Mar. 25 at 4:04 PM
$PACS @bigvalueboi the attached picture is the framework I tend to to reference for these guys. There are not many public companies with as clean a comp as ENSG is for PACS. Some differences in owned vs. rented real estate but they are basically the same business in most key aspects (size, capabilities, operating strategy, M&A strategy, operating geographies, and so on).
Some valuation gap may be warranted, but should certainly not be 35%. From what I recall, PACS traded at a ~10% discount to ENSG between its IPO and when the short report came out.
