Intrinsic value of Becton Dickinson - BDX

Previous Close

$220.34

  Intrinsic Value

$68.37

stock screener

  Rating & Target

str. sell

-69%

Previous close

$220.34

 
Intrinsic value

$68.37

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of BDX 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.12
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  12,093
  12,335
  12,619
  12,943
  13,307
  13,710
  14,153
  14,635
  15,157
  15,719
  16,322
  16,967
  17,656
  18,389
  19,169
  19,995
  20,872
  21,799
  22,780
  23,817
  24,911
  26,066
  27,283
  28,567
  29,919
  31,344
  32,843
  34,422
  36,083
  37,830
  39,668
Variable operating expenses, $m
 
  10,901
  11,135
  11,401
  11,701
  12,033
  12,397
  12,793
  13,222
  13,684
  14,181
  13,955
  14,521
  15,124
  15,765
  16,445
  17,166
  17,929
  18,736
  19,588
  20,488
  21,438
  22,439
  23,495
  24,607
  25,779
  27,012
  28,311
  29,677
  31,114
  32,626
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
  10,688
  10,901
  11,135
  11,401
  11,701
  12,033
  12,397
  12,793
  13,222
  13,684
  14,181
  13,955
  14,521
  15,124
  15,765
  16,445
  17,166
  17,929
  18,736
  19,588
  20,488
  21,438
  22,439
  23,495
  24,607
  25,779
  27,012
  28,311
  29,677
  31,114
  32,626
Operating income, $m
  1,405
  1,434
  1,484
  1,542
  1,606
  1,678
  1,756
  1,842
  1,935
  2,034
  2,142
  3,012
  3,135
  3,265
  3,403
  3,550
  3,706
  3,870
  4,044
  4,228
  4,423
  4,628
  4,844
  5,072
  5,312
  5,565
  5,831
  6,111
  6,406
  6,716
  7,043
EBITDA, $m
  2,493
  2,836
  2,901
  2,976
  3,060
  3,152
  3,254
  3,365
  3,485
  3,614
  3,753
  3,901
  4,059
  4,228
  4,407
  4,597
  4,799
  5,012
  5,238
  5,476
  5,727
  5,993
  6,273
  6,568
  6,879
  7,206
  7,551
  7,914
  8,296
  8,698
  9,121
Interest expense (income), $m
  435
  653
  549
  566
  586
  608
  633
  660
  690
  722
  756
  793
  833
  875
  920
  968
  1,018
  1,072
  1,129
  1,189
  1,253
  1,320
  1,390
  1,465
  1,544
  1,627
  1,714
  1,806
  1,902
  2,004
  2,111
Earnings before tax, $m
  976
  780
  935
  975
  1,020
  1,069
  1,123
  1,182
  1,245
  1,313
  1,385
  2,219
  2,302
  2,390
  2,483
  2,582
  2,687
  2,798
  2,916
  3,039
  3,170
  3,308
  3,454
  3,607
  3,768
  3,938
  4,117
  4,306
  4,504
  4,712
  4,931
Tax expense, $m
  -124
  211
  252
  263
  275
  289
  303
  319
  336
  354
  374
  599
  622
  645
  670
  697
  726
  756
  787
  821
  856
  893
  932
  974
  1,017
  1,063
  1,112
  1,162
  1,216
  1,272
  1,331
Net income, $m
  1,100
  570
  683
  712
  745
  781
  820
  863
  909
  958
  1,011
  1,620
  1,680
  1,745
  1,813
  1,885
  1,962
  2,043
  2,128
  2,219
  2,314
  2,415
  2,521
  2,633
  2,751
  2,875
  3,006
  3,143
  3,288
  3,440
  3,600

