Healthcare

Report by Aldis Institutional Services

2026 is shaping up to be an active year for US healthcare policy, with President Trump's focus on affordability impacting Congressional and Administration priorities. Near term, Congress is considering spending legislation impacting clinical labs (Quest Diagnostics, Labcorp), diagnostics (Natera) and life science tools (Danaher, Thermo Fisher). Investors are also awaiting clarity on MFN deals and their impact on companies that have not yet signed agreements with the Administration. Beyond HC, Aldis also leverages their connectivity to provide timely insights and updates around M&A with regulatory catalysts, including Nexstar-Tegna and Union Pacific-Norfolk Southern. Contact us below for further information on events hosted by Aldis and access to their content library.

Communications

Report by Huber Research Partners

While some may argue that its operations are “damaged goods” due to the elongated process with Standard General and the FCC, Craig Huber disagrees, especially with the current management team who he has long viewed as one of the best in the industry. Assuming the deal does not go through, Craig estimates 2023 & 2024 FCF after the dividend totals $1.15bn - enough to buyback >30% of the current M/Cap. That's too powerful to ignore, let alone if the company also levered up a bit to further repurchase stock. Patient investors will be rewarded.

Communications

Report by Huber Research Partners

Bids around $22-23/share are way too low, but why sell at all? Would represent only 7.5-7.8x 2021/22 average estimated EBITDA (pre-synergies) vs. takeout range of 9-9.5x for most other TV station transactions this past decade. In fact, Craig Huber believes that TGNA would be better off remaining as a standalone public company and upping its share buyback programme from the current $300m to $1bn over next three years (he estimates it can generate $1.85bn in FCF after dividends 2022-24). 12-month TP $27 (45% upside).

Communications

Report by Huber Research Partners

One of two things likely to happen over the next 18 months: 1) TGNA gets a takeover bid significantly higher than the current stock price - Craig Huber estimates the private market value is $33 per share (90% upside), based on 9.5x 2022/23E EBITDA for the TV stations and 22.75x for Premion. 2) TGNA does more accretive, sizable TV station acquisitions of its own - with a net-debt-to-EBITDA 2021/22E ratio of only 3.1x, this would likely be well received by investors given how low interest rates are and the accretion to FCF.