Financials Fortis Healthcare Limited

Equities

FORTIS

INE061F01013

Healthcare Facilities & Services

Delayed NSE India S.E. Other stock markets 00:42:49 2024-06-26 EDT			5-day change	1st Jan Change
483.8 ^INR	-0.22%		-1.93%	+15.46%

06-17	Fortis, Apollo, Medanta, and Max Lead the Charge in Bidding War for Jaypee Healthcare	CI
06-11	Fortis Healthcare Limited Announces Executive Appointments	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	102,485	95,238	150,350	219,240	196,214	366,079	-	-
Enterprise Value (EV) ¹	111,604	105,744	157,658	224,770	199,618	317,233	368,190	362,186
P/E ratio	-36.7 x	164 x	-137 x	39.5 x	33.3 x	53 x	44.4 x	34.6 x
Yield	-	-	-	-	-	0.21%	0.25%	0.27%
Capitalization / Revenue	2.29 x	2.06 x	3.73 x	3.83 x	3.12 x	4.6 x	4.64 x	4.1 x
EV / Revenue	2.5 x	2.28 x	3.91 x	3.93 x	3.17 x	4.6 x	4.66 x	4.05 x
EV / EBITDA	49.6 x	17.3 x	39 x	20.6 x	18.1 x	25 x	23.3 x	19.1 x
EV / FCF	-42.7 x	303 x	57.5 x	30 x	53.2 x	68.3 x	48.5 x	35.9 x
FCF Yield	-2.34%	0.33%	1.74%	3.34%	1.88%	1.47%	2.06%	2.79%
Price to Book	1.55 x	1.43 x	2.46 x	3.55 x	2.71 x	4.6 x	4.28 x	3.84 x
Nbr of stocks (in thousands)	754,955	754,958	754,958	754,958	754,958	754,958	-	-
Reference price ²	135.8	126.2	199.2	290.4	259.9	484.9	484.9	484.9
Announcement Date	5/25/19	6/17/20	5/29/21	5/25/22	5/23/23	5/23/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	44,694	46,323	40,301	57,176	62,976	68,929	78,943	89,357
EBITDA ¹	2,252	6,095	4,044	10,931	11,013	12,676	15,782	18,928
EBIT ¹	-77	3,178	1,138	7,923	7,856	9,251	12,266	15,202
Operating Margin	-0.17%	6.86%	2.82%	13.86%	12.47%	13.42%	15.54%	17.01%
Earnings before Tax (EBT) ¹	-1,101	2,394	432.9	9,878	8,137	8,580	11,501	14,532
Net income ¹	-2,989	579.4	-1,098	5,551	5,887	6,011	8,238	10,527
Net margin	-6.69%	1.25%	-2.72%	9.71%	9.35%	8.72%	10.43%	11.78%
EPS ²	-3.700	0.7700	-1.450	7.350	7.800	7.930	10.92	14.03
Free Cash Flow ¹	-2,616	349.4	2,740	7,501	3,750	5,395	7,596	10,099
FCF margin	-5.85%	0.75%	6.8%	13.12%	5.95%	7.75%	9.62%	11.3%
FCF Conversion (EBITDA)	-	5.73%	67.74%	68.62%	34.05%	44.04%	48.13%	53.36%
FCF Conversion (Net income)	-	60.3%	-	135.13%	63.7%	89%	92.21%	95.94%
Dividend per Share ²	-	-	-	-	-	1.013	1.210	1.327
Announcement Date	5/25/19	6/17/20	5/29/21	5/25/22	5/23/23	5/23/24	-	-

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	2025 Q1
Net sales ¹	11,770	12,524	14,103	14,625	14,666	13,781	14,878	16,072	15,599	16,427	16,574	17,668	17,349	18,043	18,778
EBITDA ¹	1,904	1,973	2,752	2,844	2,869	2,276	2,511	3,029	2,764	2,709	2,725	3,328	3,142	3,396	-
EBIT ¹	-	1,258	2,023	2,098	2,108	1,503	1,868	2,260	1,937	1,891	1,932	2,411	2,165	2,380	2,423
Operating Margin	-	10.04%	14.35%	14.35%	14.37%	10.9%	12.56%	14.06%	12.42%	11.51%	11.66%	13.65%	12.48%	13.19%	12.9%
Earnings before Tax (EBT)	-	-	-	-	-	-	1,763	2,678	1,835	1,817	-	2,235	2,399	2,630	-
Net income ¹	299	431.7	2,636	-	-	-	1,222	2,044	1,296	1,326	1,771	1,548	1,611	1,743	-
Net margin	2.54%	3.45%	18.69%	-	-	-	8.22%	12.72%	8.31%	8.07%	10.48%	8.76%	9.29%	9.66%	-
EPS	-	-	3.490	-	-	-	-	2.710	-	-	-	-	2.200	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/5/21	5/29/21	8/13/21	11/12/21	2/11/22	5/25/22	8/5/22	11/11/22	2/10/23	5/23/23	8/4/23	-	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,119	10,506	7,308	5,530	3,404	2,196	2,111	-
Net Cash position ¹	-	-	-	-	-	-	-	3,894
Leverage (Debt/EBITDA)	4.049 x	1.724 x	1.807 x	0.5059 x	0.3091 x	0.1792 x	0.1337 x	-
Free Cash Flow ¹	-2,616	349	2,740	7,501	3,750	5,395	7,596	10,099
ROE (net income / shareholders' equity)	-1.44%	0.87%	-1.72%	9.03%	8.77%	7.77%	9.82%	11%
ROA (Net income/ Total Assets)	-0.74%	0.5%	-0.98%	4.82%	4.84%	4.67%	6.12%	6.97%
Assets ¹	401,680	116,486	112,517	115,194	121,591	129,771	134,657	151,115
Book Value Per Share ²	87.40	88.20	81.10	81.80	95.90	105.0	113.0	126.0
Cash Flow per Share ²	-	-	-	11.50	10.90	13.50	16.10	19.00
Capex ¹	831	1,366	2,115	1,153	4,472	6,378	6,330	6,162
Capex / Sales	1.86%	2.95%	5.25%	2.02%	7.1%	9.16%	8.02%	6.9%
Announcement Date	5/25/19	6/17/20	5/29/21	5/25/22	5/23/23	5/23/24	-	-

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 Fortis Healthcare Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

484.9 INR

Average target price

506.1 INR

Spread / Average Target

+4.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
FORTIS HEALTHCARE LIMITED	+15.46%	4.39B
AIER EYE HOSPITAL GROUP CO., LTD.	-32.87%	13.37B
IHH HEALTHCARE	+4.15%	11.75B
BANGKOK DUSIT MEDICAL SERVICES	-3.60%	11.57B
APOLLO HOSPITALS ENTERPRISE LIMITED	+8.87%	10.85B
ENCOMPASS HEALTH CORPORATION	+27.20%	8.55B
RAMSAY HEALTH CARE LIMITED	-11.71%	7.24B
THE ENSIGN GROUP, INC.	+7.99%	6.84B
MOUWASAT MEDICAL SERVICES COMPANY	+9.12%	6.5B
GLOBAL HEALTH LIMITED	+36.60%	4.12B

Hospitals, Clinics & Primary Care Services