Highlights from ASTH NDRS; Leading the Value-Based Care Market with Technology and an Effective Clinical Care Model

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Highlights from ASTH NDRS; Leading the Value-Based Care Market with Technology and an Effective Clinical Care Model

June 2, 2026 Astrana Health, Inc.

(ASTH, Buy, $50 PT)

David Larsen, CFA

Highlights from ASTH NDRS; Leading the Value-Based Care Market with (212) 738-6161 dlarsen@btig.comHEALTHCARE Technology and an Effective Clinical Care Model Jenny Shen

(212) 738-6136 jshen@btig.com

IT WHAT YOU SHOULD KNOW: We recently brought Brandon Sim, CEO of Astrana Health, Company Data

on the road to meet with investors. The schedule was full and investor interest has been Closing Price $38.33

high, with generally positive sentiment. We believe that ASTH is the clear categoryAND Price Target $50.00 leader in value-based care, the company has very tight data systems that enable ASTH

to process and adjudicate all the claims, approve prior-auths, design the network, and Market Cap (M) $1,900.40

actually build and deploy clinics when necessary. Since ASTH has high-quality clinical Enterprise Value (M) $2,367.00

providers, with very tight data, the quality of medical care that is being delivered is Shares Out (M) 49.58DIGITAL generally high, and this drives down total cost trend. The patients and members win Avg Daily Vol-3 Months (M) 0.49

because they can stay away from hospitals, ASTH wins because risk premiums are

Revisions collected, and the plans win because trend improves.

■ Prospect Medical is doing well. During our discussions with management we Previous Current

learned that Prospect Medical is performing well. We were positively surprised to Rating Buy BuyHEALTH hear that just ~$100M of the ~$1.2B in total revenue from the deal, is coming from Price Target $50.00 $50.00

an acute care hospital system. This means that ~$1B+ of total Prospect revenue FY26E REV 4,026.80 4,026.80