It is hard to overestimate valuations for healthcare service groups in Emerging Markets. Fullerton, a chain of 200 outpatient centres in south East Asia is likely to have a market cap (excluding debt) of US$1.1bn. That values its 400 doctors and 700 nurses at around US$10m per head. Meanwhile, Saudi German, now known as Middle East Healthcare Company, IPOed in mid-April on the Saudi exchange, valuing it at $1.8bn.
May 13, 2016