Added to YB: 2025-06-13
Pitch date: 2025-06-12
1846.HK [bullish]
EuroEyes International Eye Clinic Limited
-11%
current return
Author Info
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Company Info
EuroEyes International Eye Clinic Limited provides vision correction services in Germany, the People’s Republic of China, Denmark, the United Kingdom, and Switzerland.
Market Cap
HKD 833.8M
Pitch Price
HKD 2.92
Price Target
N/A
Dividend
1.70%
EV/EBITDA
2.33
P/E
15.27
EV/Sales
0.71
Sector
Health Care Providers and Services
Category
value
Hong Kong Affairs
1846.HK: Premium eye clinic chain in Germany/Denmark/UK/HK/China with 20-30% ROTC at clinic level via hub-and-spoke model. Surgeons perform 1,000-2,000 procedures/yr (2-4x peers), driving superior unit economics. Mature German clinics: 45-50% EBITDA margin, 30%+ tangible ROIC. Currently 20% group EBITDA margin due to new clinic investment (3-5yr payback). Aging demographics + rising myopia = low-teen rev growth, high-teen profit growth. Trades 6.7x EV/EBIT (50% peer discount) despite 65% latent capacity. Conservative scenario: 20% FCF yield at 45% utilization. Risks: HK listing perception, China exposure (20% rev), FX volatility, capital allocation discipline.
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