Intrinsic value of Align Technology - ALGN

Previous Close

$157.26

  Intrinsic Value

$167.34

stock screener

  Rating & Target

hold

+6%

  Value-price divergence*

+37%

Previous close

$157.26

 
Intrinsic value

$167.34

 
Up/down potential

+6%

 
Rating

hold

 
Value-price divergence*

+37%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ALGN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  27.81
  29.70
  27.23
  25.01
  23.01
  21.21
  19.59
  18.13
  16.81
  15.63
  14.57
  13.61
  12.75
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
Revenue, $m
  1,080
  1,401
  1,782
  2,228
  2,740
  3,322
  3,972
  4,692
  5,481
  6,338
  7,261
  8,250
  9,301
  10,415
  11,590
  12,825
  14,118
  15,470
  16,881
  18,351
  19,880
  21,471
  23,125
  24,844
  26,630
  28,486
  30,416
  32,422
  34,509
  36,680
  38,941
Variable operating expenses, $m
 
  1,036
  1,317
  1,644
  2,021
  2,449
  2,927
  3,456
  4,037
  4,667
  5,346
  6,066
  6,840
  7,659
  8,523
  9,431
  10,382
  11,376
  12,413
  13,494
  14,619
  15,789
  17,005
  18,269
  19,583
  20,948
  22,366
  23,842
  25,376
  26,973
  28,635
Fixed operating expenses, $m
 
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
Total operating expenses, $m
  831
  1,069
  1,351
  1,678
  2,056
  2,485
  2,964
  3,494
  4,076
  4,707
  5,387
  6,108
  6,883
  7,703
  8,568
  9,477
  10,430
  11,425
  12,463
  13,545
  14,671
  15,843
  17,060
  18,325
  19,641
  21,007
  22,427
  23,904
  25,440
  27,038
  28,702
Operating income, $m
  249
  332
  432
  549
  684
  837
  1,008
  1,198
  1,405
  1,631
  1,875
  2,141
  2,419
  2,712
  3,022
  3,348
  3,689
  4,045
  4,418
  4,805
  5,209
  5,629
  6,065
  6,518
  6,990
  7,480
  7,989
  8,518
  9,069
  9,642
  10,239
EBITDA, $m
  273
  361
  467
  591
  735
  897
  1,079
  1,280
  1,501
  1,741
  1,999
  2,276
  2,570
  2,882
  3,211
  3,557
  3,919
  4,298
  4,693
  5,104
  5,533
  5,979
  6,442
  6,923
  7,424
  7,944
  8,484
  9,047
  9,631
  10,240
  10,873
Interest expense (income), $m
  0
  0
  4
  9
  15
  22
  29
  38
  47
  57
  68
  80
  93
  107
  121
  136
  152
  169
  187
  205
  224
  244
  265
  286
  308
  332
  356
  381
  407
  434
  462
Earnings before tax, $m
  243
  332
  428
  540
  669
  815
  979
  1,160
  1,359
  1,574
  1,806
  2,061
  2,326
  2,606
  2,901
  3,211
  3,536
  3,876
  4,231
  4,600
  4,985
  5,385
  5,800
  6,232
  6,681
  7,148
  7,633
  8,137
  8,662
  9,208
  9,776
Tax expense, $m
  52
  90
  116
  146
  181
  220
  264
  313
  367
  425
  488
  556
  628
  704
  783
  867
  955
  1,047
  1,142
  1,242
  1,346
  1,454
  1,566
  1,683
  1,804
  1,930
  2,061
  2,197
  2,339
  2,486
  2,640
Net income, $m
  190
  242
  312
  394
  488
  595
  715
  847
  992
  1,149
  1,319
  1,505
  1,698
  1,902
  2,118
  2,344
  2,582
  2,830
  3,088
  3,358
  3,639
  3,931
  4,234
  4,550
  4,877
  5,218
  5,572
  5,940
  6,323
  6,722
  7,137

