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Life Healthcare (LHC) ZAR

Life Healthcare operates private hospitals and provides complementary healthcare services in Southern Africa, including mental health, rehabilitation, renal dialysis, oncology, and diagnostics. It also manages long-term care centers for public sector patients and holds rights to distribute molecular imaging products in Africa.

Sector: Healthcare

ZA_LHC

Price chart

11.73 ZARDay 0.86%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
11.73 ZAR · 0.86%
Market cap
16.6 bn ZAR

Growth

Δ revenue y/y
2.3%
Δ EBITDA y/y
6.0%

Multiples

P/E (LTM)
2.4x
P/B (FY)
1.5x
P/E (ann.)
10.8x
EV/EBITDA (LTM)
5.5x
EV/EBITDA (ann.)
5.2x

Cash return

Dividend yield
4.9%
FCF yield (LTM)
-1.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+0.5%
↓ details

Liquidity

Daily turnover (listing)
26.5 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-03-31H1 2026 (6M)OK12.6
y/y 2.3%
1.3
y/y 9.8%
0.7
y/y -0.6%
2.0
y/y 6.0%
0.8
y/y —
1.2-0.723.4
y/y -0.6%
11.9
y/y 25.2%
13.2%3.7stockanalysis.com
2025-09-30H2 2025 (6M)OK12.8
y/y 4.0%
1.1
y/y 3.4%
0.6
y/y 1.1%
1.7
y/y 2.5%
6.1
y/y 358.1%
2.7-1.125.7
y/y 5.5%
11.4
y/y -9.3%
36.9%-0.5Yahoo Finance
2025-03-31H1 2025 (6M)OK12.3
y/y 8.3%
1.2
y/y 3.1%
0.7
y/y 14.5%
1.8
y/y 7.0%
-2.2
y/y -163.4%
1.7-0.723.6
y/y -24.0%
9.5
y/y -23.2%
-40.2%3.4stockanalysis.com
2024-09-30H2 2024 (6M)OK12.3
y/y 5.8%
1.1
y/y 3.1%
0.6
y/y 8.7%
1.7
y/y 5.2%
1.3
y/y 569.3%
1.9-0.824.3
y/y -46.6%
12.5
y/y -38.0%
38.7%0.8Yahoo Finance
2024-03-31H1 2024 (6M)OK11.3
y/y 3.3%
1.1
y/y -7.5%
0.6
y/y 7.9%
1.7
y/y -2.8%
3.5
y/y 539.7%
1.8-0.631.0
y/y -29.9%
12.4
y/y -41.4%
42.9%-6.0stockanalysis.com
2023-09-30H2 2023 (6M)OK11.7
y/y —
1.0
y/y —
0.6
y/y —
1.6
y/y —
-0.3
y/y —
3.8-1.045.6
y/y —
20.2
y/y —
1.3%11.2Yahoo Finance
2023-03-31H1 2023 (6M)OK11.0
y/y —
1.2
y/y —
0.5
y/y —
1.8
y/y —
0.5
y/y —
0.9-0.544.3
y/y —
21.2
y/y —
—12.5stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-5 00005 00010 00015 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Year-over-year change

-50%-25%0%25%50%2023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Cash flow

FCF (ZAR mln)

-20 000-10 000010 00020 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Net debt / cash (ZAR mln)

-10 000-5 00005 00010 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.94x of reported net profit; after capex, 1.24x.
year2022202320242025
cash flow / profit2.73x17.69x0.77x1.15x
accruals, % of assets-6.3%-9.7%4.5%-2.2%
Last twelve months (to 2026-03-31): 0.57x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 1.3x of depreciation
● Over the last twelve months operating cash flow covered 57% of profit, against 2x across the annual window.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +0.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (1 956 − 1 845) × 1.89
52
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (16 578 + 3 683) ÷ 3 690
5.5x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (5.5 + 8) ÷ 2
6.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -273 + 0 + 0 − 0
-273
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (52 × 6.7 + -273) ÷ 16 578
+0.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +6% vs +5% the year before — a +1.5 pp move. 3-year CAGR +7%.
revenue growth by year: 2023 +10% · 2024 +5% · 2025 +6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Healthcare. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
UNITEDHEALTH GROUP INCUS336.914.5x3.2x
Merck & Co., Inc.US361.815.2x3.4x
AMGEN INCUS218.416.3x3.6x
JOHNSON & JOHNSONUS616.519.3x4.3x
NetcareSouth Africa1.24.9x4.9x
AbbVie Inc.US466.022.7x5.1x
United Medical GroupRussia0.84.3x5.6x
THERMO FISHER SCIENTIFIC INC.US246.325.7x5.7x
ELI LILLY & CoUS1022.629.9x6.7x
PromomedRussia1.26.3x8.2x
MD MedicalRussia1.47.1x9.3x
Mitra Keluarga KaryasehatIndonesia1.311.0x11.7x
Group median14.8x5.3x
Group average14.8x6.0x
This companySouth Africa1.05.5x5.5x

Group median 14.8x as traded, 5.3x adjusted; this company 5.5x — a 3% premium.

Group average 14.8x as traded, 6.0x adjusted; against the average this company is at a 8% discount.

At the adjusted group median the market cap would be -3% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-1723 ZAREx-dividend: 23 ZAR per sharePaidYahoo Finance (ex-div)
2025-12-1735 ZAREx-dividend: 35 ZAR per sharePaidYahoo Finance (ex-div)
2025-09-17235 ZAREx-dividend: 235 ZAR per sharePaidYahoo Finance (ex-div)
2025-06-1121 ZAREx-dividend: 21 ZAR per sharePaidYahoo Finance (ex-div)
2025-01-0870 ZAREx-dividend: 70 ZAR per sharePaidYahoo Finance (ex-div)
2024-12-1131 ZAREx-dividend: 31 ZAR per sharePaidYahoo Finance (ex-div)
2024-06-1219 ZAREx-dividend: 19 ZAR per sharePaidYahoo Finance (ex-div)
2024-04-03600 ZAREx-dividend: 600 ZAR per sharePaidYahoo Finance (ex-div)
2023-12-1227 ZAREx-dividend: 27 ZAR per sharePaidYahoo Finance (ex-div)
2023-06-1317 ZAREx-dividend: 17 ZAR per sharePaidYahoo Finance (ex-div)
2022-12-0725 ZAREx-dividend: 25 ZAR per sharePaidYahoo Finance (ex-div)
2022-06-1415 ZAREx-dividend: 15 ZAR per sharePaidYahoo Finance (ex-div)
2021-12-0825 ZAREx-dividend: 25 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Life Healthcare (LHC) — from primary filings.

Frequently asked questions

What is Life Healthcare (LHC)'s P/E ratio?
Life Healthcare (LHC) trades at a P/E of 2.4x (price to trailing 12-month earnings).
What is Life Healthcare (LHC)'s EV/EBITDA?
Life Healthcare (LHC) trades at 5.5x EV/EBITDA.
What is Life Healthcare (LHC)'s P/B ratio?
Life Healthcare (LHC) trades at a P/B of 1.5x.
What is Life Healthcare (LHC)'s dividend yield?
Life Healthcare (LHC)'s trailing 12-month dividend yield is 4.9%.
What is Life Healthcare (LHC)'s return on equity (ROE)?
Life Healthcare (LHC)'s ROE is 13.2%.
What is Life Healthcare (LHC)'s market capitalization?
Life Healthcare (LHC)'s market cap is 16.6 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map