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14,200
  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
  37,734
  23,998
  24,550
  25,181
  25,889
  26,674
  27,535
  28,473
  29,488
  30,581
  31,755
  33,011
  34,350
  35,777
  37,293
  38,902
  40,606
  42,411
  44,319
  46,336
  48,465
  50,711
  53,080
  55,578
  58,209
  60,980
  63,898
  66,969
  70,200
  73,600
  77,176
Adjusted assets (=assets-cash), $m
  23,534
  23,998
  24,550
  25,181
  25,889
  26,674
  27,535
  28,473
  29,488
  30,581
  31,755
  33,011
  34,350
  35,777
  37,293
  38,902
  40,606
  42,411
  44,319
  46,336
  48,465
  50,711
  53,080
  55,578
  58,209
  60,980
  63,898
  66,969
  70,200
  73,600
  77,176
Revenue / Adjusted assets
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
Average production assets, $m
  10,391
  10,596
  10,839
  11,118
  11,431
  11,777
  12,157
  12,571
  13,020
  13,503
  14,021
  14,575
  15,167
  15,796
  16,466
  17,176
  17,929
  18,726
  19,568
  20,458
  21,398
  22,390
  23,436
  24,539
  25,701
  26,924
  28,212
  29,568
  30,995
  32,496
  34,075
Working capital, $m
  15,291
  1,320
  1,350
  1,385
  1,424
  1,467
  1,514
  1,566
  1,622
  1,682
  1,746
  1,816
  1,889
  1,968
  2,051
  2,140
  2,233
  2,333
  2,437
  2,548
  2,665
  2,789
  2,919
  3,057
  3,201
  3,354
  3,514
  3,683
  3,861
  4,048
  4,245
Total debt, $m
  18,870
  15,682
  16,179
  16,747
  17,384
  18,090
  18,866
  19,710
  20,623
  21,607
  22,664
  23,794
  24,999
  26,283
  27,648
  29,095
  30,630
  32,254
  33,971
  35,786
  37,702
  39,724
  41,856
  44,104
  46,472
  48,966
  51,592
  54,356
  57,264
  60,324
  63,542
Total liabilities, $m
  24,786
  21,598
  22,095
  22,663
  23,300
  24,006
  24,782
  25,626
  26,539
  27,523
  28,580
  29,710
  30,915
  32,199
  33,564
  35,011
  36,546
  38,170
  39,887
  41,702
  43,618
  45,640
  47,772
  50,020
  52,388
  54,882
  57,508
  60,272
  63,180
  66,240
  69,458
Total equity, $m
  12,948
  2,400
  2,455
  2,518
  2,589
  2,667
  2,754
  2,847
  2,949
  3,058
  3,176
  3,301
  3,435
  3,578
  3,729
  3,890
  4,061
  4,241
  4,432
  4,634
  4,846
  5,071
  5,308
  5,558
  5,821
  6,098
  6,390
  6,697
  7,020
  7,360
  7,718
Total liabilities and equity, $m
  37,734
  23,998
  24,550
  25,181
  25,889
  26,673
  27,536
  28,473
  29,488
  30,581
  31,756
  33,011
  34,350
  35,777
  37,293
  38,901
  40,607
  42,411
  44,319
  46,336
  48,464
  50,711
  53,080
  55,578
  58,209
  60,980
  63,898
  66,969
  70,200
  73,600
  77,176
Debt-to-equity ratio
  1.457
  6.530
  6.590
  6.650
  6.710
  6.780
  6.850
  6.920
  6.990
  7.070
  7.140
  7.210
  7.280
  7.350
  7.410
  7.480
  7.540
  7.610
  7.670
  7.720
  7.780
  7.830
  7.890
  7.940
  7.980
  8.030
  8.070
  8.120
  8.160
  8.200
  8.230
Adjusted equity ratio
  -0.053
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,100
  570
  683
  712
  745
  781
  820
  863
  909
  958
  1,011
  1,620
  1,680
  1,745
  1,813
  1,885
  1,962
  2,043
  2,128
  2,219
  2,314
  2,415
  2,521
  2,633
  2,751
  2,875
  3,006
  3,143
  3,288
  3,440
  3,600
Depreciation, amort., depletion, $m
  1,088
  1,402
  1,417
  1,434
  1,453
  1,474
