Chemed Corporation (CHE)

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
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
AVAH	43	Aveanna Healthcare	2,291	24.23	24.23	11.42	11.42	13.45	12.94
LHCG	44	LHC Group, Inc.	2,283	82.28	79.31	34.65	29.79	348.32	63.47
6931.TWO	45	Qing Song Health C	2,006	29.75	29.75	14.56	14.56	31.87	34.59
MD	46	Pediatrix Medical	1,922	8.74	8.74	6.66	6.25	6.32	7.93
HCSG	47	Healthcare Service	1,808	30.93	36.41	15.21	17.24	5.60	30.78

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	24.23	24.23	12.99	12.99	9.88	12.94
Full Range Median Multiple	26.99	26.99	14.88	15.90	15.90	17.79
Industry Multiple	41.90	39.67	448.83	1,053.66	45.60	22.87
Market Implied Multiple	23.56	23.43	15.02	14.67	22.01	18.42
Company (CHE) Multiple	23.34	23.21	14.88	14.53	21.80	18.25
(*) Net Income / EBITDA / Revenue	279	280	438	449	299	357
Winsorized Enterprise Value	N/A	N/A	5,689	5,827	2,955	4,625
Full Range Median Enterprise Value	N/A	N/A	6,521	7,133	4,755	6,357
(-) Net Debt	12	12	12	12	12	12
Winsorized Equity Value	6,755	6,792	5,678	5,815	2,943	4,613
Full Range Median Equity Value	7,524	7,566	6,509	7,121	4,743	6,345
(/) Shares Outstanding	15	15	15	15	15	15
Winsorized Fair Value	$464.73	$467.28	$390.63	$400.08	$202.51	$317.37
Full Range Median Fair Value	$517.67	$520.51	$447.80	$489.91	$326.31	$436.55
Current Price	$451.90	$451.90	$451.90	$451.90	$451.90	$451.90
Upside / Downside	2.84%	3.40%	-13.56%	-11.47%	-55.19%	-29.77%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$325.31	$327.10	$273.44	$280.06	$141.75	$222.16
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy