Apollo Medical Holdings, Inc. (AMEH)

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
AUNA	21	Auna S.A.	4,951	9.45	6.48	5.19	3.60	8.57	6.19
ENSG	22	The Ensign Group,	4,829	30.21	25.88	21.33	18.50	29.85	24.37
SEM	23	Select Medical Hol	3,934	14.42	16.47	10.99	13.56	8.76	86.45
BDMS-R.BK	24	Bangkok Dusit Medi	3,508	20.14	17.54	12.33	11.27	18.97	14.19
4013.SR	25	Dr. Sulaiman Al Ha	3,367	40.27	33.26	31.89	26.49	39.45	33.01
SGRY	26	Surgery Partners,	3,288	-	-	3.57	2.81	6.89	5.94
ACHC	27	Acadia Healthcare	3,266	19.09	18.83	9.43	9.11	9.00	12.51
AMEH	28	Apollo Medical Hol	3,232	205.34	243.50	34.08	34.08	9.53	22.53
BKDT	29	Brookdale Senior L	3,221	-	-	59.30	67.76	-	-
300015.SZ	30	Aier Eye Hospital	3,146	35.43	31.16	22.51	20.35	19.40	22.27
BKD	31	Brookdale Senior L	3,118	-	-	6.53	6.53	-	-
CANO	32	Cano Health, Inc.	3,102	-	-	-	-	-	-
NTC.JO	33	Netcare Limited	3,073	5.36	5.74	2.54	2.44	4.88	3.57
ASTH	34	Astrana Health, In	2,896	146.22	146.22	18.67	18.67	26.28	33.19
MODV	35	ModivCare Inc.	2,754	-	-	5,214.90	12,482.94	-	-
1515.HK	36	China Resources Me	2,750	6.18	5.35	1.95	1.40	4.96	2.99

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.09	17.54	10.21	10.19	8.76	12.51
Full Range Median Multiple	19.61	18.19	11.66	12.42	9.00	14.19
Industry Multiple	32.68	30.69	387.22	906.10	16.09	22.24
Market Implied Multiple	211.29	250.56	35.32	35.32	9.88	23.34
Company (AMEH) Multiple	205.34	243.50	34.08	34.08	9.53	22.53
(*) Net Income / EBITDA / Revenue	9	8	44	44	158	67
Winsorized Enterprise Value	N/A	N/A	452	451	1,386	837
Full Range Median Enterprise Value	N/A	N/A	516	550	1,424	950
(-) Net Debt	-377	-377	-377	-377	-377	-377
Winsorized Equity Value	175	136	829	828	1,763	1,214
Full Range Median Equity Value	180	141	893	927	1,801	1,327
(/) Shares Outstanding	48	48	48	48	48	48
Winsorized Fair Value	$3.69	$2.86	$17.44	$17.42	$37.10	$25.55
Full Range Median Fair Value	$3.79	$2.96	$18.79	$19.50	$37.90	$27.92
Current Price	$40.82	$40.82	$40.82	$40.82	$40.82	$40.82
Upside / Downside	-90.97%	-93.00%	-57.28%	-57.32%	-9.11%	-37.40%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.58	$2.00	$12.21	$12.20	$25.97	$17.89
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy