Healthcare Com Parables

Healthcare Sector
Comparables Analysis
Comparison of healthcare companies in emerging and developed
markets
TresVista Financial Services
July 2011
Healthcare Sector
Analysis of the Healthcare Sector

The following analysis is based on share prices as of July 15, 2011. We have divided the set into two segments, (mature markets
and emerging markets) highlighting the difference in their operating profitability as well as trading levels. In our analysis, we
have also compared KPJ Healthcare Berhad of Malaysia with rest of the set.
We have included industry specific ratios along with standard ratios. Industry specific ratios include Adjusted Enterprise Value
(EV) / EBITDAR, and EV / Beds. Adjusted EV is calculated as EV + Capitalized Operating Lease, while EBITDAR is calculated
as EBITDA + Rent Expense. Capitalized Operating Lease is calculated by taking seven times the LTM rental expenses.
EBITDA Margins
Emerging market companies have a median LTM EBITDA margin of 21.5%, while mature market companies have a margin
of 13.8%. This is primarily due to cost benefits such as low SG&A, and low COGS as opposed to the mature markets.
Margins have been more or less constant for both mature and emerging markets.
KPJs LTM EBITDA margin is 12.3%, which is significantly lower than the emerging market median of 21.5%. KPJs
medical consultants fees and employee benefit costs are very high relative to its emerging market peers, leading to lower
EBITDA margin. KPJs LTM cost of goods sold (COGS) was 69.3% of sales, whereas the median for emerging markets was
at 56.6%.
EBITDA Margins
30.0%
27.5%
25.0%
21.7%
22.5%
21.7%
21.6%
21.5%
20.0%
17.5%
15.0%
13.7%
13.8%
13.7%
10.0%
14.0%
13.8%
12.5%
12.3%
12.3%
CY 2010
LTM
13.7%
7.5%
5.0%
Mature Markets
CY 2011E
Emerging Markets
CY 2012E
KPJ Healthcare
Note: Mature Markets represents average of Community Health, Tenet, Universal, and Health Management
Emerging Markets represents average of Netcare, Medi-Clinic, Fortis, and Bangkok Dusit
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Healthcare Sector
Universal and Bangkok Dusit have the highest margins in the mature and emerging markets respectively.
Mature Markets EBITDA Margins

20.0%
17.5%
16.0%
15.8%
15.0%
14.5%
15.0%
14.1%
12.5%
14.2%
14.4%
13.1%
14.3%
13.2%
13.2%
12.8%
13.0%
CY 2011E
CY 2012E
13.3%
12.1%
10.0%
11.4%
7.5%
CY 2010
LTM
Community Health
Universal
Tenet
Health Management
Emerging Markets EBITDA Margins

26.0%
24.0%
22.0%
20.0%
23.5%
22.4%
22.4%
21.1%
24.0%
24.0%
23.3%
22.1%
22.3%
21.3%
20.8%
20.5%
18.0%
16.0%
15.7%
15.1%
14.1%
14.3%
14.0%
12.0%
10.0%
12.3%
12.3%
CY 2010
LTM
Netcare
Medi-Clinic
Bangkok Dusit
13.8%
14.0%
CY 2011E
CY 2012E
KPJ Healthcare
Fortis
Growth Rates
As one would expect, emerging markets show a higher growth rate for the two year period till 2012. Based on the companies
in the set, revenue CAGR (2010-2012) for emerging markets is ~20.0%, while for mature markets it is ~8.0%.
EBITDA CAGR (2010-2012) follows the revenue CAGR trend as can be seen in the figure on the next page. Emerging
market companies are expected to clock ~20.0% EBITDA growth compared to ~10.0% for the mature markets. This
essentially indicates that the margins are expected to be the same going forward.
Fortis is a major contributor to the emerging markets high revenue and EBITDA growth. Fortis has been very aggressive in
growing inorganically. It has been on the look out for mid size companies operating in the emerging markets. In December
2009, it acquired Wockhardt Hospitals of India (WHL) for INR 9.1bn. At the time of the acquisition, WHL had 856 beds in
operation and 534 beds in hospitals under construction in Bangalore and Kolkata. It also made an attempt to acquire Parkway
of Singapore in 2010 but lost to Khazanah in an intense bidding war.
Confidential
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Healthcare Sector
KPJs revenues and EBITDA are expected to grow at CAGR of ~12.0% & ~19.0% respectively for same period. This is
comparable to the emerging market (ex Fortis) median growth of ~11.0% & ~10.0% respectively.
CAGR 2010 - 2012

22.5%
20.2%
19.9%
20.0%
19.2%
17.5%
15.0%
12.0%
12.5%
10.0%
11.3%
10.5%
10.4%
8.0%
7.5%
5.0%
2.5%
0.0%
Revenue
Mature Markets
EBITDA
Emerging Markets
KPJ Healthcare
Emerging Markets (ex Fortis)
Note: Mature Markets represent averages of Community Health, Tenet, Universal, and Health Management
Emerging Markets represent averages of Netcare, Medi-Clinic, Fortis, and Bangkok Dusit
Trading Multiples
Emerging market companies have consistently enjoyed premium valuations over mature markets. They are trading close to
9.5x their LTM EBITDA which translates to a premium of around 37.0% over their mature market counterparts. For CY
2011E and CY 2012E, the premium valuations are expected to be the same.
Higher growth rate and EBITDA margins for the emerging markets justify their higher valuations. (Fortis trades at a very high
valuation on historical basis and has been excluded from CY 2010 and LTM to avoid skewing up of the median) .
KPJs trades at 13.6x its LTM EBITDA which is higher than the median of the emerging economies. On CY 2011E and CY
2012E basis, KPJ trades at 11.5x and 9.9x, closer to the emerging market set.
EV / EBITDA
16.0x
14.1x
13.6x
14.0x
11.5x
12.0x
9.9x
10.0x
9.3x
9.5x
10.2x
8.9x
8.0x
6.0x
7.2x
6.9x
6.5x
6.1x
LTM
CY 2011E
CY 2012E
4.0x
2.0x
0.0x
CY 2010
Mature Markets
Emerging Markets
KPJ Healthcare
Note: Mature Markets represents average of Community Health, Tenet, Universal, and Health Management
Emerging Markets represents average of Netcare, Medi-Clinic, Fortis, and Bangkok Dusit. Fortis trades
at a very high multiple and hence has been excluded to avoid skewing of the median in CY2010 and LTM
Emerging market companies command 9.3x adjusted enterprise value for the LTM EBITDAR. This again is higher than 6.9x
for the mature markets. (Fortis trades at a very high valuation on historical basis and has been excluded from CY 2010 and LTM to avoid skewing up
of the median).
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Healthcare Sector
Adjusted EV / EBITDAR
15.0x
12.2x
12.0x
10.5x
9.3x
10.0x
10.1x
9.1x
9.3x
7.2x
6.9x
6.5x
6.1x
LTM
CY 2011E
CY 2012E
5.0x
8.8x
0.0x
CY 2010
Mature Markets
Emerging Markets
KPJ Healthcare
Note: Mature Markets includes Community Health, Tenet, Universal, and Health Management
Emerging Markets includes Netcare, Medi-Clinic, Fortis, and Bangkok Dusit. Fortis has
not been included in calculations for CY2010 and LTM as it skews the median..
Adjusted EV = EV + Capitalized operating lease, EBITDAR = EBITDA + Rent Expense
On EV / Beds basis, all companies trade close to USD 551,000 per bed. This trading level is quite consistent across
companies except Bangkok Dusit.
EV / Beds
USD mn
1.200
Median 0.551
1.000
0.800
0.600
0.626
0.578
0.551
0.542
0.614
0.653
0.382
0.400
0.365
0.222
0.200
0.000
Community
Health
Confidential
Tenet
Universal
Health
Management
Netcare
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Medi-Clinic
Fortis
Bangkok
Dusit
KPJ
Healthcare
Healthcare Sector
Universal has the highest market cap and trades at around 7.5x 2012E EV/EBITDA compared to Health Managements 6.4x,
Community Healths 5.8x, and 5.5x for Tenet. Universals higher valuation is justified by its higher growth compared to its
peers.
Mature Markets
EV/EBITDA 2012
10.0x
8.5x
Health Management
7.0x
Universal
5.5x
Community Health
Tenet
4.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
10-12 EBITDA CAGR
KPJs market cap is the lowest in the emerging market set and its 2012E EV / EBITDA is 9.9x which is around the median of
emerging markets EV / EBITDA of 8.9x.
Emerging Markets
30.0x
EV/EBITDA 2012
24.0x
Fortis
18.0x
KPJ Healthcare
Netcare
Bangkok Dusit
12.0x
6.0x
Medi-Clinic
0.0x
0.0%
10.0%
20.0%
30.0%
10-12 EBITDA CAGR
Confidential
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40.0%
50.0%
60.0%
Healthcare Sector
Parkways Acquisition by Khazanah

Transaction Rationale
In a rare hostile bid by a sovereign wealth fund, Khazanah had made a full offer of SGD 3.95 per share for Parkway Holdings
with rival India's Fortis Healthcare agreeing to sell its entire stake in the hospital chain. Fortis initially had made a full offer
of SGD 3.80 per share. Khazanahs offer valued the 2,963 bedded hospital at SGD 4.5bn. Fortis made a profit of close to
SGD 117.0mn from its ~25.0% stake sale.
After the acquisition, Khazanah had control of a network of 16 hospitals with more than 2,963 beds throughout Asia.
Khazanah owns 3.3% stake in Apollo Hospitals Enterprise Ltd., Indias largest hospital chain, the Pantai Hospitals and the
International Medical University in Malaysia. Parkway and Apollo already had a JV in India called Apollo Gleneagles
Hospitals Kolkata (425 beds).
Khazanah planned to cut costs by uniting the procurement power of Pantai and Parkway and expanding Parkway's business in
India, with help from Apollo.
The offer price for Parkway Holdings at SGD 3.95/share in cash from Khazanah equates to 36.0x Parkways LTM earnings.
Particulars
Amount
Offer Price
Diluted Shares Outstanding (mm)
Market Value
Less: Cash and Cash equivalents
Plus: Debt & Minority Interest & Preferred
Enterprise Value
SGD 3.95
1,153.155
SGD 4,555.0
(689.0)
1,144.0
5,010.0
Trading Multiples
LTM
EV / Revenues
EV / EBITDA
EV / Beds (SGD mn)
P/E
4.91x
24.8x
1.691
36.0x
Offer Price Information

Offer price per share
Target share price 1 day prior
Target share price 1 week prior
Target share price 1 month prior
Confidential
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Price
SGD 3.95
SGD 3.88
SGD 3.87
SGD 3.62
Premium
1.8%
2.1%
9.1%
Healthcare Sector
Transaction Timeline
April 2008 Khazanah acquired a 16.4% stake from Symphony Capital Partners at SGD 4.20 per share
March 11, 2010 Fortis Healthcare, through its subsidiary RHC Holding Pte. Ltd., acquired strategic 23.9% stake in
Parkway Holdings Limited from Texas Pacific Group (TPG)
May 27, 2010 Through its wholly owned Integrated Healthcare unit, Khazanah offered SGD 3.78 per share to raise its
stake from 24.0% to 51.5%
July 1, 2010 Fortis made a general offer at SGD 3.80 per share of Parkway
July 26, 2010 Khazanah offered SGD 3.95 (USD 2.88) per share for all shares of Parkway
SGD
Parkway Price
05/27/10: Khazanah
offered SGD 3.78 for
27.5% of shares
4.50
07/01/10:
Fortis made a
general offer
at SGD 3.80
07/26/10:
Khazanah made
a general offer
at SGD 3.95
03/11/10: Fortis
acquired 23.9%
from TPG
4.00
3.50
3.00
2.50
2.00
January/10
Confidential
February/10
March/10
April/10
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May/10
June/10
July/10
August/10
Healthcare Comparables
Company Information
(In USD millions, except per share data)
Stock Price
Company
Country
No. of
No. of
Hospitals
Beds
Ticker
Units
Operating
52-Week
Currency
Jul-15-2011
High
Low
% of 52
Diluted
Market Value
Week High
Shares(mm)
of Equity
Adjusted
Net
Lease
Enterprise
Enterprise
BVPS
Debt
(Capitalized)
Value
Value
Large Hospitals
Mature Markets
Community Health
Universal
Tenet
Health Management
USA
USA
USA
USA
133
231
49
59
19,500
25,108
13,457
8,862
CYH US
UHS US
THC US
HMA US
USD
USD
USD
USD
25.49
52.48
6.02
10.44
42.50
56.46
7.70
11.74
22.33
30.51
3.92
6.13
60.0%
93.0%
78.2%
88.9%
97.215
104.907
511.172
263.611
2,478.0
5,505.5
3,077.3
2,752.1
23.78
17.78
2.94
2.28
8,739.4
3,806.7
3,822.8
2,783.1
1,810.5
575.4
966.0
910.1
11,278.3
9,580.7
7,298.0
5,550.0
13,088.8
10,156.1
8,264.0
6,460.0
Netcare
Medi-Clinic
Bangkok Dusit
Fortis
S. Africa
S. Africa
Thailand
India
118
52
27
48
11,909
8,896
4,701
7,700
NTC SJ
MDC SJ
BGH TB
FORH IN
USD
USD
USD
USD
1.98
3.52
1.76
3.68
2.42
4.70
1.81
3.91
1.88
3.52
0.93
2.75
81.6%
74.9%
97.3%
94.1%
1,292.351
653.545
1,545.459
405.609
2,553.1
2,302.0
2,722.7
1,494.5
0.55
2.07
0.35
1.85
3,569.1
3,002.1
326.1
207.7
411.2
233.1
58.0
31.0
6,557.4
5,462.6
3,069.4
1,708.9
6,968.6
5,695.7
3,127.5
1,739.9
KPJ Healthcare
Malaysia
22
MYR
1.48
1.56
1.05
94.9%
566.297
837.1
0.45
78.3
164.4
947.9
1,112.3
Emerging Markets
2,600 KPJ MK
1) Enterprise Value = Market Value of Equity + Short-term Debt + Long-term Debt +Minority Interest + Preferred Equity - Cash and Equivalents
Information on no. of hospitals and no. of beds from company website, and company filings, news releases.
All share prices are as of July 15, 2011.
1 of 15
Margins & Public Market Multiples
CAGR (10-12)
CAGR (08-10)
Company
Revenue
EBITDA
Revenue
EBITDA Margin
EBITDA
CY 2010
LTM
EV / Sales
CY 2011E
CY 2012E
CY 2010
LTM
EV / EBITDA
CY 2011E
CY 2012E
CY 2010
LTM
CY 2011E
CY 2012E
Large Hospitals
Mature Markets
Community Health
Universal
Tenet
Health Management
9.1%
5.3%
3.5%
9.0%
8.0%
13.7%
19.2%
8.0%
7.0%
19.8%
5.4%
9.1%
6.6%
27.8%
12.4%
8.3%
13.3%
14.1%
11.4%
14.5%
13.1%
15.0%
12.1%
14.4%
13.2%
15.8%
12.8%
14.2%
13.2%
16.0%
13.0%
14.3%
0.87x
1.72x
0.79x
1.09x
0.85x
1.56x
0.78x
1.05x
0.80x
1.26x
0.75x
0.97x
0.76x
1.20x
0.71x
0.91x
6.5x
12.2x
7.0x
7.5x
6.5x
10.4x
6.5x
7.3x
6.1x
8.0x
5.8x
6.8x
5.8x
7.5x
5.5x
6.4x
Low
Mean
Median
High
3.5%
6.7%
7.2%
9.1%
8.0%
12.2%
10.8%
19.2%
5.4%
10.3%
8.0%
19.8%
6.6%
13.8%
10.4%
27.8%
11.4%
13.3%
13.7%
14.5%
12.1%
13.7%
13.8%
15.0%
12.8%
14.0%
13.7%
15.8%
13.0%
14.1%
13.7%
16.0%
0.79x
1.12x
0.98x
1.72x
0.78x
1.06x
0.95x
1.56x
0.75x
0.94x
0.89x
1.26x
0.71x
0.90x
0.84x
1.20x
6.5x
8.3x
7.2x
12.2x
6.5x
7.7x
6.9x
10.4x
5.8x
6.7x
6.5x
8.0x
5.5x
6.3x
6.1x
7.5x
Netcare
Medi-Clinic
Bangkok Dusit
Fortis
1.0%
11.6%
5.3%
49.5%
(0.0%)
15.1%
5.2%
56.8%
9.1%
11.3%
28.5%
47.9%
9.7%
10.5%
29.9%
55.1%
21.1%
22.4%
23.5%
14.3%
20.5%
22.4%
23.3%
14.1%
20.8%
22.3%
24.0%
15.1%
21.3%
22.1%
24.0%
15.7%
1.96x
2.02x
3.96x
5.74x
1.94x
1.98x
3.86x
5.22x
1.85x
1.81x
2.78x
3.44x
1.65x
1.63x
2.40x
2.62x
9.3x
9.0x
16.8x
NA
9.5x
8.8x
16.6x
NA
8.9x
8.1x
11.6x
22.8x
7.8x
7.4x
10.0x
16.8x
Low
Mean
Median
High
1.0%
16.8%
8.5%
49.5%
(0.0%)
19.3%
10.1%
56.8%
9.1%
24.2%
19.9%
47.9%
9.7%
26.3%
20.2%
55.1%
14.3%
20.3%
21.7%
23.5%
14.1%
20.1%
21.5%
23.3%
15.1%
20.6%
21.6%
24.0%
15.7%
20.8%
21.7%
24.0%
1.96x
3.42x
2.99x
5.74x
1.94x
3.25x
2.92x
5.22x
1.81x
2.47x
2.32x
3.44x
1.63x
2.08x
2.02x
2.62x
9.0x
11.7x
9.3x
16.8x
8.8x
11.6x
9.5x
16.6x
8.1x
12.9x
10.2x
22.8x
7.4x
10.5x
8.9x
16.8x
Low
Mean
Median
High
1.0%
11.8%
7.2%
49.5%
(0.0%)
15.7%
10.8%
56.8%
5.4%
17.3%
10.2%
47.9%
6.6%
20.0%
11.5%
55.1%
11.4%
16.8%
14.4%
23.5%
12.1%
16.9%
14.7%
23.3%
12.8%
17.3%
15.4%
24.0%
13.0%
17.4%
15.8%
24.0%
0.79x
2.27x
1.84x
5.74x
0.78x
2.16x
1.75x
5.22x
0.75x
1.71x
1.54x
3.44x
0.71x
1.49x
1.41x
2.62x
6.5x
9.8x
9.0x
16.8x
6.5x
9.4x
8.8x
16.6x
5.8x
9.8x
8.1x
22.8x
5.5x
8.4x
7.4x
16.8x
KPJ Healthcare
14.3%
14.7%
12.0%
19.2%
12.3%
12.3%
13.8%
14.0%
1.74x
1.67x
1.58x
1.38x
14.1x
13.6x
11.5x
9.9x
Emerging Markets
All Chain Hospitals
2 of 15
Public Market Multiples
EV / EBITDAR
Company
CY 2010
LTM
CY 2011E
CY 2012E
CY 2010
LTM
CY 2011E
P/E
CY 2012E
CY 2010
LTM
CY 2011E
CY 2012E
EV / Beds
Price /
(USD mn)
Book
Large Hospitals
Mature Markets
Community Health
Universal
Tenet
Health Management
5.7x
11.1x
6.2x
6.4x
5.6x
9.6x
5.8x
6.2x
5.3x
7.5x
5.2x
5.8x
5.1x
7.0x
5.0x
5.4x
6.6x
11.8x
7.0x
7.5x
6.5x
10.1x
6.5x
7.3x
6.2x
7.9x
5.9x
6.8x
5.9x
7.5x
5.6x
6.3x
8.5x
18.6x
26.6x
16.0x
8.4x
16.2x
23.8x
15.2x
7.7x
13.1x
13.8x
13.7x
7.1x
11.6x
11.5x
11.8x
0.578
0.382
0.542
0.626
1.07x
2.95x
2.05x
4.59x
Low
Mean
Median
High
5.7x
7.3x
6.3x
11.1x
5.6x
6.8x
6.0x
9.6x
5.2x
6.0x
5.6x
7.5x
5.0x
5.6x
5.3x
7.0x
6.6x
8.2x
7.2x
11.8x
6.5x
7.6x
6.9x
10.1x
5.9x
6.7x
6.5x
7.9x
5.6x
6.3x
6.1x
7.5x
8.5x
17.4x
17.3x
26.6x
8.4x
15.9x
15.7x
23.8x
7.7x
12.1x
13.4x
13.8x
7.1x
10.5x
11.5x
11.8x
0.382
0.532
0.560
0.626
1.07x
2.66x
2.50x
4.59x
Netcare
Medi-Clinic
Bangkok Dusit
Fortis
8.6x
8.6x
16.1x
NA
8.7x
8.4x
15.9x
NA
8.2x
7.7x
11.3x
21.6x
7.3x
7.1x
9.7x
16.1x
9.1x
8.9x
16.4x
NA
9.3x
8.7x
16.2x
NA
8.7x
8.1x
11.5x
22.0x
7.7x
7.4x
9.9x
16.3x
14.3x
13.0x
28.4x
54.2x
13.4x
12.8x
27.7x
51.6x
11.9x
12.2x
21.9x
45.7x
10.0x
10.6x
19.5x
34.5x
0.551
0.614
0.653
0.222
3.60x
1.70x
4.99x
2.00x
Low
Mean
Median
High
8.6x
11.1x
8.6x
16.1x
8.4x
11.0x
8.7x
15.9x
7.7x
12.2x
9.7x
21.6x
7.1x
10.0x
8.5x
16.1x
8.9x
11.5x
9.1x
16.4x
8.7x
11.4x
9.3x
16.2x
8.1x
12.6x
10.1x
22.0x
7.4x
10.3x
8.8x
16.3x
13.0x
27.5x
21.3x
54.2x
12.8x
26.4x
20.6x
51.6x
11.9x
22.9x
17.1x
45.7x
10.0x
18.6x
15.0x
34.5x
0.222
0.510
0.582
0.653
1.70x
3.07x
2.80x
4.99x
Low
Mean
Median
High
5.7x
9.0x
8.6x
16.1x
5.6x
8.6x
8.4x
15.9x
5.2x
9.1x
7.6x
21.6x
5.0x
7.8x
7.1x
16.1x
6.6x
9.6x
8.9x
16.4x
6.5x
9.2x
8.7x
16.2x
5.9x
9.6x
8.0x
22.0x
5.6x
8.3x
7.4x
16.3x
8.5x
22.5x
17.3x
54.2x
8.4x
21.1x
15.7x
51.6x
7.7x
17.5x
13.4x
45.7x
7.1x
14.6x
11.5x
34.5x
0.222
0.521
0.565
0.653
1.07x
2.87x
2.50x
4.99x
KPJ Healthcare
10.4x
10.2x
8.9x
7.9x
12.2x
12.0x
10.5x
9.3x
23.5x
23.7x
16.9x
14.1x
0.365
3.28x
Emerging Markets
All Chain Hospitals
3 of 15
Company Information
(In millions, except per share data)
Stock Price
Company
Country
No. of
No. of
Hospitals
Beds
Ticker
Units
Operating
52-Week
Currency
Jul-15-2011
High
Low
% of 52
Diluted
Market Value
Week High
Shares(mm)
of Equity
Adjusted
Net
Lease
Enterprise
Enterprise
BVPS
Debt
(Capitalized)
Value
Value
Large Hospitals
Mature Markets
Community Health
Universal
Tenet
Health Management
USA
USA
USA
USA
133
231
49
59
19,500
25,108
13,457
8,862
CYH US
UHS US
THC US
HMA US
USD
USD
USD
USD
25.49
52.48
6.02
10.44
42.50
56.46
7.70
11.74
22.33
30.51
3.92
6.13
60.0%
93.0%
78.2%
88.9%
97.215
104.907
511.172
263.611
2,478.0
5,505.5
3,077.3
2,752.1
23.78
17.78
2.94
2.28
8,739.4
3,806.7
3,822.8
2,783.1
1,810.5
575.4
966.0
910.1
11,278.3
9,580.7
7,298.0
5,550.0
13,088.8
10,156.1
8,264.0
6,460.0
Netcare
Medi-Clinic
Bangkok Dusit
Fortis
S. Africa
S. Africa
Thailand
India
118
52
27
48
11,909
8,896
4,701
7,700
NTC SJ
MDC SJ
BGH TB
FORH IN
ZAR
ZAR
THB
INR
13.35
23.80
53.50
166.80
16.36
31.78
55.00
177.20
12.73
23.76
28.25
124.35
81.6%
74.9%
97.3%
94.1%
1,292.351
653.545
1,545.459
405.609
17,252.9
15,554.4
82,682.1
67,655.5
3.71
14.02
10.73
83.54
24,118.9
20,284.2
9,901.6
9,403.3
2,779.0
1,575.0
1,762.6
1,401.8
44,312.8
36,909.5
93,210.6
77,360.9
47,091.8
38,484.5
94,973.2
78,762.8
KPJ Healthcare
Malaysia
22
MYR
4.48
4.72
3.18
94.9%
566.297
2,537.0
1.37
237.3
498.4
2,872.9
3,371.3
Emerging Markets
2,600 KPJ MK
Information on no. of hospitals and no. of beds from company website, and company filings, news releases.
All share prices are as of July 15 2011.
4 of 15
Margins & Public Market Multiples
CAGR (10-12)
CAGR (08-10)
Company
Revenue
EBITDA
Revenue
EBITDA Margin
EBITDA
CY 2010
LTM
EV / Sales
CY 2011E
CY 2012E
CY 2010
LTM
EV / EBITDA
CY 2011E
CY 2012E
CY 2010
LTM
CY 2011E
CY 2012E
Large Hospitals
Mature Markets
Community Health
Universal
Tenet
Health Management
9.1%
5.3%
3.5%
9.0%
8.0%
13.7%
19.2%
8.0%
7.0%
19.8%
5.4%
9.1%
6.6%
27.8%
12.4%
8.3%
13.3%
14.1%
11.4%
14.5%
13.1%
15.0%
12.1%
14.4%
13.2%
15.8%
12.8%
14.2%
13.2%
16.0%
13.0%
14.3%
0.87x
1.72x
0.79x
1.09x
0.85x
1.56x
0.78x
1.05x
0.80x
1.26x
0.75x
0.97x
0.76x
1.20x
0.71x
0.91x
6.5x
12.2x
7.0x
7.5x
6.5x
10.4x
6.5x
7.3x
6.1x
8.0x
5.8x
6.8x
5.8x
7.5x
5.5x
6.4x
Low
Mean
Median
High
3.5%
6.7%
7.2%
9.1%
8.0%
12.2%
10.8%
19.2%
5.4%
10.3%
8.0%
19.8%
6.6%
13.8%
10.4%
27.8%
11.4%
13.3%
13.7%
14.5%
12.1%
13.7%
13.8%
15.0%
12.8%
14.0%
13.7%
15.8%
13.0%
14.1%
13.7%
16.0%
0.79x
1.12x
0.98x
1.72x
0.78x
1.06x
0.95x
1.56x
0.75x
0.94x
0.89x
1.26x
0.71x
0.90x
0.84x
1.20x
6.5x
8.3x
7.2x
12.2x
6.5x
7.7x
6.9x
10.4x
5.8x
6.7x
6.5x
8.0x
5.5x
6.3x
6.1x
7.5x
Netcare
Medi-Clinic
Bangkok Dusit
Fortis
1.0%
11.6%
5.3%
49.5%
(0.0%)
15.1%
5.2%
56.8%
9.1%
11.3%
28.5%
47.9%
9.7%
10.5%
29.9%
55.1%
21.1%
22.4%
23.5%
14.3%
20.5%
22.4%
23.3%
14.1%
20.8%
22.3%
24.0%
15.1%
21.3%
22.1%
24.0%
15.7%
1.96x
2.02x
3.96x
5.74x
1.94x
1.98x
3.86x
5.22x
1.85x
1.81x
2.78x
3.44x
1.65x
1.63x
2.40x
2.62x
9.3x
9.0x
16.8x
NA
9.5x
8.8x
16.6x
NA
8.9x
8.1x
11.6x
22.8x
7.8x
7.4x
10.0x
16.8x
Low
Mean
Median
High
1.0%
16.8%
8.5%
49.5%
(0.0%)
19.3%
10.1%
56.8%
9.1%
24.2%
19.9%
47.9%
9.7%
26.3%
20.2%
55.1%
14.3%
20.3%
21.7%
23.5%
14.1%
20.1%
21.5%
23.3%
15.1%
20.6%
21.6%
24.0%
15.7%
20.8%
21.7%
24.0%
1.96x
3.42x
2.99x
5.74x
1.94x
3.25x
2.92x
5.22x
1.81x
2.47x
2.32x
3.44x
1.63x
2.08x
2.02x
2.62x
9.0x
11.7x
9.3x
16.8x
8.8x
11.6x
9.5x
16.6x
8.1x
12.9x
10.2x
22.8x
7.4x
10.5x
8.9x
16.8x
Low
Mean
Median
High
1.0%
11.8%
7.2%
49.5%
(0.0%)
15.7%
10.8%
56.8%
5.4%
17.3%
10.2%
47.9%
6.6%
20.0%
11.5%
55.1%
11.4%
16.8%
14.4%
23.5%
12.1%
16.9%
14.7%
23.3%
12.8%
17.3%
15.4%
24.0%
13.0%
17.4%
15.8%
24.0%
0.79x
2.27x
1.84x
5.74x
0.78x
2.16x
1.75x
5.22x
0.75x
1.71x
1.54x
3.44x
0.71x
1.49x
1.41x
2.62x
6.5x
9.8x
9.0x
16.8x
6.5x
9.4x
8.8x
16.6x
5.8x
9.8x
8.1x
22.8x
5.5x
8.4x
7.4x
16.8x
KPJ Healthcare
14.3%
14.7%
12.0%
19.2%
12.3%
12.3%
13.8%
14.0%
1.74x
1.67x
1.58x
1.38x
14.1x
13.6x
11.5x
9.9x
Emerging Markets
All Chain Hospitals
5 of 15
Public Market Multiples
EV / EBITDAR
Company
CY 2010
LTM
CY 2011E
CY 2012E
CY 2010
LTM
CY 2011E
P/E
CY 2012E
CY 2010
LTM
CY 2011E
CY 2012E
EV / Beds
Price /
(LC mn)
Book
Large Hospitals
Mature Markets
Community Health
Universal
Tenet
Health Management
5.7x
11.1x
6.2x
6.4x
5.6x
9.6x
5.8x
6.2x
5.3x
7.5x
5.2x
5.8x
5.1x
7.0x
5.0x
5.4x
6.6x
11.8x
7.0x
7.5x
6.5x
10.1x
6.5x
7.3x
6.2x
7.9x
5.9x
6.8x
5.9x
7.5x
5.6x
6.3x
8.5x
18.6x
26.6x
16.0x
8.4x
16.2x
23.8x
15.2x
7.7x
13.1x
13.8x
13.7x
7.1x
11.6x
11.5x
11.8x
0.578
0.382
0.542
0.626
1.07x
2.95x
2.05x
4.59x
Low
Mean
Median
High
5.7x
7.3x
6.3x
11.1x
5.6x
6.8x
6.0x
9.6x
5.2x
6.0x
5.6x
7.5x
5.0x
5.6x
5.3x
7.0x
6.6x
8.2x
7.2x
11.8x
6.5x
7.6x
6.9x
10.1x
5.9x
6.7x
6.5x
7.9x
5.6x
6.3x
6.1x
7.5x
8.5x
17.4x
17.3x
26.6x
8.4x
15.9x
15.7x
23.8x
7.7x
12.1x
13.4x
13.8x
7.1x
10.5x
11.5x
11.8x
0.382
0.532
0.560
0.626
1.07x
2.66x
2.50x
4.59x
Netcare
Medi-Clinic
Bangkok Dusit
Fortis
8.6x
8.6x
16.1x
NA
8.7x
8.4x
15.9x
NA
8.2x
7.7x
11.3x
21.6x
7.3x
7.1x
9.7x
16.1x
9.1x
8.9x
16.4x
NA
9.3x
8.7x
16.2x
NA
8.7x
8.1x
11.5x
22.0x
7.7x
7.4x
9.9x
16.3x
14.3x
13.0x
28.4x
54.2x
13.4x
12.8x
27.7x
51.6x
11.9x
12.2x
21.9x
45.7x
10.0x
10.6x
19.5x
34.5x
3.721
4.149
19.828
10.047
3.60x
1.70x
4.99x
2.00x
Low
Mean
Median
High
8.6x
11.1x
8.6x
16.1x
8.4x
11.0x
8.7x
15.9x
7.7x
12.2x
9.7x
21.6x
7.1x
10.0x
8.5x
16.1x
8.9x
11.5x
9.1x
16.4x
8.7x
11.4x
9.3x
16.2x
8.1x
12.6x
10.1x
22.0x
7.4x
10.3x
8.8x
16.3x
13.0x
27.5x
21.3x
54.2x
12.8x
26.4x
20.6x
51.6x
11.9x
22.9x
17.1x
45.7x
10.0x
18.6x
15.0x
34.5x
3.721
9.436
7.098
19.828
1.70x
3.07x
2.80x
4.99x
Low
Mean
Median
High
5.7x
9.0x
8.6x
16.1x
5.6x
8.6x
8.4x
15.9x
5.2x
9.1x
7.6x
21.6x
5.0x
7.8x
7.1x
16.1x
6.6x
9.6x
8.9x
16.4x
6.5x
9.2x
8.7x
16.2x
5.9x
9.6x
8.0x
22.0x
5.6x
8.3x
7.4x
16.3x
8.5x
22.5x
17.3x
54.2x
8.4x
21.1x
15.7x
51.6x
7.7x
17.5x
13.4x
45.7x
7.1x
14.6x
11.5x
34.5x
0.382
4.984
2.174
19.828
1.07x
2.87x
2.50x
4.99x
KPJ Healthcare
10.4x
10.2x
8.9x
7.9x
12.2x
12.0x
10.5x
9.3x
23.5x
23.7x
16.9x
14.1x
1.105
3.28x
Emerging Markets
All Chain Hospitals
6 of 15
General Information
Diluted Shares Information
EPS Estimates and Calendarization
Short Company Name
Community Health
Shares Outstanding (MM)
Long Company Name

