Hospital Segment Weakness Overshadows Otherwise Strong 2Q Results; Raising FVE
Tenet Healthcare reported another in a string of strong quarters that surpassed our profit expectations while coming in just shy of our revenue forecasts. We'll likely raise our fair value estimate for this no-moat company by a mid-single-digit percentage to account for modestly higher near-term cash flow forecasts driven by an improved cost structure in both the hospital and Conifer segments, along with the cash flows received since our last update.While the firm's cost-reduction efforts have ...
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.
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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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