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Apollo Hospitals (APHS IN): Sell – Priced for Perfection!

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

Independent Insight Provider

Equity Bottom-Up

Apollo Hospitals Enterprise / Equity Bottom-Up

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<li>Recent results are disappointing and point to slower organic growth especially in the much higher margin Healthcare Services division.</li>
<li>The recent results also provide further evidence revealing the difficulty in expanding the network outside of management contracts.</li>
<li>Apollo is the cheapest of the three main listed hospital groups. At 48 forward PE &amp; 26 forward EV/EBITDA, we expect the core division to be growing faster (9%, Sept-25,Q2-results).</li>
</ul>


Recent results are disappointing and point to slower organic growth especially in the much higher margin Healthcare Services division.
The recent results also provide further evidence revealing the difficulty in expanding the network outside of management contracts.
Apollo is the cheapest of the three main listed hospital groups. At 48 forward PE &amp; 26 forward EV/EBITDA, we expect the core division to be growing faster (9%, Sept-25,Q2-results).


Apollo Hospitals Update (APOLLOHOSP ) – Retain Sell