1NorthAmericaEquityResearchApril3,2020HealthcareFacilities&ManagedCareGaryTaylorAC212-622-6600gary.taylor@jpmorgan.comJ.P.MorganSecuritiesLLCHEALTHCAREFACILITIES&MANAGEDCARECOVID-19Update&RecessionOutlookDiversifiedHMOs|GovnHMOs|AcuteCare|Sub-Acute|Outpatient|OutsourcedServicesSeetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ClientConferenceCallFridayApril3,20201:00PMEasternTimeContactusfordial-indetailsMichaelHa212-622-9009michael.ha@jpmorgan.comJ.P.MorganSecuritiesLLC2SUMMARY:COVID-19&RecessionImpactsforPayors/ProvidersPage3OurCoverageUniversePage5PortfolioManagerSummaryPage8EstimateChangesPage13COVID-19ImpactonPayors&ProvidersPage37RecessionImpactonPayors&ProvidersPage65PoliticalUpdatePage69CompanyOverviews&ModelsPage96ManagedCareMarketModel3OurCoverageUniverseSource:J.P.Morgan4/2/2020JPMEPSGrowthP/EEV/EBITDACompany/SubsectorTickerPriceTargetMktCapRatingC'19EC'20EC'21EC'19EC'20EC'21EC'19EC'20EC'21EAcuteCareHospitalsCommunityHealthCYH$2.95na$337UW(54%)290%(22%)------8.2x9.8x8.9xHCAHCA$85.08$142$29,504OW13%(17%)27%8.1x9.7x7.6x6.8x7.4x6.5xTenetHealthcareTHC$13.81$19$1,459N45%(84%)557%5.2x32.4x4.9x6.9x7.9x6.7xTotalMarketCap$31,300Median:(1%)(5%)3%6.6x21.1x6.3x6.9x7.9x6.7xSub-AcuteCareAcadiaHealthcareACHC$17.78$21$1,559N(12%)(11%)2%8.7x9.8x9.6x7.8x8.0x7.6xUniversalHealthServicesUHS$90.37$138$7,917N5%(12%)21%9.1x10.4x8.6x6.6x7.2x6.4xTotalMarketCap$9,476Median:(3%)(12%)11%8.9x10.1x9.1x7.2x7.6x7.0xOutpatientCareDavitaIncDVA$71.48$75$9,420N60%13%11%13.2x11.8x10.6x7.5x8.2x8.0xOutsourcedServicesMednaxIncMD$10.58$15$887N(36%)(68%)122%4.7x14.6x6.6x6.2x9.1x7.3xManagedCare-DiversifiedAnthemANTM$209.64$391$54,087OW22%10%13%10.8x9.8x8.6x9.1x8.2x7.8x...
