Intrinsic value of C.R. Bard - BCR

Previous Close

$322.01

  Intrinsic Value

$125.74

stock screener

  Rating & Target

str. sell

-61%

  Value-price divergence*

-63%

Previous close

$322.01

 
Intrinsic value

$125.74

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence*

-63%

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

We calculate the intrinsic value of BCR 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 23.3

 

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, %
  8.72
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  3,714
  3,989
  4,274
  4,571
  4,880
  5,201
  5,534
  5,882
  6,243
  6,620
  7,012
  7,422
  7,849
  8,294
  8,760
  9,246
  9,754
  10,285
  10,840
  11,421
  12,029
  12,666
  13,333
  14,031
  14,762
  15,528
  16,332
  17,174
  18,056
  18,982
  19,952
Variable operating expenses, $m
 
  3,517
  3,760
  4,012
  4,274
  4,547
  4,831
  5,126
  5,433
  5,753
  6,087
  6,309
  6,672
  7,051
  7,446
  7,859
  8,291
  8,743
  9,215
  9,709
  10,226
  10,767
  11,333
  11,927
  12,548
  13,200
  13,883
  14,598
  15,349
  16,135
  16,960
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
  3,008
  3,517
  3,760
  4,012
  4,274
  4,547
  4,831
  5,126
  5,433
  5,753
  6,087
  6,309
  6,672
  7,051
  7,446
  7,859
  8,291
  8,743
  9,215
  9,709
  10,226
  10,767
  11,333
  11,927
  12,548
  13,200
  13,883
  14,598
  15,349
  16,135
  16,960
Operating income, $m
  707
  472
  515
  559
  606
  654
  704
  756
  810
  867
  925
  1,113
  1,177
  1,244
  1,314
  1,386
  1,463
  1,542
  1,626
  1,713
  1,804
  1,899
  1,999
  2,104
  2,214
  2,329
  2,449
  2,575
  2,708
  2,846
  2,992
EBITDA, $m
  920
  725
  777
  831
  887
  945
  1,006
  1,069
  1,134
  1,203
  1,274
  1,348
  1,426
  1,507
  1,592
  1,680
  1,772
  1,869
  1,970
  2,075
  2,186
  2,301
  2,422
  2,549
  2,682
  2,821
  2,967
  3,120
  3,281
  3,449
  3,625
Interest expense (income), $m
  50
  57
  67
  77
  87
  97
  108
  120
  132
  144
  157
  170
  184
  199
  214
  230
  247
  264
  282
  301
  321
  342
  364
  387
  410
  435
  462
  489
  518
  548
  580
Earnings before tax, $m
  664
  415
  448
  483
  519
  556
  595
  636
  678
  723
  769
  943
  993
  1,045
  1,099
  1,156
  1,216
  1,278
  1,343
  1,411
  1,483
  1,557
  1,636
  1,717
  1,803
  1,893
  1,987
  2,086
  2,190
  2,298
  2,412
Tax expense, $m
  133
  112
  121
  130
  140
  150
  161
  172
  183
  195
  208
  255
  268
  282
  297
  312
  328
  345
  363
  381
  400
  420
  442
  464
  487
  511
  537
  563
  591
  621
  651
Net income, $m
  531
  303
  327
  352
  379
  406
  435
  464
  495
  527
  561
  688
  725
  763
  803
  844
  888
  933
  981
  1,030
  1,082
  1,137
  1,194
  1,254
  1,316
  1,382
  1,451
  1,523
  1,598
  1,678
  1,761

