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Apollo Hospitals Enterprise: Buy; PT Rs650
New hospitals launched within last 18 months progressing well.
Bhubaneswar and Karimnagar are EBITDA positive within second year of
operation. Karimnagar has ARPOB of 4400 Rs/bed day and Bhubaneswar
has ARPOB of 13,500 Rs/bed day (including hospital based pharmacy
revenue). New launches in Hyderguda on schedule and expected during
H1FY12.
Hyderabad cluster can grow EBITDA at above company average growth
rate, driven by improvements in ARPOB and EBITDA margins, as well as
occupancy. We have been pointing out upside in Hyderabad cluster.
ROICs in standalone hospitals are attractive. We have published a note on
June 3, 2011 with analysis of Apollo Hospitals ROIC.
Funding - Apollo Hospitals needs Rs9bn over next two years to fund
expansion. It plans to raise Rs3bn through debt, Rs3bn as equity and Rs3bn
through internal accruals.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Apollo Hospitals Enterprise: Buy; PT Rs650
New hospitals launched within last 18 months progressing well.
Bhubaneswar and Karimnagar are EBITDA positive within second year of
operation. Karimnagar has ARPOB of 4400 Rs/bed day and Bhubaneswar
has ARPOB of 13,500 Rs/bed day (including hospital based pharmacy
revenue). New launches in Hyderguda on schedule and expected during
H1FY12.
Hyderabad cluster can grow EBITDA at above company average growth
rate, driven by improvements in ARPOB and EBITDA margins, as well as
occupancy. We have been pointing out upside in Hyderabad cluster.
ROICs in standalone hospitals are attractive. We have published a note on
June 3, 2011 with analysis of Apollo Hospitals ROIC.
Funding - Apollo Hospitals needs Rs9bn over next two years to fund
expansion. It plans to raise Rs3bn through debt, Rs3bn as equity and Rs3bn
through internal accruals.
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