Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat Tenet reported first-quarter results that were slightly below our expectations, but we don't intend to alter our $30 per share fair value estimate. One-off costs in the hospital segment and facility divestitures across the firm contributed to the weaker results. Management maintained its outlook for the year, implying 4%-7% EBITDA growth despite a first-quarter decline of roughly 780 basis points. Adjusting for a handful of discrete items would have left consolidated EBITDA up about 2%…

United States

Tenet Healthcare Corporation, through its subsidiaries, owns or operates general hospitals and related health care facilities serving communities in the United States.  The Company operates rehabilitation hospitals, specialty hospitals, long-term care facilities, psychiatric facilities, and medical office buildings near its general hospitals, as well as ancillary health care businesses.