Cleopatra Hospital

Cleopatra Hospital SAE is an Egypt-based hospital, which provides health and medical services, as well as the medical care of inpatients. The Company holds stakes in four hospitals in the Greater Cairo Area: Cleopatra Hospital, Cairo Specialized Hospital, Nile Badrawi Hospital and Al Shorouk Hospital, offering a full array of general and emergency healthcare services. Its service offerings include general surgery, emergency and ambulance services, cardiology, gynecology and obstetrics, oncology, orthopedics and a number of outpatient clinics, including dental, physiotherapy and primary care. The Company's facilities allow to conduct routine examinations, simple procedures and operations, and general services such as pharmacy, blood bank and diagnostic services.
  • TickerCLHO
  • ISINEGS729J1C018
  • ExchangeEgyptian Exchange
  • SectorHealth Care Equipment & Services
  • CountryEgypt
Mariam Wael

Cleopatra Hospitals Group: Solid sequential recovery despite weak annual volumes

SOLID SEQUENTIAL RECOVERY DESPITE LOWER ANNUAL VOLUMES CLHO reported 3Q20 revenues of EGP536 million, compared to EGP462 million in 3Q19, and compared to EGP340 million in 2Q20; showing an increase of 16.0% YoY and 57.5% QoQ. Solid sequential recovery in 3Q20 is mainly attributed to a gradual patient recovery that started in June 2020. CLHO had witnessed strong signs of recovery across all segments, where patient volumes started to be on track to return to pre-crisis levels after a solid mont...

Michel Said ...
  • Mohamed Antar
  • Passant Mohamed

Egypt healthcare 3Q20e results preview | Earnings confirm the rebound; Favour healthcare service providers

Healthcare coverage 3Q20e earnings set to rebound; Pharma players to lag. We look for a q-o-q rebound in revenues and earnings for our healthcare coverage, chiefly underpinned by a hike in traffic, following the ease of mobility restrictions, and a slowdown in COVID-19 cases in 3Q20. Pent-up demand is seen as coming more in favour of healthcare services providers, with earnings growing on average by 11% (excluding SPMD). Conversely, pharma players are seen delivering muted earnings growth (excluding Rameda), pressured by a feeble tender business, negatively affected by the restructuring of the...

Michel Said ...
  • Passant Mohamed

CLHO EY | A deftly maneuvered healthcare player; Reiterate OW

Solid business model at undemanding valuation. We reiterate our Overweight rating on CHG, a unique exposure to Egypt’s healthcare story, on the mix of a high growth profile, healthy margins, strong FCF generation, liquid BS, and solid business model. We foresee a strong rebound in 2H20, translating into a 2020e y-o-y flattish adjusted EBITDA of EGP507mn. We revise our TP downwards by c15% to EGP6.30/share, as we trim our 2020-24e EBITDA forecasts by 15%, as the pandemic resulted in a difficult to catch-up to, one-year delay in revenue evolution. CHG trades on a 2021e P/E of c20x, 23% below reg...

Mariam Wael

Cleopatra Hospitals Group: Solid operational performance driven by pre-Covid numbers

REVENUE GROWTH DRIVEN BY INPATIENT SERVICES AND SURGERIES REVENUES CLHO reported 1Q20 revenues of EGP503 million, compared to EGP416 million, an increase of 20.9% YoY which can be mainly attributed to a healthy revenue growth during January and February –outperforming management targets- and showing an increase of 18.9% YoY in inpatient revenues (highest revenue contributor at 24.5% in 1Q20) which was fueled by a growth of 13.8% in volumes and 4% in average revenue per patient, followed by a ...

Mariam Wael

Cleopatra Hospitals Group: Management webinar key takeaways – Well-positioned to weather the storm

CLHO management believes that the number of covid-19 cases will continue to increase until June when the curve for new cases will peak and then the number of cases will start to normalize. This is about the same time when the government starts the reopening phase plans. 1. MoH currently asks private hospitals not to send suspect covid-19 cases to isolation hospitals directly, but to make proper CT scan and lab analysis then send the swap to the MoH. If cases test positive, they will be direc...

