Narayana Hrudayalaya Ltd (NARH:IN) PT Lowered To INR1,345 At Kotak By Reuters | Old North State Wealth News
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Narayana Hrudayalaya Ltd (NARH:IN) PT Lowered to INR1,345 at Kotak By Reuters



Kotak analysts lowered the price target on Narayana Hrudayalaya Ltd (IN) to INR1,345.00 (from INR1,365.00) while maintaining a Add (2) rating.

The analysts comment: “Given management’s focus on growth and limited track record of payout since inception, we expect NARH to utilize the Cayman proceeds in being more aggressive in scouting for expansion opportunities in the Caribbean Islands and eventually the US. We cut our FY2025-26E EBITDA by ~2% each, largely due to lower volume assumptions for India. We roll forward and continue to value the India/Cayman segments at 22X/12X pre-Ind AS-116 EBITDA to derive an FV of Rs1,345 (Rs1,365 earlier). Retain ADD. A key risk to our positive view on NARH is its elevated capex intensity (cumulative capex of Rs31.5 bn over FY2025-27E), compared with its average annual capex of Rs2.7 bn over FY2018-20.”

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