Mouwasat Medical Services Company - Mouwasat

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1 Recommendation Overweight Fair Value (SR) Price as of 2 nd of March 2014 (SR) Expected return 12.5% Company data Tadawul symbol 4002.SE 52- week high (SR) week low(sr) YTD change -10.7% Average trading volume (thousand shares) 102 Market Cap (million SR) 4,088 Market Cap (million USD) 1,090 Number of shares issued (million) 50.0 Free float 47.5% Financial indicators Revenues (million SR) Net Income (million SR) EPS (SAR) PE ratio (x) P/BV (x) Dividend yield 1.2% 1.8% 1.8% 2.4% Net Income growth %3.71 %9.71 %3.71 %3.71 Initiation of coverage Mouwasat Medical Services was founded in 1975 in Dammam where it began running its first medical activity: Al Mouwasat Dispensary, Dammam, which was the first private medical dispensary in Dammam. The company was originally set up as an individual entity. In 1997 the legal form of the corporation was changed to a Limited Liability Company with recorded capital of SAR 3 million. In 2004 the partners decided to increase the company's capital to SAR 147 million by converting a total of SAR million from the retained earnings, statutory reserves, and current accounts of partners to the capital account. The legal entity of the company was converted from a Limited Liability Company to a joint stock company in 2006 with a capital of SAR 250 million divided into 25 million fully paid ordinary shares with a nominal value of SAR 10 per share. The company s capital currently stands at SAR 500 million after offering shareholders one for one bonus shares in The company s activity is engaged in the ownership, management and operation, and maintenance of hospitals, health centers, medicine warehouses, and pharmacies. Mouwasat has established its presence as a major provider of healthcare services in Saudi Arabia in general and the eastern province in particular. Furthermore, the company provides healthcare services to the clients of all insurance companies that are approved by the CCHI. According to company s estimation, 30% of its resources are allocated to serve walk-in patients (cash patients) Mouwasat Tadawul Retail Index Tadawul Index Revenue Breakdown % 37% 44% Sources: Albilad Capital estimates, Tadawul, The Economist report Healthcare in Saudi Arabia 2014 Inpatient Outpatient Pharmaceutical For more information you may contact: Turki Fadaak Research & Advisory Manager Or Albilad Capital Head Office: Tel : Fax : P.O. Box 140 Riyadh Revenue Geographical Breakdown % 86% Eastern Province western Province 1

2 Company Overview Mouwasat also leases and manages hospitals and health care centers. The company provides a complete range of healthcare services to strategic clients such as Saudi Aramco. Mouwasat signed a 5-year renewable contract, expiring mid-2015, with Aramco to provide health care services for its employees in the eastern province. In addition to Saudi Aramco, the company has contracts with Tawuniya to provide healthcare services to SABIC and Saudi Electricity Company employees throughout Saudi Arabia. Affiliated Hospitals Ownership Capacity Mouwasat Hospital in Dammam 100% 240 Beds Mouwasat Hospital in Jubail 100% 114 Beds Mouwasat Hospital in Al-Qatif 51% 120 Beds Mouwasat Hospital in Riyadh 100% 175 Beds Mouwasat Hospital in Madina Management contract 120 Beds Mouwasat Dispensary in Dammam Management contract 20 clinics Mouwasat Dispensary in Al-Ahsa Management contract 18 clinics Subsidiaries and Associates Capital Ownership Activity Eastern Medical Services Company SAR 23.9 million % 51 Advanced Medical Projects Company SAR 10 million % 50 Own, establish, and maintain hospitals, clinics, medical centers, drug warehouses, and pharmacies in Al-khobar Ownership of the ophthalmology and ENT center located in close proximity from the Mouwasat Hospital in Dammam Specialized Medical Clinic Company Limited SAR 500 thousand % 55 Operating dermatology and plastic surgery centers in Al-Khobar 2

