Friday, June 25, 2021

Thyrocare Technologies Ltd (500312) – PharmEasy’s parent API Holdings acquiring is a gamechanger

Thyrocare Technologies Ltd (500312)  closes   at 1448.05 with  a  Gain   of   +6.20%   on    25-June-2021  with formation of  a  Long  green Candle    on Daily  Price Chart.

About the Company : Thyrocare is the largest B2B player in the diagnostics space and has a network of over 3,330 collection centres across 2,000 towns in India. It operates a multi-lab model with 1 mega central processing lab, two zonal processing labs and 13 regional processing labs across the country.

Sector Update :  India’s ehealth sector reached about $1.4 billion GMV in 2020 and is expected to grow around 10 times over the period of CY20-25. The industry is expected to grow its GMV by $11-15 billion by CY25.

Financials : Thyrocare Technologies Ltd  has posted Net Sales / Revenue   of 494.60 Cr & Net Profit of  113.10 Cr in FY2021 and expected to post Net Sales / Revenue   of 564.30Cr & Net Profit of 141.90 Cr in FY2022 & Net Sales / Revenue   of 635.60 Cr & Net Profit of 164.00 Cr in FY2023 and Net Sales / Revenue   of 741.30 Cr & Net Profit of 183.30 Cr in FY2024.

EPS will be improved from 21.4 in FY2021 to 31.50 in FY2023 & 20.40 in FY2023, Free Cash Flow will increase from 88.00 Cr to 172.50Cr during the same period. Book Value Per Share will increase from 80.80 to 92.0 in FY2023 & RoA will increase to 24.6%  by FY2023.

Valuations  : The Company is now Trading at X 4.10  of its  valuations of its FY2021 earnings with ~310% Premium and X3.24 of its FY2022 earnings with ~224% Premium & X2.80 of its FY2023 earnings with ~180%  premium and X2.51of its FY2024 earnings with ~151%  premium.

Margin of Safety (1Yr Bond Yield: Value>1 ) is now  0.40   which  makes is attractive after ~60% dip in price. The  Equity Value Per Share ( Enterprise Value Method ) is  1445.10

If We factor its FY2024 earnings/valuations, its Price arrives at 2368 (without considering PharmEasy).

Market Sentiment   Update : Our Nifty Next Indictor (NNI) is now at 120.04 as on 25-June-2021, which suggests the Return on Equity Investment will be 8.4% in next 6Month; 1.7% in 12M & -5.0% (Negative) in 24M( Based on Historical data).

Disclaimer : We are / may going to take exposure shortly.

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