Tenet's 3Q Results Plagued by Continued Profit Pressure in Its Hospital Operations
Tenet reported another quarter of decent performance out of its ambulatory care and Conifer segments, which was overshadowed by weakness in its hospital operations. As we update our model, we don't intend to make any major changes to our $27.50 fair value estimate for the no-moat firm, which implies approximately 6.3 times and 10.7 times our updated adjusted EBITDA and earnings forecast for 2019.The firm's top line continues to exceed our and consensus expectations, driven by strong pricing, wi...
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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