Intrinsic value of Natus Medical - BABY

Previous Close

$38.20

  Intrinsic Value

$73.11

stock screener

  Rating & Target

str. buy

+91%

Previous close

$38.20

 
Intrinsic value

$73.11

 
Up/down potential

+91%

 
Rating

str. buy

We calculate the intrinsic value of BABY 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 1.3

 

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, %
  1.60
  27.10
  24.89
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
Revenue, $m
  382
  486
  606
  745
  903
  1,079
  1,273
  1,486
  1,718
  1,967
  2,234
  2,518
  2,818
  3,135
  3,468
  3,817
  4,181
  4,562
  4,958
  5,370
  5,799
  6,245
  6,708
  7,189
  7,690
  8,210
  8,750
  9,313
  9,898
  10,508
  11,142
Variable operating expenses, $m
 
  401
  498
  609
  736
  877
  1,033
  1,204
  1,390
  1,590
  1,804
  2,020
  2,261
  2,516
  2,783
  3,063
  3,355
  3,660
  3,978
  4,309
  4,653
  5,011
  5,383
  5,769
  6,170
  6,588
  7,022
  7,473
  7,943
  8,432
  8,941
Fixed operating expenses, $m
 
  9
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  18
  19
Total operating expenses, $m
  327
  410
  507
  619
  746
  887
  1,043
  1,215
  1,401
  1,601
  1,816
  2,032
  2,273
  2,528
  2,796
  3,076
  3,368
  3,674
  3,992
  4,323
  4,668
  5,026
  5,398
  5,785
  6,186
  6,605
  7,039
  7,491
  7,961
  8,450
  8,960
Operating income, $m
  55
  75
  99
  126
  157
  192
  230
  272
  317
  366
  419
  486
  545
  607
  673
  741
  813
  888
  966
  1,047
  1,131
  1,219
  1,310
  1,405
  1,503
  1,605
  1,712
  1,823
  1,938
  2,058
  2,183
EBITDA, $m
  72
  97
  123
  153
  187
  226
  268
  314
  364
  419
  477
  538
  604
  673
  745
  821
  900
  983
  1,070
  1,159
  1,253
  1,350
  1,451
  1,555
  1,664
  1,778
  1,895
  2,018
  2,145
  2,278
  2,416
Interest expense (income), $m
  0
  5
  7
  10
  13
  16
  20
  24
  28
  33
  39
  44
  50
  57
  63
  71
  78
  86
  94
  102
  111
  120
  130
  139
  150
  160
  171
  183
  195
  207
  220
Earnings before tax, $m
  55
  71
  92
  117
  144
  176
  210
  248
  289
  333
  380
  441
  494
  550
  609
  671
  735
  802
  872
  944
  1,020
  1,099
  1,180
  1,265
  1,353
  1,445
  1,540
  1,640
  1,743
  1,850
  1,962
Tax expense, $m
  12
  19
  25
  31
  39
  47
  57
  67
  78
  90
  103
  119
  133
  149
  164
  181
  198
  217
  235
  255
  275
  297
  319
  342
  365
  390
  416
  443
  471
  500
  530
Net income, $m
  43
  51
  67
  85
  105
  128
  153
  181
  211
  243
  277
  322
  361
  402
  445
  490
  536
  585
  636
  689
  745
  802
  862
  924
  988
  1,055
  1,125
  1,197
  1,272
  1,351
  1,433

