Morningstar

Morningstar, Inc.

Equity Bottom-Up

Surgery Partners reported first-quarter results that were largely in line with our outlook for the full year. As a result, we don’t intend to alter our model or $19 fair value estimate, which equates to roughly 10.5 times our adjusted EBITDA forecast over the next 12 months. The shares continue to look undervalued, but we'd emphasize our no-moat and very high uncertainty ratings
Overall, the company posted a fairly good quarter. Same-facility volume was up 60 basis points with revenue per case…

<p>No-moat Surgery Partners reported fourth-quarter and full-year results that were modestly ahead of our expectations, driven by continued strength in same-facility revenue growth. As we update and roll our model, we don't anticipate making sizable adjustments to our long-run forecast and will probably see only modest changes to our $19 fair value estimate, equating to roughly 10.5 times our adjusted EBITDA estimate for 2019. While the stock currently trades at a sizable discount to our valuation…</p>

United States

Surgery Partners, Inc. operates as a healthcare services company. The Company owns and manages surgical facilities, physician-partnered hospitals, diagnostic laboratory, as well as offers anesthesia, pharmacy, ancillary, and optical services throughout the United States.

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