Intrinsic value of Baxter International - BAX

Previous Close

$61.36

  Intrinsic Value

$10.82

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

-115%

Previous close

$61.36

 
Intrinsic value

$10.82

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

-115%

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

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

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 33.5

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  10,163
  10,590
  11,043
  11,524
  12,033
  12,571
  13,140
  13,741
  14,376
  15,045
  15,751
  16,494
  17,278
  18,103
  18,971
  19,885
  20,846
  21,858
  22,921
  24,040
  25,216
  26,452
  27,752
  29,117
  30,553
  32,061
  33,645
  35,310
  37,059
  38,897
  40,827
Variable operating expenses, $m
 
  10,219
  10,645
  11,097
  11,576
  12,082
  12,618
  13,183
  13,780
  14,409
  15,073
  15,513
  16,249
  17,025
  17,842
  18,701
  19,605
  20,556
  21,557
  22,609
  23,715
  24,877
  26,100
  27,384
  28,734
  30,152
  31,642
  33,208
  34,853
  36,581
  38,396
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
  9,588
  10,219
  10,645
  11,097
  11,576
  12,082
  12,618
  13,183
  13,780
  14,409
  15,073
  15,513
  16,249
  17,025
  17,842
  18,701
  19,605
  20,556
  21,557
  22,609
  23,715
  24,877
  26,100
  27,384
  28,734
  30,152
  31,642
  33,208
  34,853
  36,581
  38,396
Operating income, $m
  575
  371
  398
  427
  457
  489
  523
  559
  596
  636
  678
  982
  1,029
  1,078
  1,129
  1,184
  1,241
  1,301
  1,365
  1,431
  1,501
  1,575
  1,652
  1,733
  1,819
  1,909
  2,003
  2,102
  2,206
  2,316
  2,431
EBITDA, $m
  1,375
  1,194
  1,245
  1,299
  1,357
  1,417
  1,481
  1,549
  1,621
  1,696
  1,776
  1,860
  1,948
  2,041
  2,139
  2,242
  2,350
  2,464
  2,584
  2,710
  2,843
  2,982
  3,129
  3,283
  3,444
  3,614
  3,793
  3,981
  4,178
  4,385
  4,603
Interest expense (income), $m
  99
  97
  108
  119
  131
  144
  158
  172
  187
  203
  219
  237
  256
  275
  296
  317
  340
  364
  390
  416
  444
  473
  504
  537
  571
  607
  645
  684
  726
  769
  815
Earnings before tax, $m
  4,954
  274
  290
  307
  325
  345
  365
  387
  410
  434
  459
  745
  773
  803
  834
  866
  901
  937
  975
  1,015
  1,057
  1,101
  1,148
  1,197
  1,248
  1,302
  1,359
  1,418
  1,481
  1,546
  1,615
Tax expense, $m
  -12
  74
  78
  83
  88
  93
  99
  104
  111
  117
  124
  201
  209
  217
  225
  234
  243
  253
  263
  274
  285
  297
  310
  323
  337
  352
  367
  383
  400
  417
  436
Net income, $m
  4,965
  200
  212
  224
  238
  252
  267
  282
  299
  317
  335
  544
  564
  586
  609
  632
  658
  684
  712
  741
  772
  804
  838
  874
  911
  950
  992
  1,035
  1,081
  1,129
  1,179