3 Industry Overview Population growth and longevity are considered to be the demand drivers for the health care sector in KSA. Saudi Arabia`s population stood at 29.9 million by the end of 2013, which is 2.7% higher than the previous year. The total population, of which Saudi citizens constitute 67.5%, is projected to grow to 35 million by Moreover, the Saudi government spending on health care is steadily increasing. The cabinet has allocated SAR 79 billion from the 2014 budget to the ministry of health, compared to SAR 54.4 billion budgeted for The massive spending on health care from the ministry has increased the total number of hospitals to 420. In terms of inpatient beds, there were 58,000 beds in 2013, 58% of which are provided by the public sector. The ministry of health operates 251 hospitals and 2,109 medical centers while the private sector currently owns and operates 130 hospitals and 2,185 medical centers as of the end of The government plans to establish four large medical hubs in the four main regions of the kingdom to ensure a sufficient level of health care provision for each of the regions. The government also intends to add 1,258 medical centers and more than twenty thousand inpatient beds to reach a target of 2.5 hospital beds per one thousand people before It is worthwhile mentioning that the current rate is 2.2 beds per one thousand people, which is much lower than the average level of 5.5 currently found in developed countries Population (Million) Ministry of Health (Billion Riyals) Aiming to meet the health care demand, the government imposed a compulsory medical insurance scheme on private sector employers in The kingdom also plans to increase the number of private health care providers through attracting global health care leaders. Moreover, Saudi Arabia will pave the way for new market entrants through easing bureaucracy and offering long term financing with easier terms than previously available. Latest Developments In February 2013, the board of directors invited shareholders to its AGM on 2 nd of April 2014 to approve its proposed SAR 100 million annual dividends for 2013 (20% of capital). Holders of company stock listed in the company`s registry on the AGM date (2 nd of April 2013) will be eligible for SAR 2 per share of dividends. The dividend date will be announced later. In September 2013, Mouwasat Medical Services Company signed a SAR 106 million long term loan contract with the Ministry of Finance to fund the company's hospital in Riyadh. The loan is payable over 20 annual installments with a grace period of 5 years. The hospital`s investment cost is SAR 250 million with a capacity of 175 inpatient beds and will commence operation in the second half of We estimate the hospital`s annual revenue to reach SAR 80 million in In July 2013, Mouwasat signed an agreement with Emaar Enterprise Co. to carry out the company`s hospital expansion project in Jubail. The duration of the contract is 18 months with a total value of SAR 70 million and will double the hospital`s current capacity. During the third quarter of 2013, the company commenced the construction of the new hospital in Al-Khobar. It is worthwhile mentioning that Mouwasat purchased the land plot, which spans over 53 thousand square meters and with a total value of SAR 65 million, to establish the hospital and the attached staff housing. 3

4 Financial Analysis Income Statement During the fourth quarter of 2013, revenues increased by 13.89% to SAR 243 million, when compared against the fourth quarter of The gross profit margin reached 51.18% versus 47.46% during the same period in Selling, general, and administrative expenses increased by 20.20% to SAR 69 million. Thus, during the fourth quarter of 2013, the company realized an increase in net income by 18.45% recording SAR 50 million compared to SAR 43 million during the same period in The company s net profit margin also increased to 20.78% versus 19.98% during the fourth quarter of During 2013, annual revenues increased by 13.27%, compared to 2012, to SAR 902 million. The cost of goods sold increased by 5.34% to SAR 446 million, which resulted in an increase in the gross profit margin by 373 basis points to reach 50.52% versus 46.79% in Selling, general, and administrative expenses increased by 25.12% to SAR 234 million. Thus, during 2013, the company realized an increase in net income by 17.25% recording SAR 201 million compared to SAR 172 million during The company s net income margin also increased by 76 basis points to 22.30% during the fiscal year ending December As for Mouwasat s divisions, inpatient and outpatient divisions revenues grew by 22.2% and 11.2%, respectively. Meanwhile, the pharmaceuticals division saw revenues increase slightly by 2.6% to SAR 168 million. The gross profit margin for inpatient and outpatient divisions increased to around 55.5% versus 50.9% and 51.1%, respectively in However, the gross profit margin for the pharmaceuticals division declined to 28.9% compared to 30.5% in Balance Sheet In 2013, total assets grew by 19.41%, in comparison to the previous year, reaching SAR 1,463 million. Key highlights: 1. An increase in fixed assets due to capital expenditures amounting to SAR 228 million and SAR 203 million during 2012 and An increase in 2013 inventory by 7.33% compared to 2012 to reach SAR 67 million in December A decrease in 2013 accounts receivable ending balance by 3.57% compared to 2012 to reach SAR 214 million in December An increase in 2013 accounts payable ending balance by 13.47% compared to 2012 to reach SAR 138 million in December Loans Breakdown 2013 Loans Maturity % 67% Commercial loans Government loans 0 After to 2020 Before

5 Valuation and Recommendation We valued the Mouwasat Medical Services share using the following measures: Price to Earnings ratio, Enterprise Value to EBITDA and Enterprise Value to Sales. We valued the company relative to GCC listed health care providers and we reached a fair value per share of SAR 92.00, which is 12.5% higher than the current market price, thus we assign an Overweight recommendation to Mouwasat Medical Services. Gulf Medical Company Dallah Kuwait Mouwasat Yiaco Julphar Projects Company Country Saudi Arabia Kuwait Kuwait UAE UAE Currency Million SAR Million USD Million USD Million USD Million USD Weighted Average Income Net Revenues EBITDA Market Cap 3, Net Debt Enterprise Value 3, , P/E Multiple EV/EBITDA EV/Sales Fair Value Price as of 2 nd of Mar Expected Return 12.5% Recommendation Overweight 5

