Deutsche Bank Maintains Hold Rating On AMSG

Deutsche Bank is maintaining its Hold rating on shares of Amsurg Corp. AMSG. “Amsurg acquired National Surgical Care for $173.5M (~7.8x FW Adjusted EBITDA‐MI and 1.3x FW revenue),” Deutsche Bank writes. “National Surgical Care owns and operates 18 ASCs including 16 multispecialty clinics and two centers focused in GI and generated revenue and adjusted EBITDA in 2010 of $124M and $21.5M, respectively (17.3% margins are inline with AMSG). Mgmt expects the transaction to be accretive to 2012 and excluding transaction costs also to 2011 results.” Amsurg closed Thursday at $27.35.