HCA Healthcare, Inc. (0J1R.L)

Industry: Medical - Equipment & Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0HTG.L	1	Cardinal Health, I	234,310	23.42	21.22	12.81	11.63	15.64	13.10
0HVB.L	2	Centene Corporatio	179,953	-	-	-	-	-	-
0J1R.L	3	HCA Healthcare, In	74,372	16.21	14.29	9.91	9.02	12.54	11.49
0PMJ.L	4	Siemens Healthinee	27,447	23.97	22.05	14.03	12.75	17.13	16.80
0R2S.L	5	Stryker Corporatio	24,381	48.03	43.32	33.18	30.39	34.08	25.61
LH	6	Labcorp Holdings I	13,765	27.89	27.83	14.81	14.86	18.78	22.83
0L3C.L	7	Henry Schein, Inc.	12,938	22.85	23.00	12.39	11.74	14.74	14.78
0ROG.L	8	Galenica AG	9,829	11.72	9.68	8.11	6.88	12.11	10.70
CBHD.DE	9	Coloplast A/S	4,381	33.04	32.83	18.05	16.83	21.58	19.65
0MT8.L	10	Drägerwerk AG & C	4,015	9.76	10.56	3.66	3.84	5.53	8.31
NVST	11	Envista Holdings C	2,622	225.05	225.05	11.44	10.05	17.01	17.63
0QB4.L	12	Medios AG	2,363	14.52	11.22	5.23	3.44	9.21	6.84
HIMS	13	Hims & Hers Health	2,211	95.96	95.96	86.19	86.19	288.19	118.33
CON	14	Concentra Group Ho	2,089	17.30	17.30	7.97	7.97	8.31	9.70
0NES.L	15	Oriola Oyj	2,057	-	-	5.66	6.71	-	24.23
0ELV.L	16	Guerbet S.A.	1,946	6.89	7.38	3.08	2.80	10.57	6.98

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	22.85	21.22	9.77	9.01	14.74	13.94
Full Range Median Multiple	23.42	22.05	11.92	10.84	15.64	15.79
Industry Multiple	43.11	42.11	16.90	16.15	36.37	22.54
Market Implied Multiple	17.99	15.86	10.67	9.71	13.49	12.37
Company (0J1R.L) Multiple	16.21	14.29	9.91	9.02	12.54	11.49
(*) Net Income / EBITDA / Revenue	6,375	7,229	14,997	16,485	11,860	12,938
Winsorized Enterprise Value	N/A	N/A	146,569	148,570	174,829	180,301
Full Range Median Enterprise Value	N/A	N/A	178,725	178,724	185,514	204,238
(-) Net Debt	45,352	45,352	45,352	45,352	45,352	45,352
Winsorized Equity Value	145,658	153,385	101,217	103,218	129,477	134,949
Full Range Median Equity Value	149,309	159,392	133,373	133,372	140,162	158,886
(/) Shares Outstanding	242	242	242	242	242	242
Winsorized Fair Value	$600.75	$632.62	$417.46	$425.71	$534.02	$556.58
Full Range Median Fair Value	$615.81	$657.40	$550.09	$550.08	$578.09	$655.31
Current Price	$472.99	$472.99	$472.99	$472.99	$472.99	$472.99
Upside / Downside	27.01%	33.75%	-11.74%	-10.00%	12.90%	17.67%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$420.53	$442.83	$292.22	$298.00	$373.81	$389.61
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy