DHG [UNDERPERFORM -13.3%] - Coronavirus further challenges earnings growth outlook - Update
  • 2020-02-25T18:44:07
  • Company Research
We reiterate UNDERPERFORM as DHG’s 2020F PER of 20.5x (29% premium to peer median TTM PER) looks demanding against our 4% EPS CAGR forecast for 2019-2022F. Meanwhile, we lift our target price by 3% mainly due to DHG’s better-than-expected cash conversion cycle.