  1,498
  1,523
  1,550
  1,580
  1,611
  889
  925
  963
  1,004
  1,047
  1,093
  1,142
  1,193
  1,247
  1,305
  1,365
  1,429
  1,496
  1,567
  1,642
  1,720
  1,803
  1,890
  1,981
  2,078
Funds from operations, $m
  2,226
  1,972
  2,100
  2,146
  2,198
  2,255
  2,318
  2,386
  2,459
  2,538
  2,622
  2,509
  2,605
  2,708
  2,817
  2,932
  3,055
  3,184
  3,322
  3,466
  3,619
  3,780
  3,950
  4,129
  4,318
  4,517
  4,726
  4,946
  5,178
  5,421
  5,678
Change in working capital, $m
  -324
  26
  30
  35
  39
  43
  47
  52
  56
  60
  65
  69
  74
  78
  83
  88
  94
  99
  105
  111
  117
  124
  130
  137
  145
  152
  160
  169
  178
  187
  197
Cash from operations, $m
  2,550
  1,946
  2,070
  2,112
  2,159
  2,212
  2,270
  2,334
  2,403
  2,478
  2,558
  2,440
  2,531
  2,629
  2,733
  2,844
  2,961
  3,085
  3,217
  3,355
  3,502
  3,657
  3,820
  3,992
  4,173
  4,364
  4,565
  4,777
  5,000
  5,234
  5,481
Maintenance CAPEX, $m
  0
  -634
  -646
  -661
  -678
  -697
  -718
  -741
  -767
  -794
  -823
  -855
  -889
  -925
  -963
  -1,004
  -1,047
  -1,093
  -1,142
  -1,193
  -1,247
  -1,305
  -1,365
  -1,429
  -1,496
  -1,567
  -1,642
  -1,720
  -1,803
  -1,890
  -1,981
New CAPEX, $m
  -727
  -205
  -244
  -279
  -313
  -347
  -380
  -414
  -448
  -483
  -518
  -554
  -592
  -630
  -669
  -710
  -753
  -797
  -843
  -890
  -940
  -992
  -1,046
  -1,103
  -1,162
  -1,224
  -1,288
  -1,356
  -1,427
  -1,501
  -1,579
Cash from investing activities, $m
  -883
  -839
  -890
  -940
  -991
  -1,044
  -1,098
  -1,155
  -1,215
  -1,277
  -1,341
  -1,409
  -1,481
  -1,555
  -1,632
  -1,714
  -1,800
  -1,890
  -1,985
  -2,083
  -2,187
  -2,297
  -2,411
  -2,532
  -2,658
  -2,791
  -2,930
  -3,076
  -3,230
  -3,391
  -3,560
Free cash flow, $m
  1,667
  1,108
  1,180
  1,172
  1,168
  1,168
  1,172
  1,179
  1,188
  1,201
  1,216
  1,030
  1,051
  1,075
  1,101
  1,130
  1,161
  1,195
  1,232
  1,272
  1,314
  1,360
  1,409
  1,460
  1,515
  1,574
  1,635
  1,701
  1,770
  1,843
  1,921
Issuance/(repayment) of debt, $m
  7,282
  -2,985
  497
  568
  637
  706
  775
  844
  914
  984
  1,056
  1,130
  1,206
  1,284
  1,364
  1,448
  1,534
  1,624
  1,718
  1,815
  1,916
  2,022
  2,132
  2,247
  2,368
  2,494
  2,626
  2,764
  2,908
  3,060
  3,218
Issuance/(repurchase) of shares, $m
  4,607
  2,879
  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  
  11,654
  -106
  497
  568
  637
  706
  775
  844
  914
  984
  1,056
  1,130
  1,206
  1,284
  1,364
  1,448
  1,534
  1,624
  1,718
  1,815
  1,916
  2,022
  2,132
  2,247
  2,368
  2,494
  2,626
  2,764
  2,908
  3,060
  3,218
Total cash flow (excl. dividends), $m
  13,315
  1,002
  1,677
  1,740
  1,806
  1,875
  1,947
  2,023
  2,102
  2,185
  2,273
  2,160
  2,257
  2,359
  2,465
  2,577
  2,695
  2,819
  2,950
  3,087
  3,231
  3,382
  3,541
  3,708
  3,883
  4,068
  4,261
  4,465
  4,679
  4,903
  5,139
Retained Cash Flow (-), $m
  -5,315
  -3,449
  -55
  -63
  -71
  -78
  -86
  -94
  -102
  -109
  -117
  -126
  -134
  -143
  -152
  -161
  -170
  -180
  -191
  -202
  -213
  -225
  -237
  -250
  -263
  -277
  -292
  -307
  -323
  -340
  -358
Prev. year cash balance distribution, $m
 