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  905
  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
  5,306
  4,726
  5,064
  5,416
  5,782
  6,162
  6,557
  6,969
  7,397
  7,844
  8,309
  8,794
  9,299
  9,827
  10,379
  10,955
  11,557
  12,186
  12,844
  13,532
  14,253
  15,007
  15,797
  16,624
  17,491
  18,399
  19,350
  20,348
  21,394
  22,490
  23,640
Adjusted assets (=assets-cash), $m
  4,401
  4,726
  5,064
  5,416
  5,782
  6,162
  6,557
  6,969
  7,397
  7,844
  8,309
  8,794
  9,299
  9,827
  10,379
  10,955
  11,557
  12,186
  12,844
  13,532
  14,253
  15,007
  15,797
  16,624
  17,491
  18,399
  19,350
  20,348
  21,394
  22,490
  23,640
Revenue / Adjusted assets
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
Average production assets, $m
  1,496
  1,608
  1,723
  1,842
  1,967
  2,096
  2,230
  2,370
  2,516
  2,668
  2,826
  2,991
  3,163
  3,343
  3,530
  3,726
  3,931
  4,145
  4,369
  4,603
  4,848
  5,104
  5,373
  5,654
  5,949
  6,258
  6,582
  6,921
  7,277
  7,650
  8,041
Working capital, $m
  1,207
  323
  346
  370
  395
  421
  448
  476
  506
  536
  568
  601
  636
  672
  710
  749
  790
  833
  878
  925
  974
  1,026
  1,080
  1,136
  1,196
  1,258
  1,323
  1,391
  1,463
  1,538
  1,616
Total debt, $m
  1,642
  1,910
  2,189
  2,479
  2,781
  3,095
  3,421
  3,760
  4,114
  4,482
  4,866
  5,266
  5,683
  6,119
  6,574
  7,049
  7,545
  8,064
  8,607
  9,175
  9,770
  10,392
  11,043
  11,726
  12,441
  13,190
  13,975
  14,798
  15,661
  16,565
  17,514
Total liabilities, $m
  3,631
  3,899
  4,178
  4,468
  4,770
  5,084
  5,410
  5,749
  6,103
  6,471
  6,855
  7,255
  7,672
  8,108
  8,563
  9,038
  9,534
  10,053
  10,596
  11,164
  11,759
  12,381
  13,032
  13,715
  14,430
  15,179
  15,964
  16,787
  17,650
  18,554
  19,503
Total equity, $m
  1,675
  827
  886
  948
  1,012
  1,078
  1,148
  1,220
  1,295
  1,373
  1,454
  1,539
  1,627
  1,720
  1,816
  1,917
  2,022
  2,133
  2,248
  2,368
  2,494
  2,626
  2,764
  2,909
  3,061
  3,220
  3,386
  3,561
  3,744
  3,936
  4,137
Total liabilities and equity, $m
  5,306
  4,726
  5,064
  5,416
  5,782
  6,162
  6,558
  6,969
  7,398
  7,844
  8,309
  8,794
  9,299
  9,828
  10,379
  10,955
  11,556
  12,186
  12,844
  13,532
  14,253
  15,007
  15,796
  16,624
  17,491
  18,399
  19,350
  20,348
  21,394
  22,490
  23,640
Debt-to-equity ratio
  0.980
  2.310
  2.470
  2.620
  2.750
  2.870
  2.980
  3.080
  3.180
  3.270
  3.350
  3.420
  3.490
  3.560
  3.620
  3.680
  3.730
  3.780
  3.830
  3.870
  3.920
  3.960
  3.990
  4.030
  4.060
  4.100
  4.130
  4.160
  4.180
  4.210
  4.230
Adjusted equity ratio
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  531
  303
  327
  352
  379
  406
  435
  464
  495
  527
  561
  688
  725
  763
  803
  844
  888
  933
  981
  1,030
  1,082
  1,137
  1,194
  1,254
  1,316
  1,382
  1,451
  1,523
  1,598
  1,678
  1,761
Depreciation, amort., depletion, $m
  213
  253
  262
  271
  281
  291
  302
  313
  324
  336
  349
  236
  249
  263
  278
  293
  310
  326
  344
  362
  382
  402
  423
  445
  468
  493
  518
  545
  573
  602
  633
Funds from operations, $m
  91
  555
  589
  624
  660
  697
  736
  777
  820
  864
  910
  924
  974
  1,026
  1,081
  1,138
  1,197
  1,259
  1,325
  1,393
  1,464
  1,539
  1,617
  1,699
  1,785
  1,875
  1,969
  2,068
  2,171
  2,280
  2,394
Change in working capital, $m
  -456
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  79
Cash from operations, $m
  547
  533
  566
  600
  635
  671
  709
  749
  790
  833
  878
  890
  939
  990
  1,043
  1,098
  1,156
  1,216
  1,280
  1,346
  1,415
  1,487
  1,563
  1,642
  1,726
  1,813
  1,904
  2,000
  2,100
  2,205
  2,315
Maintenance CAPEX, $m
  0
  -118
  -127
  -136
  -145
  -155
  -165
  -176
  -187
  -198
  -210
  -223
  -236
  -249
  -263
  -278
  -293
  -310
  -326
  -344
  -362
  -382
  -402
  -423
  -445
  -468
  -493
  -518
  -545
  -573
  -602
New CAPEX, $m
  -101
  -112
  -115
  -120
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -281
  -295
  -309
  -324
  -339
  -356
  -373
  -391
Cash from investing activities, $m
  -424
  -230
  -242
  -256
  -269
  -284
  -299
  -316
  -333
  -350
  -368
  -388
  -408
  -429
  -451
  -474
  -498
  -524
  -550
  -578
  -607
  -639
  -671
  -704
  -740
  -777
  -817
  -857
  -901
  -946
  -993
Free cash flow, $m
  123
  303
  324
  344
  365
  387
  410
  433
  458
  483
  510
  503
  532
  561
  592
  624
  658
  693
  729
  768
  807
  849
  892
  938
  986
  1,035
  1,087
  1,142
  1,199
  1,259
  1,322
Issuance/(repayment) of debt, $m
  246
  268
  279
  290
  302
  314
  326
  339
  353
  368
  384
  400
  417
  436
  455
  475
  497
  519
  543
  568
  594
  622
  652
  682
  715
  749
  785
  823
  863
  905
  949
Issuance/(repurchase) of shares, $m
  -356
  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  
  -75
  268
  279
  290
  302
  314
  326
  339
  353
  368
  384
  400
  417
  436
  455
  475
  497
  519
  543
  568
  594
  622
  652
  682
  715
  749
  785
  823
  863
  905
  949
Total cash flow (excl. dividends), $m
  29
  571
  603
  634
  667
  701
  736
  773
  811
  851
  893
  903
  949
  997
  1,047
  1,099
  1,154
  1,212
  1,272
  1,336
  1,402
  1,471
  1,544
  1,620
  1,700
  1,784
  1,873
  1,965
  2,062
  2,164
  2,271
Retained Cash Flow (-), $m
  -220
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -201
Prev. year cash balance distribution, $m
 
