1,370	2,753	5,067	5,522	7,393	6,845	7,589
FCF margin	16.79%	11%	22.09%	24.45%	21.76%	27.15%	23.38%	24.32%
FCF Conversion (EBITDA)	53.41%	52.86%	105.34%	73%	58.76%	70.92%	62.04%	66.37%
FCF Conversion (Net income)	83.85%	113.73%	226.46%	102.6%	78.82%	98.07%	85.19%	93.09%
Dividend per Share ²	3.200	3.200	3.200	3.500	4.500	4.906	5.484	5.761
Announcement Date	2/26/20	2/18/21	2/24/22	2/16/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	6,667	5,694	3,938	4,118	4,922	-	5,693	5,988	6,069	6,049	12,119	6,775	6,516	6,537	6,387	7,637	7,230	7,030	-
EBITDA	-	1,632	988.5	966.6	1,181	1,701	-	2,120	2,089	2,200	2,296	4,477	2,608	2,318	-	-	-	-	-	-
EBIT ¹	-	-	-	660.5	904.5	1,395	-	1,842	1,805	1,925	2,021	3,927	2,336	2,044	2,409	2,150	2,600	2,177	2,340	-
Operating Margin	-	-	-	16.77%	21.96%	28.34%	-	32.35%	30.15%	31.71%	33.41%	32.41%	34.48%	31.37%	36.86%	33.66%	34.04%	30.11%	33.28%	-
Earnings before Tax (EBT)	-	-	358	755.8	903	1,430	-	1,821	1,889	1,949	2,148	4,097	2,401	2,140	-	-	-	-	-	-
Net income	-	809.6	307.6	612.1	725	1,166	1,891	1,501	1,546	1,583	1,748	3,331	1,954	1,721	1,985	-	-	-	-	-
Net margin	-	12.14%	5.4%	15.54%	17.61%	23.69%	-	26.37%	25.82%	26.09%	28.89%	27.49%	28.85%	26.41%	30.37%	-	-	-	-	-
EPS	-	-	0.3500	0.7000	0.8400	1.340	-	1.730	1.780	1.830	2.010	3.840	2.250	1.990	-	-	-	-	-	-
Dividend per Share ²	2.050	-	-	2.050	-	1.150	1.150	-	2.350	-	-	-	1.370	3.150	-	1.449	1.449	1.449	1.762	1.762
Announcement Date	2/26/20	8/5/20	8/12/21	2/24/22	4/28/22	8/10/22	8/10/22	11/9/22	2/16/23	4/27/23	8/10/23	8/10/23	11/9/23	2/22/24	4/25/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,977	5,530	5,841	8,213	10,654	13,013	13,807	16,885
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,143	1,370	2,753	5,067	5,522	7,393	6,845	7,589
ROE (net income / shareholders' equity)	19.5%	6.25%	6.79%	26.7%	31.8%	29.7%	27.6%	25.3%
ROA (Net income/ Total Assets)	14.7%	4.78%	5.39%	21.9%	26.2%	24.6%	23.7%	21.8%
Assets ¹	25,465	25,191	22,539	22,558	26,742	30,701	33,913	37,440
Book Value Per Share ²	27.40	23.30	21.80	24.80	29.90	34.10	38.70	42.90
Cash Flow per Share ²	5.650	2.600	4.100	7.160	8.180	10.80	11.60	11.50
Capex ¹	1,755	888	803	1,146	1,572	2,330	2,432	1,491
Capex / Sales	9.37%	7.14%	6.44%	5.53%	6.2%	8.56%	8.3%	4.78%
Announcement Date	2/26/20	2/18/21	2/24/22	2/16/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bumrungrad Hospital

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

251 THB

Average target price

289.8 THB

Spread / Average Target

+15.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
BUMRUNGRAD HOSPITAL	+13.06%	5.42B
HCA HEALTHCARE, INC.	+13.70%	80.61B
CVS HEALTH CORPORATION	-29.20%	70.18B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+9.86%	29.12B
LABORATORY CORPORATION OF AMERICA HOLDINGS	-11.43%	16.97B
FRESENIUS SE & CO. KGAA	-0.68%	16.96B
QUEST DIAGNOSTICS INCORPORATED	-0.31%	15.26B
FRESENIUS MEDICAL CARE AG	+2.87%	12.41B
PURE HEALTH HOLDING	-31.05%	11.95B
REDE D'OR SÃO LUIZ S.A.	-6.75%	11.93B

Other Healthcare Facilities & Services