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  640
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,396
  980
  1,247
  1,559
  1,918
  2,324
  2,780
  3,283
  3,836
  4,435
  5,081
  5,773
  6,509
  7,289
  8,111
  8,974
  9,880
  10,826
  11,813
  12,842
  13,912
  15,026
  16,183
  17,386
  18,636
  19,934
  21,285
  22,689
  24,149
  25,669
  27,251
Adjusted assets (=assets-cash), $m
  756
  980
  1,247
  1,559
  1,918
  2,324
  2,780
  3,283
  3,836
  4,435
  5,081
  5,773
  6,509
  7,289
  8,111
  8,974
  9,880
  10,826
  11,813
  12,842
  13,912
  15,026
  16,183
  17,386
  18,636
  19,934
  21,285
  22,689
  24,149
  25,669
  27,251
Revenue / Adjusted assets
  1.429
  1.430
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
Average production assets, $m
  176
  228
  290
  363
  447
  541
  647
  765
  893
  1,033
  1,184
  1,345
  1,516
  1,698
  1,889
  2,090
  2,301
  2,522
  2,752
  2,991
  3,241
  3,500
  3,769
  4,050
  4,341
  4,643
  4,958
  5,285
  5,625
  5,979
  6,347
Working capital, $m
  599
  -53
  -68
  -85
  -104
  -126
  -151
  -178
  -208
  -241
  -276
  -313
  -353
  -396
  -440
  -487
  -536
  -588
  -641
  -697
  -755
  -816
  -879
  -944
  -1,012
  -1,082
  -1,156
  -1,232
  -1,311
  -1,394
  -1,480
Total debt, $m
  0
  119
  260
  425
  615
  831
  1,072
  1,339
  1,632
  1,950
  2,292
  2,659
  3,049
  3,462
  3,898
  4,355
  4,835
  5,337
  5,860
  6,405
  6,972
  7,563
  8,176
  8,813
  9,476
  10,164
  10,880
  11,624
  12,398
  13,203
  14,042
Total liabilities, $m
  401
  520
  661
  826
  1,016
  1,232
  1,473
  1,740
  2,033
  2,351
  2,693
  3,060
  3,450
  3,863
  4,299
  4,756
  5,236
  5,738
  6,261
  6,806
  7,373
  7,964
  8,577
  9,214
  9,877
  10,565
  11,281
  12,025
  12,799
  13,604
  14,443
Total equity, $m
  995
  461
  586
  733
  901
  1,092
  1,306
  1,543
  1,803
  2,085
  2,388
  2,713
  3,059
  3,426
  3,812
  4,218
  4,643
  5,088
  5,552
  6,036
  6,539
  7,062
  7,606
  8,171
  8,759
  9,369
  10,004
  10,664
  11,350
  12,064
  12,808
Total liabilities and equity, $m
  1,396
  981
  1,247
  1,559
  1,917
  2,324
  2,779
  3,283
  3,836
  4,436
  5,081
  5,773
  6,509
  7,289
  8,111
  8,974
  9,879
  10,826
  11,813
  12,842
  13,912
  15,026
  16,183
  17,385
  18,636
  19,934
  21,285
  22,689
  24,149
  25,668
  27,251
Debt-to-equity ratio
  0.000
  0.260
  0.440
  0.580
  0.680
  0.760
  0.820
  0.870
  0.910
  0.940
  0.960
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.060
  1.070
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.100
Adjusted equity ratio
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  190
  242
  312
  394
  488
  595
  715
  847
  992
  1,149
  1,319
  1,505
  1,698
  1,902
  2,118
  2,344
  2,582
  2,830
  3,088
  3,358
  3,639
  3,931
  4,234
  4,550
  4,877
  5,218
  5,572
  5,940
  6,323
  6,722
  7,137
Depreciation, amort., depletion, $m
  24
  29
  35
  42
  51
  60
  71
  83
  95
  109
  124
  134
  152
  170
  189
  209
  230
  252
  275
  299
  324
  350
  377
  405
  434
  464
  496
  528
  562
  598
  635
Funds from operations, $m
  231
  271
  347
  437
  539
  655
  785
  929
  1,087
  1,259
  1,443
  1,639
  1,849
  2,072
  2,307
  2,553
  2,812
  3,082
  3,364
  3,657
  3,963
  4,281
  4,611
  4,955
  5,311
  5,682
  6,068
  6,469
  6,886
  7,320
  7,772
Change in working capital, $m
  -17
  -12
  -14
  -17
  -19
  -22
  -25
  -27
  -30
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -83
  -86
Cash from operations, $m
  248
  283
  362
  454
  559
  677
  810
  957
  1,117
  1,291
  1,478
  1,677
  1,889
  2,114
  2,351
  2,600
  2,861
  3,133
  3,417
  3,713
  4,021
  4,341
  4,674
  5,020
  5,379
  5,753
  6,141
  6,545
  6,965
  7,402
  7,857
Maintenance CAPEX, $m
  0
  -18
  -23
  -29
  -36
  -45
  -54
  -65
  -76
  -89
  -103
  -118
  -134
  -152
  -170
  -189
  -209
  -230
  -252
  -275
  -299
  -324
  -350
  -377
  -405
  -434
  -464
  -496
  -528
  -562
  -598
New CAPEX, $m
  -71
  -53
  -62
  -73
  -84
  -95
  -106
  -117
  -129
  -140
  -151
  -161
  -171
  -182
  -191
  -201
  -211
  -220
  -230
  -240
  -249
  -259
  -270
  -280
  -291
  -303
  -314
  -327
  -340
  -354
  -369
Cash from investing activities, $m
  73
  -71
  -85
  -102
  -120
  -140
  -160
  -182
  -205
  -229
  -254
  -279
  -305
  -334
  -361
  -390
  -420
  -450
  -482
  -515
  -548
  -583
  -620
  -657
  -696
  -737
  -778
  -823
  -868
  -916
  -967
Free cash flow, $m
  321
  213
  277
  352
  439
  538
  650
  775
  912
  1,062
  1,224
  1,397
  1,583
  1,781
  1,990
  2,210
  2,441
  2,683
  2,935
  3,198
  3,473
  3,758
  4,054
  4,363
  4,683
  5,016
  5,362
  5,722
  6,096
  6,486
  6,891
Issuance/(repayment) of debt, $m
  0
  119
  141
  165
  190
  216
  241
  267
  293
  318
  342
  367
  390
  413
  436
  458
  480
  501
  523
  545
  567
  590
  613
  637
  662
  688
  716
  744
  774
  805
  838
Issuance/(repurchase) of shares, $m
  -82
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -96
  119
  141
  165
  190
  216
  241
  267
  293
  318
  342
  367
  390
  413
  436
  458
  480
  501
  523
  545
  567
  590
  613
  637
  662
  688
  716
  744
  774
  805
  838
Total cash flow (excl. dividends), $m
  222
  331
  418
  517
  629
  754
  891
  1,042
  1,205
  1,380
  1,567
  1,764
  1,973
  2,194
  2,426
  2,668
  2,921
  3,184
  3,458
  3,744
  4,040
  4,348
  4,668
  5,000
  5,346
  5,705
  6,078
  6,466
  6,870
  7,291
  7,730
Retained Cash Flow (-), $m
  -147
  -106
  -125
  -147
  -169
  -191
  -214
  -237
  -259
  -282
  -304
  -325
  -346
  -366
  -386
  -406
  -425
  -445
  -464
  -483
  -503
  -523
  -544
  -565
  -587
  -611
  -635
  -660
  -686
  -714
  -744
Prev. year cash balance distribution, $m
 
