Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

Equity Bottom-Up

<ul><li>Australia&rsquo;s second largest private hospital operator reported its first full year result since listing a year, broadly meeting its key prospectus forecasts on revenue, EBITDA and after tax net profit.</li><li>At the time of re-listing in mid-2014, the vendors, private equity firms TPG and The Carlyle Group retained a 38% equity stake in the business. As at the release of the full year result on 25<sup>th</sup> August, their shares have been released from escrow, which introduces the possibility of a placement of some or all of these shares. In this report, Evidente assesses the investment case for Healthscope.</li><li>Despite the favourable demographics of an ageing population, I recommend that investors avoid the stock because Healthscope&rsquo;s low marginal return on investment does not justify the imminent capex hump it expects to undertake over the next three years.</li></ul>

Australia&rsquo;s second largest private hospital operator reported its first full year result since listing a year, broadly meeting its key prospectus forecasts on revenue, EBITDA and after tax net profit.At the time of re-listing in mid-2014, the vendors, private equity firms TPG and The Carlyle Group retained a 38% equity stake in the business. As at the release of the full year result on 25th August, their shares have been released from escrow, which introduces the possibility of a placement of some or all of these shares. In this report, Evidente assesses the investment case for Healthscope.Despite the favourable demographics of an ageing population, I recommend that investors avoid the stock because Healthscope&rsquo;s low marginal return on investment does not justify the imminent capex hump it expects to undertake over the next three years.

Australia

Healthscope Limited provides healthcare services. The Company manages a network of hospitals, clinics, and physicians for the provision of emergency care, women's services, cancer care, and pediatric services. Healthscope serves customers worldwide.

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Healthscope Ltd (HSO AU)

Healthscope: Cuffs are off

Australia’s second largest private hospital operator reported its first full year result since listing a year, broadly meeting its key prospectus...

Sam Ferraro

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