  905
  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
 
  1,419
  544
  573
  603
  634
  667
  701
  736
  773
  812
  818
  860
  904
  950
  999
  1,049
  1,102
  1,157
  1,215
  1,276
  1,339
  1,406
  1,476
  1,549
  1,626
  1,706
  1,790
  1,879
  1,972
  2,069
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
 
  1,361
  498
  499
  496
  492
  484
  474
  460
  444
  426
  389
  367
  344
  319
  293
  267
  240
  213
  187
  162
  139
  117
  97
  79
  63
  50
  38
  29
  22
  16
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

C. R. Bard, Inc., together with its subsidiaries, designs, manufactures, packages, distributes, and sells medical, surgical, diagnostic, and patient care devices worldwide. The company offers vascular products, such as percutaneous transluminal angioplasty catheters, chronic total occlusion catheters, guidewires, fabrics, meshes, introducers, and accessories; valvuloplasty balloons; peripheral vascular stents, self-expanding and balloon-expandable covered stents, and vascular grafts; vena cava filters; biopsy devices; and a range of minimally invasive devices for the treatment of peripheral vascular and end-stage renal diseases. It also provides urology products, including Foley catheters to reduce the rate of urinary tract infections; fecal incontinence products; brachytherapy devices and radioactive seeds for the treatment of prostate cancer; intermittent urinary drainage catheters, and urine monitoring and collection systems; ureteral stents; specialty devices for stone removal procedures; surgical slings and pelvic floor repair products; catheter stabilization devices; and products for therapeutic hypothermia. In addition, the company offers oncology products, such as specialty vascular access catheters and ports, vascular access ultrasound devices, dialysis access catheters, and enteral feeding devices to treat and manage various cancers, and other diseases and disorders. Further, it provides surgical specialty products comprising implanted grafts and fixation devices for hernia and soft tissue repairs; and hemostats and surgical sealants, as well as irrigation, wound drainage, and original equipment manufacturersÂ’ products. The company sells its products directly to hospitals, individual healthcare professionals, extended care facilities, and alternate site facilities through hospital/surgical supply and other medical specialty distributors. C. R. Bard, Inc. was founded in 1907 and is headquartered in Murray Hill, New Jersey.

