EHC - HCA Healthcare: Social Responsibility Can't Offset Systemic Risks

• Having posted a rebound in revenue growth, HCA plans an early repayment of the federal assistance received in the pandemic.
• The decision raises the company’s corporate profile and indicates its robust liquidity, but political risks and a relentless pandemic continue to weigh on the sector’s outlook.
• With no upgrade, HCA’s historic trading multiple, with our optimistic EBITDA forecast, indicates a modest premium.
• Hardly a ‘Buy’ for short-term gains, the stock, thanks to a solid balance sheet to navigate near-term headwinds, is a ‘Hold’ for the long-term investor.

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