業種
Hospital Operations
Hospital Operations のすべてのレポート — 全 5 件。
37/100
73Buffett
Encompass Health: A Proven Bed-Building Compounder Priced With No Margin of Safety
Encompass Health is the largest U.S. inpatient rehabilitation hospital operator, running 176 hospitals and, since the 2022 Enhabit separation, drawing about 97% of revenue from a single medically intensive post-acute setting paid mainly by Medicare. Second-quarter 2026 discharges rose 5.6% and revenue per discharge 3.9%, lifting inpatient revenue 9.8%, while 2026 capex guidance of 920 million to 995 million USD against only 232 million USD of maintenance shows how capital-intensive the growth has become. Rating Hold: the de novo machine and the discharge growth are real, but at 120.92 USD the shares trade near 19.7 times guidance EPS, inside the 115 to 145 USD hold zone and above the 111 to 118 USD conservative value, leaving no margin of safety.
43/100
86Buffett
Aier Eye Hospital: Net Goodwill Equals 43% of Book Equity, Adjusted Profit Grew 1.36% in 2025, and CNY8.71 Leaves No Conservative Margin of Safety
Aier Eye Hospital is China's largest listed ophthalmology network, combining consumer-paid refractive and optometry services with insured treatment and an acquisition-fund system that incubates hospitals before consolidating them. FY2025 revenue rose 6.53% to CNY22.353bn, but adjusted attributable profit grew only 1.36%, net goodwill of CNY9.486bn equals roughly 43% of attributable equity, and estimated domestic organic growth runs in the low- to mid-single digits. Rating Hold: at CNY8.71 the shares sit inside the CNY8.0-11.0 acceptable-hold range but 24%-34% above the CNY6.5-7.0 conservative intrinsic value, leaving no margin of safety.
42/100
74Buffett
Universal Health Services Value-Investing Deep-Dive
Universal Health Services is the second-largest private hospital operator in the United States, with a high-quality behavioral health segment and a discounted valuation. The core thesis is that its cash flows are real and its PE of about 6.1x is low, but the company is heavily exposed to government reimbursement and litigation risk. Research rating Cautious Buy: a durable but imperfect value opportunity, best bought with discipline around the $125 to $140 fair buy range.
41/100
62Buffett
DaVita In-Depth Value Investing Research
The leading U.S. dialysis-center chain for end-stage renal disease, with inelastic demand, strong cash flow, and outstanding buyback execution, yet nearly all of its profit depends on high-priced commercial insurance while it carries negative book equity and net leverage above 3x. At roughly $194 the stock sits between the conservative and neutral valuations, leaving too thin a margin of safety. We assign a Watch rating, with an ideal buy range of $150-170.
46/100
75Buffett
HCA Healthcare: A Long-Term Owner's View
HCA is the largest integrated hospital network in the United States, with 2025 revenue of $75.6 billion, Adjusted EBITDA of $15.6 billion, and FCF of $7.69 billion. Its cash flow is real, but leverage is high, with net debt of $48.0 billion, and the business is highly sensitive to regulation. Research rating Watch: at roughly $394, the stock sits near the upper end of the conservative range, with no obvious margin of safety.