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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.9x - 29.7x | 28.3x |
| Selected Fwd EBIT Multiple | 18.1x - 20.0x | 19.1x |
| Fair Value | ฿13.70 - ฿20.02 | ฿16.86 |
| Upside | -26.0% - 8.2% | -8.9% |
| Benchmarks | Ticker | Full Ticker |
| Ekachai Medical Care Public Company Limited | EKH | SET:EKH |
| Srivichaivejvivat Public Company Limited | VIH | SET:VIH |
| Nakornthon Hospital Public Company Limited | NKT | SET:NKT |
| Bangkok Chain Hospital Public Company Limited | BCH | SET:BCH |
| Winnergy Medical Public Company Limited | WINMED | SET:WINMED |
| Mahachai Hospital Public Company Limited | M-CHAI | SET:M-CHAI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EKH | VIH | NKT | BCH | WINMED | M-CHAI | ||
| SET:EKH | SET:VIH | SET:NKT | SET:BCH | SET:WINMED | SET:M-CHAI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.8% | 8.3% | NM- | 0.0% | -15.4% | 21.7% | |
| 3Y CAGR | -6.1% | -37.3% | 10.0% | -43.5% | -24.6% | -5.3% | |
| Latest Twelve Months | 1.8% | 6.4% | -16.3% | -15.3% | -22.9% | -47.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 23.0% | 18.9% | 15.1% | 23.0% | 8.4% | 6.8% | |
| Prior Fiscal Year | 26.1% | 13.1% | 17.6% | 16.6% | 5.8% | 10.5% | |
| Latest Fiscal Year | 23.5% | 13.9% | 14.7% | 14.5% | 3.7% | 5.6% | |
| Latest Twelve Months | 24.7% | 14.8% | 14.4% | 14.5% | 3.9% | 5.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.33x | 1.14x | 0.72x | 2.90x | 1.28x | 1.57x | |
| EV / LTM EBITDA | 7.6x | 5.6x | 3.6x | 12.7x | 12.7x | 10.5x | |
| EV / LTM EBIT | 9.4x | 7.7x | 5.0x | 20.0x | 32.8x | 29.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.0x | 9.4x | 32.8x | ||||
| Historical EV / LTM EBIT | -286.3x | 22.6x | 42.9x | ||||
| Selected EV / LTM EBIT | 26.9x | 28.3x | 29.7x | ||||
| (x) LTM EBIT | 349 | 349 | 349 | ||||
| (=) Implied Enterprise Value | 9,377 | 9,871 | 10,365 | ||||
| (-) Non-shareholder Claims * | (7,427) | (7,427) | (7,427) | ||||
| (=) Equity Value | 1,950 | 2,444 | 2,938 | ||||
| (/) Shares Outstanding | 160.0 | 160.0 | 160.0 | ||||
| Implied Value Range | 12.19 | 15.28 | 18.36 | ||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.19 | 15.28 | 18.36 | 18.50 | |||
| Upside / (Downside) | -34.1% | -17.4% | -0.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EKH | VIH | NKT | BCH | WINMED | M-CHAI | |
| Enterprise Value | 2,994 | 3,289 | 1,460 | 34,457 | 859 | 10,387 | |
| (+) Cash & Short Term Investments | 1,567 | 1,204 | 911 | 1,454 | 17 | 208 | |
| (+) Investments & Other | 318 | 52 | 0 | 86 | 48 | 714 | |
| (-) Debt | (77) | (68) | (82) | (734) | (360) | (7,315) | |
| (-) Other Liabilities | (162) | (5) | 0 | (1,099) | 0 | (1,035) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,640 | 4,472 | 2,290 | 34,164 | 564 | 2,960 | |
| (/) Shares Outstanding | 800.0 | 608.4 | 535.0 | 2,493.7 | 400.0 | 160.0 | |
| Implied Stock Price | 5.80 | 7.35 | 4.28 | 13.70 | 1.41 | 18.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.80 | 7.35 | 4.28 | 13.70 | 1.41 | 18.50 | |
| Trading Currency | THB | THB | THB | THB | THB | THB | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |