Intrinsic value of Community Health Systems - CYH

Previous Close

$2.71

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$2.71

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of CYH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
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, %
  -5.14
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  18,438
  15,660
  16,020
  16,432
  16,894
  17,406
  17,968
  18,580
  19,243
  19,956
  20,722
  21,542
  22,416
  23,347
  24,336
  25,386
  26,498
  27,676
  28,921
  30,237
  31,626
  33,092
  34,638
  36,268
  37,985
  39,793
  41,697
  43,701
  45,810
  48,029
  50,362
Variable operating expenses, $m
 
  11,516
  11,770
  12,061
  12,387
  12,748
  13,144
  13,576
  14,043
  14,546
  15,086
  15,192
  15,808
  16,465
  17,163
  17,903
  18,688
  19,518
  20,396
  21,324
  22,304
  23,338
  24,428
  25,577
  26,788
  28,064
  29,406
  30,820
  32,307
  33,872
  35,517
Fixed operating expenses, $m
 
  3,975
  4,062
  4,151
  4,243
  4,336
  4,431
  4,529
  4,629
  4,730
  4,834
  4,941
  5,050
  5,161
  5,274
  5,390
  5,509
  5,630
  5,754
  5,880
  6,010
  6,142
  6,277
  6,415
  6,556
  6,701
  6,848
  6,999
  7,153
  7,310
  7,471
Total operating expenses, $m
  19,328
  15,491
  15,832
  16,212
  16,630
  17,084
  17,575
  18,105
  18,672
  19,276
  19,920
  20,133
  20,858
  21,626
  22,437
  23,293
  24,197
  25,148
  26,150
  27,204
  28,314
  29,480
  30,705
  31,992
  33,344
  34,765
  36,254
  37,819
  39,460
  41,182
  42,988
Operating income, $m
  -890
  169
  188
  220
  265
  322
  393
  476
  571
  680
  801
  1,409
  1,558
  1,721
  1,899
  2,093
  2,302
  2,528
  2,771
  3,032
  3,313
  3,612
  3,933
  4,275
  4,640
  5,029
  5,443
  5,883
  6,350
  6,847
  7,374
EBITDA, $m
  210
  1,990
  2,040
  2,107
  2,192
  2,293
  2,412
  2,548
  2,700
  2,870
  3,058
  3,264
  3,488
  3,731
  3,995
  4,278
  4,583
  4,911
  5,261
  5,636
  6,036
  6,462
  6,915
  7,398
  7,911
  8,455
  9,033
  9,646
  10,295
  10,982
  11,710
Interest expense (income), $m
  930
  890
  750
  773
  800
  830
  864
  901
  941
  984
  1,031
  1,081
  1,135
  1,192
  1,253
  1,317
  1,386
  1,459
  1,536
  1,618
  1,704
  1,795
  1,891
  1,992
  2,098
  2,211
  2,329
  2,454
  2,585
  2,723
  2,868
Earnings before tax, $m
  -1,715
  -721
  -562
  -553
  -535
  -508
  -471
  -425
  -370
  -304
  -229
  328
  423
  529
  647
  775
  916
  1,069
  1,235
  1,415
  1,609
  1,818
  2,042
  2,283
  2,542
  2,818
  3,114
  3,429
  3,766
  4,124
  4,506
Tax expense, $m
  -104
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  89
  114
  143
  175
  209
  247
  289
  333
  382
  434
  491
  551
  617
  686
  761
  841
  926
  1,017
  1,114
  1,217
Net income, $m
  -1,721
  -721
  -562
  -553
  -535
  -508
  -471
  -425
  -370
  -304
  -229
  239
  309
  386
  472
  566
  669
  780
  902
  1,033
  1,174
  1,327
  1,491
  1,667
  1,855
  2,057
  2,273
  2,503
  2,749
  3,011
  3,289

