Asset Sales and Cost Improvements Remain Key to Tenet's Success
No-moat Tenet finished 2018 on a solid note, with both revenue and EBITDA coming in modestly ahead of our expectations. As we suspected, management's initial 3%-5% guide for 2019 EBITDA growth presented in the third quarter proved too conservative, with its revised projections now implying 4%-7% improvement over 2018, consistent with our expectations. As we update and roll our model, we'll likely raise our fair value estimate by a high-single-digit percentage driven by the cash flows received si...Tenet Healthcare is a healthcare services company. Through its subsidiaries, partnerships and joint ventures, including USPI Holding Company, Inc., the company operates hospitals, surgical hospitals and outpatient centers. In addition, the company's Conifer Holdings, Inc. (Conifer) subsidiary provides healthcare business process services in the areas of hospital and physician revenue cycle management and care solutions to healthcare systems, as well as individual hospitals, physician practices, self-insured organizations, health plans and other entities. The company has three reportable segments: Hospital Operations and other; Ambulatory Care; and Conifer.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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