AMN - Embedded Expectations Analysis - 2020 06 02
AMN Healthcare Services, Inc. (AMN:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 17.6x Uniform P/E. At these levels, the market is pricing in bearish expectations for the firm, but given management's excitement about ER staffing and confidence about their MSP clients and the AMN Cares launch, market expectations are too bearish, and equity outperformance is warranted for AMNSpecifically, management generated an excitement marker when saying declines in specialty physician demand were partially offset by increased ER staff and hospitalist demand. Moreover, they are confident they are talking with strategic managed services program (MSP) clients about their plans, that their MSP clients are turning to travel staffing to help open operating rooms, and that they rapidly mobilized the start-up, staffing, and management of medical facilities. In addition, they are confident that their AMN Cares launch will allow them to support telehealth visits, but declining demand for coronavirus-related clinicians is good news for the country
AMN Healthcare Services provides talent solutions for the healthcare sector. The company's talent solutions provides management, staffing, recruitment, technology, analytics, and related services to manage healthcare workforce needs. The company provides its healthcare personnel, from nurses, doctors, and allied health personnel to healthcare leaders and executives. The company's workforce solutions and staffing services include: travel nurse staffing; rapid response nurse staffing and labor disruption services; local, or per diem, staffing; locum tenens staffing; allied staffing; physician permanent placement services; interim leadership staffing and executive search services; and recruitment process outsourcing.
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