1 director sold

A director at Cleopatra Hospital Co sold 504,000,000 shares at 0.000EGP and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Mariam Wael

Cleopatra Hospitals Group: Solid sequential recovery despite weak annual volumes

SOLID SEQUENTIAL RECOVERY DESPITE LOWER ANNUAL VOLUMES CLHO reported 3Q20 revenues of EGP536 million, compared to EGP462 million in 3Q19, and compared to EGP340 million in 2Q20; showing an increase of 16.0% YoY and 57.5% QoQ. Solid sequential recovery in 3Q20 is mainly attributed to a gradual patient recovery that started in June 2020. CLHO had witnessed strong signs of recovery across all segments, where patient volumes started to be on track to return to pre-crisis levels after a solid mont...

Michel Said ...
  • Mohamed Antar
  • Passant Mohamed

Egypt healthcare 3Q20e results preview | Earnings confirm the rebound; Favour healthcare service providers

Healthcare coverage 3Q20e earnings set to rebound; Pharma players to lag. We look for a q-o-q rebound in revenues and earnings for our healthcare coverage, chiefly underpinned by a hike in traffic, following the ease of mobility restrictions, and a slowdown in COVID-19 cases in 3Q20. Pent-up demand is seen as coming more in favour of healthcare services providers, with earnings growing on average by 11% (excluding SPMD). Conversely, pharma players are seen delivering muted earnings growth (excluding Rameda), pressured by a feeble tender business, negatively affected by the restructuring of the...

Michel Said ...
  • Passant Mohamed

CLHO EY | A deftly maneuvered healthcare player; Reiterate OW

Solid business model at undemanding valuation. We reiterate our Overweight rating on CHG, a unique exposure to Egypt’s healthcare story, on the mix of a high growth profile, healthy margins, strong FCF generation, liquid BS, and solid business model. We foresee a strong rebound in 2H20, translating into a 2020e y-o-y flattish adjusted EBITDA of EGP507mn. We revise our TP downwards by c15% to EGP6.30/share, as we trim our 2020-24e EBITDA forecasts by 15%, as the pandemic resulted in a difficult to catch-up to, one-year delay in revenue evolution. CHG trades on a 2021e P/E of c20x, 23% below reg...

Mariam Wael

Cleopatra Hospitals Group: Solid operational performance driven by pre-Covid numbers

REVENUE GROWTH DRIVEN BY INPATIENT SERVICES AND SURGERIES REVENUES CLHO reported 1Q20 revenues of EGP503 million, compared to EGP416 million, an increase of 20.9% YoY which can be mainly attributed to a healthy revenue growth during January and February –outperforming management targets- and showing an increase of 18.9% YoY in inpatient revenues (highest revenue contributor at 24.5% in 1Q20) which was fueled by a growth of 13.8% in volumes and 4% in average revenue per patient, followed by a ...

Mariam Wael

Cleopatra Hospitals Group: Management webinar key takeaways – Well-positioned to weather the storm

CLHO management believes that the number of covid-19 cases will continue to increase until June when the curve for new cases will peak and then the number of cases will start to normalize. This is about the same time when the government starts the reopening phase plans. 1. MoH currently asks private hospitals not to send suspect covid-19 cases to isolation hospitals directly, but to make proper CT scan and lab analysis then send the swap to the MoH. If cases test positive, they will be direc...

Khaled Sadek

Long-awaited M&A close to see the light

Epic organic margins and M&A inclusion warrant an upgrade. We raise our TP by 33% to EGP8.00/share, as we: i) raise 2019-23e organic EBITDA by 13% p.a., on an improved margin outlook, and ii) incorporate El Katib and Queens hospitals in our numbers (6% of TP). CHG remains our preferred name within the healthcare space in Egypt, given its value added services, pricing, and high operating leverage. CHG is set to exhibit a robust 2019-21e EBITDA CAGR of 29%, driven by solid organic growth (+24%) and acquisitions. We expect EBITDA margin of 25.7% in 2019, implying minor margin erosion (-40bps y-o-...

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