Online Medical consultation and treatment

Doctor Care Anywhere Group

AU: DOC

Market CapAU$142m

Last Close AU$0.75

Doctor Care Anywhere is a fast-growing telehealth company focused on delivering high-quality care to its patients, while reducing the cost of providing healthcare for health insurers and healthcare providers.

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Investment summary

Doctor Care Anywhere’s (DOC) H121 results were robust, with underlying revenue increasing by 101% y-o-y to £9.2m and consultations by 130%. Growth in the second half should be driven by continued growth in consultations, which looks likely given that DOC delivered a record 35,000 in July. Looking to FY22, progress will be determined by new partnerships and new services on its platform. Notably, management has delivered on a number of IPO commitments throughout the year, including the addition of mental health services and the expansion into new geographies via its acquisition of GP2U Telehealth, providing a foothold in the Australian market.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 5.7 (3.7) (4.4) (3.69) N/A N/A
2020A 11.6 (11.6) (13.5) (7.76) N/A N/A
2021E 23.6 (17.2) (18.1) (5.58) N/A N/A
2022E 38.4 (11.5) (9.1) (2.77) N/A N/A
Industry outlook

The global telehealth market is forecast to grow at a CAGR of 23.1% from US$5.3bn in 2019 to US$14.9bn by 2024, primarily driven by COVID-19 related changes to consumer habits. Enhanced consumer confidence, along with the benefits of increased efficiency and convenience, should continue to provide long-term tailwinds as pandemic-related restrictions ease. DOC’s H121 performance gives the strongest indication yet that performance is following a secular trend that is set to remain as we exit the pandemic.

Last updated on 20/10/2021
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Share price graph
Balance sheet
Forecast net cash (£m) 19.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.0) (11.3) N/A
Relative* (4.4) (13.6) N/A
52-week high/low A$1.5/A$0.7
*% relative to local index
Key management
Bayju Thakar CEO
Dan Curran CFO

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