Why look at historical per bed metric to determine valuation? It’s like trying to determine hero motor’s valuation by looking at historical average price of their bikes.
Average revenue per bed has been trending up for all hospitals which could be due to just inflation, operating leverage or product mix change or all of them. EBITDA for leading hospitals including NH has also been steadily increasing with only exception of Apollo. So there is no reason to believe why earning per bed of hospitals will remain at historical levels.
Coming to NH, it trades at some 30 p/e against a sector average of 70 with leading hospitals such as Apolo, Medanta, Max all trading at 70 p/e. Interestingly NH stock prices have trailed earning growth which means stock is heavily derated (guess something to do with Cayman overhang).
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