Intrinsic value of CONMED - CNMD

Previous Close

$51.83

  Intrinsic Value

$16.00

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

-24%

Previous close

$51.83

 
Intrinsic value

$16.00

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

-24%

*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
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  764
  780
  799
  820
  844
  870
  898
  929
  963
  999
  1,038
  1,079
  1,123
  1,170
  1,220
  1,273
  1,329
  1,388
  1,451
  1,517
  1,587
  1,661
  1,739
  1,821
  1,907
  1,998
  2,094
  2,195
  2,301
  2,412
  2,529
Variable operating expenses, $m
 
  724
  740
  759
  779
  802
  827
  855
  884
  916
  950
  946
  985
  1,026
  1,070
  1,116
  1,165
  1,217
  1,272
  1,331
  1,392
  1,457
  1,525
  1,597
  1,672
  1,752
  1,836
  1,924
  2,017
  2,115
  2,218
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
  724
  740
  759
  779
  802
  827
  855
  884
  916
  950
  946
  985
  1,026
  1,070
  1,116
  1,165
  1,217
  1,272
  1,331
  1,392
  1,457
  1,525
  1,597
  1,672
  1,752
  1,836
  1,924
  2,017
  2,115
  2,218
Operating income, $m
  38
  56
  59
  61
  64
  67
  71
  75
  79
  83
  88
  133
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  214
  224
  235
  246
  258
  270
  283
  297
  311
EBITDA, $m
  93
  129
  133
  136
  140
  144
  149
  154
  160
  166
  172
  179
  186
  194
  202
  211
  221
  230
  241
  252
  263
  276
  288
  302
  316
  332
  347
  364
  382
  400
  420
Interest expense (income), $m
  14
  18
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  71
  75
Earnings before tax, $m
  19
  39
  40
  42
  45
  47
  50
  52
  55
  59
  62
  106
  110
  114
  118
  123
  128
  134
  139
  145
  152
  158
  165
  173
  180
  189
  197
  206
  216
  226
  236
Tax expense, $m
  4
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
Net income, $m
  15
  28
  29
  31
  33
  34
  36
  38
  40
  43
  45
  77
  80
  83
  87
  90
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173

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
  1,329
  1,361
  1,397
  1,437
  1,482
  1,530
  1,583
  1,640
  1,702
  1,768
  1,838
  1,914
  1,994
  2,079
  2,169
  2,264
  2,365
  2,472
  2,585
  2,704
  2,830
  2,962
  3,102
  3,249
  3,404
  3,567
  3,739
  3,919
  4,109
  4,309
Adjusted assets (=assets-cash), $m
  1,302
  1,329
  1,361
  1,397
  1,437
  1,482
  1,530
  1,583
  1,640
  1,702
  1,768
  1,838
  1,914
  1,994
  2,079
  2,169
  2,264
  2,365
  2,472
  2,585
  2,704
  2,830
  2,962
  3,102
  3,249
  3,404
  3,567
  3,739
  3,919
  4,109
  4,309
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
  498
  510
  523
  538
  555
  573
  593
  614
  637
  662
  688
  717
  747
  778
  812
  848
  886
  926
  968
  1,013
  1,060
  1,109
  1,162
  1,217
  1,275
  1,336
  1,400
  1,468
  1,539
  1,614
Working capital, $m
  217
  204
  209
  215
  221
  228
  235
  243
  252
  262
  272
  283
  294
  307
  320
  334
  348
  364
  380
  398
  416
  435
  456
  477
  500
  523
  549
  575
  603
  632
  663
Total debt, $m
  498
  503
  521
  542
  565
  590
  618
  648
  680
  715
  752
  792
  835
  880
  929
  980
  1,034
  1,091
  1,152
  1,216
  1,283
  1,354
  1,430
  1,509
  1,592
  1,680
  1,772
  1,870
  1,972
  2,080
  2,193
Total liabilities, $m
  748
  753
  771
  792
  815
  840
  868
  898
  930
  965
  1,002
  1,042
  1,085
  1,130
  1,179
  1,230
  1,284
  1,341
  1,402
  1,466
  1,533
  1,604
  1,680
  1,759
  1,842
  1,930
  2,022
  2,120
  2,222
  2,330
  2,443
Total equity, $m
  581
  575
  589
  605
  622
  641
  663
  686
  710
  737
  765
  796
  829
  863
  900
  939
  980
  1,024
  1,070
  1,119
  1,171
  1,225
  1,283
  1,343
  1,407
  1,474
  1,544
  1,619
  1,697
  1,779
  1,866
Total liabilities and equity, $m
  1,329
  1,328
  1,360
  1,397
  1,437
  1,481
  1,531
  1,584
  1,640
  1,702
  1,767
  1,838
  1,914
  1,993
  2,079
  2,169
  2,264
  2,365
  2,472
  2,585
  2,704
  2,829
  2,963
  3,102
  3,249
  3,404
  3,566
  3,739
  3,919
  4,109
  4,309
Debt-to-equity ratio
  0.857
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.960
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.070
  1.080
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
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
  28
  29
  31
  33
  34
  36
  38
  40
  43
  45
  77
  80
  83
  87
  90
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
Depreciation, amort., depletion, $m
  55
  73
  74
  75
  76
  77
  78
  80
  81
  83
  84
  46
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
  94
  99
  103
  108
Funds from operations, $m
  3
  101
  103
  106
  108
  111
  114
  118
  121
  125
  130
  123
  128
  133
  139
  144
  151
  157
  164
  171
  179
  187
  195
  204
  213
  223
  234
  245
  256
  268
  281
Change in working capital, $m
  -35
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
Cash from operations, $m
  38
  97
  99
  100
  102
  104
  107
  110
  113
  116
  119
  113
  117
  121
  126
  131
  136
  141
  147
  154
  160
  167
  175
  183
  191
  199
  209
  218
  228
  239
  250
Maintenance CAPEX, $m
  0
  -33
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -103
New CAPEX, $m
  -15
  -10
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
Cash from investing activities, $m
  -266
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -99
  -104
  -110
  -115
  -121
  -126
  -133
  -140
  -147
  -154
  -162
  -170
  -178
Free cash flow, $m
  -228
  54
  53
  53
  52
  52
  51
  51
  51
  52
  52
  42
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  64
  67
  69
  72
Issuance/(repayment) of debt, $m
  228
  15
  18
  20
  23
  25
  28
  30
  32
  35
  37
  40
  43
  45
  48
  51
  54
  57
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
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
  15
  18
  20
  23
  25
  28
  30
  32
  35
  37
  40
  43
  45
  48
  51
  54
  57
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
Total cash flow (excl. dividends), $m
  -23
  70
  71
  73
  75
  77
  79
  81
  84
  87
  89
  82
  85
  88
  92
  96
  100
  104
  109
  113
  118
  124
  129
  135
  141
  148
  154
  162
  169
  177
  185
Retained Cash Flow (-), $m
  4
  -11
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
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
 
  75
  58
  57
  57
  58
  58
  58
  59
  60
  61
  51
  52
  54
  55
  57
  58
  60
  62
  64
  67
  69
  72
  74
  77
  81
  84
  87
  91
  95
  99
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
 
  70
  49
  45
  41
  37
  33
  29
  26
  22
  19
  14
  12
  10
  8
  7
  5
  4
  3
  2
  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 is a medical technology company. The Company is engaged in the development, manufacturing and sale on a global basis of surgical devices and related equipment. The Company provides surgical devices and equipment for minimally invasive procedures. The Company's products are used by surgeons and physicians in a range of specialties, including orthopedics, general surgery, gynecology, neurosurgery and gastroenterology. The Company's product lines consist of orthopedic surgery, general surgery and surgical visualization. As of December 31, 2016, the Company's products are distributed domestically directly to over 6,000 hospitals, surgery centers and other healthcare institutions, as well as through medical specialty distributors. The Company's orthopedic surgery product lines include sports medicine, powered surgical instruments, and sports biologics and tissue. These products are marketed under a range of brands, including Hall, CONMED Linvatec, Concept and Shutt.

FINANCIAL RATIOS  of  CONMED (CNMD)

Valuation Ratios
P/E Ratio 96.2
Price to Sales 1.9
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 38
Price to Free Cash Flow 62.7
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 2.1% 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 27.595 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.

RELATED COMPANIES Price Int.Val. Rating
SYK Stryker 143.88 99.03  sell
JNJ Johnson&Johnso 134.45 96.55  sell
BVX Bovie Medical 3.15 3.01  buy
MMSI Merit Medical 41.50 1.43  str.sell
BSX Boston Scienti 28.93 11.43  str.sell
SNN Smith&Nephew A 36.81 15.47  str.sell
ZBH Zimmer Biomet 115.47 45.88  str.sell
ISRG Intuitive Surg 1,038.03 588.60  sell

COMPANY NEWS

▶ CONMED Corporation Announces Quarterly Cash Dividend   [Aug-29-17 04:01PM  Business Wire]
▶ ETFs with exposure to CONMED Corp. : August 15, 2017   [Aug-15-17 03:46PM  Capital Cube]
▶ Conmed meets 2Q profit forecasts   [Jul-26-17 10:51PM  Associated Press]
▶ ETFs with exposure to CONMED Corp. : July 24, 2017   [Jul-24-17 02:58PM  Capital Cube]
▶ ETFs with exposure to CONMED Corp. : July 14, 2017   [Jul-14-17 01:35PM  Capital Cube]
▶ CONMED Corp. Value Analysis (NASDAQ:CNMD) : June 29, 2017   [Jun-29-17 03:31PM  Capital Cube]
▶ 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]
Financial statements 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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