GMR Solutions Inc "GMRS: Medical Transport Leader Offers Steady Growth at a..."

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GMR Solutions Inc "GMRS: Medical Transport Leader Offers Steady Growth at a..."

Global Research

8 June 2026ab

Initiation of Coverage

EquitiesGMR Solutions Inc

GMRS: Medical Transport Leader Offers Steady United States

Growth at a Compelling Valuation; Initiate at Healthcare Providers

12-month rating Buy

Buy with $20 Price Target Prior : No Rating

12m price target US$20.00

Prior :

Initiate Coverage of GMRS with a Buy Rating Price (04 Jun 2026) US$10.97

We initiate coverage of GMR Solutions (GMRS), the leading provider of medical RIC: GMRS.N BBG: GMRS US

transport services across the US, with a Buy rating and a $20 PT. The company is the

largest integrated provider of emergency services in the country, offering both air and Trading data and key metrics

ground emergency services at scale. We forecast the company growing revenues by 52-wk range US$13.98-10.61

4.9%, 5.7%, and 6.2% in 2026-2028E, driven by demographic tailwinds, a 90%+ Market cap. US$2.87b

retention rate for 911 contracts, and opportunities for market share gains. GMRS Shares o/s 261m (COM)

maintains a 30-35% market share in the emergency air market and a 15-20% share in Free float 34%

the emergency ground market. Our base case assumptions have a conservative bias and Avg. daily volume ('000) 684

do not include inorganic growth from tuck-in deals. However, with an improved Avg. daily value (m) US$9

leverage profile post IPO, we believe acquisition opportunities could materialize given Common s/h equity (12/26E) US$0.96b

the fragmented nature of the sector. We believe GMRS shares represent compelling P/BV (12/26E) 2.0x

value as the current valuation does not reflect significant earnings growth compared to

Net debt to EBITDA (12/26E) 3.4x

the 8% increase we forecast for 2027/2028.