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MGT 401, Final Activity-1

All FCF to pay down commitment and buy back shares. Use all that FCF or $4 each
offer consistently for quite a while is $34 each offer in EV by 2007. In the midst of this
time the base business has gotten to be by 4.5%, which is included 1.5%
demographic advancement and 3% of quality improvement -underneath the typical
that people are expecting for the business.

500 mil. OS. $2.8 million reported EBIT: NI + Taxes + Int. notwithstanding capex.

Working pay which is $2.8 then you have minority assignments (tremendous neg.
number), asset setbacks and legal settlements. We take each one of those numbers
beside authentic settlements and calling that our adjusted number- -it is about $2

We did our FCF to EV for a 8% and growing to year 4 to 14%. What are the threat to
8% and the risks to get to 14%. Huge risk is esteeming weight from govt. likewise,
extending costs from regulations. There could be additional distortion.

Stimuli: the coercion is behind us and the business will return to normal benefit. The
business blackmail should at last clear.

Valuation Summary

Our Adjusted EBIT is $4.80 in year 4 and using a certain 12 P/E animals us to a $58
each offer and it is moreover an EV since all commitment is paid down.

Current offer expense of $37.50 and EV of $50 so the yearly return is 11%. It is an
appealing threat adjusted return yet it is not a clearly a 50 penny dollar.

In three years they will secure $4 each offer. An industry could create. The mending
office business has 85% non-advantage business while HCA is in the 15% that is
income driven facilities. Medicare can't outfitted to manage advantage without

the non-advantage recuperating offices.

Greenblatt: The way I would look at this in the all-inclusive strategy: if they do get $4
in three years, you put a 16 different -using 6% 10 year security yield- -and I'm say a
6.67 percent give back that is creating. Would I rather have this, 6.67% creating
versus 6% (HCA has best properties and mgt. business)-so you get $64 each offer.
You could get this in 3 years. I'm looking whole deal. The govt. can't keep up these
noble men bankrupt. LT you have to have the non-advantage mending offices in
business, thusly, the for advantages centers which are more viable, must survive.
$3.50 to $4.50 region in benefit. The downside is not colossal at these expenses.

Outstanding Situation Write-ups from the Value Investors Club (VIC)

$56 each offer worth and you have a $10 offer expense. What is a sensible different
with preservationist numbers- -he turned out with $56.00. He looked at a place that
was to a great degree inefficient. His examination was greatly clear -the key is that
the numbers are there.

Nov. 12th appropriated and the audit turned out on Nov 27th. You could have bought
this leaving bankruptcy. They don't have to put out much top ex. They starting now
have their framework developed.

This got a standout amongst the most astonishing assessments.

Overhanging stock? I couldn't give a misgiving less. I focus on valuation work.

This stock ran from $2 to $9.70 (Sportsman Stores) before proposal -so the creator
got input. This is super shabby. A bit of it is that this is a bit top association so
moderately couple of people are looking at it.