Margin to gain traction
Apollo Hospitals Enterprise Ltd. (AHEL) is India’s largest private healthcare services provider with a network of 9,957 beds spread across the country.
Outlook and Valuation: We remain positive on the stock driven by higher occupancy rate leading to better operating leverage, break-even of Navi Mumbai hospital by FY19 and scope for margin expansion in both hospitals & pharmacy businesses. We project EBITDA/PAT to witness a CAGR of 22%/36% over FY17-20E. Hence, we maintain our ‘BUY’ rating on the stock with a revised TP of Rs. 1,327 based on a target multiple of 16x EV/EBITDA.
Research Report – Apollo Hospitals Enterprise Ltd.
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