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Strength
Increased demand for high-Intensity treatments in outpatient (+5.1% QoQ) and inpatient (+1.7% QoQ) segments, alongside +3.1% QoQ growth in overall volume, supported MIKA’s top-line; 9M24 EBITDA margin expanded to 37.7% (9M23: 35.6%) on the back of favorable payer mix (85% non-JKN in 9M24 vs. 81% in 9M23)
Weakness
Inpatient traffic saw -6.3% QoQ decline in 3Q24, primarily due to temporary halt in cashless payment programs by some insurance companies in July, though the program resumed in August following negotiations
Opportunity
Expectations of favorable payer mix and organic increase in treatment intensity should pave the way for robust margins onwards; stock underperformance provides buying opportunities
Threat
Tighter balance sheet, stemming from increased reimbursement demands to JKN and insurance companies, combined with weak purchasing power, could restrict ASP growth and dampen overall patient traffic; relatively demanding valuation of 20.7 EV EBITDA (local peers avg: 15.9x) could negatively further impact stock performance
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