Darspal S Mann
Long/short equity, growth at reasonable price, special situations, deep value

Surgery Partners: Bad House In A Great Neighborhood

Surgery Partners (NASDAQ:SGRY), the latest Ambulatory Surgical Centers (ASC) player to go public, is somewhat forgotten, post its IPO late last year. Now that the industry seems well positioned to benefit from the regulatory and other changes underway, one can expect that the name may find more mentions, but the business may take a while to gain a stable footing after the major acquisition and weak business fundamentals, even though the valuation seemed to be already priced for the best-case scenario. Investors might be well served to capitalize on the expected excitement to exit this somewhat low-quality execution story or study pairing options against a better-performing Surgical Care Affiliates (NASDAQ:SCAI).

Image Source: Surgery Partners SEC

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