Author Topic: DVA – DaVita HealthCare Partners  (Read 205452 times)




Charlie

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DooDiligence

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Re: DVA – DaVita HealthCare Partners
« Reply #643 on: August 19, 2019, 06:35:50 AM »
Healthcare 25.9% - CVS EW NVO // BRK.B - 23.1% // Auto's & Oil 15.0% - CLB GPC VDE

Entertainment 4.8% - DIS // Banking 9.9% - WFC // Drinkers & Smokers 4.9% - MO

%'s held @ MV 08/29/2019 minus 16.4% investable cash

i trumpet my ignorance

https://twitter.com/tunawish

ander

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Re: DVA – DaVita HealthCare Partners
« Reply #644 on: September 10, 2019, 08:27:13 AM »
DVA held Capital Markets Day today. They changed their definition of FCF to be more focused on discretionary FCF (i.e., what's available after development capex in addition to maintenance capex). They're projecting a substantial decline in development capex going forward.

ander

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Re: DVA – DaVita HealthCare Partners
« Reply #645 on: September 13, 2019, 06:53:53 AM »
I just spent time going through their deck in more detail - I didn't think that their leverage was already 3.4x ND / EBITDA as they stated at the Capital Markets Day but needed to understand how they were calculating the number. There's a footnote on the last page which basically explains in the new credit agreement they can only count $750 million of the cash on their balance sheet towards the ND portion of the calc. Based on my numbers (post the share buybacks done), they have closer to $1.4 billion of cash on the balance sheet, so the leverage is really a lot lower. To get to 3.5x ND / EBITDA, they have about $850 million of additional share buybacks left to do. Pretty interesting.

flesh

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Re: DVA – DaVita HealthCare Partners
« Reply #646 on: September 13, 2019, 09:45:11 AM »
Hey guys, been out of the loop this year, busy with a new business.

Can someone update me on whether or not BRK is above the 25% ownership limit post buyback and how they are dealing with that?

ander

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Re: DVA – DaVita HealthCare Partners
« Reply #647 on: September 13, 2019, 10:23:47 AM »
The limit is not impacted if it is because of DVA buying back shares.

Hey guys, been out of the loop this year, busy with a new business.

Can someone update me on whether or not BRK is above the 25% ownership limit post buyback and how they are dealing with that?

fareastwarriors

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Re: DVA – DaVita HealthCare Partners
« Reply #648 on: September 19, 2019, 09:36:18 AM »

roark33

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Re: DVA – DaVita HealthCare Partners
« Reply #649 on: September 19, 2019, 10:33:37 AM »
To be fair, he has been short DVA for years.