Dallah Healthcare Holding (4004.SE): Updating our estimates following 1Q26 results

研报英文原文证据摘录

Dallah Healthcare Holding (4004.SE): Updating our estimates following 1Q26 results

Equity Research

16 June 2026 | 6:52PM GST

Dallah Healthcare Holding (4004.SE): Updating our estimates following

1Q26 results

We update our estimates for Dallah following 1Q26 results which saw 22% revenue Harsh Mehta

+971(4)376-3405 |

growth due to an increase in the patient base (c. 27%) underpinned by the harsh.mehta@gs.com

Goldman Sachs International

contribution from new acquired hospitals but Clean NI was down c. 20%yoy on the

Vaishnavi Gupta

back of weaker profitability of new hospitals and seasonality. We increase our +1(332)245-7817 |

revenue estimates by an average 14% to incorporate the better-than-expected vaishnavi.x.gupta@gs.comGoldman Sachs India SPL

performance of Al-Khobar and Al-Ahsa hospital following the acquisition in 2025. Swarnilee Patra

However, we lower our EBITDA margins by an average 180bps to account for weaker +1(332)245-7700swarnilee.patra@gs.com|

margins of the two acquired facilities as they are in a ramp-up phase. As a result, our Goldman Sachs India SPL

EBITDA estimates increase by an average 3.9% for FY26-29E.

We value Dallah using the stock’s historical 12-month forward EV/EBITDA multiple of

18.5x (2017-2025, down from 18.8x for 2016-2024 as we roll-foward valuation

years) applied to our FY27 estimates. We are Neutral-rated on Dallah with a

12-month target price of SR143 (from SR145).

Upside/downside risks to our price target and view include: favorable/unfavorable

regulatory changes by the government, faster/slower-than-expected ramp-up of

new bed additions, a better/worse-than-expected macro backdrop,

higher/lower-than-expected growth in the expat population/patient visits, and

better/worse-than-expected integration of newly acquisitions.