Narayana Hrudayalaya just acquired Shiva hospital in Bangalore (in same complex as their existing hospitals) at 16-17x EV EBITDA / 4x sales.
The hospital margin profile is different from Artemis in addition to several factors in the deal such as adjacency to Narayana’s existing hospitals, but it still gives a decent level of comfort to current TTM valuations of Artemis at 13 EV EBITDA/1.4x sales.
Disclosure : Invested and biased. This is not investment advice.
