BrightSpring Health (BTSG US): Buy: On top gear, but smooth road ahead

研报英文原文证据摘录

BrightSpring Health (BTSG US): Buy: On top gear, but smooth road ahead

18 June 2026

BrightSpring Health (BTSG US) EquitiesHealth Care Providers &

Srvcs

Buy: On top gear, but smooth road ahead United States

◆ Specialty pharmacy growth momentum and visibility should

MAINTAIN BUY

help BrightSpring deliver another FY outlook upgrade in Q2

TARGET PRICE (USD) PREVIOUS TARGET (USD)◆ We see room for upgrades to support multiple expansion;

the growth profile is one of the strongest within Healthcare 71.00 52.00

◆ Retain Buy and lift TP to USD71.00 (from USD52.00); we see SHARE PRICE (USD) UPSIDE/DOWNSIDE

safety in low energy exposure and US focus 64.14 +10.7%

(as of 16 Jun 2026)

What’s in the price: BrightSpring shares are up c71% YTD vs S&P500 up c10%. MARKET DATA

The top end of the company guidance implies 16x 2026 EV/EBITDA, 31% higher Market cap (USDm) 12,654 Free float 31%

than at the beginning of the year on the back of a 17% EBITDA revision. The key Market cap (USDm) 12,654 BBG BTSG US 3m ADTV (USDm) 154 RIC BTSG.O

question on our mind is whether the stock is priced to perfection.

FINANCIALS AND RATIOS (USD)

We expect another beat and raise at Q2: With a clean record of beats and raises Year to 12/2025a 12/2026e 12/2027e 12/2028e

since the 2023 IPO, we expect attention to be on the size of the upgrade rather than HSBC EPS 1.02 1.82 2.23 2.64

HSBC EPS (prev) 1.02 1.64 2.16 2.54

whether the streak continues into Q2 2026 results. Despite IRA-related headwinds, Change (%) 0.0 10.6 3.2 4.1

BTSG delivered c26% revenue growth and c46% adjusted EBITDA growth in Q1 y-o-y. Consensus EPS 1.07 1.68 2.07 2.65 PE (x) 62.8 35.3 28.8 24.3

The current FY outlook assumes more modest 18% revenue growth and 34% Dividend yield (%) 0.0 0.0 0.0 0.0

EV/EBITDA (x) 24.4 16.9 14.2 11.6