Project Code Name
Ticker
Country
Latest Fiscal Year End
Latest Reporting Period
Community Health Systems Inc

Healthcare
CYH US
USA
12/31/10
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Akshay Deshpande
06/05/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
Share Price (07/15/11)
$25.49
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/12/11
07/08/11
RBC Capital Markets- 04/29/11
Caris & Co. - 04/29/11
Wells Fargo - 06/17/11
52 Week High
52 Week Low
Beta
Currency
Exchange Rate w.r.t. USD
$42.50
$22.33
1.39
USD
1.000
Options Outstanding (MM)

Potential
8.503
2.248
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
Credit Stats
94.967
Strike
$33.10
-
Research
LTM
12/31/11
$3.29
$3.58
NA
12.8
07/08/11
Fiscal Year 1 Date Ended

Fiscal Year 1 EPS Estimate
5-Year Proj. EPS Growth (%)
Estimates as of:
Grow Estimates for
21.3%
8.9%
NA
Calendarize EPS Estimates

Current CY Est. EPS
CY+1 Est. EPS
$3.29
$3.58
2011E
2012E
EBITDA / Interest Expense:

Total Debt / EBITDA
Total Debt / Capitalization:
2.7x
5.1x
79.3%
Multiples
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin
Income Statement Data

(USD in millions, except per share data)
Net Sales
COGS
Gross Profit
Research and Development
Selling, General & Admin.
Other Expenses
Other Income
Non-Recurring Charges
EBIT
Depreciation & Amortization
EBITDA
Rent
EBITDAR
LTM
Ended
03/31/11
$13,266.3
1,805.7
11,460.6
Three Months Ended

March 31,
2011
2010
$3,405.3
$3,125.5
464.2
429.6
2,941.2
2,695.9
7.0x
97.215
$2,478.0
$8,739.4
$11,278.3
LTM
Capitalize Rental Expense:

Diluted Shares
Market Capitalization
Net Debt
Enterprise Value (EV)
CY 2011E
CY 2012E
0.87x
6.5x
0.85x
6.5x
0.80x
6.1x
0.76x
5.8x
5.7x
10.1x
8.5x
13.3%
5.6x
10.1x
8.4x
13.1%
5.3x
9.4x
7.7x
13.2%
5.1x
9.0x
7.1x
13.2%
Consensus Estimates
Research Analyst Estimates
Fiscal Year Ended December 31,
2010
2009
2008
$12,986.5
$12,107.6
$10,919.1
1,771.1
1,685.5
1,531.4
11,215.4
10,422.1
9,387.7
2008
$10,919.1
1,531.4
9,387.7
CY End
2009
$12,107.6
1,685.5
10,422.1
2010
$12,986.5
1,771.1
11,215.4
6,316.8
2,099.0
7,116.0
2,237.5
7,693.8
2,406.6
6,316.8
2,099.0
2011E
$14,089.3
CY End
2012E
$14,870.3
2013E
NA
2011E
$14,089.3
FY End
2012E
$14,870.3
2013E
NA
7,875.7
2,464.3
2,035.4
624.8
1,853.6
567.1
7,693.8
2,406.6
7,116.0
2,237.5
1,120.6
281.0
275.2
1,114.9
1,068.7
971.9
971.9
1,068.7
1,114.9
1,201.7
1,257.1
NA
1,201.7
1,257.1
NA
623.5
1,744.1
258.6
2,002.8
161.3
442.3
64.8
507.0
147.7
422.9
63.6
486.6
609.8
1,724.8
257.5
1,982.3
566.5
1,635.2
247.1
1,882.3
506.7
1,478.6
231.2
1,709.7
506.7
1,478.6
231.2
1,709.7
566.5
1,635.2
247.1
1,882.3
609.8
1,724.8
257.5
1,982.3
657.6
1,859.2
259.1
2,118.3
702.7
1,959.8
260.0
2,219.7
NA
NA
NA
NA
657.6
1,859.2
259.1
2,118.3
702.7
1,959.8
260.0
2,219.7
NA
NA
NA
NA
Interest (Income) / Other (Income)/ Expense

Interest Expense
Pre-Tax Income
(51.0)
655.7
515.9
(18.1)
164.2
134.9
(12.6)
160.4
127.5
(45.4)
651.9
508.4
(36.5)
649.0
456.2
(42.1)
652.5
361.5
(42.1)
652.5
361.5
(36.5)
649.0
456.2
(45.4)
651.9
508.4
Minority Interest (Expense)
(70.5)
(17.0)
(15.0)
(68.5)
(63.2)
(34.4)
(34.4)
(63.2)
(68.5)
Preferred Dividend
Taxes
Net Income
162.8
$282.6
43.8
$74.1
41.0
$71.5
160.0
$280.0
144.9
$248.1
126.1
$200.9
126.1
$200.9
144.9
$248.1
160.0
$280.0
$305.0
$338.6
NA
$305.0
$338.6
NA
Weighted Average Shares Outstanding

EPS
92.760
$3.05
92.137
$0.80
92.836
$0.77
92.946
$3.01
91.517
$2.71
94.289
$2.13
94.289
$2.13
91.517
$2.71
92.946
$3.01
92.684
$3.29
94.513
$3.58
NA
NA
92.684
$3.29
94.513
$3.58
NA
NA
Special Items (Y,N)
31.8%
32.4%
32.2%
31.5%
31.8%
34.9%
34.9%
31.8%
31.5%
Cash Flow Statement Data

($ in millions except per share data)
623.5
161.3
147.7
609.8
566.5
506.7
506.7
566.5
609.8
657.6
702.7
NA
657.6
702.7
NA
Capital Expenditures
694.7
153.9
126.6
667.4
576.9
692.2
692.2
576.9
667.4
737.8
778.7
NA
737.8
778.7
NA
Effective Income Tax Rate
Balance Sheet Data

Assets:
Cash & Equivalents
Marketable Securities
Total Cash & Marketable Securities
Total Current Assets
Goodwill and Intangibles
Total Assets
Liabilities & Shareholders Equity:
Short-term Debt
As of
Period Ended
03/31/11
$120.7
120.7
2,686.0
4,225.8
14,718.3
66.0
Total Current Liabilities
1,605.8
Long-term Debt
Minority Interest
Warrants/Put Options
Preferred Stock (Liquidation Value)
Common Equity
Operating Lease (Capitalized)
Other Information
Number of Hospitals
Number of Beds
8,794.1
60.9
2,311.3
1,810.5
Other Data
Shares outstanding as of 04/20/10 taken from 10-Q filing ending 03/31/11.
Options outstanding as of 03/31/11 taken from 10-Q filing ending 03/31/11.
Plan 2 of options contains the restricted stock.
Impairment on hospitals, and gain from early extinguishment of debt held for sale have been tax adjusted as these are not recurring.
SG&A includes salaries and benefits, provision for bad debts, D&A, and rent expense.
Equity in earnings of unconsolidated affiliates is included in Interest (Income) / Other (Income)/ Expense.
The no. of hospitals and beds have been taken from the company website.
CYH acquired Catholic Health Partners for $150 million in an all cash deal.
Rent for forward estimates is taken same as LTM.
Depreciation for Caris & Company is based on LTM margins.
Capex for Caris and Wells Fargo is based on LTM margins.
133.0
19,500.0
7 of 15
General Information
Short Company Name
Tenet
Long Company Name

Project Code Name
Ticker
Country
Tenet Healthcare Corporation

Healthcare
THC US
USA
12/31/10
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Akshay Deshpande
06/05/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
$6.02
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/12/11
07/08/11
Deutsche Bank - 05/03/11
Caris & Co. - 05/19/11
RBC Capital Markets - 05/10/11
52 Week High
52 Week Low
Beta
Currency
$7.70
$3.92
1.53
USD
1.000

Potential
16.814
11.149
13.312
7.989
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
Credit Stats
489.553
Strike
$1.14
$7.26
$24.59
-
Research
LTM
12/31/11
$0.44
$0.52
$0.69
9.1
07/08/11

Estimates as of:
Grow Estimates for
28.0%
19.8%
31.8%

Current CY Est. EPS
CY+1 Est. EPS
$0.44
$0.52
2011E
2012E

Total Debt / EBITDA
2.6x
3.6x
69.0%
Multiples

Diluted Shares
Net Debt
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

Net Sales
COGS
Gross Profit
Other Expenses
Other Income
EBIT
EBITDA
Rent
EBITDAR
LTM
Ended
03/31/11
$9,372.0
1,583.0
7,789.0
Three Months Ended

March 31,
2011
2010
$2,506.0
$2,339.0
404.0
398.0
2,102.0
1,941.0
5,081.0
1,977.0
1,318.0
506.0
1,271.0
467.0
731.0
278.0
400.0
1,131.0
138.0
1,269.0
101.0
379.0
35.0
414.0
5.8x
10.0x
23.8x
12.1%
5.2x
8.6x
13.8x
12.8%
5.0x
8.1x
11.5x
13.0%
FY End
2012E
$10,217.2
2013E
$10,895.0
Consensus Estimates
2010
2009
2008
$9,205.0
$9,014.0
$8,585.0
1,577.0
1,569.0
1,511.0
7,628.0
7,445.0
7,074.0
2008
$8,585.0
1,511.0
7,074.0
CY End
2009
$9,014.0
1,569.0
7,445.0
2010
$9,205.0
1,577.0
7,628.0
5,034.0
1,938.0
2011E
$9,793.1
CY End
2012E
$10,217.2
2013E
$10,895.0
2011E
$9,793.1
4,940.0
1,909.0
203.0
656.0
596.0
368.0
368.0
596.0
656.0
848.1
904.9
1,076.0
848.1
904.9
1,076.0
95.0
298.0
33.0
331.0
394.0
1,050.0
136.0
1,186.0
386.0
982.0
143.0
1,125.0
371.0
739.0
136.0
875.0
371.0
739.0
136.0
875.0
386.0
982.0
143.0
1,125.0
394.0
1,050.0
136.0
1,186.0
407.0
1,255.1
138.0
1,393.1
422.6
1,327.6
138.0
1,465.6
405.0
1,481.0
138.0
1,619.0
407.0
1,255.1
138.0
1,393.1
422.6
1,327.6
138.0
1,465.6
405.0
1,481.0
138.0
1,619.0
(11.0)
(3.0)
(1.0)
(5.0)
424.0
237.0
(15.0)
445.0
166.0
(161.0)
418.0
111.0
(161.0)
418.0
111.0
(15.0)
445.0
166.0
(9.0)
(10.0)
(7.0)
(7.0)
(10.0)
6.0
(23.0)
$173.0
(25.0)
$129.0
(25.0)
$129.0
6.0
(23.0)
$173.0
24.0
125.0
$143.0
6.0
51.0
$101.0
6.0
3.0
$85.0
24.0
77.0
$127.0
564.684
$0.25
565.181
$0.18
559.228
$0.15
560.631
$0.23
0.71x
5.5x
6.2x
11.1x
26.6x
11.4%
4,778.0
1,928.0
(1.0)
109.0
95.0
0.75x
5.8x
4,778.0
1,928.0
(1.0)
118.0
161.0
Special Items (Y,N)
CY 2012E
0.78x
6.5x
4,940.0
1,909.0
(5.0)
433.0
303.0

EPS
CY 2011E
0.79x
7.0x
5,034.0
1,938.0

Interest Expense
Pre-Tax Income
Preferred Dividend
Taxes
Net Income
7.0x
511.172
$3,077.3
$3,822.8
$7,298.0
LTM
507.277
$0.34
478.606
$0.27
478.606
$0.27
507.277
$0.34
NA
NA
NA
NA
(5.0)
424.0
237.0
(9.0)
24.0
77.0
$127.0
$248.0
$306.7
$420.0
$248.0
$306.7
$420.0
560.631
$0.23
567.876
$0.44
585.959
$0.52
608.696
$0.69
567.876
$0.44
585.959
$0.52
608.696
$0.69
41.3%
31.7%
3.2%
32.5%

400.0
101.0
95.0
394.0
386.0
371.0
371.0
386.0
394.0
407.0
422.6
405.0
407.0
422.6
405.0
501.0
116.0
78.0
463.0
455.0
527.0
527.0
455.0
463.0
523.5
546.2
582.4
523.5
546.2
582.4
Balance Sheet Data

Assets:
Cash & Equivalents
As of
Period Ended
03/31/11
$258.2
1.0
259.2
32.5%
Other Data
Shares outstanding as of 04/27/11 taken from 10Q filing ending 03/31/11.
Options outstanding taken from 10-Q filing ending 03/31/11.
Options outstanding in Plan 4 includes the restricted stock.
COGS includes Supplies.
SG&A includes salaries and benefits, and D&A expense, and provision for doubtful accounts.
Impairment of longlived assets and goodwill, & restructuring charges, Litigation & investigation costs, and gain from early extinguishment of debt is excluded from the income statement
2,382.2
The company is receiving tax benefits hence extra ordinary items have been removed from the income statement but not tax adjusted.

