Intrinsic value of Community Health Systems - CYH

Previous Close

$7.03

  Intrinsic Value

$38.54

stock screener

  Rating & Target

str. buy

+448%

  Value-price divergence*

-41%

Previous close

$7.03

 
Intrinsic value

$38.54

 
Up/down potential

+448%

 
Rating

str. buy

 
Value-price divergence*

-41%

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

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

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 0.8

 

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
  18,807
  19,239
  19,734
  20,289
  20,904
  21,579
  22,314
  23,109
  23,966
  24,886
  25,870
  26,920
  28,038
  29,226
  30,487
  31,823
  33,237
  34,733
  36,313
  37,981
  39,742
  41,598
  43,555
  45,617
  47,789
  50,076
  52,482
  55,015
  57,679
  60,482
Variable operating expenses, $m
 
  17,515
  17,903
  18,346
  18,844
  19,395
  20,000
  20,659
  21,373
  22,141
  22,966
  23,196
  24,137
  25,140
  26,205
  27,335
  28,533
  29,801
  31,142
  32,559
  34,055
  35,634
  37,299
  39,053
  40,902
  42,849
  44,900
  47,057
  49,328
  51,717
  54,230
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
  19,328
  17,515
  17,903
  18,346
  18,844
  19,395
  20,000
  20,659
  21,373
  22,141
  22,966
  23,196
  24,137
  25,140
  26,205
  27,335
  28,533
  29,801
  31,142
  32,559
  34,055
  35,634
  37,299
  39,053
  40,902
  42,849
  44,900
  47,057
  49,328
  51,717
  54,230
Operating income, $m
  -890
  1,292
  1,337
  1,388
  1,445
  1,509
  1,578
  1,654
  1,737
  1,825
  1,920
  2,674
  2,783
  2,898
  3,021
  3,151
  3,289
  3,436
  3,590
  3,754
  3,926
  4,108
  4,300
  4,502
  4,715
  4,940
  5,176
  5,425
  5,687
  5,962
  6,252
EBITDA, $m
  210
  2,552
  2,611
  2,678
  2,754
  2,837
  2,929
  3,028
  3,136
  3,253
  3,378
  3,511
  3,654
  3,805
  3,967
  4,138
  4,319
  4,511
  4,714
  4,928
  5,155
  5,394
  5,646
  5,911
  6,191
  6,486
  6,796
  7,123
  7,467
  7,828
  8,209
Interest expense (income), $m
  930
  884
  874
  901
  931
  966
  1,004
  1,046
  1,092
  1,141
  1,194
  1,252
  1,313
  1,378
  1,447
  1,521
  1,600
  1,683
  1,771
  1,863
  1,962
  2,065
  2,175
  2,290
  2,412
  2,540
  2,675
  2,817
  2,966
  3,124
  3,289
Earnings before tax, $m
  -1,715
  408
  463
  487
  514
  543
  574
  608
  645
  684
  726
  1,423
  1,470
  1,520
  1,574
  1,630
  1,690
  1,753
  1,820
  1,890
  1,964
  2,043
  2,125
  2,212
  2,304
  2,400
  2,501
  2,608
  2,720
  2,838
  2,962
Tax expense, $m
  -104
  110
  125
  132
  139
  147
  155
  164
  174
  185
  196
  384
  397
  410
  425
  440
  456
  473
  491
  510
  530
  552
  574
  597
  622
  648
  675
  704
  734
  766
  800
Net income, $m
  -1,721
  298
  338
  356
  375
  396
  419
  444
  471
  499
  530
  1,038
  1,073
  1,110
  1,149
  1,190
  1,234
  1,280
  1,328
  1,380
  1,434
  1,491
  1,551
  1,615
  1,682
  1,752
  1,826
  1,904
  1,986
  2,072
  2,163