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  248
  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
  649
  509
  636
  782
  947
  1,132
  1,336
  1,560
  1,803
  2,064
  2,344
  2,642
  2,957
  3,290
  3,639
  4,005
  4,388
  4,787
  5,202
  5,635
  6,085
  6,553
  7,039
  7,544
  8,069
  8,615
  9,182
  9,772
  10,386
  11,026
  11,692
Adjusted assets (=assets-cash), $m
  401
  509
  636
  782
  947
  1,132
  1,336
  1,560
  1,803
  2,064
  2,344
  2,642
  2,957
  3,290
  3,639
  4,005
  4,388
  4,787
  5,202
  5,635
  6,085
  6,553
  7,039
  7,544
  8,069
  8,615
  9,182
  9,772
  10,386
  11,026
  11,692
Revenue / Adjusted assets
  0.953
  0.955
  0.953
  0.953
  0.954
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
Average production assets, $m
  99
  125
  156
  192
  233
  278
  328
  383
  443
  508
  576
  650
  727
  809
  895
  985
  1,079
  1,177
  1,279
  1,385
  1,496
  1,611
  1,731
  1,855
  1,984
  2,118
  2,258
  2,403
  2,554
  2,711
  2,875
Working capital, $m
  326
  99
  124
  152
  184
  220
  260
  303
  350
  401
  456
  514
  575
  640
  707
  779
  853
  931
  1,011
  1,096
  1,183
  1,274
  1,368
  1,467
  1,569
  1,675
  1,785
  1,900
  2,019
  2,144
  2,273
Total debt, $m
  140
  203
  276
  361
  456
  563
  682
  811
  952
  1,103
  1,265
  1,438
  1,620
  1,813
  2,015
  2,227
  2,448
  2,679
  2,920
  3,171
  3,431
  3,702
  3,983
  4,276
  4,580
  4,896
  5,224
  5,566
  5,922
  6,292
  6,678
Total liabilities, $m
  232
  295
  368
  453
  548
  655
  774
  903
  1,044
  1,195
  1,357
  1,530
  1,712
  1,905
  2,107
  2,319
  2,540
  2,771
  3,012
  3,263
  3,523
  3,794
  4,075
  4,368
  4,672
  4,988
  5,316
  5,658
  6,014
  6,384
  6,770
Total equity, $m
  417
  214
  268
  329
  399
  476
  562
  657
  759
  869
  987
  1,112
  1,245
  1,385
  1,532
  1,686
  1,847
  2,015
  2,190
  2,372
  2,562
  2,759
  2,963
  3,176
  3,397
  3,627
  3,866
  4,114
  4,373
  4,642
  4,922
Total liabilities and equity, $m
  649
  509
  636
  782
  947
  1,131
  1,336
  1,560
  1,803
  2,064
  2,344
  2,642
  2,957
  3,290
  3,639
  4,005
  4,387
  4,786
  5,202
  5,635
  6,085
  6,553
  7,038
  7,544
  8,069
  8,615
  9,182
  9,772
  10,387
  11,026
  11,692
Debt-to-equity ratio
  0.336
  0.950
  1.030
  1.100
  1.140
  1.180
  1.210
  1.240
  1.250
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.320
  1.330
  1.330
  1.330
  1.340
  1.340
  1.340
  1.340
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.360
  1.360
Adjusted equity ratio
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  43
  51
  67
  85
  105
  128
  153
  181
  211
  243
  277
  322
  361
  402
  445
  490
  536
  585
  636
  689
  745
  802
  862
  924
  988
  1,055
  1,125
  1,197
  1,272
  1,351
  1,433
Depreciation, amort., depletion, $m
  17
  21
  24
  27
  30
  34
  38
  42
  47
  53
  58
  53
  59
  66
  73
  80
  88
  96
  104
  113
  122
  131
  141
  151
  161
  172
  184
  195
  208
  220
  234
Funds from operations, $m
  76
  73
  91
  112
  136
  162
  191
  223
  258
  296
  336
  375
  420
  468
  517
  570
  624
  681
  740
  802
  866
  933
  1,002
  1,074
  1,149
  1,227
  1,308
  1,392
  1,480
  1,571
  1,666
Change in working capital, $m
  3
  21
  25
  28
  32
  36
  40
  43
  47
  51
  54
  58
  61
  65
  68
  71
  74
  78
  81
  84
  87
  91
  95
  98
  102
  106
  110
  115
  119
  124
  129
Cash from operations, $m
  73
  52
  66
  84
  104
  126
  152
  180
  211
  245
  281
  317
  359
  403
  449
  498
  550
  603
  660
  718
  779
  842
  908
  976
  1,047
  1,121
  1,198
  1,278
  1,361
  1,447
  1,537
Maintenance CAPEX, $m
  0
  -8
  -10
  -13
  -16
  -19
  -23
  -27
  -31
  -36
  -41
  -47
  -53
  -59
  -66
  -73
  -80
  -88
  -96
  -104
  -113
  -122
  -131
  -141
  -151
  -161
  -172
  -184
  -195
  -208
  -220
New CAPEX, $m
  -3
  -27
  -31
  -36
  -41
  -45
  -50
  -55
  -60
  -64
  -69
  -73
  -78
  -82
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -164
Cash from investing activities, $m
  -53
  -35
  -41
  -49
  -57
  -64
  -73
  -82
  -91
  -100
  -110
  -120
  -131
  -141
  -152
  -163
  -174
  -186
  -198
  -210
  -224
  -237
  -251
  -265
  -280
  -295
  -312
  -329
  -346
  -365
  -384
Free cash flow, $m
  20
  17
  25
  35
  47
  62
  79
  98
  120
  144
  171
  197
  228
  262
  298
  336
  376
  418
  462
  508
  556
  605
  657
  711
  767
  826
  886
  949
  1,014
  1,082
  1,153
Issuance/(repayment) of debt, $m
  140
  63
  73
  84
  96
  107
  118
  130
  141
  151
  162
  172
  183
  192
  202
  212
  221
  231
  241
  251
  261
  271
  281
  292
  304
  316
  329
  342
  356
  370
  386
Issuance/(repurchase) of shares, $m
  -16
  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  
  118
  63
  73
  84
  96
  107
  118
  130
  141
  151
  162
  172
  183
  192
  202
  212
  221
  231
  241
  251
  261
  271
  281
  292
  304
  316
  329
  342
  356
  370
  386
Total cash flow (excl. dividends), $m
  131
  80
  99
  120
  143
  169
  197
  228
  261
  296
  333
  369
  411
  455
  500
  548
  597
  649
  702
  758
  816
  876
  939
  1,004
  1,071
  1,142
  1,215
  1,291
  1,370
  1,452
  1,538
Retained Cash Flow (-), $m
  -26
  -45
  -53
  -61
  -70
  -78
  -86
  -94
  -102
  -110
  -118
  -125
  -133
  -140
  -147
  -154
  -161
  -168
  -175
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -239
  -248
  -259
  -269
  -280
Prev. year cash balance distribution, $m
 
