American Shared Hospital Services (NYSE: AMS)

Sector: Healthcare Industry: Medical Care Facilities CIK: 0000744825
Market Cap 13.90 Mn
P/B 0.57
P/E -6.18
P/S 0.47
ROIC (Qtr) 2.52
Div Yield % 0.00
Rev 1y % (Qtr) 2.46
Total Debt (Qtr) 24.62 Mn
Debt/Equity (Qtr) 1.00

About

American Shared Hospital Services (AMS), a company based in California, has been a key player in the medical field for over 39 years. The company specializes in the provision of stereotactic radiosurgery equipment and advanced radiation therapy and related equipment. AMS operates in the healthcare industry, providing services in ten states in the United States, as well as in Peru, Ecuador, South America, Europe, and Asia. AMS generates revenue through the outsourcing of stereotactic radiosurgery services and radiation therapy services. The company's...

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Price action

Investment thesis

Bull case

  • Operating cash flow of 4.08M provides strong 10.40x coverage of stock compensation 392000, indicating sustainable incentive practices.
  • Robust tangible asset base of 58.29M provides 17.04x coverage of working capital 3.42M, indicating strong operational backing.
  • Tangible assets of 58.29M provide robust 13.30x coverage of other current liabilities 4.38M, indicating strong asset backing.
  • Operating cash flow of 4.08M fully covers other non-current liabilities 924000 by 4.41x, showing strong long-term stability.
  • Operating cash flow of 4.08M provides strong 4.41x coverage of tax liabilities 924000, showing excellent fiscal position.

Bear case

  • Operating cash flow of 4.08M barely covers its investment activities of (13.98M), with a coverage ratio of -0.29, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Free cash flow of (9.91M) provides weak coverage of capital expenditures of 13.98M, with a -0.71 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of 4.08M provides minimal -11.75x coverage of tax expenses of (347000), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (915000) show weak coverage of depreciation charges of 6.41M, with a -0.14 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of (9.91M) represents just -8.34x of debt issuance 1.19M, suggesting concerning reliance on leverage rather than internal cash generation for growth.

Peer comparison

Companies in the Medical Care Facilities
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 HCA HCA Healthcare, Inc. 114.88 Bn 18.11 1.54 46.35 Bn
2 THC Tenet Healthcare Corp 18.07 Bn 13.34 0.87 13.19 Bn
3 UHS Universal Health Services Inc 14.64 Bn 10.65 0.86 5.11 Bn
4 FMS Fresenius Medical Care AG 14.10 Bn 16.69 0.61 14.98 Bn
5 EHC Encompass Health Corp 12.55 Bn 19.95 2.17 2.66 Bn
6 ENSG Ensign Group, Inc 10.08 Bn 30.72 2.09 2.16 Bn
7 DVA Davita Inc. 8.90 Bn 11.53 0.67 12.78 Bn
8 CHE Chemed Corp 6.38 Bn 22.87 2.52 0.14 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.51 1.26
EV to Cash from Ops. EV/CFO 7.39 12.78
EV to Debt EV to Debt 1.22 12.10
EV to EBIT EV/EBIT -32.92 10.74
EV to EBITDA EV/EBITDA 7.40 16.04
EV to Free Cash Flow [EV/FCF] EV/FCF -3.04 18.02
EV to Market Cap EV to Market Cap 2.21 432.64
EV to Revenue EV/Rev 1.02 2.77
Price to Book Value [P/B] P/B 0.55 -1.92
Price to Earnings [P/E] P/E -6.06 5.13
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.10
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -13.44
Dividend per Basic Share Div per Share (Qtr) 0.00 0.27
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 5.42
Interest Coverage Int. cover (Qtr) -0.54 -97.94
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -314.31 -114.65
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -62.03 65.22
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.97
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -115.09 -46.98
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -37.70 75.97
EBIT Growth (1y) % EBIT 1y % (Qtr) -117.01 -61.19
EBT Growth (1y) % EBT 1y % (Qtr) -164.55 -115.48
EPS Growth (1y) % EPS 1y % (Qtr) -154.84 -24.32
FCF Growth (1y) % FCF 1y % (Qtr) -51.44 309.51
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -16.31 17.88
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.49 1.04
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.04
Cash Ratio Cash Ratio (Qtr) 0.31 0.39
Current Ratio Curr Ratio (Qtr) 1.20 1.39
Debt to Equity Ratio Debt/Equity (Qtr) 1.00 -13.19
Interest Cover Ratio Int Coverage (Qtr) -0.54 -97.94
Times Interest Earned Times Interest Earned (Qtr) -0.54 -97.94
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 18.70 -95.81
EBIT Margin % EBIT Margin % (Qtr) -3.11 -94.97
EBT Margin % EBT Margin % (Qtr) -8.83 -105.60
Gross Margin % Gross Margin % (Qtr) 25.00 23.31
Net Profit Margin % Net Margin % (Qtr) -7.60 -106.14