6 Q4 Q4 Balance sheet (million SR) Change Balance sheet (million SR) Change Current Assets % Current Assets % Investments % Investments % Fixed Assets % Fixed Assets % Other Assets % Other Long Term Assets % Total Assets 1, , % Total Assets 1, , % Current Liabilities % Current Liabilities % Long Term Debt % Long Term Debt % Other Long Term Liabilities % Other Long Term Liabilities % Shareholders' Equity % Shareholders' Equity % Total Liabilities and Shareholders' Equity 1, , % Total Liabilities and Shareholders' Equity 1, , % Q4 Q4 Income statement (million SR) Change Income statement (million SR) Change Revenues % Revenues % Cost of Revenues % Cost of Revenues % Gross Profit % Gross Profit % Selling, General, and Admin. Expenses % Selling, General, and Admin. Expenses % Net Interest Expense % Net Interest Expense % Other Expenses/(Income) (3.8) (3.5) -7.6% Other Expenses/(Income) (8.7) (11.5) 33.1% Total Other Expenses/(Income) % Total Other Expenses/(Income) % Net Income Before Zakat % Net Income Before Zakat % Zakat % Zakat % Minority Interest % Minority Interest % Net Income % Net Income % Cash flow statement (million Q4 Q4 Cash flow statement (million SR) Change SR) Change Net Income Before Tax % Net Income Before Tax % Depreciation and Amortization % Depreciation and Amortization % Inventory % Inventory (4.0) (4.6) 14.4% Accounts Receivable (5.7) 3.3 Accounts Receivable (38.2) 7.9 Accounts Payable % Accounts Payable % From Operations 0.8 (1.4) From Operations (9.6) (11.2) 16.3% Change in Fixed Assets (32.7) (76.5) 133.9% Change in Fixed Assets (202.6) (228.4) 12.7% From Investing Activities (19.6) 1.4 From Investing Activities (64.9) (27.0) -58.5% Change in Debt Change in Debt % Dividends Paid % Dividends Paid (75.0) (75.0) 0.0% From Financing Activities % From Financing Activities (5.9) (7.8) 33.3% Beginning Cash Balance % Beginning Cash Balance % Ending Cash Balance % Ending Cash Balance % Source: Mouwasat Filings 6

7 Definitions Earnings Per Share It is an indicator of the company's profit in Saudi Riyals per each outstanding share. It is calculated by dividing the company s net income of by the number of outstanding shares. Revenue Is the amount of income that is brought into a company by its business activities. Gross profit A company s profit after deducting the cost associated directly with its sales or production. Does not include indirect cost like depreciation, interest, tax and non-operating expense. Price-to-earnings (P/E) Ratio It is the price paid by the company shareholders for the earnings of one of its shares. It is used to compare the prices of the company s shares with that of another company within the same sector. If the P/E is higher than the sector s average, it indicates either the share is overpriced or that there is a greater expectation for the company to generate more profits in the future, and vice versa. It is calculated by dividing the price of a share by the share s earnings in Saudi Riyals Book value per share The company's book value represents the value of the company in the event of liquidation or exit. Dividing the shareholders equity by the company s outstanding shares represents the book value per share. Price-to-book (P/B) ratio It represents the market price per share vis-à-vis its book value. It is used to compare between companies within the same sector and comparing them to the sector s average. If the number is higher than the average, it means that the company s price is traded higher than its book value. This means that either the share is overpriced or that the company is in a growth state; and vice versa. The number is calculated by dividing the share s market price by its book value. Return on equity It is a percentage representing the extent of the company's efficiency in achieving earnings from the shareholders investment. It is calculated by dividing the company s net income by Shareholders' equity. The higher the percentage, the higher the efficiency, and vice versa. Net Debt Total long-term debt after deducting cash on hand and in banks. Enterprise Value It is the market capitalization plus net debt. Time horizon We recommend using a Time horizon of 9 to 12 months, during which the current price might reach the Target price Albilad Capital Rating Methodology Al-Bilad Capital uses its own evaluation structure, and its recommendations are based on quantitative and qualitative data collected by the analysts. Moreover, the evaluation system places covered shares under one of the next recommendation areas based on the closing price of the market, the fair value that we set and the possibility of ascent/descent. Overweight: The Target share price exceeds the current share price by 10%. We expect the share price to reach the Target price over the next 9-12 months Neutral: The Target share price is either more or less than the current share price by < 10% We expect the share price to reach the Target price over the next 9-12 months Underweight: The Target share price is less than the current share price by 10%. We expect the share price to reach the Target price over the next 9-12 months To be Revised No target price had been set for one or more of the following reasons: waiting for more analysis, waiting for detailed financials, waiting for more data to be updated, major change in company`s performance, change in market conditions or any other reason from Albilad Capital Research. 7

8 Albilad Capital Client Services Tel: Toll-free: Asset Management Tel: Research & Advisory Tel: Brokerage Tel: Investment Banking Tel: Disclaimer AlBilad Investment Co. exerted utmost efforts to ensure that the information included in this report is accurate and correct. However, AlBilad Investment Co., its managers, and staff bear no liability whether explicitly or implicitly for the content of the report and no legal responsibility, whether directly or indirectly, for any results based on it. This report should not be reproduced, redistributed, or sent directly or indirectly to any other party or published in full or in part for any purpose whatsoever without a prior written permission from AlBilad Investment Co. We would also like to note that this information in no way constitutes a recommendation to buy or sell banknotes or make any investment decisions. Any investment act taken by an investor based fully or partially on this report is the complete responsibility of the investor. This report is not meant to be used or seen as advice or an option or any other measure to be taken in the future. We recommend consulting a qualified investment advisor before investing in these investment tools. AlBilad Investment Co. preserves all rights associated with this report. 8

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