Intrinsic value of Cerner - CERN

Previous Close

$73.01

  Intrinsic Value

$33.84

stock screener

  Rating & Target

str. sell

-54%

Previous close

$73.01

 
Intrinsic value

$33.84

 
Up/down potential

-54%

 
Rating

str. sell

We calculate the intrinsic value of CERN 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 24.2

 

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, %
  8.38
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  4,796
  5,098
  5,413
  5,740
  6,082
  6,438
  6,809
  7,197
  7,601
  8,024
  8,465
  8,927
  9,410
  9,915
  10,443
  10,996
  11,576
  12,182
  12,818
  13,484
  14,182
  14,913
  15,680
  16,484
  17,327
  18,212
  19,139
  20,112
  21,133
  22,204
  23,328
Variable operating expenses, $m
 
  3,303
  3,502
  3,709
  3,924
  4,149
  4,384
  4,628
  4,884
  5,151
  5,429
  5,636
  5,941
  6,260
  6,594
  6,943
  7,309
  7,692
  8,093
  8,514
  8,954
  9,416
  9,900
  10,408
  10,940
  11,499
  12,085
  12,699
  13,343
  14,020
  14,729
Fixed operating expenses, $m
 
  809
  829
  850
  871
  893
  915
  938
  961
  985
  1,010
  1,035
  1,061
  1,088
  1,115
  1,143
  1,171
  1,201
  1,231
  1,261
  1,293
  1,325
  1,358
  1,392
  1,427
  1,463
  1,499
  1,537
  1,575
  1,615
  1,655
Total operating expenses, $m
  3,885
  4,112
  4,331
  4,559
  4,795
  5,042
  5,299
  5,566
  5,845
  6,136
  6,439
  6,671
  7,002
  7,348
  7,709
  8,086
  8,480
  8,893
  9,324
  9,775
  10,247
  10,741
  11,258
  11,800
  12,367
  12,962
  13,584
  14,236
  14,918
  15,635
  16,384
Operating income, $m
  911
  986
  1,082
  1,182
  1,286
  1,396
  1,510
  1,630
  1,756
  1,888
  2,026
  2,255
  2,407
  2,567
  2,735
  2,911
  3,095
  3,290
  3,494
  3,709
  3,934
  4,172
  4,421
  4,684
  4,960
  5,250
  5,555
  5,877
  6,214
  6,570
  6,944
EBITDA, $m
  1,415
  1,480
  1,602
  1,728
  1,860
  1,998
  2,142
  2,294
  2,452
  2,617
  2,791
  2,973
  3,164
  3,364
  3,574
  3,795
  4,027
  4,270
  4,525
  4,793
  5,075
  5,371
  5,682
  6,010
  6,353
  6,715
  7,095
  7,494
  7,914
  8,356
  8,820
Interest expense (income), $m
  18
  19
  23
  26
  30
  35
  39
  44
  48
  53
  58
  64
  69
  75
  82
  88
  95
  102
  109
  117
  125
  134
  143
  152
  162
  172
  183
  195
  206
  219
  232
Earnings before tax, $m
  918
  967
  1,059
  1,155
  1,256
  1,361
  1,471
  1,587
  1,708
  1,835
  1,967
  2,191
  2,338
  2,492
  2,653
  2,823
  3,001
  3,188
  3,385
  3,592
  3,809
  4,038
  4,279
  4,532
  4,798
  5,078
  5,372
  5,682
  6,008
  6,351
  6,712
Tax expense, $m
  282
  261
  286
  312
  339
  368
  397
  428
  461
  495
  531
  592
  631
  673
  716
  762
  810
  861
  914
  970
  1,028
  1,090
  1,155
  1,224
  1,295
  1,371
  1,450
  1,534
  1,622
  1,715
  1,812
Net income, $m
  636
  706
  773
  843
  917
  994
  1,074
  1,158
  1,247
  1,339
  1,436
  1,600
  1,707
  1,819
  1,937
  2,060
  2,190
  2,327
  2,471
  2,622
  2,781
  2,948
  3,123
  3,308
  3,502
  3,707
  3,922
  4,148
  4,386
  4,636
  4,899

