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Tenet Healthcare Corp THC

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Tenet Raises 2021 Outlook, but Our Estimates Remain in the New Expected Ranges; No FVE Change

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Tenet turned in strong first-quarter results and raised its 2021 guidance slightly. Our estimates for 2021 were already within the new ranges, so we do not anticipate changing our $37 fair value estimate for Tenet at first glance. However, shares still remain above that, and we continue to see extreme uncertainty around the valuation scenarios of this highly leveraged, no-moat hospital operator.

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Company Profile

Business Description

Tenet Healthcare is a Dallas-based healthcare provider organization operating a collection of hospitals (65) and many outpatient facilities, including ambulatory surgery centers, urgent care centers, freestanding imaging centers, freestanding emergency rooms/micro-hospitals, and physician practices across the United States. Tenet enjoys the number-one ambulatory surgical center position nationwide through its nearly full stake in United Surgical Partners International.

14201 Dallas Parkway, Suite 1400
Dallas, TX, 75254
T +1 469 893-2200
Sector Healthcare
Industry Medical Care Facilities
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 110,000