Intrinsic value of Baxter International - BAX

Previous Close

$67.43

  Intrinsic Value

$10.88

stock screener

  Rating & Target

str. sell

-84%

Previous close

$67.43

 
Intrinsic value

$10.88

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of BAX 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  1.96
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  10,163
  10,752
  11,367
  12,010
  12,680
  13,381
  14,113
  14,878
  15,679
  16,517
  17,394
  18,313
  19,274
  20,281
  21,337
  22,443
  23,602
  24,817
  26,091
  27,427
  28,828
  30,297
  31,838
  33,455
  35,152
  36,932
  38,800
  40,760
  42,817
  44,976
  47,241
Variable operating expenses, $m
 
  10,372
  10,950
  11,554
  12,185
  12,844
  13,532
  14,252
  15,005
  15,793
  16,618
  17,222
  18,127
  19,074
  20,067
  21,107
  22,197
  23,339
  24,538
  25,794
  27,111
  28,493
  29,943
  31,464
  33,059
  34,733
  36,490
  38,333
  40,268
  42,298
  44,429
Fixed operating expenses, $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
Total operating expenses, $m
  5,197
  10,372
  10,950
  11,554
  12,185
  12,844
  13,532
  14,252
  15,005
  15,793
  16,618
  17,222
  18,127
  19,074
  20,067
  21,107
  22,197
  23,339
  24,538
  25,794
  27,111
  28,493
  29,943
  31,464
  33,059
  34,733
  36,490
  38,333
  40,268
  42,298
  44,429
Operating income, $m
  4,966
  381
  417
  455
  495
  537
  581
  626
  674
  724
  776
  1,090
  1,147
  1,207
  1,270
  1,336
  1,405
  1,477
  1,553
  1,633
  1,716
  1,804
  1,895
  1,992
  2,093
  2,199
  2,310
  2,427
  2,549
  2,678
  2,812
EBITDA, $m
  5,766
  1,212
  1,282
  1,354
  1,430
  1,508
  1,591
  1,677
  1,768
  1,862
  1,961
  2,065
  2,173
  2,286
  2,405
  2,530
  2,661
  2,798
  2,941
  3,092
  3,250
  3,416
  3,589
  3,772
  3,963
  4,164
  4,374
  4,595
  4,827
  5,070
  5,326
Interest expense (income), $m
  99
  97
  112
  127
  143
  160
  178
  196
  215
  235
  256
  278
  301
  325
  350
  377
  404
  433
  464
  495
  529
  564
  600
  639
  679
  722
  766
  813
  862
  913
  967
Earnings before tax, $m
  4,954
  283
  305
  328
  352
  377
  403
  430
  459
  489
  520
  812
  846
  882
  920
  960
  1,001
  1,044
  1,090
  1,137
  1,187
  1,240
  1,295
  1,353
  1,413
  1,477
  1,544
  1,614
  1,687
  1,764
  1,845
Tax expense, $m
  -12
  77
  82
  89
  95
  102
  109
  116
  124
  132
  140
  219
  229
  238
  248
  259
  270
  282
  294
  307
  321
  335
  350
  365
  382
  399
  417
  436
  456
  476
  498
Net income, $m
  4,965
  207
  223
  239
  257
  275
  294
  314
  335
  357
  380
  593
  618
  644
  672
  700
  731
  762
  796
  830
  867
  905
  945
  988
  1,032
  1,078
  1,127
  1,178
  1,232
  1,288
  1,347

