Tenet Reports Mixed 1Q, but We Don't Anticipate a Change to Our Fair Value Estimate
No-moat Tenet reported first-quarter results that were slightly below our expectations, but we don't intend to alter our $30 per share fair value estimate. One-off costs in the hospital segment and facility divestitures across the firm contributed to the weaker results. Management maintained its outlook for the year, implying 4%-7% EBITDA growth despite a first-quarter decline of roughly 780 basis points. Adjusting for a handful of discrete items would have left consolidated EBITDA up about 2% c...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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