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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Selected Fwd EBIT Multiple | 10.3x - 11.4x | 10.8x |
| Fair Value | $309.06 - $360.84 | $334.95 |
| Upside | -8.4% - 7.0% | -0.7% |
| Benchmarks | Ticker | Full Ticker |
| Universal Health Services, Inc. | UHS | NYSE:UHS |
| Tenet Healthcare Corporation | THC | NYSE:THC |
| Community Health Systems, Inc. | CYH | NYSE:CYH |
| Acadia Healthcare Company, Inc. | ACHC | NasdaqGS:ACHC |
| Chemed Corporation | CHE | NYSE:CHE |
| HCA Healthcare, Inc. | HCA | NYSE:HCA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UHS | THC | CYH | ACHC | CHE | HCA | ||
| NYSE:UHS | NYSE:THC | NYSE:CYH | NasdaqGS:ACHC | NYSE:CHE | NYSE:HCA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.1% | 9.4% | -1.3% | 10.7% | 6.9% | 7.9% | |
| 3Y CAGR | 6.5% | 7.9% | -13.0% | 9.6% | 2.7% | 2.9% | |
| Latest Twelve Months | 43.4% | 15.1% | -3.1% | 3.1% | 8.6% | 9.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 12.5% | 7.0% | 17.2% | 15.4% | 15.0% | |
| Prior Fiscal Year | 8.2% | 13.6% | 7.0% | 17.3% | 15.1% | 14.8% | |
| Latest Fiscal Year | 10.6% | 15.6% | 6.7% | 16.6% | 15.3% | 14.9% | |
| Latest Twelve Months | 10.6% | 15.6% | 6.7% | 16.6% | 15.3% | 14.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.06x | 1.29x | 1.02x | 1.55x | 3.65x | 1.83x | |
| EV / LTM EBITDA | 7.4x | 6.6x | 10.3x | 7.3x | 20.6x | 9.3x | |
| EV / LTM EBIT | 9.9x | 8.3x | 15.3x | 9.4x | 23.8x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 9.9x | 23.8x | ||||
| Historical EV / LTM EBIT | 11.8x | 12.3x | 12.5x | ||||
| Selected EV / LTM EBIT | 11.5x | 12.1x | 12.7x | ||||
| (x) LTM EBIT | 10,547 | 10,547 | 10,547 | ||||
| (=) Implied Enterprise Value | 120,806 | 127,165 | 133,523 | ||||
| (-) Non-shareholder Claims * | (45,039) | (45,039) | (45,039) | ||||
| (=) Equity Value | 75,767 | 82,126 | 88,484 | ||||
| (/) Shares Outstanding | 246.2 | 246.2 | 246.2 | ||||
| Implied Value Range | 307.74 | 333.57 | 359.39 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 307.74 | 333.57 | 359.39 | 337.29 | |||
| Upside / (Downside) | -8.8% | -1.1% | 6.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UHS | THC | CYH | ACHC | CHE | HCA | |
| Enterprise Value | 16,746 | 26,807 | 12,877 | 4,893 | 8,879 | 128,081 | |
| (+) Cash & Short Term Investments | 126 | 3,019 | 37 | 76 | 178 | 2,021 | |
| (+) Investments & Other | 171 | 1,532 | 152 | 0 | 0 | 1,231 | |
| (-) Debt | (4,955) | (14,327) | (12,102) | (2,096) | (141) | (45,237) | |
| (-) Other Liabilities | (97) | (4,376) | (597) | (117) | 0 | (3,054) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,990 | 12,655 | 367 | 2,756 | 8,916 | 83,042 | |
| (/) Shares Outstanding | 65.0 | 95.1 | 132.4 | 92.9 | 14.6 | 246.2 | |
| Implied Stock Price | 184.46 | 133.04 | 2.77 | 29.66 | 609.17 | 337.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 184.46 | 133.04 | 2.77 | 29.66 | 609.17 | 337.29 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |