Online Medical consultation and treatment

Doctor Care Anywhere Group

AU: DOC

Market CapAU$145.2m

Last Close AU$0.81

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 Group’s (DOC) Q221 update highlights that underlying revenue has continued to increase, driven by its expanding internet hospital and subsequent growth in diagnostic referrals. Management remains confident that FY21 revenue will be at least 100% above FY20 levels, implying total revenue of at least £23.2m. Its balance sheet remains strong with net cash of £31.5m. The expected Q421 launch of its digitally integrated virtual and in-person primary care service with Nuffield Health will be a UK first.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 5.7 (3.8) (4.4) (3.71) N/A N/A
2020A 11.6 (7.8) (13.5) (7.81) N/A N/A
2021E 23.4 (15.5) (16.3) (5.09) N/A N/A
2022E 37.4 (11.4) (9.0) (2.80) 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. Areas like secondary care should also benefit from the end of restrictions, as indicated by DOC’s latest data. IPO activity within the industry is showing continuing momentum, as highlighted by Babylon, which announced its planned listing on Nasdaq for an equity valuation of c $4.2bn in H221.

Last updated on 30/07/2021
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Share price graph
Balance sheet
Forecast net cash (£m) 20.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (1.2) (19.0) N/A
Relative* (2.2) (22.9) N/A
52-week high/low A$1.5/A$0.8
*% relative to local index
Key management
Bayju Thakar CEO
Dan Curran CFO

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