2024-07-03 05:49:37 ET
Summary
- Steward Health Care and Prospect Medical Holdings, Medical Properties' tenants, face financial and legal issues, leading to potential impairment charges and shareholder value destruction.
- MPW's Q1 financial performance was disappointing, with declining revenue and FFO, and significant impairment charges related to Steward.
- Despite a high dividend yield and undervaluation, MPW's exposure to struggling tenants and questionable due diligence processes warrant a "Strong Sell" recommendation.
Introduction
The first time I have covered Medical Properties Trust ( MPW ), its share price was almost the same as the current one. My previous thesis was a 'Strong sell' recommendation, and my updated fundamental analysis makes me even more convinced of the correctness of my opinion....
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Medical Properties Trust: Tenants' Problems Snowballing