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  5,630
  5,609
  5,955
  6,315
  6,691
  7,082
  7,491
  7,917
  8,362
  8,827
  9,313
  9,821
  10,352
  10,907
  11,489
  12,097
  12,735
  13,402
  14,101
  14,834
  15,601
  16,406
  17,250
  18,134
  19,062
  20,035
  21,055
  22,126
  23,249
  24,427
  25,663
Adjusted assets (=assets-cash), $m
  5,274
  5,609
  5,955
  6,315
  6,691
  7,082
  7,491
  7,917
  8,362
  8,827
  9,313
  9,821
  10,352
  10,907
  11,489
  12,097
  12,735
  13,402
  14,101
  14,834
  15,601
  16,406
  17,250
  18,134
  19,062
  20,035
  21,055
  22,126
  23,249
  24,427
  25,663
Revenue / Adjusted assets
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
  0.909
Average production assets, $m
  2,699
  2,870
  3,047
  3,232
  3,424
  3,624
  3,833
  4,052
  4,279
  4,517
  4,766
  5,026
  5,298
  5,582
  5,880
  6,191
  6,517
  6,859
  7,216
  7,591
  7,984
  8,396
  8,828
  9,281
  9,755
  10,253
  10,775
  11,323
  11,898
  12,501
  13,134
Working capital, $m
  774
  474
  503
  534
  566
  599
  633
  669
  707
  746
  787
  830
  875
  922
  971
  1,023
  1,077
  1,133
  1,192
  1,254
  1,319
  1,387
  1,458
  1,533
  1,611
  1,694
  1,780
  1,870
  1,965
  2,065
  2,169
Total debt, $m
  564
  646
  756
  870
  990
  1,114
  1,244
  1,380
  1,521
  1,669
  1,823
  1,985
  2,154
  2,331
  2,515
  2,709
  2,912
  3,124
  3,346
  3,579
  3,823
  4,079
  4,347
  4,629
  4,924
  5,233
  5,558
  5,898
  6,255
  6,630
  7,023
Total liabilities, $m
  1,702
  1,784
  1,894
  2,008
  2,128
  2,252
  2,382
  2,518
  2,659
  2,807
  2,961
  3,123
  3,292
  3,469
  3,653
  3,847
  4,050
  4,262
  4,484
  4,717
  4,961
  5,217
  5,485
  5,767
  6,062
  6,371
  6,696
  7,036
  7,393
  7,768
  8,161
Total equity, $m
  3,928
  3,825
  4,061
  4,307
  4,563
  4,830
  5,109
  5,399
  5,703
  6,020
  6,351
  6,698
  7,060
  7,439
  7,835
  8,250
  8,685
  9,140
  9,617
  10,117
  10,640
  11,189
  11,764
  12,368
  13,000
  13,664
  14,360
  15,090
  15,856
  16,659
  17,502
Total liabilities and equity, $m
  5,630
  5,609
  5,955
  6,315
  6,691
  7,082
  7,491
  7,917
  8,362
  8,827
  9,312
  9,821
  10,352
  10,908
  11,488
  12,097
  12,735
  13,402
  14,101
  14,834
  15,601
  16,406
  17,249
  18,135
  19,062
  20,035
  21,056
  22,126
  23,249
  24,427
  25,663
Debt-to-equity ratio
  0.144
  0.170
  0.190
  0.200
  0.220
  0.230
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.390
  0.400
  0.400
Adjusted equity ratio
  0.677
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  636
  706
  773
  843
  917
  994
  1,074
  1,158
  1,247
  1,339
  1,436
  1,600
  1,707
  1,819
  1,937
  2,060
  2,190
  2,327
  2,471
  2,622
  2,781
  2,948
  3,123
  3,308
  3,502
  3,707
  3,922
  4,148
  4,386
  4,636
  4,899
Depreciation, amort., depletion, $m
  504
  494
  520
  546
  574
  602
  632
  663
  696
  730
  765
