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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd Revenue Multiple | 1.6x - 1.8x | 1.7x |
| Fair Value | $344.71 - $400.25 | $372.48 |
| Upside | 2.2% - 18.7% | 10.4% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| UHS | THC | CYH | ACHC | CHE | HCA | |||
| NYSE:UHS | NYSE:THC | NYSE:CYH | NasdaqGS:ACHC | NYSE:CHE | NYSE:HCA | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.8% | 2.3% | -0.9% | 9.4% | 4.6% | 6.6% | ||
| 3Y CAGR | 7.8% | 2.0% | 0.7% | 10.9% | 4.4% | 6.3% | ||
| Latest Twelve Months | 10.8% | 0.6% | 1.2% | 7.7% | 7.4% | 8.7% | ||
| 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 EBIT | 9.9x | 8.3x | 15.3x | 9.4x | 23.8x | 12.3x | ||
| Price / LTM Sales | 0.76x | 0.61x | 0.03x | 0.87x | 3.67x | 1.18x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.02x | 1.29x | 3.65x | |||||
| Historical EV / LTM Revenue | 1.65x | 1.83x | 1.99x | |||||
| Selected EV / LTM Revenue | 1.86x | 1.95x | 2.05x | |||||
| (x) LTM Revenue | 70,603 | 70,603 | 70,603 | |||||
| (=) Implied Enterprise Value | 131,003 | 137,898 | 144,793 | |||||
| (-) Non-shareholder Claims * | (45,039) | (45,039) | (45,039) | |||||
| (=) Equity Value | 85,964 | 92,859 | 99,754 | |||||
| (/) Shares Outstanding | 246.2 | 246.2 | 246.2 | |||||
| Implied Value Range | 349.16 | 377.16 | 405.17 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 349.16 | 377.16 | 405.17 | 337.29 | ||||
| Upside / (Downside) | 3.5% | 11.8% | 20.1% | |||||
| 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 | |