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Apollo Hospitals continues to move from strength to strength
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Apollo Hospitals (APOLLOHOSP)
- APHS continues to move from strength to strength and is executing well on leveraging its large and widespread existing infrastructure to create a strong digital ecosystem.
- 24/7 has also enhanced its brand visibility through a robust marketing and is witnessing strong traction.
- With an impending fundraise in HealthCo, we believe APHS can better compete with other e-health players and accelerate its digital journey.
- Offline pharmacy stores will continue to be added at a rate of 350-400 stores per year (net 174 added in 1HFY22).
- APHS has demonstrated a track record of creating new verticals in the past while the market remains competitive.
- We are impressed by APHS’ execution across segments and raise our FY2022-24 EBITDA estimates by 8-14% led by higher growth in the pharmacy and healthcare business.
- We have also raised our multiple for the healthcare business to 24X (versus 22X earlier) thereby revising Fair Value to Rs5,200. Retain ADD.
Note: The above is a brief note on the company, based on the inputs of the KIE research report dated 16th November 2021, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Disclaimer: http://bit.ly/2n5AxIE
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