Andreas Halvorsen Takes Stake in Change Healthcare
Andreas Halvorsen Takes Stake in Change Healthcare
Viking Global'sAndreas Halvorsen(Trades,Portfolio) disclosed earlier this week he established a 6.26% stake in Change Healthcare Inc. (NASDAQ:CHNG).
CHNG 30-Year Financial Data
中國30年金融數據
The intrinsic value of CHNG
長城的內在價值
Peter Lynch Chart of CHNG
彼得·林奇(Peter Lynch)的鄭氏圖表
The guru's Connecticut-based firm picks stocks based on its understanding of the business' fundamentals and management team, as well as cyclical and secular industry trends. Halvorsen was a former protege of Tiger Management'sJulian Robertson(Trades,Portfolio).
這位大師位於康涅狄格州的公司根據其對企業基本面和管理的理解來挑選股票團隊以及週期性和長期的行業趨勢。哈爾沃森曾是老虎管理公司(Tiger Management)朱利安·羅伯遜(Julian Robertson)(交易、投資組合)的門徒。
According to GuruFocus Real-Time Picks, a Premium feature, Halvorsen invested in 7.85 million shares of the Nashville, Tennessee-based health care technology company on March 3, allocating 0.51% of the equity portfolio to the position. The stock traded for an average price of $13.89 per share.
根據高級特寫GuruFocus Real-Time Picks的數據，哈爾沃森於3月3日投資了這家總部位於田納西州納什維爾的醫療保健技術公司785萬股票，將0.51%的股票組合分配給了這一頭寸。該股交易均價為每股13.89美元。
The company, which offers a suite of software, analytics and technology-enabled services and network solutions to health care payers and providers, has a $1.5 billion market cap; its shares were trading around $12.31 on Wednesday with a forward price-earnings ratio of 8.83 and a price-book ratio of 0.89.
該公司向醫療保健支付者和提供者提供一套軟件、分析和技術支持的服務和網絡解決方案，市值15億美元；週三，其股價約為12.31美元，預期市盈率為8.83倍，市淨率為0.89倍。
The price chart shows the stock has fallen nearly 20% since its initial public offering last June.
價格圖表顯示，自去年6月首次公開募股(IPO)以來，該股已下跌近20%。
On Feb. 12, the company reported its third-quarter 2020 financial results, posting adjusted earnings of 33 cents per share on $808.2 million in revenue. Adjusted earnings before interest, taxes, depreciation and amortization came in at $232.6 million, while adjusted net income was $106.3 million. Change Healthcare also noted that it adopted new revenue recognition accounting standards in April 2019, which impacted its historical performance.
2月12日，該公司公佈了2020年第三季度的財務業績，調整後每股收益為33美分，營收為8.082億美元。調整後的利息、税項、折舊和攤銷前收益為2.326億美元，調整後的淨收益為1.063億美元。Change Healthcare還指出，它在2019年4月採用了新的收入確認會計準則，這影響了其歷史業績。
In a statement, President and CEO Neil de Crescenzo praised Change's performance, highlighting its "momentum and success."
在一份聲明中，總裁兼首席執行官尼爾·德克雷森佐讚揚了Change的表現，強調了它的“勢頭和成功”。
"Positive trends in the market for innovation and operational efficiency are continuing to drive demand for existing and new solutions, which are leveraging our investments in artificial intelligence, API's and native cloud-based initiatives," he said. "We believe we are well-positioned to drive growth throughout the remainder of Fiscal 2020 and beyond supported by a healthy pipeline, and we look forward to partnering with our customers to reduce cost, increase quality, and enhance their ability to drive consumer engagement."
他表示：“創新和運營效率市場的積極趨勢正在繼續推動對現有解決方案和新解決方案的需求，這些解決方案利用了我們在人工智能、API和原生雲計劃方面的投資。”我們相信，在一個健康的渠道的支持下，我們處於有利地位，能夠在2020財年剩餘時間及以後推動增長，我們期待着與我們的客户合作，降低成本，提高質量，並增強客户的能力來推動消費者的參與度。“
For the fourth quarter, the company guided for revenue in the range of $775 million to $785 million, adjusted Ebitda between $260 million and $270 million and adjusted net income of $115 million to $125 million.
第四季度，該公司的營收指引在7.75億美元至7.85億美元之間，調整後的EBITDA在2.6億美元至2.7億美元之間，調整後的淨收入在1.15億美元至1.25億美元之間。
For the full year, Change anticipates sales in its Solutions division to grow 1% to 2%, adjusted Ebitda to increase 6% to 8% and adjusted net income to gain between 9% and 11%.
就全年而言，Change預計其解決方案部門的銷售額將增長1%至2%，調整後的EBITDA將增長6%至8%，調整後的淨收入將增長9%至11%。
Weighed down by debt and negative returns on equity and assets, GuruFocus rated Change's financial strength 4 out of 10 and its profitability 1 out of 10.
在債務以及負股本和資產回報率的拖累下，GuruFocus給Change的財務實力打了4分(滿分10分)，給它的盈利能力打了1分(滿分10分)。
Halvorsen is now the company's largest guru shareholder. During the fourth quarter of 2019, NWQ Managers (Trades, Portfolio) established a position in the stock, while Steven Cohen (Trades, Portfolio) reduced his stake. The Vanguard Health Care Fund (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio) also hold the stock.
Portfolio composition
投資組合構成
More than 30% of Halvorsen's $21.35 billion equity portfolio, which was composed of 66 stocks as of the end of fourth-quarter 2019, is invested in the health care sector. He has smaller holdings in the technology (20.53%) and consumer cyclical (18.20%) spaces.
截至2019年第四季度末，哈爾沃森213.5億美元的股票投資組合由66只股票組成，其中超過30%投資於醫療保健行業。他在科技(20.53%)和消費週期(18.20%)領域的持股較少。
Biotechnology companies make up the majority of his holdings in the health care industry, followed by health care plans and diagnostics and research.
生物技術公司佔他在醫療保健行業持股的大部分，其次是醫療保健計劃和診斷和研究。
Other health care providers the guru's firm is currently invested in are Covetrus Inc. (NASDAQ:CVET) and 10x Genomics Inc. (NASDAQ:TXG).
這位大師的公司目前投資的其他醫療保健提供商包括Covetrus Inc.(納斯達克股票代碼：CVeT)和10倍基因組學納斯達克股票代碼：TXG)。
Disclosure: No positions.
披露：沒有頭寸。
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This article first appeared onGuruFocus.
這篇文章最早出現在GuruFocus上。
CHNG 30-Year Financial Data
中國30年金融數據
The intrinsic value of CHNG
長城的內在價值
Peter Lynch Chart of CHNG
彼得·林奇(Peter Lynch)的鄭氏圖表
譯文內容由第三人軟體翻譯。