Report
Jake Strole
EUR 100.00 For Business Accounts Only

Upgrading HCA Healthcare to Narrow Moat; Raising Fair Value Estimates Across Our Hospital Coverage

We’ve taken a fresh look at the healthcare provider space and come away a bit more constructive on acute care facilities in general. We're raising our moat rating for HCA to narrow from none, while maintaining our no-moat rating on Tenet Healthcare and initiating on LifePoint Health at no-moat. We think aggregate valuations are beginning to look compelling. As a result, we’re increasing our fair value estimate for HCA to $114 from $78, our Tenet fair value moves to $25 from $16.50, and we’re ini...
Underlying
Tenet Healthcare Corporation

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Jake Strole

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