Buy Rating Reiterated at Stifel GMP, Target Kept at C$13.50WELL Health Technologies Buy Rating Reiterated at Stifel GMP Following Good Q4 Results; Price Target Kept at C$13.50 2023-03-22 11:56:22 AM ET (MT Newswires)
11:56 AM EDT, 03/22/2023 (MT Newswires) -- Stifel GMP on Wednesday reiterated its buy rating on the shares of WELL Health Technologies (WELL.TO) and its C$13.50 price target reported fourth-quarter results.
"WELL, a diversified OMNI channel healthcare provider, reported good Q4 results (end Dec.), demonstrating continued solid growth at higher scale," analyst Justin Keywood wrote. "Q4 sales of $157mm, was up 35% YoY, exceeded estimates and included ~20% organic growth. Solid growth is expected to continue and WELL issued new 2023 guidance with an expectation for $665mm-$685mm of revenue, up 17-20% YoY and above prior estimates. The company also spoke to a medium-term target for $1b in sales within three years with an expectation of 20% adj. EBITDA margin and implying almost double the EBITDA from 2022. We continue to favor WELL as a high growth play in healthcare, where there are few ways to gain exposure to billions of new Federal funding in Canada, along with a developing two-tiered healthcare system. WELL has the largest network of primary and specialty care clinics in the country, and we expect this position to strengthen ahead."