Edison Investment Research Limited: Doctor Care Anywhere Group (DOC): Initiation - DOC from home

London, UK, 9 April 2021

Doctor Care Anywhere Group (DOC): Initiation - DOC from home

Doctor Care Anywhere (DOC) is a fast-growing telehealth company focused on the private healthcare sector. 2020 was a transformational year for the company: it signed up major new partners, listed on the ASX, delivered triple-digit revenue and KPI growth and ended 2020 with strong balance sheet (£38.4m in net cash). We believe DOC is well placed to continue to grow by executing on management's expansion strategy of increasing its activated customer base, developing new services and expanding into Europe and Asia. DOC currently trades at a significant discount to its peers, which we believe will narrow as the company builds up a track record on the market and executes on its growth potential.

DOC trades at 6.9x our 2021 revenue forecast on an EV/sales multiple, which is a sizable 60% discount to its peer group of global telehealth companies, which average 17.2x. However, our two-year forecast revenue CAGR of 80% is 34% ahead of the peer group average 60% growth rate. We believe this valuation discount to peers will reduce over the next 12-18 months, as DOC builds up a track record on the market and executes on its growth strategy.

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