  718
  757
  797
  840
  884
  931
  980
  1,031
  1,084
  1,141
  1,199
  1,261
  1,326
  1,394
  1,465
  1,539
  1,618
  1,700
  1,786
  1,876
Funds from operations, $m
  1,108
  1,201
  1,293
  1,390
  1,490
  1,596
  1,706
  1,822
  1,942
  2,069
  2,202
  2,318
  2,463
  2,616
  2,777
  2,945
  3,122
  3,307
  3,502
  3,706
  3,921
  4,147
  4,384
  4,634
  4,896
  5,171
  5,461
  5,765
  6,085
  6,422
  6,776
Change in working capital, $m
  -48
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  100
  105
Cash from operations, $m
  1,156
  1,172
  1,264
  1,359
  1,459
  1,563
  1,672
  1,786
  1,905
  2,030
  2,160
  2,275
  2,418
  2,569
  2,727
  2,893
  3,068
  3,251
  3,443
  3,644
  3,856
  4,079
  4,313
  4,559
  4,818
  5,089
  5,375
  5,675
  5,991
  6,322
  6,671
Maintenance CAPEX, $m
  0
  -386
  -410
  -435
  -462
  -489
  -518
  -548
  -579
  -611
  -645
  -681
  -718
  -757
  -797
  -840
  -884
  -931
  -980
  -1,031
  -1,084
  -1,141
  -1,199
  -1,261
  -1,326
  -1,394
  -1,465
  -1,539
  -1,618
  -1,700
  -1,786
New CAPEX, $m
  -772
  -171
  -177
  -184
  -192
  -200
  -209
  -218
  -228
  -238
  -249
  -260
  -272
  -284
  -298
  -311
  -326
  -342
  -358
  -375
  -393
  -412
  -432
  -453
  -475
  -498
  -522
  -548
  -575
  -603
  -633
Cash from investing activities, $m
  -790
  -557
  -587
  -619
  -654
  -689
  -727
  -766
  -807
  -849
  -894
  -941
  -990
  -1,041
  -1,095
  -1,151
  -1,210
  -1,273
  -1,338
  -1,406
  -1,477
  -1,553
  -1,631
  -1,714
  -1,801
  -1,892
  -1,987
  -2,087
  -2,193
  -2,303
  -2,419
Free cash flow, $m
  366
  616
  677
  739
  805
  873
  945
  1,020
  1,098
  1,180
  1,266
  1,334
  1,429
  1,528
  1,632
  1,742
  1,857
  1,978
  2,105
  2,239
  2,379
  2,527
  2,682
  2,845
  3,017
  3,198
  3,388
  3,588
  3,798
  4,020
  4,253
Issuance/(repayment) of debt, $m
  0
  108
  110
  115
  119
  125
  130
  136
  142
  148
  154
  161
  169
  177
  185
  194
  203
  212
  222
  233
  244
  256
  268
  281
  295
  309
  324
  340
  357
  375
  393
Issuance/(repurchase) of shares, $m
  -636
  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  
  -587
  108
  110
  115
  119
  125
  130
  136
  142
  148
  154
  161
  169
  177
  185
  194
  203
  212
  222
  233
  244
  256
  268
  281
  295
  309
  324
  340
  357
  375
  393
Total cash flow (excl. dividends), $m
  -231
  723
  787
  854
  924
  998
  1,075
  1,155
  1,240
  1,328
  1,421
  1,496
  1,598
  1,705
  1,817
  1,936
  2,060
  2,190
  2,327
  2,472
  2,623
  2,783
  2,950
  3,127
  3,312
  3,507
  3,712
  3,928
  4,155
  4,394
  4,646
Retained Cash Flow (-), $m
  -58
  -227
  -236
  -246
  -256
  -267
  -279
  -291
  -304
  -317
  -331
  -346
  -362
  -379
  -397
  -415
  -435
  -455
  -477
  -500
  -524
  -549
  -575
  -603
  -633
  -663
  -696
  -730
  -766
  -804
  -843
Prev. year cash balance distribution, $m
 
  330
  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
 
  826
  551
  608
  668
  731
  796
  865
  936
  1,011
  1,090
  1,149
  1,235
  1,326
  1,421
  1,520
  1,625
  1,735
  1,851
  1,972
  2,100
  2,234
  2,375
  2,523
  2,679
  2,844
  3,016
  3,198
  3,389
  3,591
  3,803
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
 
  792
  504
  529
  550
  566
  578
  584
  585
  581
  571
  546
  527
  504
  477
  446
  413
  378
  341
  304
  267
  231
  197
  165
  136
  111
  88
  69
  52
  39
  29
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

Cerner Corporation (Cerner) is a supplier of healthcare information technology (HCIT). The Company offers a range of intelligent solutions and services that support the clinical, financial and operational needs of organizations of all sizes. The Company's segments include Domestic and Global. The Domestic segment includes revenue contributions and expenditures associated with business activity in the United States. The Global segment includes revenue contributions and expenditures linked to business activity in Aruba, Australia, Austria, the Bahamas, Belgium, Bermuda, Brazil, Canada, Cayman Islands, Chile, Denmark, Egypt, England, Finland, France, Germany, Guam, India, Ireland, Kuwait, Luxembourg, Malaysia, Mexico, the Netherlands, Norway, Portugal, Qatar, Romania, Saudi Arabia, Singapore, Slovakia, Spain, Sweden, Switzerland and the United Arab Emirates. The Company's solutions are offered on the unified Cerner Millennium architecture and on the HealtheIntent cloud-based platform.

FINANCIAL RATIOS  of  Cerner (CERN)

Valuation Ratios
P/E Ratio 37.8
Price to Sales 5
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 62.7
Growth Rates
Sales Growth Rate 8.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.7%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 13.7%
Total Debt to Equity 14.4%
Interest Coverage 52
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 14.1%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 83.8%
Gross Margin - 3 Yr. Avg. 83%
EBITDA Margin 30%
EBITDA Margin - 3 Yr. Avg. 30%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 19.7%
Pre-Tax Margin 19.1%
Pre-Tax Margin - 3 Yr. Avg. 19.8%
Net Profit Margin 13.3%
Net Profit Margin - 3 Yr. Avg. 13.6%
Effective Tax Rate 30.7%
Eff/ Tax Rate - 3 Yr. Avg. 31.3%
Payout Ratio 0%

CERN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CERN stock intrinsic value calculation we used $4796 million for the last fiscal year's total revenue generated by Cerner. The default revenue input number comes from 2016 income statement of Cerner. 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 CERN stock valuation model: a) initial revenue growth rate of 6.3% 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 CERN is calculated based on our internal credit rating of Cerner, 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 Cerner.
    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 CERN stock the variable cost ratio is equal to 64.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $789 million in the base year in the intrinsic value calculation for CERN 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 Cerner.

Corporate tax rate of 27% is the nominal tax rate for Cerner. 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 CERN 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 CERN are equal to 56.3%.

Life of production assets of 7 years is the average useful life of capital assets used in Cerner 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 CERN is equal to 9.3%. 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 - $3928 million for Cerner - 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 331.598 million for Cerner 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 Cerner at the current share price and the inputted number of shares is $24.2 billion.

