* From an industry perspective, you could look at other similar companies (my review was EV/EBITDA is of the magnitude of 18-40). So on a relative basis looks fairly valued to undervalued (depending on what multiple you use). Once detailed historical financials for India business are available, should be possible to understand DCF basis
Narayana Hrudayalaya Ltd
EVEBITDA 21.5
Operational Beds - 6096
Founded - 2000 - 24 year ago.
Compared to Aster India
EVEBITDA – Valued more than NH post demerger
Operational Beds - 4080 (India - other than Kerala it is Asset light)
India operation started around 2014.
Key aspect is Aster yet to establish out side Kerala which enjoy its GCC brand recall.
My one cent is India business is unfavorable.