Affirming Our Narrow-Moat Ratings for DaVita and Fresenius Medical Care; Raising FVEs
After taking a fresh look at dialysis providers DaVita and Fresenius Medical Care, we are maintaining our narrow moat and stable trend ratings for both firms. We're modestly raising our fair value estimates for both companies as we account for the cash flows they've received year to date and tweak some of our underlying assumptions. For DaVita, our fair value estimate increases to $81 per share, from $77, implying approximately 17.4 and 8.3 times our earnings and EBITDA estimates for 2019. In Fr...
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