Growth Trends Continue to Move in Right Direction During Surgery Partners' 4Q
No-moat Surgery Partners reported fourth-quarter and full-year results that were modestly ahead of our expectations, driven by continued strength in same-facility revenue growth. As we update and roll our model, we don't anticipate making sizable adjustments to our long-run forecast and will probably see only modest changes to our $19 fair value estimate, equating to roughly 10.5 times our adjusted EBITDA estimate for 2019. While the stock currently trades at a sizable discount to our valuation,...Surgery Partners is a holding company. Through its subsidiaries, the company is a healthcare services company. The company operates in three reporting segments : Surgical Facility Services, which consists of the operation of ambulatory surgery centers (ASCs) and surgical hospitals; Ancillary Services, which consists of a diagnostic laboratory and multi-specialty physician practices; and Optical Services, which consists of an optical laboratory and an optical products group purchasing organization. As of Dec 31 2017, the company owned or operated primarily in partnership with physicians, a portfolio of 124 surgical facilities comprised of 106 ASCs and 18 surgical hospitals across 32 states.
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