2025-06-17-Jefferies-简短报告_5月中旬医疗保健服务卖空兴趣下降0.1_；THC卖空比例上升0.5个百分点（占流通股的3.1_）_7页_151kb

Healthcare Services Equity Research Summary

• Short Interest: Short interest on THC (Tenet Healthcare Corp.) increased by 50 basis points to 3.1% of public float. Despite low overall short interest in the universe, investor concerns about the Budget reconciliation bill led to this rise, potentially impacting hospital earnings via Medicaid changes.

• Positive Attributes: THC maintains a compelling valuation at 8x EV/EBITDA and 1.0x EV/EBITDA/Growth for FY25. Strong demographic-driven factors include +2.9% YoY adjusted admissions and expanding EBITDA margins +300 bps YoY. Free cash flow supports a buyback program.

• Analyst Perspective: Despite short interest concerns, the stock is rated "Buy" due to its attractive valuation, cost management, and utilization trends. The recent price increase post-BBB passage is seen as justified but does not negate its value.

• Company-Specific Notes: THC is one of Jefferies' "Franchise Picks," highlighting strong fundamentals in the healthcare sector.

• Key Risks: Budgetary issues and broader economic factors may affect the hospital industry, influencing THC's performance.