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THC

Tenet

$14.76

-0.67 (-4.34%)

12:50
01/08/18
01/08
12:50
01/08/18
12:50

Tenet cuts FY18 adjusted EPS view to 58c-97c from $1.07-$1.36, consensus $1.18

On Friday, Tenet Healthcare provided an update to its previous financial Outlook for 2018 to reflect changes to federal tax laws enacted as part of Tax Cuts and Jobs Act of 2017. As a result of these changes, the company projects: Cash tax payments will be lower by $10M-$20M per year over the next several years due to the repeal of the corporate alternative minimum tax; No material change in the company's ability to utilize its federal income tax net operating loss carryforwards, which the company projects will approximate $1.6B as of December 31, 2017; Due to the positive impact from 100% bonus depreciation, taxable income on the company's federal tax return will be lower, resulting in slower utilization of the NOL, and the company anticipate approximately 80% of capital expenditures in 2018 should qualify for immediate expensing, which will more than offset the impact of the interest expense limitation; Diluted earnings per share from continuing operations is now expected to be 5c-19c in 2018 compared to the previous diluted EPS Outlook of 63c-68c, and Adjusted diluted earnings per share from continuing operations is now expected to be 58c-97c compared to the previous Adjusted EPS Outlook of $1.07 to $1.36 due to the company not being able to currently recognize for accounting purposes the future benefit related to the excess interest expense limitation carryforward, net of the benefit derived from the lower tax rate; The Company is reiterating its 2018 Outlook for revenue, Adjusted EBITDA and Adjusted free cash flow, which were originally provided on December 19, 2017.

  • 08

    Jan

THC Tenet
$14.76

-0.67 (-4.34%)

12/20/17
MSCO
12/20/17
DOWNGRADE
MSCO
Underweight
Tenet downgraded to Underweight from Equal Weight at Morgan Stanley
12/20/17
MSCO
12/20/17
DOWNGRADE
MSCO
Underweight
HCA Healthcare, Tenet downgraded to Underweight at Morgan Stanley
As previously reported, Morgan Stanley analyst Zack Sopcak downgraded HCA Healthcare (HCA) and Tenet (THC), both to Underweight from Equal Weight, contending that the recently announced deals made by Aetna (AET) for CVS Health (CVS) and UnitedHealthcare (UNH) for DaVita Medical Group highlight the ways payers are becoming increasingly vertically integrated and focusing on reducing medical costs. After analyzing CVS Health's overlap with hospitals and hospitals' exposure to CVS and UnitedHealth (UNH) clinics in states with above average Medicare Advantage share, Sopcak found HCA and Tenet to be most exposed, he tells investors. Noting that he sees the valuations of both as full, he raised his price target on HCA to $84 from $79 and increased his target on Tenet to $15 from $14.
12/20/17
LEER
12/20/17
NO CHANGE
Target $27
LEER
Outperform
Value may be unlocked through Tenet sale of Conifer, says Leerink
Leerink analyst Ana Gupte raised her price target for Tenet to $27 from $25 on increased confidence that value may be unlocked through the active sale of Conifer. The analyst believes Conifer sales proceeds could be used for further debt reduction or growth opportunities in the ambulatory segment. He reiterates an Outperform rating on the shares.
01/03/18
GSCO
01/03/18
INITIATION
Target $15
GSCO
Neutral
Tenet initiated with a Neutral at Goldman Sachs
Goldman analyst Stephen Tanal initiated Tenet with a Neutral and $15 price target due to unattractive payor mix, difficult local positioning, and competitive threats.

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