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

Amsurg: Monetizing The Changing Ambulatory Surgical Center Industry

Amsurg Corp. (AMSG), after the heightened volatility of the last few months, seems well positioned to monetize the favorable dynamics in the Ambulatory Surgical Center (ASC) space, just as the benefits from the recent acquisitions start flowing through. The company's recent effort to lead consolidation in the space may have increased the 'uncertainty quotient', but the fundamentals suggest that both the timing and initiatives are apt and investors might be well served to capitalize on the heightened fear and take a closer look. This note carries forward the argument about the fast changing ASC industry, discussed in previous notes on Surgical Care Associates (NASDAQ:SCAI) and Surgery Partners (NASDAQ:SGRY).

Besides the broader market environment,

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