  640
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  866
  293
  371
  460
  562
  677
  805
  945
  1,098
  1,263
  1,439
  1,627
  1,828
  2,039
  2,262
  2,495
  2,739
  2,994
  3,260
  3,537
  3,825
  4,124
  4,435
  4,758
  5,094
  5,443
  5,806
  6,184
  6,577
  6,986
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  830
  268
  322
  379
  436
  492
  544
  591
  631
  662
  683
  694
  695
  685
  664
  634
  596
  551
  502
  449
  396
  342
  291
  242
  198
  159
  125
  96
  72
  53
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Align Technology, Inc. designs, manufactures, and markets a system of clear aligner therapy, intra-oral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services for use in dentistry, orthodontics, and dental records storage in the United States and internationally. The company operates through two segments, Clear Aligner, and Scanners and Services. The Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases. It also provides Invisalign Express (10 and 5) and Invisalign Lite/i7 treatments for less complex orthodontic cases, non-comprehensive treatment relapse cases, or straightening prior to restorative or cosmetic treatments; custom clear aligner retainers used to maintain tooth position and correct minor relapse; and SmartTrack, a custom-engineered material that delivers constant force for orthodontic tooth movements. The Scanners and Services segment offers iTero Scanner, a single hardware platform with software options for restorative or orthodontic procedures; and Restorative software for iTero, a software for general practitioner dentists (GPs), prosthodontists, periodontists, and oral surgeons. It also provides Orthodontic software for iTero, a software for orthodontists for digital records storage, orthodontic diagnosis, Invisalign digital impression submission, and for the fabrication of printed models and retainers, as well as offers CAD/CAM services, such as iTero Models and Dies, OrthoCAD iCast, and OrthoCAD iRecord that provides digital alternative to traditional stone cast models. Align Technology, Inc. was founded in 1997 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Align Technology (ALGN)

Valuation Ratios
P/E Ratio 65.8
Price to Sales 11.6
Price to Book 12.6
Price to Tangible Book
Price to Cash Flow 50.4
Price to Free Cash Flow 70.7
Growth Rates
Sales Growth Rate 27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34%
Cap. Spend. - 3 Yr. Gr. Rate 30.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.9%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 20.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.9%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 75.5%
Gross Margin - 3 Yr. Avg. 75.7%
EBITDA Margin 24.7%
EBITDA Margin - 3 Yr. Avg. 25.4%
Operating Margin 23.1%
Oper. Margin - 3 Yr. Avg. 23.6%
Pre-Tax Margin 22.5%
Pre-Tax Margin - 3 Yr. Avg. 23.1%
Net Profit Margin 17.6%
Net Profit Margin - 3 Yr. Avg. 17.9%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.4%
Payout Ratio 0%

ALGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALGN stock intrinsic value calculation we used $1080 million for the last fiscal year's total revenue generated by Align Technology. The default revenue input number comes from 2016 income statement of Align Technology. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALGN stock valuation model: a) initial revenue growth rate of 29.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ALGN is calculated based on our internal credit rating of Align Technology, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Align Technology.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALGN stock the variable cost ratio is equal to 74.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $32 million in the base year in the intrinsic value calculation for ALGN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Align Technology.

Corporate tax rate of 27% is the nominal tax rate for Align Technology. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALGN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALGN are equal to 16.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Align Technology operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALGN is equal to -3.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $995 million for Align Technology - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 80.035 million for Align Technology is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Align Technology at the current share price and the inputted number of shares is $12.6 billion.

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Stock chart of ALGN Financial statements of ALGN Annual reports of ALGN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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