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  238
  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
  21,944
  17,796
  18,205
  18,673
  19,198
  19,780
  20,419
  21,114
  21,867
  22,678
  23,548
  24,479
  25,473
  26,530
  27,655
  28,847
  30,112
  31,450
  32,865
  34,360
  35,939
  37,605
  39,362
  41,214
  43,165
  45,220
  47,383
  49,660
  52,057
  54,578
  57,230
Adjusted assets (=assets-cash), $m
  21,706
  17,796
  18,205
  18,673
  19,198
  19,780
  20,419
  21,114
  21,867
  22,678
  23,548
  24,479
  25,473
  26,530
  27,655
  28,847
  30,112
  31,450
  32,865
  34,360
  35,939
  37,605
  39,362
  41,214
  43,165
  45,220
  47,383
  49,660
  52,057
  54,578
  57,230
Revenue / Adjusted assets
  0.849
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
Average production assets, $m
  9,131
  13,483
  13,793
  14,148
  14,546
  14,987
  15,471
  15,998
  16,568
  17,182
  17,842
  18,547
  19,300
  20,102
  20,953
  21,857
  22,815
  23,829
  24,901
  26,034
  27,230
  28,492
  29,824
  31,227
  32,705
  34,262
  35,901
  37,627
  39,442
  41,353
  43,362
Working capital, $m
  1,779
  -532
  -545
  -559
  -574
  -592
  -611
  -632
  -654
  -679
  -705
  -732
  -762
  -794
  -827
  -863
  -901
  -941
  -983
  -1,028
  -1,075
  -1,125
  -1,178
  -1,233
  -1,291
  -1,353
  -1,418
  -1,486
  -1,558
  -1,633
  -1,712
Total debt, $m
  15,244
  11,712
  12,080
  12,501
  12,974
  13,498
  14,073
  14,699
  15,376
  16,106
  16,889
  17,727
  18,621
  19,573
  20,585
  21,659
  22,796
  24,001
  25,274
  26,620
  28,041
  29,540
  31,122
  32,788
  34,544
  36,394
  38,341
  40,390
  42,547
  44,816
  47,203
Total liabilities, $m
  20,329
  16,016
  16,384
  16,805
  17,278
  17,802
  18,377
  19,003
  19,680
  20,410
  21,193
  22,031
  22,925
  23,877
  24,889
  25,963
  27,100
  28,305
  29,578
  30,924
  32,345
  33,844
  35,426
  37,092
  38,848
  40,698
  42,645
  44,694
  46,851
  49,120
  51,507
Total equity, $m
  1,615
  1,780
  1,820
  1,867
  1,920
  1,978
  2,042
  2,111
  2,187
  2,268
  2,355
  2,448
  2,547
  2,653
  2,765
  2,885
  3,011
  3,145
  3,286
  3,436
  3,594
  3,760
  3,936
  4,121
  4,316
  4,522
  4,738
  4,966
  5,206
  5,458
  5,723
Total liabilities and equity, $m
  21,944
  17,796
  18,204
  18,672
  19,198
  19,780
  20,419
  21,114
  21,867
  22,678
  23,548
  24,479
  25,472
  26,530
  27,654
  28,848
  30,111
  31,450
  32,864
  34,360
  35,939
  37,604
  39,362
  41,213
  43,164
  45,220
  47,383
  49,660
  52,057
  54,578
  57,230
Debt-to-equity ratio
  9.439
  6.580
  6.640
  6.700
  6.760
  6.820
  6.890
  6.960
  7.030
  7.100
  7.170
  7.240
  7.310
  7.380
  7.440
  7.510
  7.570
  7.630
  7.690
  7.750
  7.800
  7.860
  7.910
  7.960
  8.000
  8.050
  8.090
  8.130
  8.170
  8.210
  8.250
Adjusted equity ratio
  0.063
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,721
  -721
  -562
  -553
  -535
  -508
  -471
  -425
  -370
  -304
  -229
  239
  309
  386
  472
  566
  669
  780
  902
  1,033
  1,174
  1,327
  1,491
  1,667
  1,855
  2,057
  2,273
  2,503
  2,749
  3,011
  3,289
Depreciation, amort., depletion, $m
  1,100
  1,821
  1,852
  1,887
  1,927
  1,971
  2,019
  2,072
  2,129
  2,191
  2,256
  1,855
  1,930
  2,010
  2,095
  2,186
  2,282
  2,383
  2,490
  2,603
  2,723
  2,849
  2,982
  3,123
  3,270
  3,426
  3,590
  3,763
  3,944
  4,135
  4,336
Funds from operations, $m
  960
  1,099
  1,290
  1,334
  1,392
  1,463
  1,548
  1,647
  1,760
  1,886
  2,027
  2,094
  2,239
  2,397
  2,567
  2,752
  2,950
  3,163
  3,392
  3,636
  3,897
  4,176
  4,473
  4,790
  5,126
  5,483
  5,863
  6,266
  6,693
  7,146
  7,625
Change in working capital, $m
  -177
  -10
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
Cash from operations, $m
  1,137
  1,110
  1,302
  1,348
  1,407
  1,480
  1,567
  1,668
  1,782
  1,910
  2,053
  2,122
  2,269
  2,428
  2,601
  2,787
  2,988
  3,203
  3,434
  3,681
  3,945
  4,226
  4,526
  4,845
  5,184
  5,545
  5,928
  6,334
  6,765
  7,221
  7,705
Maintenance CAPEX, $m
  0
  -1,322
  -1,348
  -1,379
  -1,415
  -1,455
  -1,499
  -1,547
  -1,600
  -1,657
  -1,718
  -1,784
  -1,855
  -1,930
  -2,010
  -2,095
  -2,186
  -2,282
  -2,383
  -2,490
  -2,603
  -2,723
  -2,849
  -2,982
  -3,123
  -3,270
  -3,426
  -3,590
  -3,763
  -3,944
  -4,135
New CAPEX, $m
  -744
  -261
  -310
  -354
  -398
  -441
  -484
  -527
  -570
  -614
  -659
  -705
  -753
  -801
  -852
  -904
  -958
  -1,014
  -1,072
  -1,133
  -1,196
  -1,262
  -1,331
  -1,403
  -1,478
  -1,557
  -1,639
  -1,725
  -1,816
  -1,910
  -2,009
Cash from investing activities, $m
  630
  -1,583
  -1,658
  -1,733
  -1,813
  -1,896
  -1,983
  -2,074
  -2,170
  -2,271
  -2,377
  -2,489
  -2,608
  -2,731
  -2,862
  -2,999
  -3,144
  -3,296
  -3,455
  -3,623
  -3,799
  -3,985
  -4,180
  -4,385
  -4,601
  -4,827
  -5,065
  -5,315
  -5,579
  -5,854
  -6,144
Free cash flow, $m
  1,767
  -473
  -356
  -386
  -405
  -415
  -415
  -406
  -388
  -361
  -325
  -368
  -339
  -303
  -261
  -212
  -156
  -92
  -21
  58
  145
  241
  346
  460
  583
  717
  862
  1,018
  1,186
  1,367
  1,560
Issuance/(repayment) of debt, $m
  -1,836
  -2,201
  368
  421
  473
  524
  575
  626
  677
  730
  783
  838
  894
  952
  1,012
  1,074
  1,138
  1,204
  1,274
  1,346
  1,421
  1,499
  1,581
  1,667
  1,756
  1,849
  1,947
  2,050
  2,157
  2,269
  2,387
Issuance/(repurchase) of shares, $m
  0
  3,268
  603
  600
  588
  566
  535
  495
  445
  385
  316
  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  
  -1,713
  1,067
  971
  1,021
  1,061
  1,090
  1,110
  1,121
  1,122
  1,115
  1,099
  838
  894
  952
  1,012
  1,074
  1,138
  1,204
  1,274
  1,346
  1,421
  1,499
  1,581
  1,667
  1,756
  1,849
  1,947
  2,050
  2,157
  2,269
  2,387
Total cash flow (excl. dividends), $m
  54
  594
  615
  635
  655
  675
  695
  714
  734
  755
  775
  470
  555
  649
  751
  862
  982
  1,112
  1,253
  1,404
  1,566
  1,740
  1,927
  2,126
  2,339
  2,567
  2,810
  3,068
  3,343
  3,636
  3,947
Retained Cash Flow (-), $m
  2,404
  -3,268
  -603
  -600
  -588
  -566
  -535
  -495
  -445
  -385
  -316
  -93
  -99
  -106
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -228
  -240
  -252
  -265
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  31
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  83
  87
  92
  96
Cash available for distribution, $m
 
