Pihlajalinna: Role of outsourcing continues shrinking
Pihlajalinna’s Q1 result was strong and slightly above our estimates. The positive earnings development was again based on clearly improved profitability in the private clinic network. We raised our estimates in line with the earnings overshoot of Q1. We still find the company’s return/risk ratio good despite the elevated political risks.
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Pihlajalinna
Pihlajalinna operates in the health care sector. A number of health centers, hospitals, dental clinics, and specialist care are operated within the Group. Through its own hospitals, collaboration takes place with a number of companies in the insurance industry, and specialist expertise is found in a number of work areas such as gynecology, plastic surgery, and orthopedics. The company was founded in 2001 and is headquartered in Tampere.
Read more on company pageKey Estimate Figures09.05.2021
2020 | 21e | 22e | |
---|---|---|---|
Revenue | 508.7 | 549.0 | 568.8 |
growth-% | -1.92 % | 7.93 % | 3.61 % |
EBIT (adj.) | 21.1 | 26.4 | 27.7 |
EBIT-% (adj.) | 4.15 % | 4.81 % | 4.86 % |
EPS (adj.) | 0.52 | 0.72 | 0.76 |
Dividend | 0.20 | 0.24 | 0.25 |
Dividend % | 2.13 % | 2.17 % | 2.26 % |
P/E (adj.) | 18.09 | 15.25 | 14.46 |
EV/EBITDA | 7.75 | 6.84 | 6.37 |