Edison Investment Research Limited: Induction Healthcare Group (INHC) initiation Evolving technology in healthcare

London, UK, 5 July 2022

Induction Healthcare Group (INHC) initiation Evolving technology in healthcare

Induction Healthcare is a growing UK-based healthcare software company, aiming to provide patients with more flexible care options beyond the traditional face-to-face consultation model. Early in FY22, management acquired Attend Anywhere, which was transformative for the business, leading to revenue growth of 8x and a move to adjusted EBITDA break-even. Our forecasts indicate further growth in revenue and profitability, which should be supported by its robust cash position.

At 2.1x FY23e EV/sales, Induction trades at a 38% discount to its peers. Were the shares to trade in line with the peers, the implied share price would be 73.4p, suggesting an upside of 51%.  

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