  -2,674
  12
  35
  67
  109
  159
  220
  289
  369
  459
  377
  456
  543
  638
  742
  856
  978
  1,111
  1,254
  1,408
  1,574
  1,751
  1,941
  2,144
  2,361
  2,593
  2,840
  3,104
  3,384
  3,682
Discount rate, %
 
  15.00
  15.75
  16.54
  17.36
  18.23
  19.14
  20.10
  21.11
  22.16
  23.27
  24.43
  25.66
  26.94
  28.28
  29.70
  31.18
  32.74
  34.38
  36.10
  37.90
  39.80
  41.79
  43.88
  46.07
  48.38
  50.80
  53.34
  56.00
  58.80
  61.74
PV of cash for distribution, $m
 
  -2,325
  9
  22
  35
  47
  56
  61
  63
  61
  57
  34
  29
  24
  20
  15
  11
  8
  5
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  37.4
  28.1
  21.4
  16.5
  13.0
  10.5
  8.6
  7.3
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4

Community Health Systems, Inc. is an operator of general acute care hospitals and outpatient facilities in communities across the country. The Company operates through hospital operations segment, which includes its general acute care hospitals and related healthcare entities that provide inpatient and outpatient healthcare services. The Company provides healthcare services through the hospitals that it owns and operates and affiliated businesses in non-urban and selected urban markets throughout the United States. The services provided through its hospitals and affiliated businesses include general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric and rehabilitation services. The Company also provides additional outpatient services at urgent care centers, occupational medicine clinics, imaging centers, cancer centers, ambulatory surgery centers, and home health and hospice agencies.