  248
  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
 
  283
  45
  58
  73
  91
  111
  134
  158
  186
  215
  244
  278
  315
  353
  394
  436
  481
  527
  576
  627
  679
  734
  791
  850
  912
  976
  1,042
  1,111
  1,183
  1,258
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
 
  271
  41
  51
  60
  71
  81
  90
  99
  107
  113
  116
  119
  120
  119
  116
  111
  105
  97
  89
  80
  70
  61
  52
  43
  35
  28
  22
  17
  13
  9
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

Natus Medical Incorporated is a provider of newborn care and neurology healthcare products and services used for the screening, diagnosis, detection, treatment, monitoring and tracking of common medical ailments in newborn care, hearing impairment, neurological dysfunction, epilepsy, sleep disorders, neuromuscular diseases and balance and mobility disorders. The Company's product offerings include computerized neurodiagnostic systems for audiology, neurology, polysomnography, and neonatology, as well as newborn care products, such as hearing screening systems, phototherapy devices for the treatment of newborn jaundice, head-cooling products for the treatment of brain injury in newborns, incubators to control the newborn's environment, and software systems for managing and tracking disorders and diseases for public health laboratories. The Company is organized into three strategic business units: Neurology, Newborn Care and Otometrics.

FINANCIAL RATIOS  of  Natus Medical (BABY)

Valuation Ratios
P/E Ratio 29.2
Price to Sales 3.3
Price to Book 3
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 33.6%
Total Debt to Equity 33.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 61.5%
Gross Margin - 3 Yr. Avg. 60.8%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 14.4%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 14.4%
Pre-Tax Margin - 3 Yr. Avg. 13.7%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 21.8%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 0%

BABY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BABY stock intrinsic value calculation we used $382 million for the last fiscal year's total revenue generated by Natus Medical. The default revenue input number comes from 2016 income statement of Natus Medical. 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 BABY stock valuation model: a) initial revenue growth rate of 27.1% 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 BABY is calculated based on our internal credit rating of Natus Medical, 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 Natus Medical.
    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 BABY stock the variable cost ratio is equal to 83.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9 million in the base year in the intrinsic value calculation for BABY 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 Natus Medical.

Corporate tax rate of 27% is the nominal tax rate for Natus Medical. 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 BABY 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 BABY are equal to 25.8%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Natus Medical 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 BABY is equal to 20.4%. 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 - $417 million for Natus Medical - 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 33.167 million for Natus Medical 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 Natus Medical at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Stocks To Watch: Natus Medical Sees Relative Strength Rating Rise To 84   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ Natus Medical Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Oct-31-17 03:00AM  Investor's Business Daily]
▶ Oh Baby! Natus Medical Inc. Beats and Raises Guidance   [Oct-26-17 04:07PM  Motley Fool]
▶ Natus Medical reports 3Q loss   [Oct-25-17 06:23AM  Associated Press]
▶ Natus Medical Inc Looks to Turn Things Around   [Jul-27-17 02:30PM  Motley Fool]
▶ Natus Medical reports 2Q loss   [Jul-26-17 09:54PM  Associated Press]
▶ ETFs with exposure to Natus Medical, Inc. : July 13, 2017   [Jul-13-17 03:34PM  Capital Cube]
▶ ETFs with exposure to Natus Medical, Inc. : June 27, 2017   [Jun-27-17 02:56PM  Capital Cube]
▶ Today's Bell Ringer, June 21, 2107   [Jun-21-17 09:19AM  CNBC Videos]
▶ ETFs with exposure to Natus Medical, Inc. : June 15, 2017   [Jun-15-17 01:12PM  Capital Cube]
▶ Natus to Present at Jefferies 2017 Healthcare Conference   [May-30-17 07:00AM  GlobeNewswire]
▶ Natus Medical to Host Analyst Day on June 22nd   [May-11-17 07:00AM  GlobeNewswire]
▶ Natus Medical Inc. Fell 11% in April. Here's Why.   [May-08-17 03:49PM  Motley Fool]
▶ Why Natus Medical Inc. Sank Today   [Apr-26-17 12:44PM  Motley Fool]
▶ Natus Medical misses 1Q profit forecasts   [08:10AM  Associated Press]
▶ 3 Top Medical Device Stocks to Buy in 2017   [03:02PM  at Motley Fool]
Financial statements of BABY
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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