Financials Narayana Hrudayalaya Limited

Equities

NH

INE410P01011

Healthcare Facilities & Services

Market Closed - NSE India S.E. Other stock markets 05:13:55 26/06/2024 pm IST			5-day change	1st Jan Change
1,196 ^INR	+0.58%		-3.36%	-0.50%

27/05	Transcript : Narayana Hrudayalaya Limited, Q4 2024 Earnings Call, May 27, 2024
27/05	Narayana Hrudayalaya Posts Gains in Fiscal Q4 Consolidated Net Profit	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	43,042	50,194	82,344	1,51,244	1,57,118	2,41,480	-	-
Enterprise Value (EV) ¹	49,403	55,340	86,276	1,55,444	1,60,942	2,60,701	2,48,023	2,45,279
P/E ratio	72.8 x	42.2 x	-580 x	44.3 x	25.9 x	33 x	30.8 x	26.9 x
Yield	0.47%	0.4%	0.25%	0.13%	0.32%	0.15%	0.2%	0.22%
Capitalization / Revenue	1.5 x	1.6 x	3.19 x	4.09 x	3.47 x	5.2 x	4.19 x	3.7 x
EV / Revenue	1.73 x	1.77 x	3.34 x	4.2 x	3.56 x	5.2 x	4.31 x	3.76 x
EV / EBITDA	17.2 x	13.1 x	47.4 x	23.8 x	16.7 x	22.6 x	19.1 x	16.3 x
EV / FCF	38.4 x	16.9 x	36.1 x	66.3 x	28.6 x	-965 x	-133 x	58.8 x
FCF Yield	2.6%	5.92%	2.77%	1.51%	3.5%	-0.1%	-0.75%	1.7%
Price to Book	4.02 x	4.45 x	7.4 x	10.1 x	7.38 x	8.33 x	6.86 x	5.55 x
Nbr of stocks (in thousands)	2,02,407	2,02,804	2,02,892	2,02,917	2,02,956	2,03,070	-	-
Reference price ²	212.6	247.5	405.8	745.4	774.2	1,189	1,189	1,189
Announcement Date	24/05/19	15/06/20	31/05/21	20/05/22	19/05/23	24/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,609	31,278	25,823	37,013	45,248	50,182	57,603	65,298
EBITDA ¹	2,878	4,229	1,821	6,535	9,658	11,524	13,010	15,021
EBIT ¹	1,505	2,371	-14.26	4,700	7,558	9,102	9,983	11,520
Operating Margin	5.26%	7.58%	-0.06%	12.7%	16.7%	18.14%	17.33%	17.64%
Earnings before Tax (EBT) ¹	957.3	1,647	-492.3	4,383	7,518	8,885	9,703	11,317
Net income ¹	591.7	1,189	-143	3,419	6,062	7,893	7,895	9,035
Net margin	2.07%	3.8%	-0.55%	9.24%	13.4%	15.73%	13.71%	13.84%
EPS ²	2.920	5.860	-0.7000	16.84	29.85	38.86	38.60	44.20
Free Cash Flow ¹	1,286	3,275	2,390	2,343	5,625	-254	-1,859	4,174
FCF margin	4.5%	10.47%	9.25%	6.33%	12.43%	-0.5%	-3.23%	6.39%
FCF Conversion (EBITDA)	44.69%	77.43%	131.22%	35.86%	58.24%	-	-	27.79%
FCF Conversion (Net income)	217.41%	275.37%	-	68.53%	92.79%	-	-	46.19%
Dividend per Share ²	1.000	1.000	1.000	1.000	2.500	1.833	2.400	2.667
Announcement Date	24/05/19	15/06/20	31/05/21	20/05/22	19/05/23	24/05/24	-	-

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
Net sales ¹	7,504	8,378	8,598	9,403	9,596	9,407	10,334	11,416	11,282	12,216	12,334	12,754	12,828	13,475
EBITDA ¹	1,049	1,414	1,337	1,689	1,750	1,751	1,920	2,437	2,544	2,757	2,707	2,812	2,928	3,115
EBIT ¹	584.4	969.2	889.6	1,230	1,289	1,283	1,445	1,948	1,971	2,194	2,118	2,253	2,332	2,398
Operating Margin	7.79%	11.57%	10.35%	13.08%	13.43%	13.64%	13.98%	17.06%	17.47%	17.96%	17.17%	17.66%	18.17%	17.8%
Earnings before Tax (EBT) ¹	444.5	872.3	785.5	1,185	1,172	1,218	1,375	2,109	1,899	2,135	2,059	2,008	2,244	2,488
Net income ¹	408.4	680.1	761.8	993.2	974.9	689.2	1,106	1,688	1,538	1,731	1,840	1,622	2,008	2,120
Net margin	5.44%	8.12%	8.86%	10.56%	10.16%	7.33%	10.7%	14.78%	13.63%	14.17%	14.91%	12.72%	15.65%	15.73%
EPS ²	2.010	3.350	3.750	4.890	4.800	3.390	5.440	8.310	7.570	8.530	9.060	7.400	9.530	10.23
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	05/02/21	31/05/21	05/08/21	10/11/21	04/02/22	20/05/22	08/08/22	09/11/22	08/02/23	19/05/23	02/08/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,361	5,146	3,933	4,200	3,823	3,635	6,543	3,798
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.21 x	1.217 x	2.16 x	0.6427 x	0.3959 x	0.3105 x	0.5029 x	0.2529 x
Free Cash Flow ¹	1,286	3,275	2,390	2,343	5,625	-254	-1,859	4,174
ROE (net income / shareholders' equity)	5.59%	10.7%	-1.27%	26.2%	33.5%	31.2%	23.8%	22.4%
ROA (Net income/ Total Assets)	-	4.59%	-0.51%	-	16.6%	-	-	-
Assets ¹	-	25,882	28,308	-	36,463	-	-	-
Book Value Per Share ²	52.90	55.60	54.80	73.40	105.0	143.0	173.0	214.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	1,500	1,159	701	2,507	5,220	10,949	13,581	8,346
Capex / Sales	5.24%	3.71%	2.71%	6.77%	11.54%	21.47%	23.58%	12.78%
Announcement Date	24/05/19	15/06/20	31/05/21	20/05/22	19/05/23	24/05/24	-	-

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 Narayana Hrudayalaya Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,189 INR

Average target price

1,379 INR

Spread / Average Target

+15.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
NARAYANA HRUDAYALAYA LIMITED	-0.50%	289.43Cr
AIER EYE HOSPITAL GROUP CO., LTD.	-32.87%	1.34TCr
IHH HEALTHCARE	+4.15%	1.17TCr
BANGKOK DUSIT MEDICAL SERVICES	-3.60%	1.16TCr
APOLLO HOSPITALS ENTERPRISE LIMITED	+7.59%	1.08TCr
ENCOMPASS HEALTH CORPORATION	+27.20%	854.58Cr
RAMSAY HEALTH CARE LIMITED	-11.44%	723.89Cr
THE ENSIGN GROUP, INC.	+7.99%	684.24Cr
MOUWASAT MEDICAL SERVICES COMPANY	+9.12%	650.35Cr
CONCORD HEALTHCARE GROUP CO., LTD.	0.00%	440.3Cr

Hospitals, Clinics & Primary Care Services