Apollo Healthcare Enterprise (AHEL) delivered a better-than-expected 3QFY22 performance, led by strong traction across segments. 3QFY22 saw minimal impact of COVID-related business, both in treatment as well as vaccination. It has been implementing capex/opex in the Hospital/Pharmacy segment online-offline/Apollo Health Lifestyle (AHLL) to profit from the opportunity arising over the next four-to-five years. We maintain our estimates and value AHEL on a SoTP basis (value Hospital/ Pharmacy/AHLL at 22x/35x/30x EV/EBITDA and Apollo 24/7 at 4x EV/sales...