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...founding CEO Robert Walter moved the company into pharmaceuticals. Over the next two decades, he transformed the firm into a $75 billion conglomerate. "It was a very entrepreneurial company, founded out of the back of this Harvard Business School guy Bob Walter's car," says Lisa Gill, a JPMorgan analyst who has covered Cardinal since 1999. "People talked about Cardinal wanting to be the GE of health care...
Walter stepped down in 2006, and soon after, it became clear that Cardinal's strategy wasn't sustainable. "The old Cardinal Health had so many different businesses, and they could never quite get them all moving in the right direction at the same time," says Lazard Capital market analyst Tom Gallucci. "Huge chunks of the company were being undermanaged or neglected altogether...
More important, these bulk customers don't use wholesalers to source generic products, which are expected to replace 80% of the revenue from brand-name drugs by 2015. "Generics mean slow top-line growth but are ultimately much more profitable for wholesalers," says Richard Close, an analyst for Jefferies & Co. "By focusing on the big chains, Cardinal had basically ceded generics to McKesson and AmerisourceBergen...
...continues to leverage its unique $8.2 billion medical-supply arm, under which Cardinal manufactures and delivers equipment like surgical gloves, scrubs and gowns to thousands of hospitals and labs. "If you're already dropping off gloves at a hospital, why not also bring along drugs or radioisotopes?" Deutsche Bank analyst Ross Muken says. "The scalability here is huge...
...Genting, operator of Resorts World Sentosa, recouping its $4.5 billion investment won't be easy. Even though it will be one of two exclusive casino operators, unlike Macau or Las Vegas, where there is fierce competition within a much larger pool, analysts and investors have set their initial expectations for Sentosa's gaming revenues "far too high," says Citigroup analyst Dominic Noel-Johnson. To meet Citigroup's relatively conservative 2011 gaming revenue estimate of $1.2 billion for Resorts World Sentosa - more than a third less than the consensus of other brokerage houses - every single foreign tourist expected to come...