Babylon Healthcare and Sickcare Overview
Rapid-Growth Profile Provides an Attractive Entry Valuation
2020E-2022E
Revenue
CAGR
babylon
199.3%
~6.2x Median Peer
Revenue Growth
ā TELADOC
(1)
amwell
37.3%
17.5%
OAK
STREET
HEALTH
Accolade
signifyhealth
one medical
52.8%
42.4%
Median: 31.9%
26.5%
25.7%
~40% Discount to
Median Peer Multiple
10.3x
8.7x
7.9x
7.0x
7.2x
EV / 2022E
Revenue
5.1x
@ $10.00/Share
EV / 2022E
Babylon Discount to Peers
(50.3%)
(35.6%)
(26.6%)
(41.4%)
(29.1%)
0.45
~90% Discount to
Median Peer
0.28
0.03(3)
Revenue /
Growth (2)
@ $10.00/Share
Babylon Discount to Peers
(90.6%)
(94.3%)
Source: Babylon revenue growth and multiple based on management estimates; public peers based on CaplQ, public filings, Wall Street research.
Notes: Market data as of May 7, 2021 based on CaplQ consensus estimates.
1)
2020 Revenue pro forma for acquisitions.
2)
Growth represents 2020-2022E Revenue CAGR.
3)
Assuming Babylon TEV of $3,623M, 2022E Revenue of $710M, and 2020-2022E Revenue CAGR of 199.3%.
Median: 8.3x
10.3x
(50.5%)
Median: 0.27
0.40
0.27
0.13
0.21
(80.3%)
(87.3%)
(90.4%)
Digital &
Telehealth
(93.5%)
Digitally Enabled
Providers
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