Spinoff Report
ENSG: Blockbuster Performer Parent Returning for Another Spinoff
The Ensign Group, Inc. (ENSG) has outperformed the S&P SmallCap 600 Index since its 2014 Spinoff of CareTrust REIT, Inc. (CTRE) by +260%, and is now looking to perform another break-up by October 1, 2019. This time, it is separating its senior living and home health & hospice operations from its core skilled nursing and rehabilitative care segments. This Spinoff is structured similarly to the CTRE separation, and the Spinoff is listing on a market that offers significant margins for growth.

  • ENSG's +260% Performance Since 2014 Spinoff Outperforms S&P SmallCap 600 Index Return of +39%
  • PNTG's (Spinoff) Peers Have 17.5x EBITDA Margins / Significant FY20E Premium of 79.7%
  • Index Selling Pressure as Spin Exits the S&P SmallCap 600 Index on Listing / Parent has Minimal Leverage
  • Insider Buying Yields Director +175% Returns Since April 2017 / Distribution Ratio of 1:2
  • Spinoff Completes on September 30 / First Day of Trading October 1, 2019
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