Initiating Coverage of Surgery Partners With No Moat and Stable Trend Ratings; FVE $19
We're initiating coverage of Surgery Partners, a Nashville-based healthcare provider, with no moat and stable trend ratings. Our $19 fair value estimate puts shares in 4-star territory after recent underperformance, representing a compelling entry point for long-term investors willing to tolerate reasonably high levels of volatility. This valuation implies an enterprise value/adjusted EBITDA multiple of roughly 12.4 times our 2018 estimate.While the ambulatory surgery center, or ASC, industry l...
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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