Investment Research report

Premier, Inc.

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Research Overview

S&P 500
Sep 25, 2019

After conducting a forensic financial and accounting review, Spruce Point believes Premier, Inc. (Nasdaq: PINC), a group purchasing organization (GPO), is temporarily generating twice the earnings which its business model can only currently sustain due to a unique pre-IPO restructuring agreement. Based on our investigation, we estimate 55% to 75% downside risk, or $8 - $15 per share.

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

  • Our analysis suggests that the below-market share back rates are unsustainable
  • Evidence that the vesting of member owner shares is likely resulting in the current margin compression
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