Intrinsic value of CONMED - CNMD

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$50.79

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$50.79

 
Intrinsic value

$17.20

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CNMD 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 1.4

 

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, %
  6.26
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  764
  789
  817
  846
  878
  912
  949
  987
  1,029
  1,073
  1,119
  1,169
  1,221
  1,276
  1,334
  1,396
  1,461
  1,529
  1,601
  1,677
  1,757
  1,841
  1,930
  2,023
  2,121
  2,225
  2,333
  2,447
  2,567
  2,693
  2,826
Variable operating expenses, $m
 
  732
  756
  782
  810
  840
  872
  906
  942
  980
  1,021
  1,025
  1,070
  1,119
  1,170
  1,224
  1,281
  1,341
  1,404
  1,471
  1,541
  1,615
  1,692
  1,774
  1,860
  1,951
  2,046
  2,146
  2,251
  2,362
  2,478
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
  726
  732
  756
  782
  810
  840
  872
  906
  942
  980
  1,021
  1,025
  1,070
  1,119
  1,170
  1,224
  1,281
  1,341
  1,404
  1,471
  1,541
  1,615
  1,692
  1,774
  1,860
  1,951
  2,046
  2,146
  2,251
  2,362
  2,478
Operating income, $m
  38
  57
  61
  64
  68
  72
  77
  82
  87
  92
  98
  144
  150
  157
  164
  172
  180
  188
  197
  206
  216
  227
  238
  249
  261
  274
  287
  301
  316
  332
  348
EBITDA, $m
  93
  131
  135
  140
  146
  151
  157
  164
  171
  178
  186
  194
  203
  212
  221
  232
  242
  254
  266
  278
  292
  306
  320
  336
  352
  369
  387
  406
  426
  447
  469
Interest expense (income), $m
  14
  18
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  85
Earnings before tax, $m
  19
  40
  42
  45
  48
  51
  54
  58
  61
  65
  70
  114
  119
  124
  129
  134
  140
  146
  153
  160
  167
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
Tax expense, $m
  4
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  56
  59
  62
  65
  68
  71
Net income, $m
  15
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  127
  133
  139
  146
  153
  160
  167
  175
  183
  192

