EFTA01453079.pdf

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. Model updated:04 February 2014 Racal year end 31•Dac 2010 2011 2012 2013 2014E 2015E tho !Rift 'Lon Financi.21 Surninari North America DB EPS (USO) 276 285 3 74 342 392 477 Reponid EPS (USD1 278 4 97 349 337 391 477 United States DPS 6/SDI 000 000 0.03 000 000 000 Health Care Facilities and Services EIVPSIUSD) -27.27 -10.05 -21.03 -1500 -11.14 -671 shdandon kIntric: HCA Holdings, Inc. Price/SSW 14 07 0.5 04 0.5 0.6 06 P/E (08)44 17.2 95 75 118 174 102 Routers: HCA.N fileeenberg: HCA US P/E (Repfirtaill 17.2 5.4 80 1l9 12.4 102 P/81/ (IT mm net ren Mn nm Buy FCF yield (44) 8.7 18.9 182 9.5 8.5 105 Price (3 Feb 131 USD 48.46 Dividend y1•10 0.0 0.0 00 0.0 00 00 Target Price USO 58.00 EV/Saird 1.7 14 13 1.4 14 11 52 Week range USD 35.21 - 51.41 EV/EBITDA 8.2 6.7 8.4 7.2 7.1 82 EV/ESIT 108 89 86 99 95 82 Market CaP iml USDm 22.292 Elm:erne Statenlent iUSDrni EUHm 16,491 Sales 28.035 29.682 33.013 34.182 36.596 39.655 .C.ornpany Pn tan EBITDA 5.958 6.061 6.531 6,574 7.048 7.749 EBIT 4.447 4596 4,852 4.821 5.238 5,912 HCA operates the largest pnvate health cat system n the Pre-tax Øf5 7,231 3.581 2.994 2,946 3,440 4.105 U5. Through a network of acute care bstipittils, outpatient 1.805 1,556 2,229 Net income 1.207 7.035 1.807 fealties. clinics and other patent care delivery settirgs HCA's operations include 162 hospitet and 112 (;,::";1 F10v: i1)5[200 ~mending surgery centsnl acmes 20 states throughOut the US. and England Cash new horn operations 3,085 3,933 4,175 3,680 4,088 4,580 Net Capes -1.288 -1.398 -1.832 -1,910 Free cash now 1.797 2,535 2.343 1,770 1,888 2,330 Equity tamm145020/4 SOO 0 1,003 0 -500 0 0 Dividends paid 0 0 0 0 0 0 PI kJ: 2‘.0.0100070 Nec inCildic) in borrowings 7,533 .1889 1,724 -687 -1.006 -2.030 Other investing/fmancing cash flows .4,231 •1.9137 -3735 On -494 -512 OD Net cash flow 99 332 .291 394 -132 50 Øn ',writing capital 799 -129 4.663 -4272 4 -77 ..._ __ 40 112,iFinci,.ilut171.1126;2.d 33 Cmh and car, equivalens 411 373 705 414 808 676 20 Properly, plant & equipment 11,352 17834 13,185 13,819 14,006 14,270 10 Goodvall 2.693 5.251 5.539 5,903 5.903 5,903 kW 11 ~11 Mar 12 Sep 12 Mr 13 54;13 Other nests 9.398 8.440 8.848 8.895 9.252 9.614 Total assets 23.852 26.898 28.075 28,831 73.989 30,463 —Hotheldrokinc — 51/16:01.4330stimill Debt 28.225 27.062 28.930 28,326 27.376 25.376 Marvin Tronclt Otte Imbrium 8.421 6,860 7,486 5.858 6,194 6.460 Total Itbktes 34.646 33,912 36.410 34.234 33.570 31.836 21 Total sharelxilders• equity 10,794 7,014 43.341 -5.403 4.601 -1.373 20 --- At as 27,874 28679 28225 27,962 26.566 24.700 18 I Key Company 5481.0C3 17 Sales growth NI 4.7 59 112 3.5 70 57 15 .. ".."." '" ••••—.....„,.;; :ii• -•• • DB FPS growth I%) 131 3.3 31 0 8.5 14 6 21 14 • 10 11 12 13 14E ISE EllyOut ratio I%I 0.0 00 00 0.0 00 00 ........muirminfirrdn ~tin win EBITDA Marge. difld 20.9 20 4 198 19.2 19 3 200 EBIT Margin Pb) 15.9 15.5 147 141 14.3 150 rarowth B Pihtithbihty ROE (54) rem on nm ren ren lee 12 Nat debtrequaY (A) ran on nm arm ren rim 10 Net interest cover 01 2.1 2.3 2.7 2.6 2.9 34 8 [DuPont A.nal.rsis EBIT mirrin 159 155 147 14.1 14 3 150 Asset turnover fa) 1.2 12 12 1.2 12 13 O Financial cost ratio NI 05 06 06 07 07 06 IS 11 12 13 let 15E Tax and other effects (a) 0.5 10 05 0.5 05 05 +am Sri«onsiM OM% ~noEiN451 ROA (post tas) (141 50 97 513 55 6.1 74 Financial leverage (0 -25 .3 1 -3.4 -4 9 -75 Solvermy ROE OH -115 .74 4 .179 -1813 -299 -55 5 annualswab (%) .54 411.6 267 494 457 _4 NTAfthare Imp] la) -23 9 -203 -195 -IGO -13.1 86 O8 t3 ! Reported EPS 276 497 349 337 392 477 O6 2 •nnualgrowth f%1 232 80.2 -297 -36 163 218 04 Source. Company obta. astaCh. Ba k enmeter 02 0 I i0 ID 11 12 13 14E ISE rei *testar m4S, ~ , I~ , Nei sømmum.141149) Dacron 1.40tric h .1 212150-1629 dirren lehnth@cid corn Page 2 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110487 CONFIDENTIAL SDNY_GM_00256671 EFTA01453079