Total Assets
1,118.0
8,518.0
The no. of hospitals and beds are taken from 10Q filing ending 03/31/11.
Cash includes investments in reserve yield plus fund.

Short-term Debt
68.0
1,657.0
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
4,014.0
64.0
334.0
1,504.0
966.0
Acquisitions of Imaging Specialists of West and Griffin Imaging LLC have been accounted for.
Southeastern Spine Institute Laboratory was acquired by THC and the deal amount is not disclosed.
For forward financials, CapEx has been taken on LTM margins.

For forward financials, rent has been taken same as LTM.
49.0
13,457.0
8 of 15
General Information
Short Company Name
Universal
Long Company Name

Project Code Name
Ticker
Country
Universal Health Services

Healthcare
UHS US
USA
12/31/10
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Akshay Deshpande
06/05/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
$52.48
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/12/11
07/08/11
Caris & Company - 05/09/11
Jefferies - 05/16/11
52 Week High
52 Week Low
Beta
Currency
$56.46
$30.51
0.99
USD
1.000

Potential
6.595
3.799
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
Credit Stats
97.674
Strike
$25.16
-
Research
LTM
12/31/11
$4.01
$4.53
NA
13.0
07/08/11

Estimates as of:
Grow Estimates for
51.9%
12.9%
NA

Current CY Est. EPS
CY+1 Est. EPS
$4.01
$4.53
2011E
2012E

Total Debt / EBITDA
7.6x
4.2x
67.4%
Multiples
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

Net Sales
COGS
Gross Profit
Other Expenses
Other Income
EBIT
LTM
Ended
03/31/11
$6,131.6
756.4
5,375.1
Three Months Ended

March 31,
2011
2010
$1,910.5
$1,347.2
207.2
183.8
1,703.4
1,163.3
7.0x
104.907
$5,505.5
$3,806.7
$9,580.7
LTM

Diluted Shares
Net Debt
CY 2011E
CY 2012E
1.72x
12.2x
1.56x
10.4x
1.26x
8.0x
1.20x
7.5x
11.1x
17.1x
18.6x
14.1%
9.6x
14.1x
16.2x
15.0%
7.5x
11.0x
13.1x
15.8%
7.0x
10.3x
11.6x
16.0%
Consensus Estimates
2010
2009
2008
$5,568.2
$5,202.4
$5,022.4
733.1
699.2
694.5
4,835.1
4,503.1
4,327.9
2008
$5,022.4
694.5
4,327.9
CY End
2009
$5,202.4
699.2
4,503.1
2010
$5,568.2
733.1
4,835.1
2011E
$7,602.7
CY End
2012E
$7,996.0
2013E
NA
2011E
$7,602.7
FY End
2012E
$7,996.0
2013E
NA
3,588.6
1,107.7
1,093.5
349.4
775.8
247.0
3,270.9
1,005.3
2,987.7
994.9
2,873.4
1,044.3
2,873.4
1,044.3
2,987.7
994.9
3,270.9
1,005.3
678.8
260.4
140.5
558.9
520.5
410.2
410.2
520.5
558.9
868.9
934.3
NA
868.9
934.3
NA
242.0
920.8
82.2
1,003.0
71.5
331.9
23.2
355.1
53.5
194.1
17.9
212.0
224.0
782.9
77.0
859.9
204.7
725.2
69.9
795.2
195.8
606.0
69.9
675.9
195.8
606.0
69.9
675.9
204.7
725.2
69.9
795.2
224.0
782.9
77.0
859.9
329.8
1,198.7
82.2
1,280.9
345.0
1,279.3
82.2
1,361.5
NA
NA
NA
NA
329.8
1,198.7
82.2
1,280.9
345.0
1,279.3
82.2
1,361.5
NA
NA
NA
NA

Interest Expense
Pre-Tax Income
2.0
121.6
555.1
56.4
204.0
12.4
128.2
2.0
77.6
479.3
1.3
45.8
473.4
21.5
53.2
335.5
21.5
53.2
335.5
1.3
45.8
473.4
2.0
77.6
479.3

EBITDA
Rent
EBITDAR
(50.5)
(15.8)
(10.9)
(45.6)
(43.9)
(40.7)
(40.7)
(43.9)
(45.6)
Preferred Dividend
Taxes
Net Income
185.2
$319.5
74.0
$114.2
45.4
$71.8
156.6
$277.1
170.0
$259.5
115.9
$179.0
115.9
$179.0
170.0
$259.5
156.6
$277.1
$419.3
$474.7
NA
$419.3
$474.7
NA

EPS
98.410
$3.25
98.868
$1.16
97.450
$0.74
97.973
$2.83
98.275
$2.64
101.418
$1.76
101.418
$1.76
98.275
$2.64
97.973
$2.83
104.572
$4.01
104.860
$4.53
NA
NA
104.572
$4.01
104.860
$4.53
NA
NA
Special Items (Y,N)
33.4%
36.3%
35.4%
32.7%
35.9%
34.5%
34.5%
35.9%
32.7%

242.0
71.5
53.5
224.0
204.7
195.8
195.8
204.7
224.0
329.8
345.0
NA
329.8
345.0
NA
233.3
56.6
62.6
239.3
379.7
354.5
354.5
379.7
239.3
289.2
304.2
NA
289.2
304.2
NA
Balance Sheet Data

Assets:
Cash & Equivalents
As of
Period Ended
03/31/11
$47.2
47.2
Other Data
Shares outstanding as on 04/30/11 taken from 10-Q company filing for period of 03/31/11. The company has Classs A, B, C, and D shares.
Options taken from company's 10-K ending 12/31/10.
Restricted stock is a part of Class B of options outstanding.
COGS includes supplies.
SG&A includes Salaries, wages and benefits, provision for doubtful accounts, D&A, rent expense.
Interet rate swap expense, excess income from insurance is tax adjuted @ 35.0%.
1,396.3
Dividend paid of $0.05 is accounted for in the balance sheet.

Total Assets
2,596.3
7,608.2
CapEx for forward financials has been taken as an LTM margin.


Short-term Debt
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
3.0
837.2
Rent for forward financials has been taken as LTM.

Transaction costs related to the acquisition of PSI is excluded and tax adjusted.
Gains on sale of assets and businesses is shown as other income and adjusted.
3,850.9
268.5
1,865.7
575.4
231.0
25,108.0
9 of 15
General Information
Short Company Name
Health Management
Long Company Name

Project Code Name
Ticker
Country
Health Management Associates Inc.

Healthcare
HMA US
USA
12/31/10
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Akshay Deshpande
06/05/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
$10.44
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/12/11
07/11/11
SunTrust Robinson Humphrey - 05/03/11
RBC Capital Markets - 04/27/11
52 Week High
52 Week Low
Beta
Currency
$11.74
$6.13
1.35
USD
1.000

Potential
2.920
1.508
2.747
6.216
2.094
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
Credit Stats
253.172
Strike
$8.22
$9.91
$11.31
-
Research
LTM
12/31/11
$0.76
$0.88
NA
11.9
07/11/11

Estimates as of:
Grow Estimates for
51.2%
16.2%
NA

Current CY Est. EPS
CY+1 Est. EPS
$0.76
$0.88
2011E
2012E

Total Debt / EBITDA
3.6x
4.0x
83.4%
Multiples
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

Net Sales
COGS
Gross Profit
Other Expenses
Other Income
EBIT
LTM
Ended
03/31/11
$5,276.9
721.3
4,555.6
Three Months Ended

March 31,
2011
2010
$1,433.6
$1,271.7
195.0
179.2
1,238.6
1,092.6
3,117.7
933.6
845.6
244.0
750.4
207.2
7.0x
263.611
$2,752.1
$2,783.1
$5,550.0
LTM

Diluted Shares
Net Debt
CY 2011E
CY 2012E
1.09x
7.5x
1.05x
7.3x
0.97x
6.8x
0.91x
6.4x
6.4x
11.3x
16.0x
14.5%
6.2x
11.0x
15.2x
14.4%
5.8x
10.2x
13.7x
14.2%
5.4x
9.4x
11.8x
14.3%
Consensus Estimates
2010
2009
2008
$5,115.0
$4,556.8
$4,301.7
705.5
639.7
588.2
4,409.5
3,917.1
3,713.4
3,022.6
896.8
2,684.4
791.8
2,569.4
750.5
2008
$4,301.7
588.2
3,713.4
CY End
2009
$4,556.8
639.7
3,917.1
2010
$5,115.0
705.5
4,409.5
2,569.4
750.5
2,684.4
791.8
3,022.6
896.8
2011E
$5,724.5
CY End
2012E
$6,087.2
2013E
NA
2011E
$5,724.5
FY End
2012E
$6,087.2
2013E
NA
504.2
149.1
135.0
490.1
440.9
393.5
393.5
440.9
490.1
543.4
591.8
NA
543.4
591.8
NA

EBITDA
Rent
EBITDAR
255.6
759.8
130.0
889.9
67.0
216.1
36.0
252.1
62.9
197.9
29.7
227.6
251.5
741.6
123.7
865.3
244.3
685.2
101.8
787.0
242.5
636.0
88.7
724.7
242.5
636.0
88.7
724.7
244.3
685.2
101.8
787.0
251.5
741.6
123.7
865.3
268.1
811.5
140.8
952.3
278.3
870.1
150.4
1,020.6
NA
NA
NA
NA
268.1
811.5
140.8
952.3
278.3
870.1
150.4
1,020.6
NA
NA
NA
NA

Interest Expense
Pre-Tax Income
(6.9)
209.1
302.1
(0.1)
51.0
98.2
(1.3)
53.6
82.7
(8.1)
211.7
286.6
(3.8)
217.9
226.7
(0.4)
245.4
148.5
(0.4)
245.4
148.5
(3.8)
217.9
226.7
(8.1)
211.7
286.6
(22.3)
(6.6)
(6.5)
(22.2)
(25.8)
(16.0)
(16.0)
(25.8)
(22.2)
Preferred Dividend
Taxes
Net Income
EPS
106.9
$172.9
35.5
$56.1
29.6
$46.6
101.0
$163.4
76.8
$124.2
54.8
$77.7
54.8
$77.7
76.8
$124.2
101.0
$163.4
$193.4
$227.3
NA
$193.4
$227.3
NA
252.289
$0.69
253.727
$0.22
249.867
$0.19
251.106
$0.65
246.965
$0.50
244.671
$0.32
244.671
$0.32
246.965
$0.50
251.106
$0.65
254.420
$0.76
257.269
$0.88
NA
NA
254.420
$0.76
257.269
$0.88
NA
NA
35.4%
36.2%
35.8%
35.2%
33.9%
36.9%
36.9%
33.9%
35.2%

255.6
67.0
62.9
251.5
244.3
242.5
242.5
244.3
251.5
268.1
278.3
NA
268.1
278.3
NA
408.4
51.2
43.7
400.9
338.2
218.4
218.4
338.2
400.9
443.0
471.1
NA
443.0
471.1
NA
Special Items (Y,N)

Balance Sheet Data

Assets:
Cash & Equivalents
As of
Period Ended
03/31/11
$95.8
131.9
227.7
Other Data
Shares outstanding as of 04/29/11 taken from company's 10-Q filing as of 03/31/11.
Options outstanding as of 12/31/10 taken from company's 10-K ending 12/31/10.
COGS includes supplies.
SG&A includes salaries and benefits, D&A and rent expense.
Gains on sale of assets, write-offs of deferred financing costs and gain from early extinguishment of debt is excluded from the income statement and tax adjusted.
CapEx figures includes acquisition of health care businesses.
1,296.7
CapEx for forward financials has been taken as an LTM margin.