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  1,329
  1,344
  1,391
  1,442
  1,496
  1,554
  1,616
  1,682
  1,753
  1,827
  1,907
  1,991
  2,080
  2,174
  2,273
  2,378
  2,488
  2,605
  2,728
  2,857
  2,993
  3,137
  3,288
  3,447
  3,614
  3,790
  3,975
  4,169
  4,373
  4,588
  4,814
Adjusted assets (=assets-cash), $m
  1,302
  1,344
  1,391
  1,442
  1,496
  1,554
  1,616
  1,682
  1,753
  1,827
  1,907
  1,991
  2,080
  2,174
  2,273
  2,378
  2,488
  2,605
  2,728
  2,857
  2,993
  3,137
  3,288
  3,447
  3,614
  3,790
  3,975
  4,169
  4,373
  4,588
  4,814
Revenue / Adjusted assets
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
  0.587
Average production assets, $m
  488
  504
  521
  540
  560
  582
  605
  630
  656
  684
  714
  746
  779
  814
  851
  890
  932
  976
  1,022
  1,070
  1,121
  1,175
  1,231
  1,291
  1,353
  1,419
  1,489
  1,561
  1,638
  1,718
  1,803
Working capital, $m
  217
  207
  214
  222
  230
  239
  249
  259
  270
  281
  293
  306
  320
  334
  350
  366
  383
  401
  420
  439
  460
  482
  506
  530
  556
  583
  611
  641
  673
  706
  740
Total debt, $m
  498
  512
  539
  567
  598
  631
  666
  704
  744
  786
  831
  879
  929
  982
  1,039
  1,098
  1,161
  1,227
  1,297
  1,370
  1,447
  1,529
  1,614
  1,704
  1,799
  1,899
  2,004
  2,114
  2,230
  2,352
  2,479
Total liabilities, $m
  748
  762
  789
  817
  848
  881
  916
  954
  994
  1,036
  1,081
  1,129
  1,179
  1,232
  1,289
  1,348
  1,411
  1,477
  1,547
  1,620
  1,697
  1,779
  1,864
  1,954
  2,049
  2,149
  2,254
  2,364
  2,480
  2,602
  2,729
Total equity, $m
  581
  582
  602
  624
  648
  673
  700
  728
  759
  791
  826
  862
  900
  941
  984
  1,030
  1,077
  1,128
  1,181
  1,237
  1,296
  1,358
  1,424
  1,493
  1,565
  1,641
  1,721
  1,805
  1,894
  1,987
  2,084
Total liabilities and equity, $m
  1,329
  1,344
  1,391
  1,441
  1,496
  1,554
  1,616
  1,682
  1,753
  1,827
  1,907
  1,991
  2,079
  2,173
  2,273
  2,378
  2,488
  2,605
  2,728
  2,857
  2,993
  3,137
  3,288
  3,447
  3,614
  3,790
  3,975
  4,169
  4,374
  4,589
  4,813
Debt-to-equity ratio
  0.857
  0.880
  0.890
  0.910
  0.920
  0.940
  0.950
  0.970
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
  1.180
  1.190
Adjusted equity ratio
  0.425
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  127
  133
  139
  146
  153
  160
  167
  175
  183
  192
Depreciation, amort., depletion, $m
  55
  74
  75
  76
  77
  79
  80
  82
  84
  86
  88
  50
  52
  55
  57
  60
  63
  65
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
Funds from operations, $m
  3
  103
  106
  109
  112
  116
  120
  124
  129
  134
  139
  133
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  216
  226
  237
  248
  260
  272
  285
  299
  313
Change in working capital, $m
  -35
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
Cash from operations, $m
  38
  151
  98
  101
  104
  107
  110
  114
  118
  122
  126
  120
  125
  130
  136
  142
  148
  154
  161
  169
  176
  184
  193
  202
  211
  221
  231
  242
  254
  266
  278
Maintenance CAPEX, $m
  0
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
New CAPEX, $m
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -85
Cash from investing activities, $m
  -266
  -49
  -51
  -54
  -56
  -60
  -62
  -66
  -68
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -157
  -164
  -173
  -182
  -190
  -200
Free cash flow, $m
  -228
  102
  47
  47
  47
  48
  48
  49
  49
  50
  51
  41
  42
  43
  44
  45
  47
  48
  50
  52
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  79
Issuance/(repayment) of debt, $m
  228
  24
  26
  29
  31
  33
  35
  38
  40
  42
  45
  48
  50
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  206
  24
  26
  29
  31
  33
  35
  38
  40
  42
  45
  48
  50
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
Total cash flow (excl. dividends), $m
  -23
  126
  74
  76
  78
  81
  83
  86
  89
  92
  96
  89
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  180
  188
  197
  207
Retained Cash Flow (-), $m
  4
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -98
Prev. year cash balance distribution, $m
 
  17
  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
 
  125
  53
  54
  55
  56
  56
  58
  59
  60
  61
  52
  54
  56
  57
  59
  62
  64
  66
  69
  72
  74
  78
  81
  84
  88
  92
  95
  100
  104
  109
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  116
  46
  42
  39
  35
  32
  29
  26
  22
  20
  14
  12
  10
  8
  7
  6
  4
  3
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
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

