Intrinsic value of Tenet Healthcare - THC

Previous Close

$23.27

  Intrinsic Value

$18.74

stock screener

  Rating & Target

hold

-19%

Previous close

$23.27

 
Intrinsic value

$18.74

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of THC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  19,563
  20,013
  20,527
  21,104
  21,744
  22,446
  23,211
  24,038
  24,929
  25,886
  26,910
  28,002
  29,165
  30,401
  31,712
  33,102
  34,573
  36,128
  37,772
  39,508
  41,339
  43,270
  45,306
  47,451
  49,710
  52,088
  54,592
  57,226
  59,997
  62,912
Variable operating expenses, $m
  13,031
  13,310
  13,630
  13,988
  14,386
  14,822
  15,297
  15,811
  16,365
  16,959
  16,716
  17,395
  18,117
  18,885
  19,699
  20,563
  21,477
  22,443
  23,464
  24,542
  25,680
  26,879
  28,144
  29,476
  30,880
  32,357
  33,912
  35,549
  37,270
  39,081
Fixed operating expenses, $m
  5,651
  5,775
  5,902
  6,032
  6,165
  6,300
  6,439
  6,580
  6,725
  6,873
  7,024
  7,179
  7,337
  7,498
  7,663
  7,832
  8,004
  8,180
  8,360
  8,544
  8,732
  8,924
  9,120
  9,321
  9,526
  9,736
  9,950
  10,169
  10,393
  10,621
Total operating expenses, $m
  18,682
  19,085
  19,532
  20,020
  20,551
  21,122
  21,736
  22,391
  23,090
  23,832
  23,740
  24,574
  25,454
  26,383
  27,362
  28,395
  29,481
  30,623
  31,824
  33,086
  34,412
  35,803
  37,264
  38,797
  40,406
  42,093
  43,862
  45,718
  47,663
  49,702
Operating income, $m
  881
  927
  995
  1,084
  1,194
  1,324
  1,475
  1,647
  1,840
  2,054
  3,169
  3,428
  3,711
  4,018
  4,349
  4,707
  5,092
  5,505
  5,948
  6,421
  6,927
  7,467
  8,041
  8,653
  9,304
  9,995
  10,729
  11,508
  12,334
  13,210
EBITDA, $m
  2,407
  2,468
  2,553
  2,661
  2,792
  2,946
  3,122
  3,321
  3,543
  3,790
  4,060
  4,355
  4,676
  5,024
  5,399
  5,803
  6,237
  6,701
  7,198
  7,729
  8,296
  8,899
  9,541
  10,224
  10,950
  11,720
  12,537
  13,403
  14,321
  15,293
Interest expense (income), $m
  932
  1,016
  876
  909
  948
  991
  1,038
  1,091
  1,148
  1,210
  1,276
  1,348
  1,424
  1,505
  1,592
  1,684
  1,782
  1,886
  1,996
  2,112
  2,235
  2,364
  2,501
  2,645
  2,797
  2,957
  3,126
  3,303
  3,490
  3,687
  3,893
Earnings before tax, $m
  -134
  52
  86
  137
  203
  286
  384
  499
  630
  778
  1,822
  2,004
  2,205
  2,425
  2,665
  2,925
  3,206
  3,509
  3,836
  4,187
  4,563
  4,966
  5,396
  5,856
  6,347
  6,870
  7,426
  8,018
  8,648
  9,317
Tax expense, $m
  0
  14
  23
  37
  55
  77
  104
  135
  170
  210
  492
  541
  595
  655
  720
  790
  866
  948
  1,036
  1,130
  1,232
  1,341
  1,457
  1,581
  1,714
  1,855
  2,005
  2,165
  2,335
  2,516
Net income, $m
  -134
  38
  63
  100
  148
  209
  280
  364
  460
  568
  1,330
  1,463
  1,610
  1,770
  1,945
  2,135
  2,340
  2,562
  2,800
  3,056
  3,331
  3,625
  3,939
  4,275
  4,633
  5,015
  5,421
  5,853
  6,313
  6,801

