Wenzhou Kangning Hospital Co., Ltd. (2120.HK)

Industry: Medical - Care Facilities 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
TVTY	92	Tivity Health, Inc	501	18.47	16.37	12.20	12.20	30.71	13.34
3309.HK	93	C-MER Medical Hold	492	-	-	4.53	3.11	6.86	26.11
6639.HK	94	Arrail Group Limit	473	-	-	-	-	27.32	-
3886.HK	95	Town Health Intern	469	-	-	4.44	4.44	4.12	3.36
TOI	96	The Oncology Insti	461	-	-	-	-	-	-
DVCR	97	Diversicare Health	460	4.66	4.66	7.35	5.22	-	30.47
CTH.L	98	CareTech Holdings	458	47.21	50.47	23.55	22.43	23.23	21.77
2120.HK	99	Wenzhou Kangning H	456	4.52	4.15	3.39	2.72	8.41	7.96
MEDANTA.BO	100	Global Health Limi	443	62.92	62.92	35.13	35.13	49.02	37.89
9530.SR	101	Arabian Internatio	440	-	-	9.31	9.31	-	19.81
0383.HK	102	Tian An Medicare L	418	16.32	22.36	2.53	2.84	6.60	6.70
600763.SS	103	Topchoice Medical	416	38.13	37.30	26.70	26.06	19.55	28.12
3869.HK	104	Hospital Corporati	411	25.57	25.57	6.47	6.47	9.22	8.23
CSU	105	Capital Senior Liv	411	-	-	-	-	-	-
KRSA3.SA	106	Kora Saúde Partic	410	-	-	10.90	10.90	10.81	13.11
2219.HK	107	Chaoju Eye Care Ho	395	4.77	4.77	2.62	2.62	3.10	3.47

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.39	19.36	6.91	5.85	9.22	13.23
Full Range Median Multiple	22.02	23.97	8.33	7.89	10.81	16.58
Industry Multiple	27.26	28.05	12.14	11.73	17.32	17.70
Market Implied Multiple	4.99	4.57	3.54	2.83	8.78	8.30
Company (2120.HK) Multiple	4.52	4.15	3.39	2.72	8.41	7.96
(*) Net Income / EBITDA / Revenue	20	22	64	80	26	27
Winsorized Enterprise Value	N/A	N/A	445	470	239	363
Full Range Median Enterprise Value	N/A	N/A	536	634	281	455
(-) Net Debt	126	126	126	126	126	126
Winsorized Equity Value	356	433	319	344	113	237
Full Range Median Equity Value	451	536	410	509	155	329
(/) Shares Outstanding	10	10	10	10	10	10
Winsorized Fair Value	$34.36	$41.76	$30.77	$33.21	$10.95	$22.89
Full Range Median Fair Value	$43.50	$51.68	$39.57	$49.04	$14.94	$31.76
Current Price	$9.85	$9.85	$9.85	$9.85	$9.85	$9.85
Upside / Downside	248.86%	323.91%	212.42%	237.11%	11.12%	132.37%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$24.05	$29.23	$21.54	$23.24	$7.66	$16.02
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY