U.S. Physical Therapy
Thesis
U.S. Physical Therapy is positioned to drive operational efficiencies and capture market share through strategic acquisitions of small operators in a fragmented market. The company is expected to grow its adjusted free cash flow at a high single-digit growth rate over the next three years, with a target price of $24.00 based on a 15.0x multiple of 2012E adjusted free cash flow.
Did it work?
The thesis for U.S. Physical Therapy was to capitalize on operational efficiencies and market share growth through acquisitions, which has been validated by the significant price increase of 330.8% over 190 months. The company has likely achieved its growth targets, aligning with the long-term expectations of high single-digit adjusted free cash flow growth. The substantial return also supports the effectiveness of the investment thesis.
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