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  23,857
  24,406
  25,033
  25,737
  26,517
  27,373
  28,306
  29,315
  30,402
  31,569
  32,817
  34,149
  35,567
  37,074
  38,673
  40,368
  42,162
  44,059
  46,064
  48,180
  50,413
  52,769
  55,251
  57,867
  60,622
  63,522
  66,575
  69,788
  73,168
  76,723
Adjusted assets (=assets-cash), $m
  23,857
  24,406
  25,033
  25,737
  26,517
  27,373
  28,306
  29,315
  30,402
  31,569
  32,817
  34,149
  35,567
  37,074
  38,673
  40,368
  42,162
  44,059
  46,064
  48,180
  50,413
  52,769
  55,251
  57,867
  60,622
  63,522
  66,575
  69,788
  73,168
  76,723
Revenue / Adjusted assets
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
Average production assets, $m
  12,305
  12,588
  12,911
  13,275
  13,677
  14,119
  14,599
  15,120
  15,681
  16,282
  16,926
  17,613
  18,345
  19,122
  19,947
  20,821
  21,746
  22,725
  23,759
  24,850
  26,002
  27,217
  28,497
  29,847
  31,267
  32,763
  34,338
  35,995
  37,738
  39,572
Working capital, $m
  783
  801
  821
  844
  870
  898
  928
  962
  997
  1,035
  1,076
  1,120
  1,167
  1,216
  1,268
  1,324
  1,383
  1,445
  1,511
  1,580
  1,654
  1,731
  1,812
  1,898
  1,988
  2,084
  2,184
  2,289
  2,400
  2,516
Total debt, $m
  12,876
  13,370
  13,934
  14,568
  15,270
  16,041
  16,880
  17,788
  18,767
  19,817
  20,940
  22,139
  23,415
  24,771
  26,211
  27,736
  29,351
  31,058
  32,862
  34,767
  36,777
  38,897
  41,131
  43,485
  45,964
  48,575
  51,323
  54,214
  57,256
  60,455
Total liabilities, $m
  21,471
  21,965
  22,529
  23,163
  23,865
  24,636
  25,475
  26,383
  27,362
  28,412
  29,535
  30,734
  32,010
  33,366
  34,806
  36,331
  37,946
  39,653
  41,457
  43,362
  45,372
  47,492
  49,726
  52,080
  54,559
  57,170
  59,918
  62,809
  65,851
  69,050
Total equity, $m
  2,386
  2,441
  2,503
  2,574
  2,652
  2,737
  2,831
  2,931
  3,040
  3,157
  3,282
  3,415
  3,557
  3,707
  3,867
  4,037
  4,216
  4,406
  4,606
  4,818
  5,041
  5,277
  5,525
  5,787
  6,062
  6,352
  6,658
  6,979
  7,317
  7,672
Total liabilities and equity, $m
  23,857
  24,406
  25,032
  25,737
  26,517
  27,373
  28,306
  29,314
  30,402
  31,569
  32,817
  34,149
  35,567
  37,073
  38,673
  40,368
  42,162
  44,059
  46,063
  48,180
  50,413
  52,769
  55,251
  57,867
  60,621
  63,522
  66,576
  69,788
  73,168
  76,722
Debt-to-equity ratio
  5.400
  5.480
  5.570
  5.660
  5.760
  5.860
  5.960
  6.070
  6.170
  6.280
  6.380
  6.480
  6.580
  6.680
  6.780
  6.870
  6.960
  7.050
  7.130
  7.220
  7.300
  7.370
  7.440
  7.510
  7.580
  7.650
  7.710
  7.770
  7.830
  7.880
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -134
  38
  63
  100
  148
  209
  280
  364
  460
  568
  1,330
  1,463
  1,610
  1,770
  1,945
  2,135
  2,340
  2,562
  2,800
  3,056
  3,331
  3,625
  3,939
  4,275
  4,633
  5,015
  5,421
  5,853
  6,313
  6,801
Depreciation, amort., depletion, $m
  1,526
  1,541
  1,558
  1,577
  1,598
  1,621
  1,647
  1,674
  1,704
  1,735
  891
  927
  966
  1,006
  1,050
  1,096
  1,145
  1,196
  1,250
  1,308
  1,369
  1,432
  1,500
  1,571
  1,646
  1,724
  1,807
  1,894
  1,986
  2,083
Funds from operations, $m
  1,392
  1,579
  1,621
  1,677
  1,746
  1,830
  1,927
  2,038