FINANCIAL RATIOS  of  C.R. Bard (BCR)

Valuation Ratios
P/E Ratio 44.2
Price to Sales 6.3
Price to Book 14
Price to Tangible Book
Price to Cash Flow 42.9
Price to Free Cash Flow 52.6
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 98%
Total Debt to Equity 98%
Interest Coverage 14
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 17.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 33.9%
Return On Equity - 3 Yr. Avg. 19.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 62.9%
Gross Margin - 3 Yr. Avg. 62.3%
EBITDA Margin 25%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 14.3%
Net Profit Margin - 3 Yr. Avg. 9%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 38.4%
Payout Ratio 14.1%

BCR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCR stock intrinsic value calculation we used $3714 million for the last fiscal year's total revenue generated by C.R. Bard. The default revenue input number comes from 2016 income statement of C.R. Bard. 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 BCR stock valuation model: a) initial revenue growth rate of 7.4% 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 BCR is calculated based on our internal credit rating of C.R. Bard, 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 C.R. Bard.
    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 BCR stock the variable cost ratio is equal to 88.4%.

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 BCR 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 C.R. Bard.

Corporate tax rate of 27% is the nominal tax rate for C.R. Bard. 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 BCR 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 BCR are equal to 40.3%.

Life of production assets of 12.7 years is the average useful life of capital assets used in C.R. Bard 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 BCR is equal to 8.1%. 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 - $1675 million for C.R. Bard - 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 72.326 million for C.R. Bard 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 C.R. Bard at the current share price and the inputted number of shares is $23.3 billion.

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COMPANY NEWS

▶ Bard Declares Quarterly Dividend   [Jun-14-17 04:15PM  Business Wire]
▶ Seven iQ100 members hit all-time highs   [03:48PM  CNBC Videos]
▶ Nine members of iQ100 hit all time highs   [Jun-01-17 03:14PM  CNBC Videos]
▶ Albany public company files lawsuit alleging competitor violated antitrust laws   [May-31-17 03:48PM  American City Business Journals]
▶ Seven iQ 100 members hit all-time highs   [01:59PM  CNBC Videos]
▶ Five CNBC IQ 100 components are hitting lifetime highs   [Apr-28-17 12:40PM  CNBC Videos]
▶ 3 Best Performing Stocks of April   [09:04AM  Motley Fool]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [11:13AM  Investor's Business Daily]
▶ C. R. Bard Stock Trades Ex-Dividend Thursday   [Apr-25-17 01:10PM  Investopedia]
▶ [$$] Dont Succumb to Sticker Shock on Becton Dickinson Deal   [12:36AM  The Wall Street Journal]
▶ Tax cuts not driving this rally   [Apr-24-17 06:44PM  CNBC Videos]
▶ Story Stocks from Briefing.com   [12:03PM  Briefing.com]
▶ A $24 Billion Megadeal to Cheer About   [09:19AM  Bloomberg]
▶ C.R. Bard tops Street 1Q forecasts   [05:01AM  Associated Press]
▶ Becton Dickinson to Acquire C.R. Bard for $24 Billion   [12:01AM  The Wall Street Journal]
▶ Becton Dickinson to Buy C.R. Bard for $24 Billion   [07:47PM  The Wall Street Journal]
▶ Bard Announces First Quarter Results   [05:07PM  Business Wire]
▶ BD To Acquire Bard For $24 Billion   [05:04PM  PR Newswire]
▶ Bard Declares Quarterly Dividend   [Apr-19-17 04:15PM  Business Wire]
▶ C.R. Bard Just Keeps Going and Going...   [Apr-10-17 02:28PM  TheStreet.com]
▶ Bard to Host Earnings Conference Call on April 26, 2017   [Apr-03-17 12:15PM  Business Wire]
▶ New highs for the CNBC IQ 100   [Mar-13-17 11:48AM  CNBC Videos]
▶ Bard to Present at Barclays Global Healthcare Conference   [Mar-07-17 10:30AM  Business Wire]
▶ Go With the Upside on C.R. Bard   [Feb-27-17 03:29PM  TheStreet.com]
▶ Bard Announces Fourth Quarter Results   [04:15PM  Business Wire]
Stock chart of BCR Financial statements of BCR Annual reports of BCR
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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