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,802
  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
  15,546
  13,491
  14,263
  15,068
  15,910
  16,789
  17,707
  18,668
  19,673
  20,724
  21,825
  22,977
  24,183
  25,447
  26,771
  28,159
  29,613
  31,138
  32,736
  34,412
  36,170
  38,014
  39,948
  41,977
  44,105
  46,339
  48,682
  51,142
  53,722
  56,431
  59,274
Adjusted assets (=assets-cash), $m
  12,744
  13,491
  14,263
  15,068
  15,910
  16,789
  17,707
  18,668
  19,673
  20,724
  21,825
  22,977
  24,183
  25,447
  26,771
  28,159
  29,613
  31,138
  32,736
  34,412
  36,170
  38,014
  39,948
  41,977
  44,105
  46,339
  48,682
  51,142
  53,722
  56,431
  59,274
Revenue / Adjusted assets
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
Average production assets, $m
  5,568
  5,892
  6,229
  6,581
  6,949
  7,333
  7,734
  8,153
  8,592
  9,051
  9,532
  10,035
  10,562
  11,114
  11,693
  12,299
  12,934
  13,600
  14,298
  15,030
  15,798
  16,603
  17,447
  18,334
  19,263
  20,239
  21,262
  22,336
  23,464
  24,647
  25,888
Working capital, $m
  3,830
  1,086
  1,148
  1,213
  1,281
  1,351
  1,425
  1,503
  1,584
  1,668
  1,757
  1,850
  1,947
  2,048
  2,155
  2,267
  2,384
  2,507
  2,635
  2,770
  2,912
  3,060
  3,216
  3,379
  3,550
  3,730
  3,919
  4,117
  4,324
  4,543
  4,771
Total debt, $m
  2,782
  3,202
  3,642
  4,100
  4,579
  5,079
  5,602
  6,148
  6,720
  7,318
  7,944
  8,600
  9,286
  10,005
  10,759
  11,548
  12,376
  13,243
  14,153
  15,107
  16,107
  17,156
  18,256
  19,411
  20,622
  21,893
  23,226
  24,626
  26,094
  27,635
  29,253
Total liabilities, $m
  7,256
  7,676
  8,116
  8,574
  9,053
  9,553
  10,076
  10,622
  11,194
  11,792
  12,418
  13,074
  13,760
  14,479
  15,233
  16,022
  16,850
  17,717
  18,627
  19,581
  20,581
  21,630
  22,730
  23,885
  25,096
  26,367
  27,700
  29,100
  30,568
  32,109
  33,727
Total equity, $m
  8,290
  5,815
  6,147
  6,494
  6,857
  7,236
  7,632
  8,046
  8,479
  8,932
  9,406
  9,903
  10,423
  10,968
  11,538
  12,136
  12,763
  13,420
  14,109
  14,832
  15,589
  16,384
  17,218
  18,092
  19,009
  19,972
  20,982
  22,042
  23,154
  24,322
  25,547
Total liabilities and equity, $m
  15,546
  13,491
  14,263
  15,068
  15,910
  16,789
  17,708
  18,668
  19,673
  20,724
  21,824
  22,977
  24,183
  25,447
  26,771
  28,158
  29,613
  31,137
  32,736
  34,413
  36,170
  38,014
  39,948
  41,977
  44,105
  46,339
  48,682
  51,142
  53,722
  56,431
  59,274
Debt-to-equity ratio
  0.336
  0.550
  0.590
  0.630
  0.670
  0.700
  0.730
  0.760
  0.790
  0.820
  0.840
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
Adjusted equity ratio
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,965
  207
  223
  239
  257
  275
  294
  314
  335
  357
  380
  593
  618
  644
  672
  700
  731
  762
  796
  830
  867
  905
  945
  988
  1,032
  1,078
  1,127
  1,178
  1,232
  1,288
  1,347
Depreciation, amort., depletion, $m
  800
  832
  864
  898
  934
  971
  1,010
  1,051
  1,094
  1,138
  1,185
  974
  1,025
  1,079
  1,135
  1,194
  1,256
  1,320
  1,388
  1,459
  1,534
  1,612
  1,694
  1,780
  1,870
  1,965
  2,064
  2,169
  2,278
  2,393
  2,513
Funds from operations, $m
  1,627
  1,038
  1,087
  1,138
  1,191
  1,246
  1,304
  1,365
  1,429
  1,495
  1,564
  1,567
  1,643
  1,723
  1,807
  1,894
  1,986
  2,083
  2,184
  2,290
  2,401
  2,517
  2,639
  2,767
  2,902
  3,043
  3,191
  3,347
  3,510
  3,681
  3,860
Change in working capital, $m
  -27
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
  148
  156
  163
  171
  180
  189
  198
  208
  218
  229
Cash from operations, $m
  1,654
  979
  1,025
  1,073
  1,123
  1,176
  1,231
  1,288
  1,348
  1,410
  1,476
  1,474
  1,546
  1,621
  1,700
  1,783
  1,869
  1,960
  2,055
  2,155
  2,259
  2,369
  2,484
  2,604
  2,731
  2,863
  3,003
  3,149
  3,302
  3,463
  3,632
Maintenance CAPEX, $m
  0
  -541
  -572
  -605
  -639
  -675
  -712
  -751
  -792
  -834
  -879
  -925
  -974
  -1,025
  -1,079
  -1,135
  -1,194
  -1,256
  -1,320
  -1,388
  -1,459
  -1,534
  -1,612
  -1,694
  -1,780
  -1,870
  -1,965
  -2,064
  -2,169
  -2,278
  -2,393
New CAPEX, $m
  -719
  -325
  -337
  -352
  -367
  -384
  -401
  -420
  -439
  -459
  -481
  -503
  -527
  -552
  -578
  -606
  -635
  -666
  -698
  -732
  -768
  -805
  -845
  -886
  -930
  -975
  -1,024
  -1,074
  -1,127
  -1,183
  -1,242
Cash from investing activities, $m
  -715
  -866
  -909
  -957
  -1,006
  -1,059
  -1,113
  -1,171
  -1,231
  -1,293
  -1,360
  -1,428
  -1,501
  -1,577
  -1,657
  -1,741
  -1,829
  -1,922
  -2,018
  -2,120
  -2,227
  -2,339
  -2,457
  -2,580
  -2,710
  -2,845
  -2,989
  -3,138
  -3,296
  -3,461
  -3,635
Free cash flow, $m
  939
  114
  116
  116
  117
  117
  117
  117
  117
  117
  116
  46
  45
  44
  43
  42
  40
  38
  37
  34
  32
  30
  27
  24
  21
  18
  14
  10
  6
  2
  -3
Issuance/(repayment) of debt, $m
  -40
  423
  439
  458
  479
  500
  523
  547
  572
  598
  626
  656
  687
  719
  753
  790
  828
  867
  910
  954
  1,000
  1,049
  1,100
  1,154
  1,211
  1,271
  1,333
  1,399
  1,469
  1,541
  1,618
Issuance/(repurchase) of shares, $m
  33
  117
  110
  108
  106
  104
  102
  100
  98
  96
  95
  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  
  -56
  540
  549
  566
  585
  604
  625
  647
  670
  694
  721
  656
  687
  719
  753
  790
  828
  867
  910
  954
  1,000
  1,049
  1,100
  1,154
  1,211
  1,271
  1,333
  1,399
  1,469
  1,541
  1,618
Total cash flow (excl. dividends), $m
  856
  654
  665
  683
  701
  721
  742
  764
  787
  812
  837
  701
  732
  763
  796
  831
  868
  906
  946
  988
  1,032
  1,079
  1,127
  1,179
  1,232
  1,288
  1,348
  1,410
  1,475
  1,543
  1,615
Retained Cash Flow (-), $m
  556
  -324
  -333
  -347
  -363
  -379
  -396
  -414
  -433
  -453
  -474
  -497
  -520
  -545
  -571
  -598
  -627
  -657
  -689
  -722
  -758
  -795
  -834
  -874
  -917
  -963
  -1,010
  -1,060
  -1,112
  -1,167
  -1,225
Prev. year cash balance distribution, $m
 