Total Assets
914.9
5,044.5
Rent for Deutsche Bank has been taken as LTM .

Short-term Debt
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
33.7
580.3
2,977.1
14.8
599.7
910.1
59.0
8,862.0
10 of 15
General Information
Short Company Name
Netcare
Long Company Name

Project Code Name
Ticker
Country
Netcare Ltd
Healthcare
NTC SJ
S. Africa
09/30/10
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Akshay Deshpande
06/06/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
ZAR 13.35
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
12/07/11
11/07/11
J.P. Morgan - 05/23/11
Macquarie - 05/16/11
Investec - 05/25/11
52 Week High
52 Week Low
Beta
Currency
ZAR 16.36
ZAR 12.73
0.73
ZAR
0.148

Potential
42.343
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
Credit Stats
1,277.000
Strike
ZAR 8.51
Research
LTM
09/30/11
ZAR 1.07
ZAR 1.29
ZAR 1.50
10.4
11/07/11

Estimates as of:
Grow Estimates for
16.2%
20.2%
16.8%

Current CY Est. EPS
CY+1 Est. EPS
ZAR 1.12
ZAR 1.34
2011E
2012E

Total Debt / EBITDA
2.5x
5.4x
82.3%
Multiples
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

(ZAR in millions, except per share data)
Net Sales
COGS
Gross Profit
Other Expenses
Other Income
EBIT
LTM
Ended
03/31/11
ZAR 22,828.0
13,170.0
9,658.0
Six Months Ended

March 31,
2011
2010
ZAR 11,392.0
ZAR 11,038.0
6,681.0
6,404.0
4,711.0
4,634.0
7.0x
1,292.351
ZAR 17,252.9
ZAR 24,118.9
ZAR 44,312.8
LTM

Diluted Shares
Net Debt
CY 2011E
CY 2012E
1.96x
9.3x
1.94x
9.5x
1.85x
8.9x
1.65x
7.8x
8.6x
12.3x
14.3x
21.1%
8.7x
12.6x
13.4x
20.5%
8.2x
11.6x
11.9x
20.8%
7.3x
10.0x
10.0x
21.3%
Consensus Estimates
Fiscal Year Ended September 30,
2010
2009
2008
ZAR 22,474.0
ZAR 23,232.0
ZAR 21,735.0
12,893.0
13,701.0
12,842.0
9,581.0
9,531.0
8,893.0
2008
ZAR 22,109.3
13,056.8
9,052.5
CY End
2009
ZAR 22,943.0
13,477.8
9,465.3
2010
ZAR 22,551.5
13,010.3
9,541.3
6,224.8
2011E
ZAR 23,980.0
CY End
2012E
ZAR 26,858.5
NA
2011E
ZAR 23,273.0
FY End
2012E
ZAR 26,101.0
2013E
ZAR 29,131.0
2013E
6,454.0
3,190.0
2,909.0
6,173.0
6,052.0
5,708.0
5,794.0
5,993.5
314.0
177.0
118.0
255.0
232.0
256.0
250.0
233.0
279.8
3,518.0
1,698.0
1,843.0
3,663.0
3,711.0
3,441.0
3,508.5
3,704.8
3,596.3
3,826.8
4,430.3
NA
3,677.2
4,275.6
4,894.3

EBITDA
Rent
EBITDAR
1,168.0
4,686.0
397.0
5,083.0
568.0
2,266.0
176.0
2,442.0
557.0
2,400.0
199.0
2,599.0
1,157.0
4,820.0
420.0
5,240.0
1,227.0
4,938.0
410.0
5,348.0
1,244.0
4,685.0
345.0
5,030.0
1,239.8
4,748.3
361.3
5,109.5
1,198.8
4,903.5
407.0
5,310.5
1,151.8
4,748.0
403.0
5,151.0
1,172.8
4,999.6
397.0
5,396.6
1,283.9
5,714.2
397.0
6,111.2
NA
NA
NA
NA
1,145.8
4,823.0
397.0
5,220.0
1,253.7
5,529.3
397.0
5,926.3
1,374.4
6,268.7
397.0
6,665.7

Interest Expense
Pre-Tax Income
4.0
1,901.0
1,613.0
32.0
913.0
753.0
1.0
993.0
849.0
(27.0)
1,981.0
1,709.0
(192.0)
2,425.0
1,478.0
(137.0)
2,550.0
1,028.0
(150.8)
2,518.8
1,140.5
(143.5)
2,315.3
1,533.0
(4.3)
1,942.3
1,658.3
(117.0)
(33.0)
(90.0)
(174.0)
(114.0)
(114.0)
(114.0)
(130.5)
(147.0)
49.0
151.8
ZAR 1,295.2
24.0
54.0
ZAR 642.0
28.0
183.6
ZAR 547.4
53.0
281.4
ZAR 1,200.6
73.0
353.1
ZAR 937.9
67.0
91.2
ZAR 755.8
68.5
156.7
ZAR 801.3
68.8
356.6
ZAR 977.1
51.8
238.1
ZAR 1,221.5
ZAR 1,534.2
ZAR 1,905.7
NA
ZAR 1,437.7
ZAR 1,823.7
ZAR 2,151.7
1,304.084
ZAR 0.99
1,318.000
ZAR 0.49
1,318.000
ZAR 0.42
1,303.000
ZAR 0.92
1,275.000
ZAR 0.74
1,280.000
ZAR 0.59
1,278.750
ZAR 0.63
1,615.250
ZAR 0.76
1,636.250
ZAR 0.93
1,361.828
ZAR 1.12
1,421.189
ZAR 1.34
NA
NA
1,343.195
ZAR 1.07
1,417.725
ZAR 1.29
1,431.581
ZAR 1.50

Preferred Dividend
Taxes
Net Income
EPS
Special Items (Y,N)
9.4%
7.2%
21.6%
16.5%
23.9%
8.9%
12.6%
28.7%
15.9%

1,168.0
568.0
557.0
1,157.0
1,227.0
1,244.0
1,239.8
1,198.8
1,151.8
1,172.8
1,283.9
NA
1,145.8
1,253.7
1,374.4
1,382.0
461.0
449.0
1,370.0
1,427.0
1,416.0
1,418.8
1,294.8
1,258.0
1,506.9
1,656.6
NA
1,472.5
1,610.1
1,796.2
Balance Sheet Data

Assets:
Cash & Equivalents
Total Assets
As of
Period Ended
03/31/11
ZAR 1,103.1
1,103.1
5,175.1
13,381.0
43,423.1

Short-term Debt
4,023.0
7,415.0
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
Other Data
Shares outstanding from the company's latest filing as on 03/31/11 .
Options outstanding taken from company annual report for period ended September 2010 as Semi-Annual report for S1 FY10 did not give option outstanding details.
SG&A includes profit from disposal of plant, property and equipment.
Gain/loss on options contract, Forex losses, restructuring cost, impairment costs, gain on bargain purchase are tax adjusted.
The company declared a dividend of ZAr 22.0 on 05/16/11, which is accounted for in the balance sheet.
Rent for forward financials has been taken as LTM.
No. of beds and hospitals are taken from the company website.
Depreciation for Macquarie report has been taken as an LTM margin.
Capex for Macquarie report and Investec report has been taken as an LTM margin.
21,199.0
2,297.0
644.0
4,791.1
2,779.0
118.0
11,909.0
11 of 15
General Information
Short Company Name
Medi-Clinic
Long Company Name

Project Code Name
Ticker
Country
Medi-Clinic Corporation
Healthcare
MDC SJ
S. Africa
03/31/11
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Rinel Rodrigues
05/06/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
ZAR 23.80
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/11/11
07/11/11
Macquarie - 05/30/11
Investec - 07/07/11
NA
52 Week High
52 Week Low
Beta
Currency
ZAR 31.78
ZAR 23.76
0.50
ZAR
0.148

Potential
2.324
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
Credit Stats
652.315
Strike
ZAR 11.21
Research
LTM
03/30/12
ZAR 1.97
ZAR 2.33
ZAR 3.15
17.8
07/11/11

Estimates as of:
Grow Estimates for
13.8%
18.0%
35.4%

Current CY Est. EPS
CY+1 Est. EPS
ZAR 1.94
ZAR 2.24
2011E
2012E

Total Debt / EBITDA
2.8x
5.3x
70.8%
Multiples

Diluted Shares
Net Debt
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

Net Sales
COGS
Gross Profit
LTM
Ended
03/31/11
ZAR 18,625.0
10,327.0
8,298.0

Other Expenses
Other Income
EBIT
4,850.0
3,448.0

EBITDA
Rent
EBITDAR
726.0
4,174.0
225.0
4,399.0

Interest Expense
Pre-Tax Income
Preferred Dividend
Taxes
Net Income
EPS

Balance Sheet Data
Assets:
Cash & Equivalents
Total Assets
CY 2012E
1.98x
8.8x
1.81x
8.1x
1.63x
7.4x
8.6x
11.0x
13.0x
22.4%
8.4x
10.7x
12.8x
22.4%
7.7x
9.8x
12.2x
22.3%
7.1x
8.9x
10.6x
22.1%
Consensus Estimates
2011
2010
Fiscal Year Ended March 31,

2011
2010
2009
ZAR 18,625.0
ZAR 17,141.0
ZAR 16,351.0
10,327.0
9,573.0
9,262.0
8,298.0
7,568.0
7,089.0
2008
ZAR 14,658.0
8,291.8
6,366.3
CY End
2009
ZAR 16,943.5
9,495.3
7,448.3
2010
ZAR 18,254.0
10,138.5
8,115.5
2011E
ZAR 20,348.9
CY End
2012E
ZAR 22,629.0
2013E
ZAR 24,597.0
2012E
ZAR 20,923.5
FY End
2013E
ZAR 23,197.5
2014E
ZAR 25,063.5
4,453.0
4,342.0
3,875.8
4,425.3
4,750.8
3,448.0
3,115.0
2,747.0
2,490.5
3,023.0
3,364.8
3,752.9
4,140.6
4,564.9
3,854.5
4,236.0
4,674.5
726.0
4,174.0
225.0
4,399.0
718.0
3,833.0
225.0
4,058.0
684.0
3,431.0
225.0
3,656.0
598.3
3,088.8
202.8
3,291.5
709.5
3,732.5
225.0
3,957.5
724.0
4,088.8
225.0
4,313.8
792.0
4,544.9
225.0
4,769.9
851.1
4,991.8
225.0
5,216.8
911.1
5,476.0
225.0
5,701.0
814.0
4,668.5
225.0
4,893.5
863.5
5,099.5
225.0
5,324.5
927.0
5,601.5
225.0
5,826.5
(65.0)
1,491.0
2,022.0
(65.0)
1,491.0
2,022.0
(48.0)
1,524.0
1,639.0
(45.0)
1,602.0
1,190.0
(45.5)
1,372.8
1,163.3
(47.3)
1,543.5
1,526.8
(60.8)
1,499.3
1,926.3
(204.0)
(204.0)
(128.0)
(76.0)
(84.8)
(115.0)
(185.0)
650.2
ZAR 1,167.8
650.2
ZAR 1,167.8
472.9
ZAR 1,038.1
495.0
ZAR 619.0
462.1
ZAR 616.4
478.4
ZAR 933.3
605.9
ZAR 1,135.4
ZAR 1,435.7
ZAR 1,771.8
ZAR 2,352.5
ZAR 1,525.0
ZAR 1,854.0
ZAR 2,518.7
629.488
ZAR 1.86
629.488
ZAR 1.86
598.656
ZAR 1.73
590.999
ZAR 1.05
556.790
ZAR 1.12
596.742
ZAR 1.56
621.780
ZAR 1.82
737.102
ZAR 1.94
790.473
ZAR 2.24
798.334
ZAR 2.95
772.974
ZAR 1.97
796.306
ZAR 2.33
799.011
ZAR 3.15
N
32.2%
N
32.2%
N
28.9%
N
41.6%
39.7%
31.3%
31.5%
726.0
726.0
718.0
684.0
598.3
709.5
724.0
792.0
851.1
911.1
814.0
863.5
927.0
1,177.0
1,177.0
1,280.0
1,426.0
1,299.0
1,316.5
1,202.8
1,339.3
1,447.0
1,509.2
1,393.4
1,464.8
1,523.9
As of
Period Ended
03/31/11
ZAR 1,240.8
723.0
1,963.8
6,281.8
5,565.0
43,210.8

