Upgrading HCA Healthcare to Narrow Moat; Raising Fair Value Estimates Across Our Hospital Coverage
We’ve taken a fresh look at the healthcare provider space and come away a bit more constructive on acute care facilities in general. We're raising our moat rating for HCA to narrow from none, while maintaining our no-moat rating on Tenet Healthcare and initiating on LifePoint Health at no-moat. We think aggregate valuations are beginning to look compelling. As a result, we’re increasing our fair value estimate for HCA to $114 from $78, our Tenet fair value moves to $25 from $16.50, and we’re ini...LifePoint Health owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities. At Dec 31 2017, the company operated 71 hospital campuses in 22 states throughout the U.S., having a total of 9,254 licensed beds. The company's hospitals provide medical and surgical services commonly available in hospitals in non-urban markets. These services include general surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, pediatric services, and, in some of the company's hospitals, specialized services such as open-heart surgery, nursing, psychiatric care and neuro-surgery. In several markets, the company also provides outpatient services.
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