Packer16 Posted April 7, 2013 Author Share Posted April 7, 2013 The $7 to $8 was pre-split 1:5. So in current shares the range is $35 to $40 per share. Packer Link to comment Share on other sites More sharing options...
Packer16 Posted May 9, 2013 Author Share Posted May 9, 2013 AIQ had an OK quarter but today was able to refinance the term debt and save $10 million in interest expense. Was disappointed in gap analysis but the re-fi was good news (they lowered the term debt from 7.25% to 4.5% per year on $360 million of debt). So the estimated FCF this year will range from $35 to $45 million. Packer Link to comment Share on other sites More sharing options...
zippy1 Posted May 30, 2013 Share Posted May 30, 2013 Up 13% today without any news. I wonder what I am missing... Link to comment Share on other sites More sharing options...
17thstcapital Posted May 30, 2013 Share Posted May 30, 2013 There was a story out today that suggested that the loan refi would be done on better terms. Whether that alone was the reason for the move, I'm not sure.... Link to comment Share on other sites More sharing options...
Packer16 Posted May 30, 2013 Author Share Posted May 30, 2013 I know they have been giving presentations at conferences. You can see them on their websites. In addition, a VIC write-up just became available today. As for the move, I don't know the specifics but AIQ is still at 4.4x EBITDA versus 5.8x for RDNT and 7.0x for industry take out multiples. Given the amount of debt, the upside to RDNT's multiple is 131% and to industry take out multiple is 245%. Packer Link to comment Share on other sites More sharing options...
Packer16 Posted May 31, 2013 Author Share Posted May 31, 2013 The re-fi details: http://finance.yahoo.com/news/alliance-healthcare-services-announces-receipt-130000538.html Packer Link to comment Share on other sites More sharing options...
zippy1 Posted July 31, 2013 Share Posted July 31, 2013 New CEO Alliance HealthCare Services Names Percy C. “Tom” Tomlinson, Jr. as Chief Executive Officer New CEO Brings Diverse Track Record of Success Larry Buckelew to Remain Chairman of the Board of Directors http://finance.yahoo.com/news/alliance-healthcare-services-names-percy-210500533.html Link to comment Share on other sites More sharing options...
Packer16 Posted August 1, 2013 Author Share Posted August 1, 2013 It looks like he ran CDI a large MRI company in the Midwest a few years ago and left when Onex sold to another buyer. I am trying to see what in his background would help Alliance Healthcare and I am left wanting. Does anyone else see something? The revenue is down but at least they have increased the revenue "gap" to positive and the EBITDA trends are good. I think these guys should benefit from the AHA. Packer Link to comment Share on other sites More sharing options...
Kiltacular Posted August 16, 2013 Share Posted August 16, 2013 Packer, If you have a moment, I saw AIQ had a little correction after its nice run. Is there any news you have seen? TIA for any thoughts. I didn't find anything. Link to comment Share on other sites More sharing options...
Packer16 Posted August 17, 2013 Author Share Posted August 17, 2013 I saw one SA article questioning the run up in price. Now the price is about were it was before the 2011 crash in price. It is close to fairly valued if there is no further growth. However with some of the changes they have made there may be more upside. Packer Link to comment Share on other sites More sharing options...
Kiltacular Posted August 17, 2013 Share Posted August 17, 2013 Thanks for update Link to comment Share on other sites More sharing options...
Kiltacular Posted October 1, 2013 Share Posted October 1, 2013 https://www.google.com/finance?q=aiq&hl=en&ei=qgVKUpjUC6i8lgPKew Paaaaccckker! Link to comment Share on other sites More sharing options...
plato1976 Posted October 1, 2013 Share Posted October 1, 2013 I was hesitating days ago if I should buy it... https://www.google.com/finance?q=aiq&hl=en&ei=qgVKUpjUC6i8lgPKew Paaaaccckker! Link to comment Share on other sites More sharing options...
zippy1 Posted October 7, 2013 Share Posted October 7, 2013 I wonder how much interest saving they can get from this? Alliance HealthCare Services, Inc. (the "Company") is seeking, subject to market and other conditions, commitments from its existing lenders for a $70 million partial exercise of the incremental term loan facility under its existing senior secured credit agreement (the "Credit Agreement"). The Company intends to use the net proceeds from the borrowings under the incremental term loan facility, together with borrowings under its revolving credit facility and cash on hand, to redeem all of its outstanding 8.0% Senior Notes due 2016 (the "Notes") in December 2013. http://biz.yahoo.com/e/131004/aiq8-k.html Link to comment Share on other sites More sharing options...
zippy1 Posted October 11, 2013 Share Posted October 11, 2013 The answer is 5 million! Howard Aihara, executive vice president and chief financial officer, stated, “Our ability to raise $70 million of incremental borrowings under our existing senior secured term loan highlights the ongoing improvement in our business performance and the strength of our balance sheet. The redemption of our 8% Senior Notes will save us approximately $5 million annually and will provide additional flexibility and cash flow to execute upon our strategic initiatives, including ongoing reduction of our debt.” http://finance.yahoo.com/news/alliance-healthcare-services-announces-receipt-133000898.html Link to comment Share on other sites More sharing options...
Packer16 Posted October 11, 2013 Author Share Posted October 11, 2013 That adds up to almost $60 million in TTM FCF or a yield of about 21% at the current price. Packer Link to comment Share on other sites More sharing options...
zippy1 Posted October 28, 2013 Share Posted October 28, 2013 Stock down about 30% in a few days without any news. I wonder why. ??? Link to comment Share on other sites More sharing options...
Packer16 Posted October 28, 2013 Author Share Posted October 28, 2013 I have no idea. It maybe Mr. Market. Packer Link to comment Share on other sites More sharing options...
gary17 Posted October 28, 2013 Share Posted October 28, 2013 i have no position but wondering if it has anything to do with Obama care not going smoothly. just a guess. Link to comment Share on other sites More sharing options...
Packer16 Posted October 28, 2013 Author Share Posted October 28, 2013 It hasn't run smoothly for a month. I don't know why AIQ has tanked in the last few days. Maybe it is due to them not announcing the earnings release date yet but it appears an over reaction if that is the case. Packer Link to comment Share on other sites More sharing options...
zippy1 Posted October 30, 2013 Share Posted October 30, 2013 I wonder about the delay of the earning release. New CEO taking more time to review to ensure correctness? :-\ Link to comment Share on other sites More sharing options...
zippy1 Posted November 6, 2013 Share Posted November 6, 2013 Q3 results out. http://finance.yahoo.com/news/alliance-healthcare-services-reports-third-220000531.html Adjusted EBITDA increased by 3% over the prior year, representing the sixth consecutive quarter of organic Adjusted EBITDA growth (1) • Same store volume growth was 1.2% for MRI and 1.6% for PET/CT in the third quarter of 2013 compared to the third quarter of 2012 • Alliance generated net income per share of $0.41, after excluding loss on extinguishment of debt, impairment charges, restructuring and transaction costs, and differences in the GAAP income tax rate compared to our historical income tax rate. Earnings per share in accordance with GAAP was ($0.19) per share. • Continued to generate strong cash flow, with $43.3 million reduction in net debt in the last twelve month period (2) • Raised incremental term loan proceeds of $70.0 million in October 2013 which allows the Company to redeem the remaining balance on the 8% senior notes. The transaction will save the Company an additional $5 million annually in cash interest expense beginning in December 2013. Link to comment Share on other sites More sharing options...
Packer16 Posted November 8, 2013 Author Share Posted November 8, 2013 Another nice quarter (3% annualized EBITDA growth). Not a blockbuster but with all the refis they have gotten TTM free cash flow up to $56 million or $5.30 per share. A 23% FCF yield at today's prices and only selling for 5x EBITDA. A pretty good deal in today's market with Mr. Marks as your controlling shareholder. Packer Link to comment Share on other sites More sharing options...
gary17 Posted November 29, 2013 Share Posted November 29, 2013 Packer, do you by chance know if the long term contracts AIQ has with the hospitals / health service providers prevent the company from raising the service fees -- In Canada, as you know, the prices are set by the government I believe... Wondering what it's like in the US. I am trying to find out that if inflation kicks in - yes, many says won't happen - but if it does, I wonder what would happen to AIQ... Thanks! Link to comment Share on other sites More sharing options...
Packer16 Posted November 29, 2013 Author Share Posted November 29, 2013 I believe that the prices per scan are negotiated at some regular interval (either quarterly or yearly) Packer Link to comment Share on other sites More sharing options...
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