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
  13,287
  13,856
  14,459
  15,097
  15,773
  16,487
  17,241
  18,038
  18,877
  19,763
  20,696
  21,679
  22,713
  23,803
  24,950
  26,156
  27,425
  28,760
  30,163
  31,639
  33,190
  34,820
  36,534
  38,335
  40,227
  42,215
  44,304
  46,499
  48,804
  51,226
Adjusted assets (=assets-cash), $m
  12,744
  13,287
  13,856
  14,459
  15,097
  15,773
  16,487
  17,241
  18,038
  18,877
  19,763
  20,696
  21,679
  22,713
  23,803
  24,950
  26,156
  27,425
  28,760
  30,163
  31,639
  33,190
  34,820
  36,534
  38,335
  40,227
  42,215
  44,304
  46,499
  48,804
  51,226
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
  5,803
  6,052
  6,315
  6,594
  6,889
  7,201
  7,530
  7,878
  8,245
  8,631
  9,039
  9,468
  9,920
  10,396
  10,897
  11,424
  11,978
  12,561
  13,174
  13,818
  14,496
  15,208
  15,956
  16,743
  17,569
  18,438
  19,350
  20,309
  21,315
  22,373
Working capital, $m
  3,830
  1,070
  1,115
  1,164
  1,215
  1,270
  1,327
  1,388
  1,452
  1,520
  1,591
  1,666
  1,745
  1,828
  1,916
  2,008
  2,105
  2,208
  2,315
  2,428
  2,547
  2,672
  2,803
  2,941
  3,086
  3,238
  3,398
  3,566
  3,743
  3,929
  4,124
Total debt, $m
  2,782
  3,086
  3,410
  3,753
  4,116
  4,501
  4,907
  5,336
  5,789
  6,267
  6,771
  7,302
  7,861
  8,450
  9,070
  9,722
  10,409
  11,131
  11,890
  12,689
  13,528
  14,411
  15,339
  16,314
  17,338
  18,415
  19,546
  20,735
  21,984
  23,296
  24,674
Total liabilities, $m
  7,256
  7,560
  7,884
  8,227
  8,590
  8,975
  9,381
  9,810
  10,263
  10,741
  11,245
  11,776
  12,335
  12,924
  13,544
  14,196
  14,883
  15,605
  16,364
  17,163
  18,002
  18,885
  19,813
  20,788
  21,812
  22,889
  24,020
  25,209
  26,458
  27,770
  29,148
Total equity, $m
  8,290
  5,727
  5,972
  6,232
  6,507
  6,798
  7,106
  7,431
  7,774
  8,136
  8,518
  8,920
  9,343
  9,790
  10,259
  10,753
  11,273
  11,820
  12,395
  13,000
  13,636
  14,305
  15,008
  15,746
  16,522
  17,338
  18,195
  19,095
  20,041
  21,035
  22,078
Total liabilities and equity, $m
  15,546
  13,287
  13,856
  14,459
  15,097
  15,773
  16,487
  17,241
  18,037
  18,877
  19,763
  20,696
  21,678
  22,714
  23,803
  24,949
  26,156
  27,425
  28,759
  30,163
  31,638
  33,190
  34,821
  36,534
  38,334
  40,227
  42,215
  44,304
  46,499
  48,805
  51,226
Debt-to-equity ratio
  0.336
  0.540
  0.570
  0.600
  0.630
  0.660
  0.690
  0.720
  0.740
  0.770
  0.790
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.070
  1.090
  1.100
  1.110
  1.120
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
  200
  212
  224
  238
  252
  267
  282
  299
  317
  335
  544
  564
  586
  609
  632
  658
  684
  712
  741
  772
  804
  838
  874
  911
  950
  992
  1,035
  1,081
  1,129
  1,179
Depreciation, amort., depletion, $m
  800
  823
  847
  873
  900
  928
  959
  991
  1,024
  1,060
  1,098
  878
  919
  963
  1,009
  1,058
  1,109
  1,163
  1,220
  1,279
  1,342
  1,407
  1,476
  1,549
  1,626
  1,706
  1,790
  1,879
  1,972
  2,069
  2,172
Funds from operations, $m
  1,627
  1,023
  1,059
  1,097
  1,137
  1,180
  1,225
  1,273
  1,323
  1,376
  1,432
  1,421
  1,484
  1,549
  1,618
  1,690
  1,767
  1,847
  1,931
  2,020
  2,113
  2,211
  2,314
  2,423
  2,537
  2,656
  2,782
  2,914
  3,053
  3,198
  3,351
Change in working capital, $m
  -27
  43
  46
  49
  51
  54
  57
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
  119
  125
  131
  138
  145
  152
  160
  168
  177
  186
  195
Cash from operations, $m
  1,654
  980
  1,013
  1,048
  1,086
  1,126
  1,168
  1,212
  1,259
  1,309
  1,361
  1,346
  1,404
  1,466
  1,530
  1,598
  1,670
  1,745
  1,824
  1,907
  1,994
  2,086
  2,183
  2,285
  2,392
  2,504
  2,622
  2,746
  2,876
  3,013
  3,156
Maintenance CAPEX, $m
  0
  -541
  -563
  -588
  -613
  -640
  -669
  -699
  -731
  -765
  -800
  -838
  -878
  -919
  -963
  -1,009
  -1,058
  -1,109
  -1,163
  -1,220
  -1,279
  -1,342
  -1,407
  -1,476
  -1,549
  -1,626
  -1,706
  -1,790
  -1,879
  -1,972
  -2,069
New CAPEX, $m
  -719
  -236
  -248
  -263
  -279
  -295
  -312
  -329
  -348
  -367
  -387
  -407
  -429
  -452
  -476
  -501
  -527
  -554
  -583
  -613
  -644
  -677
  -712
  -748
  -787
  -826
  -868
  -912
  -959
  -1,007
  -1,058
Cash from investing activities, $m
  -715
  -777
  -811
  -851
  -892
  -935
  -981
  -1,028
  -1,079
  -1,132
  -1,187
  -1,245
  -1,307
  -1,371
  -1,439
  -1,510
  -1,585
  -1,663
  -1,746
  -1,833
  -1,923
  -2,019
  -2,119
  -2,224
  -2,336
  -2,452
  -2,574
  -2,702
  -2,838
  -2,979
  -3,127
Free cash flow, $m
  939
  203
  201
  197
  194
  190
  187
  184
  180
  177
  174
  101
  98
  94
  91
  88
  85
  81
  78
  75
  71
  67
  64
  60
  56
  52
  48
  43
  39
  34
  29
Issuance/(repayment) of debt, $m
  -40
  307
  324
  343
  363
  384
  406
  429
  453
  478
  504
  531
  559
  589
  620
  652
  686
  722
  759
  799
  840
  883
  928
  975
  1,025
  1,077
  1,131
  1,189
  1,249
  1,312
  1,378
Issuance/(repurchase) of shares, $m
  33
  36
  33
  36
  38
  39
  41
  43
  44
  45
  47
  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
  343
  357
  379
  401
  423
  447
  472
  497
  523
  551
  531
  559
  589
  620
  652
  686
  722
  759
  799
  840
  883
  928
  975
  1,025
  1,077
  1,131
  1,189
  1,249
  1,312
  1,378
Total cash flow (excl. dividends), $m
  856
  547
  558
  576
  595
  614
  635
  656
  678
  701
  724
  632
  657
  683
  711
  740
  771
  803
  837
  873
  911
  950
  991
  1,035
  1,081
  1,129
  1,179
  1,232
  1,287
  1,346
  1,407
Retained Cash Flow (-), $m
  556
  -236
  -245
  -260
  -275
  -291
  -308
  -325
  -343
  -362
  -382
  -402
  -424
  -446
  -470
  -494
  -520
  -547
  -575
  -605
  -636
  -669
  -703
  -739
  -776
  -816
  -857
  -900
  -946
  -994
  -1,044
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
 