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COMPANY NEWS

▶ Cerner Has a Bullish Setup Just Waiting for You   [Oct-17-17 01:58PM  TheStreet.com]
▶ Cerner's Burke: We will continue to 'fix Jeanne's record'   [Oct-12-17 01:16PM  American City Business Journals]
▶ Cerner hosts tribute to late co-founder at annual conference   [Oct-10-17 09:40AM  American City Business Journals]
▶ VA is expected to make Cerner deal official in the next month   [Oct-02-17 02:35PM  American City Business Journals]
▶ Cerner prepares for first annual conference without Neal Patterson   [Sep-27-17 01:20PM  American City Business Journals]
▶ Cerner advances DoD pilot with second Navy facility   [01:55PM  American City Business Journals]
▶ Wisconsin hospital sues Cerner for $16 million   [Sep-25-17 12:00PM  American City Business Journals]
▶ Is Cerner Corporation (CERN) Undervalued?   [Sep-20-17 08:09AM  Simply Wall St.]
▶ Cerner boosts severance pay for top execs   [Sep-14-17 12:00AM  American City Business Journals]
▶ Cerner comes to Techweek KC with advice on building design and culture   [Sep-13-17 11:10AM  American City Business Journals]
▶ Cerner names advisory group for VA health record overhaul   [Sep-11-17 01:05PM  American City Business Journals]
▶ Techweek CEO: These are the cant-miss events this year   [03:55PM  American City Business Journals]
▶ Lillig-Patterson, the 'soul of Cerner,' dies at 59   [07:20AM  American City Business Journals]
▶ HealthSouth and Cerner form innovation center   [Sep-04-17 03:57PM  American City Business Journals]
▶ Cerner Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Aug-30-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Cerner Corp. : August 25, 2017   [Aug-25-17 04:01PM  Capital Cube]
▶ Health record company challenges Cerner's VA contract   [Aug-23-17 03:20PM  American City Business Journals]
▶ Better Buy: Veeva Systems Inc. vs. Cerner Corporation   [Aug-21-17 04:27PM  Motley Fool]
▶ Cerner: Focus in near future is inward, not on M&A   [Jul-28-17 04:10PM  American City Business Journals]
▶ Cerner meets 2Q profit forecasts   [Jul-27-17 09:47PM  Associated Press]
▶ No news yet on Patterson successor   [07:00PM  American City Business Journals]
▶ Cerner Reports Second Quarter 2017 Results   [04:06PM  GlobeNewswire]
▶ These 3 stocks are poised for a bounce   [Jul-26-17 08:47AM  CNBC Videos]
▶ ETFs with exposure to Cerner Corp. : July 24, 2017   [Jul-24-17 02:48PM  Capital Cube]
▶ [$$] Neal Patterson Made a Fortune by Putting Medical Data in Digital Form   [Jul-15-17 12:37AM  The Wall Street Journal]
▶ ETFs with exposure to Cerner Corp. : July 14, 2017   [Jul-14-17 01:27PM  Capital Cube]
▶ From Oklahoma farm boy to health care giant: Friends remember Neal Patterson   [Jul-13-17 04:00PM  American City Business Journals]
▶ Neal Patterson, a giant of Kansas City entrepreneurship, dies   [09:26AM  American City Business Journals]
▶ Cerner Corp. Value Analysis (NASDAQ:CERN) : July 7, 2017   [Jul-07-17 03:54PM  Capital Cube]
▶ Cerner will roll out next phase of DoD system this month   [03:51PM  American City Business Journals]
▶ Medical Software Uptrend Steady, Even As TrumpCare Rocks The Boat   [Jul-06-17 05:23PM  Investor's Business Daily]
▶ 3 Stocks with Huge Competitive Advantages   [Jun-19-17 12:48PM  Motley Fool]
▶ House budgets $65M for VA to implement Cerner EHR with a catch   [Jun-15-17 04:56PM  American City Business Journals]
▶ VA selects Cerner to overhaul health record system   [Jun-07-17 01:03PM  American City Business Journals]
▶ Cerner looks to bolster stock price with $500M repurchase   [May-30-17 02:10PM  American City Business Journals]
▶ Cerner Announces Share Repurchase Program   [May-25-17 09:00AM  GlobeNewswire]
▶ Patterson remains absent from Cerner's annual shareholder meeting   [May-24-17 03:35PM  American City Business Journals]
▶ Better Buy: Veeva Systems Inc. vs. Cerner Corporation   [May-23-17 07:24AM  Motley Fool]
▶ Truman Med, Cerner team up to help patients manage chronic disease   [May-17-17 04:20PM  American City Business Journals]
▶ Cerner: Behavioral health is a 'growth area' for industry   [May-15-17 04:30PM  American City Business Journals]
▶ Cerner Named to Forbes 2017 Americas Best Employers List   [May-10-17 04:15PM  GlobeNewswire]
▶ Jeff Auxier Comments on Cerner   [May-09-17 04:03PM  GuruFocus.com]
Financial statements of CERN
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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