Financials Cleopatra Hospitals Group S.A.E.

Equities

CLHO

EGS729J1C018

Healthcare Facilities & Services

End-of-day quote Egyptian Exchange Other stock markets 03:30:00 26/06/2024 am IST			5-day change	1st Jan Change
7.4 ^EGP	+6.02%		+7.71%	+56.78%

26/05	Cleopatra Hospitals Group S.A.E. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
17/03	Cleopatra Hospitals Group S.A.E. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,648	7,616	7,784	7,685	6,822	10,696	-	-
Enterprise Value (EV) ¹	8,865	7,076	7,210	7,865	7,338	12,414	12,291	11,200
P/E ratio	43.1 x	31.7 x	20.3 x	26.1 x	21.5 x	17.3 x	16.5 x	11.8 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	5.37 x	3.83 x	3.05 x	2.94 x	1.9 x	2.13 x	1.92 x	1.69 x
EV / Revenue	4.93 x	3.56 x	2.83 x	3.01 x	2.04 x	2.47 x	2.21 x	1.77 x
EV / EBITDA	25.6 x	13.1 x	9.45 x	11.1 x	8.84 x	10.7 x	8.52 x	6.5 x
EV / FCF	121 x	-30 x	19.7 x	-	-	-78.1 x	150 x	21.4 x
FCF Yield	0.83%	-3.33%	5.08%	-	-	-1.28%	0.66%	4.67%
Price to Book	5.27 x	3.69 x	3.81 x	4.53 x	3.03 x	3.86 x	3.19 x	2.58 x
Nbr of stocks (in thousands)	16,00,000	16,00,000	15,82,082	14,44,464	14,45,434	14,45,434	-	-
Reference price ²	6.030	4.760	4.920	5.320	4.720	7.400	7.400	7.400
Announcement Date	12/03/20	21/03/21	20/03/22	20/03/23	17/03/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,798	1,990	2,549	2,614	3,595	5,033	5,560	6,345
EBITDA ¹	346.1	539.6	763.2	709.3	830	1,160	1,442	1,724
EBIT ¹	281.1	349.5	509.5	444.1	650.8	959.4	1,151	1,428
Operating Margin	15.63%	17.57%	19.99%	16.99%	18.1%	19.06%	20.69%	22.51%
Earnings before Tax (EBT) ¹	367.5	396.2	534.6	449.7	609.1	813	890	-
Net income ¹	257.4	286.9	387.2	325.8	418.2	524	639	787
Net margin	14.32%	14.42%	15.19%	12.46%	11.63%	10.41%	11.49%	12.4%
EPS ²	0.1400	0.1500	0.2420	0.2036	0.2200	0.4285	0.4497	0.6282
Free Cash Flow ¹	73.17	-235.9	366	-	-	-159	81.7	523
FCF margin	4.07%	-11.86%	14.36%	-	-	-3.16%	1.47%	8.24%
FCF Conversion (EBITDA)	21.14%	-	47.96%	-	-	-	5.67%	30.33%
FCF Conversion (Net income)	28.42%	-	94.52%	-	-	-	12.79%	66.45%
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	12/03/20	21/03/21	20/03/22	20/03/23	17/03/24	-	-	-

¹EGP in Million²EGP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	-	1,063	1,181
EBITDA ¹	-	242.3	326.3
EBIT	-	-	-
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income ¹	119.7	107.2	182.2
Net margin	-	10.08%	15.43%
EPS	0.0900	-	-
Dividend per Share	-	-	-
Announcement Date	26/11/23	17/03/24	26/05/24

¹EGP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	181	516	1,717	1,595	504
Net Cash position ¹	783	540	574	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.255 x	0.6211 x	1.481 x	1.106 x	0.2924 x
Free Cash Flow ¹	73.2	-236	366	-	-	-159	81.7	523
ROE (net income / shareholders' equity)	15%	14.7%	17.4%	15.3%	20.3%	24.7%	19.1%	21.1%
ROA (Net income/ Total Assets)	10.4%	10.5%	12.5%	9.7%	10.8%	10%	9.34%	-
Assets ¹	2,483	2,725	3,108	3,358	3,876	5,240	6,842	-
Book Value Per Share ²	1.140	1.290	1.290	1.170	1.560	1.920	2.320	2.870
Cash Flow per Share ²	0.2600	0.0900	0.4100	0.2000	0.3900	0.4000	0.7300	1.110
Capex ¹	349	408	282	332	825	1,685	910	402
Capex / Sales	19.43%	20.5%	11.07%	12.69%	22.95%	33.48%	16.36%	6.33%
Announcement Date	12/03/20	21/03/21	20/03/22	20/03/23	17/03/24	-	-	-

¹EGP in Million²EGP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Cleopatra Hospitals Group S.A.E.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.4 EGP

Average target price

7.607 EGP

Spread / Average Target

+2.79%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
CLEOPATRA HOSPITALS GROUP S.A.E.	+56.78%	21Cr
AIER EYE HOSPITAL GROUP CO., LTD.	-32.30%	1.34TCr
IHH HEALTHCARE	+3.98%	1.17TCr
BANGKOK DUSIT MEDICAL SERVICES	-3.60%	1.16TCr
APOLLO HOSPITALS ENTERPRISE LIMITED	+7.59%	1.08TCr
ENCOMPASS HEALTH CORPORATION	+26.78%	854.58Cr
RAMSAY HEALTH CARE LIMITED	-11.78%	723.89Cr
THE ENSIGN GROUP, INC.	+7.53%	684.24Cr
MOUWASAT MEDICAL SERVICES COMPANY	+8.77%	650.35Cr
CONCORD HEALTHCARE GROUP CO., LTD.	0.00%	440.3Cr

Hospitals, Clinics & Primary Care Services