التفاصيل البيبلوغرافية
| العنوان: |
Vencor: Initiating Coverage With an Outperform Rating. |
| المؤلفون: |
Hewitt, Clifford A., Abramowitz, Kenneth S. |
| المصدر: |
Black Book - Weekly Notes. 1996, p11-14. 4p. |
| مصطلحات موضوعية: |
*HEALTH care industry, *MERGERS & acquisitions, *EARNINGS forecasting, *NURSING care facilities, *STOCKS (Finance) |
| الشركة/الكيان: |
VENCOR Inc. 963495056 , HILLHAVEN Corp. |
| مستخلص: |
Vencor has become one of the nation's largest providers of long-term care, as a result of acquiring Hillhaven Corporation in September 1995. Annual revenues are forecast to exceed $2.6 billion in 1996 from operations in 41 states, including 295 skilled nursing facilities with 37,400 beds, 36 long-term critical-care hospitals with 3,200 beds, 55 institutional pharmacies, and 23 retirement housing complexes. In addition, the company is forecast to sell over $160 million in ancillary services to independent nursing homes through more than 2,200 contracts and is in the initial stages of expanding into assisted-living facilities. Five- year earnings, as shown in Exhibit 1, are projected to grow 18–20% per year, while the stock is discounting 14–16% earnings growth, weakened in part by near-term concerns over rising SG&A costs (the primary reason we are somewhat below consensus for '96 and '97). Accordingly, the stock is modestly undervalued, with a fair value of $38–$40. We are initiating coverage with a rating of outperforrm. [ABSTRACT FROM AUTHOR] |
|
Copyright of Black Book - Weekly Notes is the property of Bernstein Institutional Services LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) |
| قاعدة البيانات: |
Business Source Index |