BTSG: This Rocket Can Reach Beyond The Moon – Initiate With a Buy Rating and $81 PT

研报英文原文证据摘录

BTSG: This Rocket Can Reach Beyond The Moon – Initiate With a Buy Rating and $81 PT

rior — — — — — health, rehabilitation, personal care, and other related services. Although this complex

2027 224E 227E 240E 260E 952E amalgamation of assets suffered some stutter-steps in its early 2024 IPO debut, BTSG

Prior — — — — — underwent a well-deserved rerating as the company consistently delivered strong earnings

growth, demonstrated robust specialty pharmacy growth power, and benefited from a

cleaner model after the divestiture of its Community Living business, in our view.

Market Data & Valuation Measures

52-Week Range $19.01 - $72.06 A Complex, But Complementary Set of Assets Fuel Hefty Growth Optionality:

BrightSpring sits at the intersection of two durable secular tailwinds, highlighted by a robust Shares Out (M) 193.9

pipeline of oncology and orphan drugs, as well as ongoing migration of care into lower cost Market Cap (M) $13,852

home and community-based settings amid heightened affordability concerns. We believe

Enterprise Value (M) $16,933 BTSG is well positioned to capitalize on both trends, supported by its leading independent

ADV (3 mo; 000) 3,125 specialty pharmacy platforms, long-standing manufacturer relationships, demonstrated

ability to deliver strong clinical outcomes, and integrated home- and community-based care

platform that is not only accretive independently but complements the company’s specialty

pharmacy and expands care delivery opportunities. Combined with Specialty Rx and

home-based industry expenditures growing in the LDD% and HSD% zones, respectively,

BTSG’s model supports robust low- to mid-teens organic topline growth. Meanwhile, margin

expansion from operating leverage and segment cross-pollination opportunities, inorganic