Extremely poor results from the company. There seems to be a deep cyclical element to this company similar to agro chemicals since they are heavily dependent on agriculture which depends on monsoons. Would be interesting to see if the management is still firm on the guidance of 3000 crore by 2026.
Posts in category Value Pickr
Five Star Business Finance – Financing Bharat! (01-02-2024)
They will increase the leverage going forward. As the book grows.
You can check either q1fy24 or q2fy24 concall.
See the bright Sun: Aditya Vision (01-02-2024)
Aditya Vision – IC – 01-02-2024 – Systematix-1 (1).pdf (2.1 MB)
Aditya-Vision-11-12-2023-emkay.pdf (2.2 MB)
2 good reports for better understanding of sector n AVL WITH lot of granularity n data
Pharma || Hospitals || Diagnostics : Industry perspective (01-02-2024)
I don’t like the unncessary diversification into academy and mfg business & international businesses (Consolidated ROCE is lower than standalone ROCE).
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Also while occupancy has gone up from 49% to 54% in Sept quarter, the EBITDA (and it includes other income too) % is still around 26%. Including Other Income, Yatharth’s EBITDA is already around 30% while there still remains significant headroom for higher utilisation of both the Noida hospitals (Greater Noida & Noida Extension).
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Higher revenue growth (absolute INR crs) despite much smaller base for Yatharth vs Shalby
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Shalby also has limited superspecialities vis-a-vis Yatharth. Pulmology (lung) is missing in Shalby vs Yatharth.
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Shalby doesn’t have a significant presence in Tier 1 cities, so I guess, the ARPOB to an extent would be capped?
Valuation wise, both are almost similar – Yatharth is 14.5x EV / EBITDA while Shalby is around 15x EV / EBITDA (3300 crs & 220 crs of EBITDA).
D – Invested in Yatharth. Biased.
Vineet Jain portfolio (01-02-2024)
Hi Vineet,
Considering how it has played out in the last year after this post, what are your views on the three banking scrips: Kotak, IDFC and HDFC?
Five Star Business Finance – Financing Bharat! (01-02-2024)
Has there been any commentary on why their leverage is < 2x? Their NPAs are low, the loans are mostly backed by assets right? I’m not been able to get this
MPS Ltd (01-02-2024)
Had noticed the same arrogant streak in Rahul A. He has told shareholders multiple times that they can sell out which is not a mature statement. But there have been arrogant business leaders who have been successful – e.g. Steve Jobs. Also the business model of the company is a bit strange – it is basically acquisitions. There is no real organic growth in the company. But what works is that they are ambitious, good governance and lots of cash flows
Pharma || Hospitals || Diagnostics : Industry perspective (01-02-2024)
At cmp, I feel Shalby ltd is a good bet
Its margins ( EBITDA ) are in 20s or at least high teens even when the occupancies are in mid 50s. This is because of the good surgical mix that they have
Basically, they might be sitting on a lot of operating leverage. They are likely to do a PAT in the range of 100 cr for FY 24. Going by Hospital standards, doesn’t look expensive to me
Disc : holding, biased, not SEBI registered
Tracxn Technologies (01-02-2024)
After correction, it seems attractive .
These type of companies should not be valued on PE basis.
Look at the FCF and cash level.
Negative side of the result is addition of clients (which is very miniscule) . Need to listen to the guidance given by mgmnt
Praveen’s portfolio (Coffee Can) (01-02-2024)
I haven’t had a sell in this account, so this doesn’t make sense for me