Financials Bumrungrad Hospital Deutsche Boerse AG

Equities

BZ7A

TH0168A10Z19

Healthcare Facilities & Services

Market Closed - Deutsche Boerse AG Other stock markets 02:04:04 2024-07-12 am EDT			5-day change	1st Jan Change
6.15 ^EUR	+1.65%		+1.65%	+8.85%

Jul. 12	Nomura Adjusts Bumrungrad Hospital's Price Target to 330 Baht From 313 Baht, Keeps at Buy	MT
May. 02	Transcript : Bumrungrad Hospital Public Company Limited, Q1 2024 Earnings Call, May 02, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	107,140	95,350	112,037	168,516	176,465	196,344	-	-
Enterprise Value (EV) ¹	101,162	89,820	106,195	160,303	165,810	183,628	181,487	178,270
P/E ratio	34 x	86.3 x	101 x	37.3 x	27.5 x	26.4 x	24.9 x	23.9 x
Yield	2.18%	2.67%	2.27%	1.65%	2.03%	2.04%	2.23%	2.36%
Capitalization / Revenue	5.72 x	7.66 x	8.99 x	8.13 x	6.95 x	7.19 x	6.69 x	6.19 x
EV / Revenue	5.4 x	7.22 x	8.52 x	7.74 x	6.53 x	6.72 x	6.18 x	5.62 x
EV / EBITDA	17.2 x	34.7 x	40.6 x	23.1 x	17.6 x	17.5 x	16.3 x	15.4 x
EV / FCF	32.2 x	65.6 x	38.6 x	31.6 x	30 x	26.5 x	27.6 x	21.2 x
FCF Yield	3.11%	1.52%	2.59%	3.16%	3.33%	3.77%	3.62%	4.72%
Price to Book	5.36 x	5.15 x	6.48 x	8.55 x	7.41 x	7.2 x	6.33 x	5.64 x
Nbr of stocks (in thousands)	728,841	794,586	794,586	794,886	794,886	794,916	-	-
Reference price ²	147.0	120.0	141.0	212.0	222.0	247.0	247.0	247.0
Announcement Date	2/26/20	2/18/21	2/24/22	2/16/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,718	12,445	12,460	20,721	25,376	27,316	29,345	31,703
EBITDA ¹	5,884	2,591	2,613	6,940	9,398	10,482	11,136	11,579
EBIT ¹	4,661	1,371	1,434	5,823	8,301	9,246	9,787	10,204
Operating Margin	24.9%	11.01%	11.5%	28.1%	32.71%	33.85%	33.35%	32.19%
Earnings before Tax (EBT) ¹	4,534	1,243	1,456	6,049	8,638	9,460	10,056	10,305
Net income ¹	3,748	1,204	1,216	4,938	7,006	7,674	8,171	8,393
Net margin	20.02%	9.68%	9.76%	23.83%	27.61%	28.09%	27.84%	26.47%
EPS ²	4.320	1.390	1.400	5.690	8.080	9.351	9.923	10.32
Free Cash Flow ¹	3,143	1,370	2,753	5,067	5,522	6,928	6,565	8,419
FCF margin	16.79%	11%	22.09%	24.45%	21.76%	25.36%	22.37%	26.56%
FCF Conversion (EBITDA)	53.41%	52.86%	105.34%	73%	58.76%	66.1%	58.95%	72.71%
FCF Conversion (Net income)	83.85%	113.73%	226.46%	102.6%	78.82%	90.29%	80.34%	100.3%
Dividend per Share ²	3.200	3.200	3.200	3.500	4.500	5.041	5.506	5.822
Announcement Date	2/26/20	2/18/21	2/24/22	2/16/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	6,667	5,694	3,938	4,118	4,922	-	5,693	5,988	6,069	6,049	12,119	6,775	6,516	6,537	6,536	7,637	7,230	7,030	-
EBITDA ¹	-	1,632	988.5	966.6	1,181	1,701	-	2,120	2,089	2,200	2,296	4,477	2,608	2,318	-	2,663	-	-	-	-
EBIT ¹	-	-	-	660.5	904.5	1,395	-	1,842	1,805	1,925	2,021	3,927	2,336	2,044	2,409	2,270	2,600	2,177	2,340	-
Operating Margin	-	-	-	16.77%	21.96%	28.34%	-	32.35%	30.15%	31.71%	33.41%	32.41%	34.48%	31.37%	36.86%	34.73%	34.04%	30.11%	33.28%	-
Earnings before Tax (EBT) ¹	-	-	358	755.8	903	1,430	-	1,821	1,889	1,949	2,148	4,097	2,401	2,140	-	2,451	-	-	-	-
Net income ¹	-	809.6	307.6	612.1	725	1,166	1,891	1,501	1,546	1,583	1,748	3,331	1,954	1,721	1,985	1,949	-	-	-	-
Net margin	-	12.14%	5.4%	15.54%	17.61%	23.69%	-	26.37%	25.82%	26.09%	28.89%	27.49%	28.85%	26.41%	30.37%	29.82%	-	-	-	-
EPS	-	-	0.3500	0.7000	0.8400	1.340	-	1.730	1.780	1.830	2.010	3.840	2.250	1.990	-	-	-	-	-	-
Dividend per Share ²	2.050	-	-	2.050	-	1.150	1.150	-	2.350	-	-	-	1.370	3.150	-	1.449	1.449	1.449	1.762	1.762
Announcement Date	2/26/20	8/5/20	8/12/21	2/24/22	4/28/22	8/10/22	8/10/22	11/9/22	2/16/23	4/27/23	8/10/23	8/10/23	11/9/23	2/22/24	4/25/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	5,977	5,530	5,841	8,213	10,654	12,716	14,857	18,075
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,143	1,370	2,753	5,067	5,522	6,928	6,565	8,419
ROE (net income / shareholders' equity)	19.5%	6.25%	6.79%	26.7%	31.8%	30%	27.8%	25.6%
ROA (Net income/ Total Assets)	14.7%	4.78%	5.39%	21.9%	26.2%	24.7%	23.9%	22%
Assets ¹	25,465	25,191	22,539	22,558	26,742	31,043	34,257	38,096
Book Value Per Share ²	27.40	23.30	21.80	24.80	29.90	34.30	39.00	43.80
Cash Flow per Share ²	5.650	2.600	4.100	7.160	8.180	10.60	11.80	11.60
Capex ¹	1,755	888	803	1,146	1,572	3,397	2,700	1,157
Capex / Sales	9.37%	7.14%	6.44%	5.53%	6.2%	12.44%	9.2%	3.65%
Announcement Date	2/26/20	2/18/21	2/24/22	2/16/23	2/22/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bumrungrad Hospital

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

247 THB

Average target price

289.4 THB

Spread / Average Target

+17.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
HCA HEALTHCARE, INC.	+19.84%	84.94B
CVS HEALTH CORPORATION	-25.24%	74.07B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	-1.34%	26.15B
FRESENIUS SE & CO. KGAA	+4.56%	18.03B
LABCORP HOLDINGS INC.	-9.29%	17.38B
QUEST DIAGNOSTICS INCORPORATED	+4.52%	16.01B
NATERA, INC.	+78.16%	13.7B
TENET HEALTHCARE CORPORATION	+77.84%	13.13B
PURE HEALTH HOLDING	-26.14%	12.74B

Other Healthcare Facilities & Services