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures in the United States, Canada, the United Kingdom, Japan, Australia, and internationally. The company offers sports medicine products, such as powered resection instruments, arthroscopes, reconstructive systems, tissue repair sets, metal and bio absorbable implants, and related disposable products and fluid management systems; powered surgical instruments for use in large and small bone orthopedic, arthroscopic, oral/maxillofacial, podiatric, plastic, ENT, neurological, spinal, and cardiothoracic surgeries; and sports biologics and tissues. It also provides electrosurgical generators, hand pieces, smoke management systems, and accessories for surgical needs; and endomechanical instrumentation products that offer various instruments comprising trocars, suction irrigation devices, graspers, scissors, and dissectors used in the minimally invasive laparoscopic and gynecological surgery, as well as an uterine manipulator for use in the laparoscopic hysterectomies and other gynecologic laparoscopic procedures. In addition, the company provides mucosal management devices, forceps, scope management accessories, bronchoscopy devices, dilatation, stricture management devices, hemostasis, biliary devices, and polypectomy; pulse oximetry sensors, ECG electrodes and accessories, and cardiac defibrillation and pacing pads; suction instruments and tubing for use in the hospital, as well as ambulatory surgery centers and emergency medical market; IV products for use in the critical care areas of the hospital; and imaging systems for use in the minimally invasive orthopedic and general surgery procedures. The company’s products are used by surgeons and physicians in orthopedics, general surgery, gynecology, neurosurgery, and gastroenterology. CONMED Corporation was founded in 1970 and is headquartered in Utica, New York.

FINANCIAL RATIOS  of  CONMED (CNMD)

Valuation Ratios
P/E Ratio 94.2
Price to Sales 1.9
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 37.2
Price to Free Cash Flow 61.5
Growth Rates
Sales Growth Rate 6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 84%
Total Debt to Equity 85.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 54.5%
Gross Margin - 3 Yr. Avg. 54.7%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 12.7%
Operating Margin 5%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 21.1%
Eff/ Tax Rate - 3 Yr. Avg. 28%
Payout Ratio 146.7%

CNMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNMD stock intrinsic value calculation we used $764 million for the last fiscal year's total revenue generated by CONMED. The default revenue input number comes from 2016 income statement of CONMED. 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 CNMD stock valuation model: a) initial revenue growth rate of 3.3% 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 7.8%, whose default value for CNMD is calculated based on our internal credit rating of CONMED, 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 CONMED.
    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 CNMD stock the variable cost ratio is equal to 92.9%.

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 CNMD 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 3.6% for CONMED.

Corporate tax rate of 27% is the nominal tax rate for CONMED. 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 CNMD 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 CNMD are equal to 63.8%.

Life of production assets of 14.9 years is the average useful life of capital assets used in CONMED 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 CNMD is equal to 26.2%. 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 - $581 million for CONMED - 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 27.893 million for CONMED 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 CONMED at the current share price and the inputted number of shares is $1.4 billion.


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COMPANY NEWS

▶ CONMED Corporation Announces Quarterly Cash Dividend   [May-24-17 08:00AM  Business Wire]
▶ ETFs with exposure to CONMED Corp. : May 18, 2017   [May-18-17 01:36PM  Capital Cube]
▶ ETFs with exposure to CONMED Corp. : May 2, 2017   [May-02-17 03:51PM  Capital Cube]
▶ Conmed reports 1Q loss   [Apr-26-17 05:02PM  Associated Press]
▶ CONMED Corporation Announces Annual Meeting of Shareholders   [Mar-07-17 04:01PM  Business Wire]
▶ CONMED Corporation Announces Quarterly Cash Dividend   [Feb-28-17 08:00AM  Business Wire]
▶ New Strong Sell Stocks for February 8th   [Feb-08-17 10:09AM  Zacks]
▶ ETFs with exposure to CONMED Corp. : February 6, 2017   [Feb-06-17 02:07PM  Capital Cube]
▶ Is CONMED Corporation (CNMD) a Good Stock to Buy?   [Dec-10-16 03:25PM  at Insider Monkey]
▶ CONMED Corporation Announces Quarterly Cash Dividend   [Nov-21-16 04:01PM  Business Wire]
▶ CONMED Corporation Announces Quarterly Cash Dividend   [Aug-25-16 04:01PM  Business Wire]
▶ CONMED Corporation Announces Quarterly Cash Dividend   [May-25-16 04:01PM  Business Wire]
▶ CONMED Corp (CNMD): Scopia Capital Isnt Done Buying Shares   [Mar-10-16 12:22AM  at Insider Monkey]
Stock chart of CNMD Financial statements of CNMD Annual reports of CNMD
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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