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商品編號: 9-218-039 出版日期: 2018/01/15 作者姓名: Kester, W. Carl;McComb, Emily R. 商品類別: Finance 商品規格: 23p 再版日期: 2021/04/05 地域: United States 產業: Healthcare sector;Hospitals and hospital management 個案年度: 2017 - 2017
商品敘述:
In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash flows among several competing alternatives. Equity analysts and some mutual fund investors were clamoring for the company to initiate regular quarterly dividends, while some other hedge fund investors were eager to see more share repurchases. Other choices being advocated by various parties included reducing leverage to improve HCA''s credit rating to investment grade, spurring growth by initiating a major acquisition program or reinvesting heavily in existing markets to enhance HCA''s strong competitive position. These choices had to be made in the face of uncertainty about the future of healthcare regulation and tax policy following the 2016 U.S. presidential election, and in the context of its closest publicly traded peers struggling with heavy debt burdens. HCA''s capital allocation choices would be crucial to its ability to provide high quality health care to patients, implement its corporate strategy and deliver value to shareholders.
涵蓋領域:
Capital budgeting;Asset management;Capital structure;Cash flow;Debt management;Balance sheets;Fixed income securities;Strategy execution;Growth strategy
相關資料:
Spreadsheet Supplement, (9-218-716), 0p, by W. Carl Kester, Emily R. McComb
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