即将到来的罗素指数再平衡对医疗服务的影响分析

USA | Healthcare Services A Look at the Upcoming Russell RebalanceImpact on Healthcare Services Last week was the official ranking day for the preliminary FTSE Russell USreconstitution portfolio, which will be officially communicated in May. Weexpect adjustments to funds' positions in names under our coverage ahead ofthe June 28th official change date. The Jefferies Index team is projecting thatas a % of avg daily vol (shares traded), AVAH and MCK stand to see the greatestadds, while CAH and HCA stand to see the greatest selling pressure. Annual Russell Indices Rebalancing: Market Impact & Timeline.Each year, the Russell indicesundergo a rebalancing to adapt to evolving market conditions. The official ranking day for UScompanies was April 30th, but the preliminary list of changes will be published on May 23. Thishas the potential to lead to a noticeable surge in short-term trading for stocks that have beenadded or repositioned within the indices. The official rebalancing will take place on June 27 afterthe market closes, and passive/index funds are required to finalize trades to align with the newindex compositions by that effective date. We highlight in Exhibit 1 the notable changes occurringwithin our coverage universe. Brian Tanquilut * | Equity Analyst(615) 963-8338 | btanquilut@jefferies.comJack Slevin, CFA * | Equity Analyst(212) 284-4686 | jslevin@jefferies.com Healthcare ServicesEquity ResearchMay 7, 2025 Company Valuation/Risks Aveanna Healthcare Holdings Inc. Price target derived by applying AVAH's avg EV/EBITDA multiple. Risks: elevated leverage, wage inflation, holder concentration; reimbursement andregulations. Cardinal Health, Inc. Our PT is derived by applying a PE/G ratio in line with the company's LT growth outlook. Risks include AMZN overhang on med supplies and Rx listpricing decreasing. HCA Healthcare Our PT is derived by applying a 10.5x EV/EBITDA multiple (calculated using HCA's LT growth rate) to our FY25 EBITDA estimate.Risksinclude volumedeceleration and abrupt changes to the U.S. policy landscape. McKesson Corporation Our PT is derived by applying a PE/G ratio in line with the stock's historical delta vs. the S&P 500 PE/G to our LT growth assumption. Risks includere-acceleration of sell-side pricing pressure on generic drugs. Analyst Certification: I, Brian Tanquilut, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Jack Slevin, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedMay 7, 2025 , 21:35 ET.Recommendation DistributedMay 7, 2025 , 21:35 ET. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period. Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies. CS - Coverage Suspended. Jefferies has suspended coverage of this company. Restricted - Describes issuers where, in conjunction