Short-term Debt
1,834.0
5,055.0
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
CY 2011E
2.02x
9.0x
4,850.0
Special Items (Y,N)

7.0x
653.545
ZAR 15,554.4
ZAR 20,284.2
ZAR 36,909.5
LTM
Other Data
Shares outstanding taken from FY 2011 press release report as of 03/31/11.
Options outstanding taken from company Annual report for period ending 03/31/2011.
SG&A includes depreciation and amortization.
Rent for FY2011 & FY2010 is taken same as FY09.
Profit on sale of PP&E and associates is exlcuded and tax adjusted @ 29.0%, company tax rate.
Dividend announced of ZAr 50.0 on 05/24/11 has been taken into account.
CapEx for Investec report has been taken as an LTM margin.
Rent for forward financials has been taken same as LTM.
20,414.0
1,071.0
9,162.8
1,575.0
52.0
8,896.0
12 of 15
General Information
Short Company Name
Fortis
Long Company Name

Project Code Name
Ticker
Country
Fortis Healthcare Limited

Healthcare
FORH IN
India
03/31/11
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Rinel Rodrigues
06/06/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
INR 166.80
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/12/11
07/11/11
J.P. Morgan - 05/31/11
ICICI Securities Ltd. - 06/03/11
NA
52 Week High
52 Week Low
Beta
Currency
INR 177.20
INR 124.35
0.94
INR
0.022

Potential
0.919
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
Credit Stats
405.103
Strike
INR 75.05
Research
LTM
03/30/12
INR 3.80
INR 5.19
NA
NA
07/11/11

Estimates as of:
Grow Estimates for
17.5%
36.8%
NA

Current CY Est. EPS
CY+1 Est. EPS
INR 3.65
INR 4.84
2011E
2012E

Total Debt / EBITDA
3.0x
5.2x
24.3%
Multiples
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

(INR in millions, except per share data)
Net Sales
COGS
Gross Profit
Other Expenses
Other Income
EBIT
LTM
Ended
03/31/11
INR 14,828.2
3,929.9
10,898.3
3,776.1
6,076.0
7.0x
405.609
INR 67,655.5
INR 9,403.3
INR 77,360.9
LTM

Diluted Shares
Net Debt
CY 2011E
CY 2012E
5.74x
40.3x
5.22x
37.0x
3.44x
22.8x
2.62x
16.8x
36.5x
78.5x
54.2x
14.3%
33.8x
73.9x
51.6x
14.1%
21.6x
42.9x
45.7x
15.1%
16.1x
30.4x
34.5x
15.7%
Consensus Estimates
2011
2010
Fiscal Year Ended March 31,

2011
2010
2009
INR 14,828.2
INR 9,379.4
INR 6,306.9
3,929.9
2,626.7
1,895.4
10,898.3
6,752.7
4,411.5
3,776.1
6,076.0
2,549.4
3,397.9
1,961.1
2,081.5
2008
INR 6,028.8
1,864.7
4,164.0
CY End
2009
INR 8,611.3
2,443.9
6,167.4
2010
INR 13,466.0
3,604.1
9,861.9
1,902.7
1,941.4
2,402.3
3,068.8
3,469.4
5,406.5
2011E
INR 22,488.2
CY End
2012E
INR 29,471.4
2013E
NA
2012E
INR 25,041.5
FY End
2013E
INR 30,948.0
2014E
NA
1,046.2
1,046.2
805.4
368.9
319.9
696.3
986.0
1,803.1
2,541.2
NA
2,055.4
2,703.2
NA

EBITDA
Rent
EBITDAR
1,044.9
2,091.1
200.3
2,291.4
1,044.9
2,091.1
200.3
2,291.4
599.4
1,404.8
200.3
1,605.1
487.4
856.3
99.3
955.6
461.2
781.1
103.1
884.2
571.4
1,267.7
175.0
1,442.7
933.5
1,919.5
200.3
2,119.8
1,584.7
3,387.8
200.3
3,588.0
2,076.8
4,618.0
200.3
4,818.3
NA
NA
NA
NA
1,764.6
3,820.0
200.3
4,020.3
2,180.8
4,884.0
200.3
5,084.3
NA
NA
NA
NA

Interest Expense
Pre-Tax Income
(923.0)
696.0
1,273.2
(923.0)
696.0
1,273.2
(516.8)
572.9
749.3
(280.4)
436.6
212.7
(223.7)
492.5
51.1
(457.7)
538.8
615.1
(821.5)
665.2
1,142.2
(20.9)
(27.4)
(22.1)
(22.5)
(5.2)

Preferred Dividend
Taxes
Net Income
EPS
209.2
INR 1,064.0
209.2
INR 1,064.0
33.6
INR 694.8
39.4
INR 145.9
87.1
(INR 58.2)
35.1
INR 557.6
165.3
INR 971.7
INR 1,429.6
INR 1,966.6
NA
INR 1,551.5
INR 2,105.0
NA
329.412
INR 3.23
329.412
INR 3.23
266.207
INR 2.61
226.667
INR 0.64
212.781
(INR 0.50)
256.322
INR 2.12
313.611
INR 3.08
388.973
INR 3.65
406.398
INR 4.84
NA
NA
408.827
INR 3.80
405.588
INR 5.19
NA
NA
Special Items (Y,N)

Balance Sheet Data
Assets:
Cash & Equivalents
Total Assets
Short-term Debt
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
16.4%
N
16.4%
N
4.5%
N
18.5%
N
13.9%
N
8.0%
N
13.4%
1,044.9
1,044.9
599.4
487.4
461.2
571.4
933.5
1,584.7
2,076.8
NA
1,764.6
2,180.8
NA
16,524.5
16,524.5
10,452.4
1,412.4
1,240.0
8,192.4
15,006.4
25,060.7
32,842.7
NA
27,906.1
34,488.3
NA
As of
Period Ended
03/31/11
Other Data
INR 860.0
620.0
1,480.0
NA
8,843.4
NA
NA
10,883.3
302.1
33,884.6
1,401.8
Shares Outstanding taken as per 03/31/11 from Bombay Stock Exchange website.
Options outstanding taken from company annual report for the period ending 03/31/10.
SG&A includes depreciation and amortization and employee costs.
Amortization of goodwill has been excluded. Company changed its goodwill accounting policy from FY08.
Non recurring items have been excluded and taxes have been adjusted.
Loss/Gain on Sale of fixed assets, Forex have been tax adjusted @ 35.0%
Share in associates has been included in Interest (Income) / Other (Income)/ Expense.
Long term debt includes secured and unsecured debt.
Rent for the forward estimates is taken same as of LTM.
Capex for FY 2011 is taken on FY 2010 margins.
CapEx for forward financials has been taken as an LTM margin and depreciation for JP Morgan report has been taken on the basis of LTM Margins
Rent for Yr. ended 2011 have been taken the same as that of the previous year.
FY11 financials are from company's Investor presentation.
48.0
7,700.0
13 of 15
General Information
Short Company Name
Bangkok Dusit
Long Company Name

Project Code Name
Ticker
Country
Bangkok Dusit Medical Services Public Co

Healthcare
BGH TB
Thailand
12/31/10
03/31/11
Database Check
From Press Release?

Entered By:
Date Entered:
No
Rinel Rodrigues
05/06/08
Updated By:
Checked By:
Ayush Jain
Urvesh Shah
THB 53.50
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/12/11
07/12/11
Macquarie Research - 05/25/11
Bualuang Securities - 05/24/11
KT Zmico - 05/24/11
52 Week High
52 Week Low
Beta
Currency
THB 55.00
THB 28.25
0.54
THB
0.033
Credit Stats
1,545.459
Strike
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
LTM
12/31/11
THB 2.45
THB 2.75
THB 3.19
21.3
07/12/11

Estimates as of:

Potential
Research
Grow Estimates for

29.9%
12.4%
16.0%

Current CY Est. EPS
CY+1 Est. EPS
THB 2.45
THB 2.75
2011E
2012E

Total Debt / EBITDA
10.0x
2.2x
42.6%
Multiples

Diluted Shares
Net Debt
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

(THB in millions, except per share data)
Net Sales
COGS
Gross Profit
Other Expenses
Other Income
EBIT
LTM
Ended
03/31/11
THB 24,140.7
14,234.9
9,905.8
Three Months Ended

March 31,
2011
2010
THB 6,624.8
THB 5,996.7
3,897.1
3,324.2
2,727.7
2,672.5
7.0x
1,545.459
THB 82,682.1
THB 9,901.6
THB 93,210.6
LTM
CY 2011E
CY 2012E
3.96x
16.8x
3.86x
16.6x
2.78x
11.6x
2.40x
10.0x
16.1x
27.5x
28.4x
23.5%
15.9x
26.9x
27.7x
23.3%
11.3x
17.4x
21.9x
24.0%
9.7x
14.4x
19.5x
24.0%
2013E
THB 41,938.5
Consensus Estimates
2010
2009
2008
THB 23,512.6
THB 21,597.0
THB 21,187.7
13,662.0
12,593.1
12,048.2
9,850.7
9,003.9
9,139.5
2008
THB 21,187.7
12,048.2
9,139.5
CY End
2009
THB 21,597.0
12,593.1
9,003.9
2010
THB 23,512.6
13,662.0
9,850.7
6,945.1
2011E
THB 33,473.7
CY End
2012E
THB 38,843.3
2013E
THB 41,938.5
2011E
THB 33,473.7
FY End
2012E
THB 38,843.3
7,125.0
1,835.5
1,655.5
6,945.1
6,609.5
6,731.2
6,731.2
6,609.5
684.9
303.6
100.0
481.4
342.9
422.5
422.5
342.9
481.4
3,465.7
1,195.8
1,117.0
3,387.0
2,737.3
2,830.8
2,830.8
2,737.3
3,387.0
5,349.3
6,479.3
7,261.5
5,349.3
6,479.3
7,261.5

EBITDA
Rent
EBITDAR
2,157.6
5,623.3
251.8
5,875.1
539.8
1,735.6
63.0
1,798.6
531.9
1,649.0
63.0
1,711.9
2,149.7
5,536.7
251.8
5,788.5
2,276.7
5,014.0
295.9
5,309.9
2,169.0
4,999.8
298.3
5,298.1
2,169.0
4,999.8
298.3
5,298.1
2,276.7
5,014.0
295.9
5,309.9
2,149.7
5,536.7
251.8
5,788.5
2,681.0
8,030.3
251.8
8,282.1
2,856.7
9,336.0
251.8
9,587.8
2,773.0
10,034.5
251.8
10,286.3
2,681.0
8,030.3
251.8
8,282.1
2,856.7
9,336.0
251.8
9,587.8
2,773.0
10,034.5
251.8
10,286.3

