Unbigoted Research
Long/short equity, deep value, special situations, growth

Emeritus: In The Black Where It Matters More

Emeritus Corporation (NYSE:ESC) serves the rapidly growing senior market in the U.S. through its operation of a wide variety of senior living communities. Founded in 1993, the Seattle, Washington, based company currently has a market cap that is in excess of $1 billion. Emeritus has proven itself to be a successful consolidator in the somewhat fragmented industry. This consolidation has helped Emeritus to gain significantly more market scale, with a broad geographic footprint, as well as more effective operational efficiencies. And although Emeritus does not provide a quarterly dividend to its shareholders and the EPS is still in the red, most of that has to do with a high non-cash depreciation and amortization expense. This makes Emeritus one...

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