Page 165 - RusRPTDec21

highlights are below.
The released numbers were strong, with the top-line growing 16.5% y/y to €206mn, which implies an 18% y/y increase for 3Q21. Outpatient revenues were up 17.2% y/y on the back of growing visits (17.9% y/y), which were primarily for general treatment, emergencies, physiotherapy, ophthalmology and psychiatric help.
The average ticket stayed flat y/y (€261), due to the growing share of less marginal services in mix, including telemedicine. Inpatient revenues added 19.5% y/y, boosted by strong hospital admission growth (+49% y/y), because of the higher number of chemotherapy procedures, both in MHI and on a commercial basis. The average check declined 20% y/y (€4,988), because of the higher share of less expensive chemotherapy procedures vs. more complex and high-tech treatment. YTD, the consolidated top-line growth was ahead of our annual estimates (12% y/y), creating minor upside risks, subject to the development of the pandemic in the last quarter of the year. EMC’s GDRs have added 20% since the IPO, and now demand an EV/EBITDA of 9.5x for 2022F, a 12% discount to the company’s EM peers. Along with the 12 month dividend yield of 8%, this makes the stock as an attractive exposure to the Russian healthcare sector.
HeadHunter posted 3Q21 IFRS results on November 15. Revenue jumped 103% y/y to Rb4.7bn in 3Q21 due to the favorable comparison base (15pp impact), the consolidation of Zarplata and Skillaz (15pp) and very strong underlying revenue trends (c70pp). The latter breaks down into an increase in monetization (c30pp), services consumption per client (c20pp) and client base expansion (c25pp). The company saw strong growth both in the number of paying clients (45%, mainly in SME) and in ARPC (+71% for key accounts, +41% in SME). As a result, adjusted EBITDA grew 117% to Rb2.8bn (60% margin). Adjusted net income grew 130% to Rb2.1bn (44% margin). Guidance for 2021 revenue growth was upgraded by 16-18pp to +81-84% vs +63-68% previously.
165 RUSSIA Country Report December 2021 www.intellinews.com