Interest Expense
Pre-Tax Income
(368.9)
563.4
3,271.2
(89.1)
133.3
1,151.6
(77.2)
154.3
1,040.0
(357.0)
584.4
3,159.6
(235.8)
641.3
2,331.8
(221.2)
646.8
2,405.2
(221.2)
646.8
2,405.2
(235.8)
641.3
2,331.8
(357.0)
584.4
3,159.6
(89.1)
(27.5)
(23.6)
(85.1)
(59.7)
(54.6)
(54.6)
(59.7)
(85.1)

Preferred Dividend
Taxes
Net Income
EPS
804.8
THB 2,377.3
288.3
THB 835.8
262.8
THB 753.6
779.4
THB 2,295.1
546.9
THB 1,725.2
688.5
THB 1,662.1
688.5
THB 1,662.1
546.9
THB 1,725.2
779.4
THB 2,295.1
THB 3,756.3
THB 4,292.7
THB 4,959.5
THB 3,756.3
THB 4,292.7
THB 4,959.5
1,229.648
THB 1.93
1,246.036
THB 0.67
1,214.499
THB 0.62
1,218.819
THB 1.88
1,214.499
THB 1.42
1,214.341
THB 1.37
1,214.341
THB 1.37
1,214.499
THB 1.42
1,218.819
THB 1.88
1,535.286
THB 2.45
1,560.970
THB 2.75
1,554.702
THB 3.19
1,535.286
THB 2.45
1,560.970
THB 2.75
1,554.702
THB 3.19
Special Items (Y,N)
24.6%
25.0%
25.3%
24.7%
23.5%
28.6%
28.6%
23.5%
24.7%

2,157.6
539.8
531.9
2,149.7
2,276.7
2,169.0
2,169.0
2,276.7
2,149.7
2,681.0
2,856.7
2,773.0
2,681.0
2,856.7
2,773.0
1,382.3
492.5
263.9
1,153.7
1,495.9
1,976.2
1,976.2
1,495.9
1,153.7
11,253.7
2,679.1
2,496.2
11,253.7
2,679.1
2,496.2
Balance Sheet Data

Assets:
Cash & Equivalents
Total Assets
As of
Period Ended
03/31/11
THB 2,395.1
2.3
2,397.4
5,400.0
Capex for Macquarie estimates is based on LTM Margins.
1,530.9
34,634.4
Share Price as of 07/14/11 as it did not trade on 07/15/11.

Short-term Debt
1,611.5
5,862.5
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
Other Data
Shares outstanding taken from bloomberg as of 07/11/11.
Share of income from investments in associated companies is included in other (income)/expenses.
Rent for estimates is assumed to be constant.
Gain from early repayment of loan, reversal of provision for impairment of property, for investments, loss on disposal of property and FOREX, write off of assets is tax adjusted.
Long term debt includes long term loans from financial institution, liabilities under finance lease agreements, debentures, and liability coponent of liability component.
10,687.5
626.9
16,584.4
1,762.6
27
4,701
14 of 15
General Information
KPJ Healthcare
Credit Stats
566.297
Short Company Name

Long Company Name
Project Code Name
Ticker
Country

Database Check
KPJ Healthcare Berhad

Healthcare
KPJ MK
Malaysia
12/31/10
03/31/11
From Press Release?

Entered By:
Date Entered:
Yes
Rachit Shah
05/06/08
Updated By:
Checked By:
Ayush Jain
Girish Rohira
MYR 4.48
Date Checked:
Date Updated:
Research 1:
Research 2:
Research 3:
07/12/11
07/12/11
OSK Research - 05/23/11
TA Securities - 05/23/11
Affin Securities - 07/12/11
52 Week High
52 Week Low
Beta
Currency
MYR 4.72
MYR 3.18
0.86
MYR
0.330
Strike
Plan 1
Plan 2
Plan 3
Plan 4
Plan 5
LTM
12/31/11
MYR 0.26
MYR 0.32
MYR 0.32
NA
07/12/11

Estimates as of:

Potential
Research
Grow Estimates for

38.9%
20.2%
0.6%

Current CY Est. EPS
CY+1 Est. EPS
MYR 0.26
MYR 0.32
2011E
2012E

Total Debt / EBITDA
14.3x
1.9x
34.0%
Multiples

Diluted Shares
Net Debt
CY 2010
EV / Sales
EV / EBITDA
EV / EBITDAR
EV/EBIT
PE
EBITDA Margin

(MYR in millions, except per share data)
Net Sales
COGS
Gross Profit
Other Expenses
Other Income
EBIT
LTM
Ended
03/31/11
MYR 1,716.3
1,190.1
526.2
Three Months Ended

March 31,
2011
2010
MYR 437.7
MYR 376.0
305.9
266.5
131.9
109.5
7.0x
566.297
MYR 2,537.0
MYR 237.3
MYR 2,872.9
LTM
CY 2011E
CY 2012E
1.74x
14.1x
1.67x
13.6x
1.58x
11.5x
1.38x
9.9x
10.4x
19.8x
23.5x
12.3%
10.2x
19.4x
23.7x
12.3%
8.9x
15.8x
16.9x
13.8%
7.9x
13.4x
14.1x
14.0%
Consensus Estimates
2010
2009
2008
MYR 1,654.6
MYR 1,456.4
MYR 1,267.3
1,150.7
1,037.3
899.0
503.9
419.1
368.4
2008
MYR 1,267.3
899.0
368.4
CY End
2009
MYR 1,456.4
1,037.3
419.1
2010
MYR 1,654.6
1,150.7
503.9
371.5
2011E
MYR 1,813.9
CY End
2012E
MYR 2,074.4
2013E
MYR 2,331.0
2011E
MYR 1,813.9
FY End
2012E
MYR 2,074.4
2013E
MYR 2,331.0
389.8
11.8
94.7
76.3
371.5
289.7
270.4
270.4
289.7
3.8
4.4
12.5
12.2
16.0
16.0
12.2
12.5
148.2
40.9
37.6
144.9
141.5
113.9
113.9
141.5
144.9
181.9
214.3
228.0
181.9
214.3
228.0

EBITDA
Rent
EBITDAR
62.3
210.5
71.2
281.7
16.9
57.8
17.8
75.6
14.0
51.6
17.8
69.4
59.4
204.3
71.2
275.5
46.4
188.0
62.8
250.7
41.4
155.3
57.7
213.0
41.4
155.3
57.7
213.0
46.4
188.0
62.8
250.7
59.4
204.3
71.2
275.5
68.1
250.0
71.2
321.2
76.0
290.3
71.2
361.5
78.0
306.0
71.2
NA
68.1
250.0
71.2
321.2
76.0
290.3
71.2
361.5
78.0
306.0
71.2
NA

Interest Expense
Pre-Tax Income
(29.9)
14.7
163.4
(6.0)
5.3
41.6
(4.7)
4.2
38.0
(28.6)
13.6
159.9
(15.6)
16.7
140.4
(26.6)
18.5
121.9
(26.6)
18.5
121.9
(15.6)
16.7
140.4
(28.6)
13.6
159.9
(9.6)
(3.8)
(1.5)
(7.3)
(3.9)
(3.7)
(3.7)
(3.9)
(7.3)

Preferred Dividend
Taxes
Net Income
EPS
41.9
MYR 111.9
10.2
MYR 27.5
9.3
MYR 27.2
40.9
MYR 111.6
32.2
MYR 104.3
26.8
MYR 91.5
592.513
MYR 0.19
595.455
MYR 0.05
567.646
MYR 0.05
585.538
MYR 0.19
512.127
MYR 0.20
524.578
MYR 0.17
Special Items (Y,N)

(MYR in millions, except per share data)
Balance Sheet Data
(MYR in millions except per share data)
Assets:
Cash & Equivalents
Total Assets
40.9
MYR 111.6
MYR 136.1
MYR 164.6
MYR 168.0
MYR 136.1
MYR 164.6
MYR 168.0
512.127
MYR 0.20
585.538
MYR 0.19
514.106
MYR 0.26
517.715
MYR 0.32
525.000
MYR 0.32
514.106
MYR 0.26
517.715
MYR 0.32
525.000
MYR 0.32
62.3
16.9
14.0
59.4
46.4
41.4
41.4
46.4
59.4
68.1
76.0
78.0
68.1
76.0
78.0
22.6
26.7
227.5
221.8
120.6
120.6
221.8
227.5
236.1
270.0
303.4
236.1
270.0
303.4
360.4
712.0
Long-term Debt
Minority Interest
Common Equity
Other Information
Number of Hospitals
Number of Beds
37.5
98.5
773.4
498.4
25.6%
Other Data
Shares outstanding taken from company's quarterly report as of 03/31/11.
Share price data taken from Bloomberg as of 07/13/11.
Rent for the quarters has been taken as of FY 2010 figures.
Interest (Income) / Other (Income)/ Expense inlcudes share of results of associated companies, gain on disposals, and gain/loss on fair value of investment properties.
Reversal of impairment of interest in associates has been tax adjusted.
Dividend of MYR 0.024 paid on 06/28/11 is accounted for in the balance sheet.
Depreciation for OSK Investment Research & TA Securities Research is based on LTM margins.
Rent for the forward estimates is taken same as that of LTM.
Capex for forward estimates is based on LTM margins.

Short-term Debt
23.0%
223.4
519.3
22.0%
24.4%
136.3
1,676.5
22.0%
24.6%
MYR 160.6
160.6
23.0%
32.2
MYR 104.3
524.578
MYR 0.17
25.7%
As of
Period Ended
03/31/11
25.6%
26.8
MYR 91.5
22.0
2,600.0
15 of 15

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Healthcare Com Parables

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Healthcare Sector

Analysis of the Healthcare Sector

Mature Markets EBITDA Margins

Emerging Markets EBITDA Margins

CAGR 2010 - 2012

Emerging Markets (ex Fortis)

10-12 EBITDA CAGR

Parkways Acquisition by Khazanah

Offer Price Information

All Chain Hospitals

All Chain Hospitals

All Chain Hospitals

All Chain Hospitals

Diluted Shares Information

EPS Estimates and Calendarization

Short Company Name

Shares Outstanding (MM)

Long Company Name

Community Health Systems Inc

From Press Release?

Share Price (07/15/11)

Options Outstanding (MM)

Fiscal Year 1 Date Ended

Fiscal Year 3 EPS Estimate

Calendarize EPS Estimates

EBITDA / Interest Expense:

Income Statement Data

Three Months Ended

Capitalize Rental Expense:

Interest (Income) / Other (Income)/ Expense

Minority Interest (Expense)

Weighted Average Shares Outstanding

Special Items (Y,N)

Cash Flow Statement Data

Effective Income Tax Rate

Balance Sheet Data

Total Current Liabilities

Diluted Shares Information

EPS Estimates and Calendarization

Short Company Name

Shares Outstanding (MM)

Long Company Name

Tenet Healthcare Corporation

From Press Release?

Share Price (07/15/11)

Options Outstanding (MM)

Fiscal Year 1 Date Ended

Fiscal Year 3 EPS Estimate

Calendarize EPS Estimates

EBITDA / Interest Expense:

Capitalize Rental Expense:

Income Statement Data

Three Months Ended

Minority Interest (Expense)

Special Items (Y,N)

Weighted Average Shares Outstanding

Interest (Income) / Other (Income)/ Expense

Cash Flow Statement Data

Effective Income Tax Rate

Balance Sheet Data

Total Current Assets

Goodwill and Intangibles

Liabilities & Shareholders Equity: