Investment Research report

LHC Group, Inc.

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Research Overview

S&P 500
Jan 15, 2020

After conducting a forensic financial and accounting review, Spruce Point believes LHC Group, Inc. (NASDAQ: LHCG), a roll-up of post-acute home health centers, has a growth profile that is misunderstood by the market, and investors should harbor serious doubts as to management's credibility and the continued viability of its roll-up strategy. Based on our investigation, we estimate 35% to 65% downside risk, or $60 - $90 per share.

The report highlights several key concerns with the company, including:

  • Our analysis of the recent material acquisition of AFAM shows that it appears to be contracting
  • We find evidence of management actively managing their organic growth number
  • We believe that the current valuation is predicated on misrepresented growth profile
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