ATIP

ATI Physical Therapy Inc - Ordinary Shares - Class A

Healthcare, Consumer


Presented:03/18/2022
Price:$1.79
Cap:$0.37B
Current Price:$5.70
Cap:$0.03B

Presented

Date03/18/2022
Price$1.79
Market Cap$0.37B
Ent Value$1.48B
P/E RatioN/A
Book Value$2.56
Div Yield0%
Shares O/S207.36M
Ave Daily Vol1,620,295
Short Int6.03%

Current

Price$5.70
Market Cap$0.03B
ATI Physical Therapy, Inc. provides physical therapy services. The Company offers a variety of services within its clinics, including physical therapy to treat spine, shoulder, knee and neck injuries or pain, work injury rehabilitation services, including work conditioning and work hardening, hand therapy, and other specialized treatment services. The company was founded by Greg F. Steil in 1996 and is headquartered in Chicago, IL.

Publicly traded companies mentioned herein: ATI Physical Therapy Inc (ATIP), HCA Healthcare Inc (HCA), UnitedHealth Group Inc (UNH), US Physical Therapy Inc (USPH)

Highlights

The presenter is long shares of ATI Physical Therapy Inc (ATIP), the third largest physical therapy provider in the US with 910 locations across 25 states. The company was founded in 1996 and was acquired by Advent International in 2016 at a $1.9B valuation. It was then taken public in 2021 at a $2.5B valuation through a SPAC sponsored by Fortress, which has been a credit investor in ATIP for over 10 years and invested $75MM of the $300MM PIPE. Advent maintained its entire stake in ATIP and now owns 59% of the public equity. The stock is down from its $10 SPAC price to sub-$2 per share, largely due to self-inflicted operational missteps pre-IPO and pre-COVID, but the presenter believes it can recover to $6 per share over the next two years. 

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Idea Discussion

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