  3,110
  313
  316
  320
  323
  327
  331
  334
  339
  343
  230
  233
  237
  242
  246
  251
  257
  262
  268
  275
  281
  289
  296
  304
  313
  322
  332
  342
  352
  363
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
 
  2,982
  287
  275
  263
  250
  237
  223
  209
  194
  180
  109
  100
  90
  81
  72
  64
  56
  48
  41
  35
  29
  24
  19
  16
  12
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  99.8
  99.7
  99.5
  99.4
  99.2
  99.1
  99.0
  98.8
  98.7
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5

Baxter International Inc. provides a portfolio of renal and hospital products. The company operates through two segments, Hospital Products and Renal. The Hospital Products segment manufactures 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. This segment also provides products and services related to pharmacy compounding, drug formulation, and packaging technologies. The Renal segment provides products and services to treat end-stage renal disease, irreversible kidney failure, and acute kidney therapies. This segment offers a comprehensive portfolio to meet the needs of patients across the treatment continuum, including technologies and therapies for peritoneal dialysis, hemodialysis (HD), continuous renal replacement therapy (CRRT), and additional dialysis services. The company sells its products for use in hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctorsÂ’ offices, and by patients at home under physician supervision. It offers its products through direct sales force, independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers in approximately 100 countries. The company has a collaboration agreement with JW Holdings Corporation to co-develop and distribute parenteral nutritional products containing a novel formulation of omega 3 lipids; and agreement with Celerity Pharmaceutical, LLC to develop certain acute care generic injectable premix and oncolytic molecules. Baxter International Inc. was founded in 1931 and is headquartered in Deerfield, Illinois.

FINANCIAL RATIOS  of  Baxter International (BAX)

Valuation Ratios
P/E Ratio 6.7
Price to Sales 3.3
Price to Book 4
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow 35.4
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 39.1%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 57.6%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 5%
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 4.2% 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 545.206 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 $33.5 billion.

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COMPANY NEWS

▶ Baxter beats Street 2Q forecasts   [Jul-26-17 09:54PM  Associated Press]
▶ What to Expect from Baxter Internationals 2Q17 Earnings   [Jul-24-17 10:40AM  Market Realist]
▶ Abiomed in 2017: The Analysts View   [Jul-20-17 05:47PM  Market Realist]
▶ Baxter Declares Quarterly Dividend   [Jul-18-17 08:55AM  Business Wire]
▶ Baxter Appoints Cathy R. Smith to Its Board   [Jul-17-17 04:30PM  Business Wire]
▶ Baxter Is Focusing on Inorganic Growth Opportunities in 2017   [Jun-28-17 10:36AM  Market Realist]
▶ Baxters Renal Business Continues to Be Key Growth Driver   [Jun-27-17 10:38AM  Market Realist]
▶ Analyst Recommendations for Baxter and Peers in June 2017   [Jun-26-17 05:46PM  Market Realist]
▶ How Does Baxter Create Value for Its Shareholders?   [Jun-12-17 07:37AM  Market Realist]
▶ FDA Approval Boosts Baxters Generic Injectable Business   [Jun-09-17 03:35PM  Market Realist]
▶ Daniel Loeb's Favorite Idea Spurs May Outperformance   [Jun-02-17 06:41PM  GuruFocus.com]
▶ Tweedy Browne Sells Baxter, Cisco, 3M   [May-25-17 04:25PM  GuruFocus.com]
▶ Yum Brands, Intuitive Surgical Called Buys; Pfizer Cut To Sell   [May-16-17 04:04PM  Investor's Business Daily]
Stock chart of BAX 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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