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Tenet Healthcare (THC) has made a nice rebound since trading below $5 per share in 2009. It fought bankruptcy rumors in 2007, but still carries a high debt load. However, the majority of its $5 billion in debt doesn't come due for a number of years and the company is generating a high level of cash flow. It has a number of catalysts, including the Affordable Healthcare Act, that should help push the stock back over $100 per share, levels it hasn't seen since the early 2000s.

How to think about Tenet's opportunity

Tenet operates some 78 acute care hospitals and 176 outpatient centers, with 20 more in development. It boasts geographic diversification, operating across 42 states,...

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