  2,164
  2,303
  2,221
  2,390
  2,575
  2,777
  2,995
  3,231
  3,485
  3,758
  4,051
  4,364
  4,700
  5,058
  5,439
  5,846
  6,279
  6,739
  7,228
  7,748
  8,299
  8,884
Change in working capital, $m
  15
  18
  21
  23
  26
  28
  31
  33
  36
  38
  41
  44
  47
  49
  52
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  117
Cash from operations, $m
  1,376
  1,561
  1,600
  1,654
  1,721
  1,802
  1,897
  2,005
  2,128
  2,265
  2,180
  2,346
  2,529
  2,727
  2,943
  3,175
  3,426
  3,696
  3,985
  4,295
  4,626
  4,980
  5,358
  5,760
  6,189
  6,644
  7,128
  7,643
  8,188
  8,767
Maintenance CAPEX, $m
  -634
  -648
  -663
  -680
  -699
  -720
  -743
  -768
  -796
  -825
  -857
  -891
  -927
  -966
  -1,006
  -1,050
  -1,096
  -1,145
  -1,196
  -1,250
  -1,308
  -1,369
  -1,432
  -1,500
  -1,571
  -1,646
  -1,724
  -1,807
  -1,894
  -1,986
New CAPEX, $m
  -250
  -283
  -324
  -363
  -402
  -442
  -481
  -520
  -561
  -602
  -644
  -687
  -731
  -777
  -825
  -874
  -925
  -979
  -1,034
  -1,092
  -1,152
  -1,215
  -1,280
  -1,349
  -1,421
  -1,496
  -1,575
  -1,657
  -1,743
  -1,834
Cash from investing activities, $m
  -884
  -931
  -987
  -1,043
  -1,101
  -1,162
  -1,224
  -1,288
  -1,357
  -1,427
  -1,501
  -1,578
  -1,658
  -1,743
  -1,831
  -1,924
  -2,021
  -2,124
  -2,230
  -2,342
  -2,460
  -2,584
  -2,712
  -2,849
  -2,992
  -3,142
  -3,299
  -3,464
  -3,637
  -3,820
Free cash flow, $m
  492
  630
  614
  611
  620
  640
  673
  716
  771
  838
  679
  769
  870
  985
  1,111
  1,251
  1,405
  1,573
  1,755
  1,953
  2,166
  2,397
  2,645
  2,911
  3,197
  3,502
  3,829
  4,178
  4,551
  4,947
Issuance/(repayment) of debt, $m
  -2,061
  494
  564
  634
  702
  771
  839
  908
  978
  1,050
  1,123
  1,199
  1,276
  1,356
  1,439
  1,525
  1,615
  1,707
  1,804
  1,905
  2,010
  2,120
  2,234
  2,354
  2,479
  2,610
  2,748
  2,891
  3,042
  3,199
Issuance/(repurchase) of shares, $m
  2,667
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  606
  511
  564
  634
  702
  771
  839
  908
  978
  1,050
  1,123
  1,199
  1,276
  1,356
  1,439
  1,525
  1,615
  1,707
  1,804
  1,905
  2,010
  2,120
  2,234
  2,354
  2,479
  2,610
  2,748
  2,891
  3,042
  3,199
Total cash flow (excl. dividends), $m
  1,098
  1,141
  1,179
  1,245
  1,322
  1,411
  1,512
  1,625
  1,750
  1,888
  1,802
  1,967
  2,147
  2,341
  2,551
  2,777
  3,020
  3,280
  3,559
  3,858
  4,176
  4,517
  4,879
  5,265
  5,676
  6,113
  6,577
  7,070
  7,592
  8,147
Retained Cash Flow (-), $m
  -2,667
  -55
  -63
  -70
  -78
  -86
  -93
  -101
  -109
  -117
  -125
  -133
  -142
  -151
  -160
  -169
  -179
  -190
  -200
  -212
  -223
  -236
  -248
  -262
  -275
  -290
  -305
  -321
  -338
  -355
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -1,569
  1,086
  1,116
  1,174
  1,244
  1,325
  1,419
  1,524
  1,641
  1,771
  1,677
  1,834
  2,005
  2,190
  2,391
  2,607
  2,840
  3,090
  3,359
  3,646
  3,953
  4,281
  4,631
  5,004
  5,401
  5,823
  6,272
  6,748
  7,254
  7,791
Discount rate, %
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
  -1,375
  824
  723
  641
  564
  491
  422
  358
  299
  245
  173
  137
  107
  81
  60
  43
  30
  20
  13
  8
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6
  49.6

Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company's segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2016, its subsidiaries operated 79 hospitals, including three academic medical centers, two children's hospitals, two specialty hospitals and one critical access hospital. The Company's Ambulatory Care segment includes the operations of its USPI joint venture and its Aspen facilities. As of December 31, 2016, Conifer provided one or more of the business process services described above from 20 service centers to more than 800 Tenet and non-Tenet hospital and other clients in over 40 states. As of December 31, 2016, the Company operated 20 short-stay surgical hospitals, over 470 outpatient centers, and nine facilities in the United Kingdom.

FINANCIAL RATIOS  of  Tenet Healthcare (THC)

Valuation Ratios
P/E Ratio -12.1
Price to Sales 0.1
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow -7.3
Growth Rates
Sales Growth Rate 5.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.8%
Financial Strength
Quick Ratio 4
Current Ratio 0.3
LT Debt to Equity 3612.5%
Total Debt to Equity 3658.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity -34.7%
Return On Equity - 3 Yr. Avg. -17.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 84.1%
Gross Margin - 3 Yr. Avg. 84.1%
EBITDA Margin 10.3%
EBITDA Margin - 3 Yr. Avg. 10.1%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 1.3%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. -0.6%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 35.9%
Payout Ratio 0%

THC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the THC stock intrinsic value calculation we used $19179 million for the last fiscal year's total revenue generated by Tenet Healthcare. The default revenue input number comes from 0001 income statement of Tenet Healthcare. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our THC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.1%, whose default value for THC is calculated based on our internal credit rating of Tenet Healthcare, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tenet Healthcare.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of THC stock the variable cost ratio is equal to 66.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5529 million in the base year in the intrinsic value calculation for THC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.8% for Tenet Healthcare.

Corporate tax rate of 27% is the nominal tax rate for Tenet Healthcare. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the THC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for THC are equal to 62.9%.

Life of production assets of 19 years is the average useful life of capital assets used in Tenet Healthcare operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for THC is equal to 4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-147 million for Tenet Healthcare - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 102.397 million for Tenet Healthcare is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tenet Healthcare at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

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▶ Tenet Completes Sale of Golden State Medicare Health Plan   [Dec-04-18 08:00AM  Business Wire]
▶ Tenet names leader for newly created COO role   [Nov-28-18 10:11AM  American City Business Journals]
▶ Tenet Announces Executive Leadership Changes   [08:00AM  Business Wire]
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▶ Tenet stock falls after earnings, weak guidance   [Nov-05-18 05:36PM  MarketWatch]
▶ Tenet: 3Q Earnings Snapshot   [04:32PM  Associated Press]
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▶ Tenet to Report Third Quarter Results on November 5   [Oct-09-18 09:00AM  Business Wire]
▶ Tenet recruits Gill as CEO of Delray Medical Center and Palm Beach hospitals   [Sep-24-18 07:20AM  American City Business Journals]
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▶ Why Arizona Care Network plans to exit a Medicare program   [Aug-14-18 09:00AM  American City Business Journals]
▶ Tenet: 2Q Earnings Snapshot   [04:30PM  Associated Press]
▶ State report finds most Massachusetts hospitals are profitable   [Aug-01-18 06:30AM  American City Business Journals]
▶ Tenet shedding hospitals, debt as UnitedHealth explores Conifer acquisition   [Jul-20-18 07:53AM  American City Business Journals]
▶ Tenet to Report Second Quarter Results on August 6   [Jul-10-18 09:00AM  Business Wire]
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