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HOSP

COVENANT MEDICAL CENTER

CCN 230070|LOC SAGINAW, MI|BEDS 464|NPR $680.9M|MARGIN -10.5%

SeekingChartis Score

INVESTMENT THESIS

Buy: COVENANT MEDICAL CENTER

/ 100 (B)

+$50.1M

EBITDA Uplift

+736bps

Margin Δ

0.0%

Op Margin

$680.9M

Revenue

—

Realization

—

Peer Rank

SIGNAL STRENGTH

Margin

0.0%

Safety

57%

CATALYSTS

▲RCM uplift of $50.1M (+736bps)

▲Platform-sized facility

RISKS

▼Elevated distress risk (43%)

Buy — solid fundamentals with identifiable value creation levers. Proceed to detailed diligence.

Peer Analysis EBITDA Bridge Data Room IC Memo ML Detail

$680.9M

Net Patient Revenue

-10.5%

Operating Margin

$-71.6M

Net Income

464

Licensed Beds

$1,467K

Revenue per Bed

$752.5M

Operating Expenses

Payer Mix

PYR

■ MEDICARE · 21%■ MEDICAID · 4%■ COMMERCIAL · 74%

Score Breakdown

SCComposite · 49/100

Component	Score	Max	%
Market Position	28	35	80%
Financial Health	5	25	21%
Operational Quality	0	20	0%
Competitive Moat	6	20	31%

Comparable Hospitals

CMP

CCN	Hospital	Beds	NPR
230002	TRINITY HEALTH - LIVONIA	239	$0M
230003	SPECTRUM HEALTH ZEELAND	55	$0M
230005	PROMEDICA HICKMAN HOSPITAL	58	$0M
230013	PONTIAC GENERAL HOSPITAL	47	$0M
230015	THREE RIVERS HEALTH	48	$0M

Team Notes

NOTE0 entries

Actions

ACT

WFDiligence Workflow

Competitive Intel EBITDA Bridge Data Room IC Memo Scenarios

AIDeep Analysis

ML Analysis Demand 3-Year History Stats Bayesian

FINFinancial Models

DCF LBO 3-Statement Returns Market Denial

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