P ret act iune (rebazat la 21/ 12/ 16)

RON 25.5 /RON 39.0

DoD WoW M oM YTD since IPO

+0.0% -5.7% -2.9% -3.2% +26.9%

P/E P/B P/S EV/EBIT EV/EBITDA

150.3x 4.4x 1.1x 25.0x 11.2x

Sursa: BVB, EquityRT

F Y14 F Y15 F Y16 F Y17 Capitalizare

DPS (brut) n/a n/a n/a n/a Capitalizare

% Distribuit n/a n/a n/a n/a Numar de actiuni

Randament n/a n/a n/a n/a Valoarea nominala

D ate f inanciare (R ON mii) - C o nso lidate

C umulat F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y

Bilant

Active to tale 384,733 466,119 481,595 523,542 538,892 603,852 29.5%

Datorii to tale 297,536 373,101 384,565 426,357 438,747 436,077 16.9%

Capitaluri proprii (atribuibile) 81,297 81,546 83,679 83,956 85,801 152,067 86.5%

Cont de profit si pierdere

Venituri din exploatare 395,571 508,455 154,584 310,413 463,637 630,717 24.0% Sursa: BVB

Cheltuieli din exploatare 366,579 488,901 144,611 292,544 434,537 595,590 21.8%

EBIT 28,991 19,554 9,973 17,868 29,101 35,127 79.6%

EBITDA 55,740 54,677 19,093 36,396 58,297 78,571 43.7%

P ro f it net (atribuibil) 8,581 -5,110 2,358 3,865 5,711 4,413 n/a

T rimestria l 4Q15 4Q16 1Q17 2Q17 3Q17 4Q17 Yo Y

Cont de profit si pierdere

Venituri din exploatare 107,309 146,338 154,584 155,829 153,225 167,079 14.2%

Cheltuieli din exploatare 97,406 138,221 144,611 147,933 141,992 161,053 16.5%

EBIT 9,902 8,116 9,973 7,896 11,232 6,026 -25.8%

EBITDA 15,457 15,819 19,093 17,302 21,902 20,274 28.2%

P ro f it net (atribuibil) 768 -3,109 2,358 1,508 1,846 -1,298 n/a

Info rmatii o perat io nale (R ON mii)

F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y

Cifra de afaceri 390,979 502,987 146,921 301,088 459,183 623,220 23.9%

Societati, PF cu PPM & PPS 342,499 437,599 n/a n/a n/a n/a n/a

Pacienti cu asigurari CNAS 48,480 65,388 n/a n/a n/a n/a n/a Sursa: Companie

Indicato ri cheie

F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y P / E P / B

EPS LT M (RON) 0.43 (0.25) (0.28) (0.11) 0.13 0.22 n/a 150.3x 4.4x

BVPS (RON) n/a 4.06 4.16 4.18 4.27 7.57 86.5% 20.6x 2.7x

SPS LT M (RON) 19.46 25.03 26.56 28.38 29.90 31.02 23.9% 53.8x 9.0x

APS (RON) 19.15 23.20 23.97 26.06 26.82 30.05 29.5% 13.4x 0.9x

ROE⁷ 10.6% -6.3% -6.8% -2.6% 3.0% 2.9% 9.2pp 37.3x 3.0x

ROA ⁷ 2.2% -1.1% -1.2% -0.4% 0.5% 0.7% 1.8pp 17.0x 1.1x

marja EBIT 0.07 3.9% 0.07 5.9% 6.3% 5.6% 1.7pp 52.5x 3.0x

marja EBITDA 0.14 10.9% 0.13 12.1% 12.7% 12.6% 1.7pp 17.3x 1.2x

marja Profit net 0.02 -1.0% 0.02 1.3% 1.2% 0.7% 1.7pp 15.6x 1.8x

Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research

Fresenius M ed.Care [DE]

NM C Health [GB]

Athens M ed. Centre [GR]

Korian [FR]

UDG Healthcare [IE]

Capio [SE]

Georgia Healthcare Group [GE]

Luz Saude [PT]

Structura act io nariatului 5

C ifra de afaceri ( la 31/ 12/ 17)

Linii de business

Structura clientela (31/12/2016)

Pret M in /M ax (LTM )3

D ividend (R ON ) 4 D etalii act iune ( la 09/ 02/ 18)

RON 730,787,706

EUR 156,952,751

C o mpanii co mparabile (Ult imele date)

M edLife [RO]

22,145,082

RON 0.25

Volum zilnic mediu (LTM )2 RON 0.42mn

M inclusa in indicii: BET, BET-TR, BET-XT, BET-XT-

TR, BET-BK, BETPlus.

R eco mandare B T Equity R esearch D etalii de tranzact io nare 1

Ultimul pret (la 09/02/2018) RON 33.0M edLife este cel mai mare furnizor privat de servicii

medicale din Romania, operand cea mai extinsa retea

de clinici, una din marile retele de laboratoare medicale,

spitale generale, de specialitate si detine cea mai mare

baza de clienti PPM . Totodata, d.p.d.v. a vanzarilor se

numara printre cele mai mari societati de servicii

private de sanatate din Europa Centrala si de Est. In

decursul celor 20 de ani de activitate, compania a

furnizar servicii pentru peste 5 mil. de pacienti

individuali, mai mult de 1 din 4 romani (conf. date

demografice 2015). Capitalul societatii este privat, iar

actiunile se tranzactioneaza la BVB (segment

principal).

19%

14%

15%

53%

Marcu Mihail

Marcu Nicolae

Cristescu Mihaela G.

Altii

-

1

2

3

4

24

28

32

36

40

Dec16 Mar17 Jun17 Sep17 Dec17

Volume (RONmn) M BET-XT

27%

23%19%

18%

6%

5% 2% Clinici

Vz. corporative

Spitale

Laboratoare

Stomatologie

Farmacii

Altele

87%

13%Societati, PPM &PPS

Pacienti prinCNAS

12FEB18

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