Dashboard › Demo Universe › Evergreen Physician Group
Evergreen Physician Group · EVPG
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDEMO DATA — fictional company with illustrative numbers.
Roll-up of specialty physician practices, margins squeezed by payer rate changes and labor costs.
Recommendation
HOLD
2 core test(s) failed
Credit score
49 / 100
Elevated
Base IRR
11.0%
vs hurdle 12.0%
Downside IRR
10.3%
default case
Severe recovery
65%
IRR 2.4%
Net leverage
6.2x
FY2025A
EBITDA / interest
1.83x
FY2025A
Overview
| Sector / industry | Healthcare / Physician Practice Management |
| Headquarters | Nashville, TN |
| Revenue (FY2025A) | $1.9B |
| EBITDA (FY2025A) | $247M |
| Total debt (face value) | $1.6B |
| Cash | $80M |
| Net debt | $1.5B |
| Asset / collateral base | $1.4B |
| Enterprise value (assumed multiple) | $2.3B |
Investment thesis UNDERWRITING ASSUMPTION
Margins have declined 150bps in two years and coverage is 1.8x, but the platform is growing and the first-lien loan is trading at a discount. We need to understand organic vs acquired growth and payer-contract exposure before underwriting.
| Instrument | First-Lien Term Loan |
| Face value / purchase price / cash investment | $100M / 93.0 / $93.5M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 9.2% · 11.5% |
Key protections
- Discount on first-lien to par
- Margin recovery as integration completes
Key risks
- Payer rate pressure / No Surprises Act
- Physician retention and labor cost
- Acquisition integration
Key catalysts
- Payer contract renewals
- Revolver maturity Jan 2028
Data-quality notes
- All figures are fictional and illustrative.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Evergreen Physician Group — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Evergreen Physician Group — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |