Intrinsic value of CONMED - CNMD

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$47.34

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$47.34

 
Intrinsic value

$15.41

 
Up/down potential

-67%

 
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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.26
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  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
Revenue, $m
  764
  816
  870
  926
  985
  1,045
  1,109
  1,175
  1,244
  1,316
  1,391
  1,469
  1,551
  1,636
  1,725
  1,819
  1,916
  2,018
  2,125
  2,237
  2,355
  2,478
  2,606
  2,741
  2,883
  3,031
  3,187
  3,350
  3,521
  3,700
  3,888
Variable operating expenses, $m
 
  755
  803
  852
  903
  957
  1,012
  1,070
  1,130
  1,193
  1,259
  1,288
  1,360
  1,435
  1,513
  1,595
  1,680
  1,770
  1,864
  1,962
  2,065
  2,173
  2,286
  2,404
  2,528
  2,658
  2,794
  2,937
  3,087
  3,244
  3,409
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
  755
  803
  852
  903
  957
  1,012
  1,070
  1,130
  1,193
  1,259
  1,288
  1,360
  1,435
  1,513
  1,595
  1,680
  1,770
  1,864
  1,962
  2,065
  2,173
  2,286
  2,404
  2,528
  2,658
  2,794
  2,937
  3,087
  3,244
  3,409
Operating income, $m
  38
  61
  67
  74
  81
  89
  97
  105
  113
  122
  131
  181
  191
  201
  212
  224
  236
  248
  262
  275
  290
  305
  321
  337
  355
  373
  392
  412
  433
  455
  479
EBITDA, $m
  93
  135
  144
  154
  163
  173
  184
  195
  206
  218
  231
  244
  257
  271
  286
  302
  318
  335
  353
  371
  391
  411
  432
  455
  478
  503
  529
  556
  584
  614
  645
Interest expense (income), $m
  14
  18
  19
  21
  23
  25
  27
  30
  32
  34
  37
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  102
  107
  113
  120
Earnings before tax, $m
  19
  43
  48
  53
  58
  64
  69
  75
  81
  88
  95
  141
  149
  156
  164
  173
  182
  191
  200
  211
  221
  232
  244
  256
  269
  282
  296
  311
  326
  342
  359
Tax expense, $m
  4
  12
  13
  14
  16
  17
  19
  20
  22
  24
  26
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
Net income, $m
  15
  31
  35
  39
  42
  46
  51
  55
  59
  64
  69
  103
  109
  114
  120
  126
  133
  139
  146
  154
  161
  169
  178
  187
  196
  206
  216
  227
  238
  250
  262

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
  1,390
  1,482
  1,578
  1,677
  1,781
  1,889
  2,002
  2,119
  2,241
  2,369
  2,502
  2,641
  2,787
  2,939
  3,098
  3,265
  3,439
  3,621
  3,812
  4,012
  4,221
  4,440
  4,670
  4,911
  5,164
  5,429
  5,706
  5,998
  6,303
  6,624
Adjusted assets (=assets-cash), $m
  1,302
  1,390
  1,482
  1,578
  1,677
  1,781
  1,889
  2,002
  2,119
  2,241
  2,369
  2,502
  2,641
  2,787
  2,939
  3,098
  3,265
  3,439
  3,621
  3,812
  4,012
  4,221
  4,440
  4,670
  4,911
  5,164
  5,429
  5,706
  5,998
  6,303
  6,624
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
  521
  555
  591
  628
  667
  707
  750
  794
  839
  887
  937
  989
  1,044
  1,101
  1,160
  1,223
  1,288
  1,356
  1,428
  1,502
  1,581
  1,663
  1,749
  1,839
  1,934
  2,033
  2,137
  2,246
  2,361
  2,481
Working capital, $m
  217
  214
  228
  243
  258
  274
  291
  308
  326
  345
  364
  385
  406
  429
  452
  476
  502
  529
  557
  586
  617
  649
  683
  718
  755
  794
  835
  878
  922
  969
  1,019
Total debt, $m
  498
  538
  590
  645
  701
  760
  821
  885
  951
  1,021
  1,093
  1,169
  1,248
  1,330
  1,416
  1,507
  1,601
  1,700
  1,803
  1,911
  2,025
  2,143
  2,268
  2,398
  2,535
  2,678
  2,828
  2,985
  3,151
  3,324
  3,506
Total liabilities, $m
  748
  788
  840
  895
  951
  1,010
  1,071
  1,135
  1,201
  1,271
  1,343
  1,419
  1,498
  1,580
  1,666
  1,757
  1,851
  1,950
  2,053
  2,161
  2,275
  2,393
  2,518
  2,648
  2,785
  2,928
  3,078
  3,235
  3,401
  3,574
  3,756
Total equity, $m
  581
  602
  642
  683
  726
  771
  818
  867
  917
  970
  1,026
  1,083
  1,144
  1,207
  1,273
  1,341
  1,414
  1,489
  1,568
  1,650
  1,737
  1,828
  1,923
  2,022
  2,127
  2,236
  2,351
  2,471
  2,597
  2,729
  2,868
Total liabilities and equity, $m
  1,329
  1,390
  1,482
  1,578
  1,677
  1,781
  1,889
  2,002
  2,118
  2,241
  2,369
  2,502
  2,642
  2,787
  2,939
  3,098
  3,265
  3,439
  3,621
  3,811
  4,012
  4,221
  4,441
  4,670
  4,912
  5,164
  5,429
  5,706
  5,998
  6,303
  6,624
Debt-to-equity ratio
  0.857
  0.890
  0.920
  0.940
  0.970
  0.990
  1.000
  1.020
  1.040
  1.050
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.170
  1.170
  1.180
  1.190
  1.190
  1.200
  1.200
  1.210
  1.210
  1.220
  1.220
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
  31
  35
  39
  42
  46
  51
  55
  59
  64
  69
  103
  109
  114
  120
  126
  133
  139
  146
  154
  161
  169
  178
  187
  196
  206
  216
  227
  238
  250
  262
Depreciation, amort., depletion, $m
  55
  75
  77
  79
  82
  85
  87
  90
  93
  96
  99
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  117
  123
  130
  136
  143
  151
  158
  166
Funds from operations, $m
  3
  106
  112
  118
  124
  131
  138
  145
  153
  160
  168
  166
  175
  184
  194
  204
  215
  226
  237
  249
  262
  276
  289
  304
  319
  336
  352
  370
  389
  408
  429
Change in working capital, $m
  -35
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
Cash from operations, $m
  38
  147
  98
  103
  109
  115
  121
  128
  134
  141
  149
  146
  154
  162
  171
  180
  189
  199
  209
  220
  231
  243
  256
  269
  282
  297
  312
  327
  344
  361
  379
Maintenance CAPEX, $m
  0
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -151
  -158
New CAPEX, $m
  -15
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
Cash from investing activities, $m
  -266
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -120
  -127
  -134
  -140
  -147
  -154
  -162
  -171
  -179
  -188
  -198
  -207
  -218
  -229
  -240
  -252
  -265
  -278
Free cash flow, $m
  -228
  81
  28
  30
  32
  34
  36
  38
  40
  42
  45
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  91
  96
  101
Issuance/(repayment) of debt, $m
  228
  50
  52
  54
  56
  59
  61
  64
  67
  69
  72
  76
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  137
  143
  150
  157
  165
  173
  182
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
  50
  52
  54
  56
  59
  61
  64
  67
  69
  72
  76
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  137
  143
  150
  157
  165
  173
  182
Total cash flow (excl. dividends), $m
  -23
  131
  81
  85
  89
  93
  97
  102
  107
  112
  117
  112
  118
  124
  130
  136
  143
  150
  158
  166
  174
  183
  192
  201
  211
  222
  233
  244
  256
  269
  282
Retained Cash Flow (-), $m
  4
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -139
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
 
  111
  41
  43
  46
  48
  51
  53
  56
  59
  62
  54
  57
  61
  64
  67
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
  124
  130
  137
  144
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
 
  103
  35
  34
  32
  31
  29
  27
  24
  22
  20
  14
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  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 87.8
Price to Sales 1.7
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 34.7
Price to Free Cash Flow 57.3
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 6.8% 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 28.372 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 $1.3 billion.


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COMPANY NEWS

▶ 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]
▶ CONMED Corporation Announces Annual Meeting of Shareholders   [Mar-07-16 08:00AM  Business Wire]
Stock chart of CNMD 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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