  2,799
  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
 
  3,129
  332
  335
  339
  342
  346
  350
  354
  358
  363
  205
  212
  218
  226
  233
  241
  249
  257
  266
  275
  284
  294
  304
  315
  326
  337
  350
  362
  376
  389
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
 
  3,000
  304
  292
  279
  265
  251
  236
  221
  206
  190
  97
  90
  83
  76
  68
  61
  54
  47
  41
  35
  29
  24
  20
  16
  13
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  100
  99.5
  99.1
  98.7
  98.4
  98.0
  97.7
  97.4
  97.2
  96.9
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7

Baxter International Inc., through its subsidiaries, provides renal and hospital products. The Company operates through two segments: Hospital Products and Renal. Its Hospital Products business manufactures sterile intravenous (IV) solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, parenteral nutrition therapies, infusion pumps, inhalation anesthetics and biosurgery products. The Renal business offers a portfolio to meet the needs of patients with end-stage renal disease, or irreversible kidney disease and acute kidney injuries, including technologies and therapies for peritoneal dialysis (PD), hemodialysis (HD), continuous renal replacement therapy (CRRT) and additional dialysis services. Its products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices and by patients at home under physician supervision.

FINANCIAL RATIOS  of  Baxter International (BAX)

Valuation Ratios
P/E Ratio 7.3
Price to Sales 3.6
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 38.9
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.1%
Cap. Spend. - 3 Yr. Gr. Rate -14%
Financial Strength
Quick Ratio 934
Current Ratio 0
LT Debt to Equity 33.5%
Total Debt to Equity 33.6%
Interest Coverage 51
Management Effectiveness
Return On Assets 27.7%
Ret/ On Assets - 3 Yr. Avg. 14.3%
Return On Total Capital 37.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 57.9%
Return On Equity - 3 Yr. Avg. 33.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 42%
EBITDA Margin 57.6%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 48.9%
Oper. Margin - 3 Yr. Avg. 19.4%
Pre-Tax Margin 48.7%
Pre-Tax Margin - 3 Yr. Avg. 19.2%
Net Profit Margin 48.9%
Net Profit Margin - 3 Yr. Avg. 27.3%
Effective Tax Rate -0.2%
Eff/ Tax Rate - 3 Yr. Avg. 4.9%
Payout Ratio 5.4%

BAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BAX stock intrinsic value calculation we used $10163 million for the last fiscal year's total revenue generated by Baxter International. The default revenue input number comes from 2016 income statement of Baxter International. 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 BAX stock valuation model: a) initial revenue growth rate of 5.8% 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 BAX is calculated based on our internal credit rating of Baxter International, 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 Baxter International.
    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 BAX stock the variable cost ratio is equal to 96.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BAX 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 Baxter International.

Corporate tax rate of 27% is the nominal tax rate for Baxter International. 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 BAX 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 BAX are equal to 54.8%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Baxter International 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 BAX is equal to 10.1%. 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 - $8290 million for Baxter International - 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 547.03 million for Baxter International 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 Baxter International at the current share price and the inputted number of shares is $36.9 billion.

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COMPANY NEWS

▶ Baxter reports 4Q loss   [08:25AM  Associated Press]
▶ How Is Bioverativs Alprolix Positioned Now?   [Jan-11-18 09:04AM  Market Realist]
▶ Baxter International Expected to Post Strong 4Q17 Results   [Jan-10-18 10:33AM  Market Realist]
▶ Wall Street Shows Confidence in BAX Stock   [02:30PM  Market Realist]
▶ [$$] Hospitals Lack IV Bags in Wake of Puerto Rico Hurricane   [Jan-07-18 02:10PM  The Wall Street Journal]
▶ Baxter Declares Quarterly Dividend   [09:00AM  Business Wire]
Financial statements of BAX
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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