VIT 1.16% 8.5¢ vitura health limited

Ann: 2023 Financial Report, page-22

  1. 124 Posts.
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    On the surface it looks like a good result - YoY Revenue & profits up massively.

    But look a little deeper and you can see why the sell off.

    Half year deltas are poor.
    Revenue only up ~4%. But it gets worse.
    Gross margin compression means gross profit actually down ~5%. But it gets worse.
    Expense rise means net profit down a chunky ~20%.

    That's the two concerns here:-
    Growth - How discretionary is this space and how impacted by the macro environment?
    Margins - what compression should we expect in a competitive space?

    What multiple would you pay for this?
    IMO you could easily make an argument on both the bull & bear side.
 
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