Astrana Health, Inc. (ASTH)

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
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
AMN	37	AMN Healthcare Ser	2,717	-	-	-	-	45.68	-
APOLLOHOSP.BO	38	Apollo Hospitals E	2,575	63.72	40.03	35.76	28.18	39.14	17.79
CHE	39	Chemed Corporation	2,531	23.34	23.21	14.88	14.53	21.80	18.25
AMED	40	Amedisys, Inc.	2,402	21.59	20.93	20.32	21.91	18.35	37.89
OSH	41	Oak Street Health,	2,399	-	-	-	-	-	-
AEVS.SW	42	Aevis Victoria S.A	2,348	-	-	9.33	9.17	2.35	6.48

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	20.34	19.88	12.15	11.85	9.53	12.51
Full Range Median Multiple	22.47	22.07	17.60	17.44	13.94	17.79
Industry Multiple	47.51	48.59	452.63	1,058.20	17.51	16.03
Market Implied Multiple	139.00	139.00	18.04	18.04	25.39	32.05
Company (ASTH) Multiple	146.22	146.22	18.67	18.67	26.28	33.19
(*) Net Income / EBITDA / Revenue	10	10	108	108	77	61
Winsorized Enterprise Value	N/A	N/A	1,315	1,282	733	761
Full Range Median Enterprise Value	N/A	N/A	1,904	1,887	1,071	1,083
(-) Net Debt	625	625	625	625	625	625
Winsorized Equity Value	194	190	690	657	108	136
Full Range Median Equity Value	214	211	1,279	1,262	446	458
(/) Shares Outstanding	49	49	49	49	49	49
Winsorized Fair Value	$3.94	$3.86	$14.02	$13.35	$2.19	$2.76
Full Range Median Fair Value	$4.36	$4.28	$26.00	$25.65	$9.08	$9.31
Current Price	$26.95	$26.95	$26.95	$26.95	$26.95	$26.95
Upside / Downside	-85.37%	-85.70%	-47.98%	-50.46%	-91.88%	-89.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.76	$2.70	$9.81	$9.35	$1.53	$1.93
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy