EFTA Document EFTA01446944

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. Model updated:04 February 2014 tho !Rift 'Lon North America United States Health Care Facilities and Services HCA Holdings, Inc. Routers: HCA.N fileeenberg: HCA US Buy Price (3 Feb 131 USD 48.46 Target Price USO 58.00 52 Week range USD 35.21 - 51.41 Market CaP iml USDm 22.292 EUHm 16,491 .C.ornpany Pn tan HCA operates the largest pnvate health cat system n the U 5. Through a network of acute care bstipittils, outpatient fealties. clinics and other patent care delivery sentrgs HCA's operations include 162 hospitet and 112 ~mending surgery centsnl acmes 20 states throughOut the US. and England PI kJ: 2'.0.0100070 OD 50 40 33 20 10 kW 11 ~11 Mar 12 5p12 Mr 13 54;13 - Hotheldrokinc - 51/16:01.4330stimill Marvin Tronclt 21 20 18 17 15 14 :ii• -•• 10 11 12 13 14E ISE ........muirminfirrdn ~tin win rarowth B Pi htithbihty 12 10 8 O 12 IS 11 +am Sri« ewes asS) 13 let 15E ~noiiN451 Solvermy O8 O6 04 02 0 _4 t3 2 I i0 ID 11 12 13 I 4E ISE rei *testar m4S, ,~I~ , Nei sømmum.141149/ Dacron 1.40tric h .1 212150-1629 dirren lehnth@cid corn Page 2 Racal year end 31•Dac 2010 2011 2012 2013 2014E 2015E Financi.21 Surninari DB EPS (USO) 276 285 3 74 342 392 477 Reponid EPS (USD1 278 4 97 349 337 391 477 DPS 6/SDI 000 000 0.03 000 [repeated 3 times] EIVPSIUSD) -27.27 shdandon kIntric: -10.05 -21.03 -1500 -11.14 -671 Price/SSW 14 07 0.5 04 0.5 0.6 06 PIE (08)44 17.2 95 75 118 174 102 P/E (Repfirted1(x) 17.2 5.4 80 1l9 12.4 102 P/81/ (IT mm net ren Mn nm FCF yield (44) 8.7 18.9 182 9.5 8.5 105 Dividend y1•10 0.0 0.0 00 0.0 0.0 00 EV/Saird 1.7 14 13 1.4 14 11 EV/EBITDA 8.2 6.7 8.4 7.2 7.1 8 2 EWESIT 108 89 86 99 95 82 Elm:erne Statenlent iUSDrni Sales 28.035 29.682 33.013 34.182 36.596 39.655 EBITDA 5.958 6.061 6.531 6,574 7.048 7.749 EBIT 4.447 4596 4,852 4.821 5.238 5,912 Primax profit 7,231 3.581 2.994 2,946 3,440 4.105 Net income 1.207 7.035 1.805 1,556 1.807 2,229 (;,::";1 F10v: i1)5[200 Cash new horn operations 3,085 3,933 4,175 3,680 4,088 4,580 Net Capes -1.288 -1.398 -1.832 -1,910 Free cash now 1.797 2,535 2.343 1,770 1,888 2,330 Equity tamm145020/4 SOO 0 1,003 0 -500 0 0 Dividends paid 0 [repeated 6 times] Nit MC/dle) in borrow's)» 7,533 .1889 1,724 -687 -LOW -2.030 Other investing/fmancing cash flows .4,231 •1.9137 -3735 On -494 -512 Net cash flow 99 332 .291 394 -132 Øn ',writing capital 799 -129 4.663 -4272 4 -77 112,iFinci,.ilut171.1126;2.d Cmh and car, equivalens 411 373 705 414 808 676 Properly, plant & equipment 11,352 17834 13,185 13,819 14,006 14,270 Goodvall 2.693 5.251 5.539 5,903 5.903 5,903 Other nests 9.398 8.440 8.848 8.895 9.252 9.614 Total assets 23.852 26.898 28.075 28,831 73.989 30,463 Debt 28.225 27.062 28.930 28,326 27.376 25.376 Otte Imbrium 8.421 6,860 7,486 5.858 6,194 6.460 Total Itbktes 34.646 33,912 36.410 34.234 33.570 31.836 Total sharelxilders• equity 10,794 7,014 43.341 -5.403 4.601 -1.373 At as 27,874 28679 28225 27,962 26.566 24.700 I Key Company 5481.0C3 Sales growth NI 4.7 59 112 3.5 70 57 DB FPS growth I%) 131 3.3 31 0 8.5 14 6 21 EllyOut ratio I%I 0.0 00 00 0.0 00 00 EBITDA Marge. difld 20.9 20 4 198 19.2 19 3 200 EBIT Margin Pb) 15.9 15.5 147 141 14.3 150 ROE (54) rem on nm ren ren lee Nat debtrequaY (A) ran on nm arm ren rim Net interest cover 01 2.1 2.3 2.7 2.6 2.9 34 [DuPont A.nal.rsis EBIT mirrin 159 155 147 14.1 14 3 150 Asset turnover fa) 1.2 12 12 1.2 12 13 Financial cost ratio NI 05 06 [repeated 3 times] 07 07 Tax and other effects (a) 0.5 10 05 0.5 05 05 ROA (post tas) (141 50 97 513 55 6.1 74 Financial leverage (0 -25 .3 1 -3.4 -4 9 -75 ROE OH -115 .74 4 .179 -1813 -299 -55 5 annual swab (%) .54 411.6 267 494 457 NTAfthare Imp] la) -23 9 -203 -195 -IGO -13.1 86 Reported EPS 276 497 349 337 392 477 •nnual growth f%1 232 80.2 -297 -36 163 218 Source. Company obta. astaCh. Bwk es4metes Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 101397 PROT1 PROT0