FINANCIAL RATIOS  of  Community Health Systems (CYH)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 0.3
Price to Free Cash Flow 0.8
Growth Rates
Sales Growth Rate -5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.9%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 915.7%
Total Debt to Equity 943.9%
Interest Coverage -1
Management Effectiveness
Return On Assets -3.5%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital -9.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.6%
Return On Equity -61.1%
Return On Equity - 3 Yr. Avg. -18.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 83.7%
Gross Margin - 3 Yr. Avg. 84.2%
EBITDA Margin 1.7%
EBITDA Margin - 3 Yr. Avg. 9.1%
Operating Margin -4.8%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin -9.3%
Pre-Tax Margin - 3 Yr. Avg. -1.8%
Net Profit Margin -9.3%
Net Profit Margin - 3 Yr. Avg. -2.7%
Effective Tax Rate 6.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 0%

CYH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYH stock intrinsic value calculation we used $15353 million for the last fiscal year's total revenue generated by Community Health Systems. The default revenue input number comes from 2016 income statement of Community Health Systems. 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 CYH stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15%, whose default value for CYH is calculated based on our internal credit rating of Community Health Systems, 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 Community Health Systems.
    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 CYH stock the variable cost ratio is equal to 73.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3889 million in the base year in the intrinsic value calculation for CYH 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 6.4% for Community Health Systems.

Corporate tax rate of 27% is the nominal tax rate for Community Health Systems. 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 CYH stock is equal to 0.2%.

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 CYH are equal to 86.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Community Health Systems 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 CYH is equal to -3.4%. 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 - $-767 million for Community Health Systems - 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 112 million for Community Health Systems 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 Community Health Systems at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ CHS stock price hits all-time low   [Jul-17-18 03:11PM  American City Business Journals]
▶ CHS offers notes to pay off more than $1 billion in debt   [11:13AM  American City Business Journals]
▶ [$$] Community Health Systems Completes Debt Swap   [03:59PM  The Wall Street Journal]
▶ First look: A post-Ikea future quickly emerges for $1.7B development   [May-31-18 03:34PM  American City Business Journals]
▶ Developers: Ikea deal is dead, but our $1.7B project is not   [May-30-18 01:39PM  American City Business Journals]
▶ Look inside the retirement paycheck of Quorum's former CEO   [May-25-18 03:12PM  American City Business Journals]
▶ [$$] Community Health Extends Deadline for Debt Swap   [May-23-18 01:20PM  The Wall Street Journal]
▶ Why health care will cost you more next year   [May-22-18 01:22PM  Yahoo Finance Video]
▶ CEO steps down at CHS spinoff company   [May-21-18 10:56AM  American City Business Journals]
▶ Scorecard: How CHS' rocky year impacted CEO Wayne Smith's paycheck   [May-17-18 12:05PM  American City Business Journals]
▶ Community Health Systems Announces Exchange Offers   [May-05-18 12:13AM  Business Wire]
▶ Following layoffs, CHS' Wayne Smith talks cost-cutting   [May-02-18 03:35PM  American City Business Journals]
▶ [$$] Community Health Launches Debt Exchange   [10:37AM  The Wall Street Journal]
▶ Community Health Systems Announces Proposed Exchange Offers   [May-01-18 08:00PM  Business Wire]
▶ Community Health Systems: 1Q Earnings Snapshot   [05:00PM  Associated Press]
▶ CHS sells Florida medical center   [Apr-19-18 12:55PM  American City Business Journals]
▶ CHS lays off dozens of corporate employees   [Apr-12-18 05:24PM  American City Business Journals]
▶ Scorecard: Activist investor appears ready to take on CHS   [Apr-06-18 06:00AM  American City Business Journals]
▶ Dade City hospital renamed as Adventist takes over   [Apr-02-18 12:54PM  American City Business Journals]
▶ [$$] Community Health Clinches Key Loan Amendment   [Mar-26-18 03:03PM  The Wall Street Journal]
▶ [$$] Community Health Brings on Stable of Advisers to Aid in Refinancing   [Mar-16-18 01:29PM  The Wall Street Journal]
▶ Wayne Smith says CHS to sell more hospitals in 2018   [Feb-28-18 03:40PM  American City Business Journals]
▶ Community Health posts smaller-than-expected loss   [Feb-27-18 06:15PM  Reuters]
▶ Community Health Systems posts 4Q loss   [05:07PM  Associated Press]
▶ Here's Why Community Health Systems Jumped Today   [Jan-22-18 04:40PM  Motley Fool]
▶ [$$] Community Health Bonds Rise on Refinancing, Shanda Stake News   [Jan-12-18 04:54PM  The Wall Street Journal]
▶ [$$] Agriculture Firms Warn of Unintended Impact of Tax Law   [Jan-10-18 12:48AM  The Wall Street Journal]
Financial statements of CYH
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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