Recent Research

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  FIRST LOOK NOTES

  19 Feb 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.19

  Target Price

  AED 6.05

  Upside (%)

  +89.66%

  UAE Equity Research - Pure Health Holding 4Q24 - First Look Note

  Pure Health strategically expanded its operational footprint with the 100.0% acquisition of Circle Health and SSMC, along with starting Sheikh Khalifa Hospital in Fujairah. The Company expanded its international presence by acquiring a 60% stake in Hellenic Healthcare Group for USD 2.3 Bn.

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  EARNINGS CALL INSIGHT

  17 Feb 2025

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.25

  Target Price

  AED 6.05

  Upside (%)

  +86.15%

  UAE Equity Research - Pure Health 4Q24 - Earnings Call Insight

  Pure Health’s revenue grew 61.0% YOY to AED 6,892 Mn in 4Q24, fueled by a mix of organic expansion and strategic acquisitions both domestically and internationally. Revenue from hospital and other related services doubled from AED 2,302 Mn in 4Q23 to AED 4,637 Mn in 4Q24, driven by higher patient volumes, improved pricing, strategic acquisitions, and new hospital commissions.

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• 

  FIRST LOOK NOTES

  21 Nov 2024

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.37

  Target Price

  AED 6.05

  Upside (%)

  +79.53%

  UAE Equity Research - Pure Health Holding 3Q24 - First Look Note

  PURE HEALTH aims to generate at least 50% of revenue from international business. The Company completed the acquisition of Circle Health Group in the UK and SSMC in Abu Dhabi. The Company expects its revenue to grow in the mid-to-high teens through its UAE and International assets.

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  INITIAL COVERAGE (EQUITIES)

  09 Aug 2024

  Pure Health Holding PJSC

  BUY

  Last Closing Price

  AED 3.76

  Target Price

  AED 6.05

  Upside (%)

  +60.90%

  UAE Equity Research - Pure Health Holding PJSC - Initiation Coverage

  We initiate coverage on Pure Health Holding PJSC (“Pure Health” or “The Company”) with a valuation of AED 6.05 per share. Pure Health is the UAE’s leading Healthcare group in Abu Dhabi since 2006 with the majority ownership held by the Abu Dhabi Sovereign Wealth Fund (ADQ). The Company is the largest provider of healthcare services and further extends its vertically integrated operation across various operational and digital domains, both locally and internationally.

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