  13,997
  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
 
  11,550
  1,621
  1,677
  1,735
  1,796
  1,861
  1,929
  2,000
  2,076
  2,155
  2,035
  2,123
  2,216
  2,314
  2,417
  2,525
  2,639
  2,759
  2,885
  3,018
  3,157
  3,304
  3,458
  3,620
  3,791
  3,970
  4,158
  4,355
  4,563
  4,781
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
 
  11,074
  1,484
  1,459
  1,429
  1,392
  1,350
  1,303
  1,250
  1,192
  1,130
  966
  906
  843
  777
  709
  642
  574
  508
  444
  383
  327
  274
  227
  184
  147
  116
  89
  67
  50
  36
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Becton, Dickinson and Company (BD) is a global medical technology company engaged in the development, manufacture and sale of a range of medical supplies, devices, laboratory equipment and diagnostic products. The Company operates through two segments: BD Medical and BD Life Sciences. The BD Medical segment produces an array of medical technologies and devices that are used to help improve healthcare delivery in a range of settings. BD Medical consists of various business units, including diabetes care, medication and procedural solutions, medication management solutions and pharmaceutical systems. The BD Life Sciences segment provides products for the safe collection and transport of diagnostics specimens, and instruments and reagent systems to detect a range of infectious diseases, healthcare-associated infections and cancers. The Company's BD Life Sciences segment consists of various business units, including preanalytical systems, diagnostic systems and biosciences.

FINANCIAL RATIOS  of  Becton Dickinson (BDX)

Valuation Ratios
P/E Ratio 45.7
Price to Sales 4.2
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 27.6
Growth Rates
Sales Growth Rate -3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.3%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio 70
Current Ratio 0
LT Debt to Equity 144.2%
Total Debt to Equity 145.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 11.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 49.1%
Gross Margin - 3 Yr. Avg. 47.6%
EBITDA Margin 20.7%
EBITDA Margin - 3 Yr. Avg. 20.1%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 11.2%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate -12.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 61.5%

BDX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BDX stock intrinsic value calculation we used $12093 million for the last fiscal year's total revenue generated by Becton Dickinson. The default revenue input number comes from 2017 income statement of Becton Dickinson. 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 BDX stock valuation model: a) initial revenue growth rate of 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 BDX is calculated based on our internal credit rating of Becton Dickinson, 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 Becton Dickinson.
    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 BDX stock the variable cost ratio is equal to 88.5%.

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 BDX 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 Becton Dickinson.

Corporate tax rate of 27% is the nominal tax rate for Becton Dickinson. 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 BDX 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 BDX are equal to 85.9%.

Life of production assets of 16.4 years is the average useful life of capital assets used in Becton Dickinson 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 BDX is equal to 10.7%. 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 - $12948 million for Becton Dickinson - 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 229.702 million for Becton Dickinson 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 Becton Dickinson at the current share price and the inputted number of shares is $50.6 billion.

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COMPANY NEWS

▶ Amazon Could Enter Hospital Supply Chain Why Medtech Shouldn't Worry   [Feb-13-18 04:15PM  Investor's Business Daily]
▶ Becton Dickinson reports 1Q loss   [06:23AM  Associated Press]
▶ What Analysts Recommend for Intuitive Surgical ahead of 4Q17   [Jan-23-18 12:39PM  Market Realist]
▶ BD Board Declares Dividend   [Jan-22-18 04:30PM  PR Newswire]
▶ What JNJs Stock Valuation Tells Us   [09:02AM  Market Realist]
▶ BD Announces Webcast of Annual Meeting of Shareholders   [Jan-17-18 04:30PM  PR Newswire]
▶ What Are Accelerate Diagnostics Key Strengths?   [Jan-15-18 09:02AM  Market Realist]
▶ Strykers Latest Valuation Metrics   [07:33AM  Market Realist]
▶ Stryker Announces Preliminary 4Q17 and Fiscal 2017 Results   [Jan-10-18 02:05PM  Market Realist]
▶ BD Gets Final Regulatory Approval for Bard Acquisition   [Dec-29-17 05:10PM  Market Realist]
Financial statements of BDX
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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