HSIC

Henry Schein Inc

Healthcare, Event Driven/Special Sit


Presented:07/18/2018
Price:$73.74
Cap:$11.36B
Current Price:$71.10
Cap:$9.01B

Presented

Date07/18/2018
Price$73.74
Market Cap$11.36B
Ent Value$12.91B
P/E Ratio27.37x
Book Value$18.84
Div Yield0%
Shares O/S154.03M
Ave Daily Vol1,497,695
Short Int14.39%

Current

Price$71.10
Market Cap$9.01B
Henry Schein, Inc. engages in the provision of health care products and services to medical, dental, and veterinary office-based practitioners. It operates through the Healthcare Distribution, and Technology and Value-Added Services segments. The Healthcare Distribution segment includes consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products and vitamins. The Technology & Value-Added Services segment offers financial services on a non-recourse basis, e-services practice, technology, network and hardware services. The company was founded by Henry Schein and Esther Schein in 1932 and is headquartered in Melville, NY.

Publicly traded companies mentioned herein: Amazon.com Inc (AMZN), Henry Schein Inc (HSIC), IDEXX Laboratories Inc (IDXX), Patterson Companies Inc (PDCO)

Highlights

The presenter is long shares of Henry Schein (HSIC) ahead of the planned spin-off of its Animal Health segment, which will be merged with Vets First Choice to form Vets First Corp (VFC) via a Reverse Morris Trust (RMT). The transaction is set to be completed in the 4th quarter (2018), and it does not appear as though the full value of the parts is appreciated by the market. Assuming a 17x - 18x EBITDA multiple for VFC, which is potentially conservative given where other veterinary assets trade; and 12x - 13x on HSIC remainco results in a $94 - $96 sum-of-the-parts value (versus ~$74 today).

  • Signing up and creating account with us unlocks this content for you. Contact us today for full access to DeMatteo Research and more.

  • Signing up and creating account with us unlocks this content for you. Contact us today for full access to DeMatteo Research and more.

Request access to DeMatteo Research for full access

Request Access

Already have an account?

Idea Discussion

Commentor 1 - 2 weeks ago

Signing up and creating account with us, unlocks this content for you. Contact us today for full access to DeMatteo Research and more.

Commentor 1 - 2 weeks ago

Signing up and creating account with us, unlocks this content for you. Contact us today for full access to DeMatteo Research and more.

Idea Discussions display submitted commentary from our investor community.

To read and participate in the discussion with the presenter and investor base, request access to DeMatteo

Request Access

Already have an account?

An error occurred loading this content. Try again later or contact us.