Aster DM Healthcare (ASTERDM IN) – Management Meet Update – Synergies in sight; on path for strategic alignment – BUY
Published on 10 Sep 2025
We remain positive on ATSERDM given the rising visibility on post-merger synergies, occupancy improvement, margin expansion and upcoming bed additions. We estimate combined entity post Ind As EBITDA to grow at 24% CAGR over FY25-28E to +Rs31bn. The combined entity is trading at ~28x EV/EBITDA on FY27E (adjusted for minority stake and rental). We maintain our ‘BUY’ rating with TP of Rs700/share, valuing 30x EV/EBITDA for the combined entity on FY27E.