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
  22,389
  22,904
  23,493
  24,153
  24,886
  25,689
  26,564
  27,511
  28,531
  29,626
  30,798
  32,048
  33,378
  34,793
  36,294
  37,884
  39,568
  41,348
  43,230
  45,216
  47,312
  49,522
  51,852
  54,306
  56,892
  59,614
  62,479
  65,494
  68,666
  72,002
Adjusted assets (=assets-cash), $m
  21,706
  22,389
  22,904
  23,493
  24,153
  24,886
  25,689
  26,564
  27,511
  28,531
  29,626
  30,798
  32,048
  33,378
  34,793
  36,294
  37,884
  39,568
  41,348
  43,230
  45,216
  47,312
  49,522
  51,852
  54,306
  56,892
  59,614
  62,479
  65,494
  68,666
  72,002
Revenue / Adjusted assets
  0.849
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
  0.840
Average production assets, $m
  9,131
  9,309
  9,523
  9,768
  10,043
  10,347
  10,682
  11,045
  11,439
  11,863
  12,319
  12,806
  13,325
  13,879
  14,467
  15,091
  15,752
  16,452
  17,193
  17,975
  18,801
  19,672
  20,591
  21,560
  22,581
  23,656
  24,787
  25,979
  27,232
  28,551
  29,938
Working capital, $m
  1,779
  2,031
  2,078
  2,131
  2,191
  2,258
  2,331
  2,410
  2,496
  2,588
  2,688
  2,794
  2,907
  3,028
  3,156
  3,293
  3,437
  3,590
  3,751
  3,922
  4,102
  4,292
  4,493
  4,704
  4,927
  5,161
  5,408
  5,668
  5,942
  6,229
  6,532
Total debt, $m
  15,244
  15,065
  15,529
  16,058
  16,653
  17,312
  18,035
  18,823
  19,675
  20,593
  21,579
  22,633
  23,758
  24,956
  26,229
  27,579
  29,011
  30,526
  32,128
  33,822
  35,609
  37,496
  39,485
  41,582
  43,791
  46,118
  48,568
  51,146
  53,860
  56,714
  59,717
Total liabilities, $m
  20,329
  20,150
  20,614
  21,143
  21,738
  22,397
  23,120
  23,908
  24,760
  25,678
  26,664
  27,718
  28,843
  30,041
  31,314
  32,664
  34,096
  35,611
  37,213
  38,907
  40,694
  42,581
  44,570
  46,667
  48,876
  51,203
  53,653
  56,231
  58,945
  61,799
  64,802
Total equity, $m
  1,615
  2,239
  2,290
  2,349
  2,415
  2,489
  2,569
  2,656
  2,751
  2,853
  2,963
  3,080
  3,205
  3,338
  3,479
  3,629
  3,788
  3,957
  4,135
  4,323
  4,522
  4,731
  4,952
  5,185
  5,431
  5,689
  5,961
  6,248
  6,549
  6,867
  7,200
Total liabilities and equity, $m
  21,944
  22,389
  22,904
  23,492
  24,153
  24,886
  25,689
  26,564
  27,511
  28,531
  29,627
  30,798
  32,048
  33,379
  34,793
  36,293
  37,884
  39,568
  41,348
  43,230
  45,216
  47,312
  49,522
  51,852
  54,307
  56,892
  59,614
  62,479
  65,494
  68,666
  72,002
Debt-to-equity ratio
  9.439
  6.730
  6.780
  6.840
  6.890
  6.960
  7.020
  7.090
  7.150
  7.220
  7.280
  7.350
  7.410
  7.480
  7.540
  7.600
  7.660
  7.710
  7.770
  7.820
  7.880
  7.930
  7.970
  8.020
  8.060
  8.110
  8.150
  8.190
  8.220
  8.260
  8.290
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
  298
  338
  356
  375
  396
  419
  444
  471
  499
  530
  1,038
  1,073
  1,110
  1,149
  1,190
  1,234
  1,280
  1,328
  1,380
  1,434
  1,491
  1,551
  1,615
  1,682
  1,752
  1,826
  1,904
  1,986
  2,072
  2,163
Depreciation, amort., depletion, $m
  1,100
  1,261
  1,275
  1,291
  1,309
  1,328
  1,350
  1,374
  1,400
  1,427
  1,457
  837
  871
  907
  946
  986
  1,030
  1,075
  1,124
  1,175
  1,229
  1,286
  1,346
  1,409
  1,476
  1,546
  1,620
  1,698
  1,780
  1,866
  1,957
Funds from operations, $m
  960
  1,558
  1,612
  1,646
  1,684
  1,725
  1,770
  1,818
  1,871
  1,927
  1,987
  1,875
  1,944
  2,017
  2,094
  2,176
  2,263
  2,355
  2,452
  2,555
  2,663
  2,777
  2,897
  3,024
  3,157
  3,298
  3,446
  3,602
  3,766
  3,938
  4,119
Change in working capital, $m
  -177
  40
  47
  53
  60
  66
  73
  79
  86
  93
  99
  106
  113
  121
  128
  136
  144
  153
  162
  171
  180
  190
  201
  211
  223
  235
  247
  260
  274
  288
  303
Cash from operations, $m
  1,137
  1,518
  1,566
  1,593
  1,624
  1,658
  1,697
  1,739
  1,785
  1,834
  1,888
  1,769
  1,831
  1,896
  1,966
  2,040
  2,119
  2,202
  2,291
  2,384
  2,483
  2,587
  2,697
  2,813
  2,935
  3,064
  3,199
  3,342
  3,492
  3,650
  3,817
Maintenance CAPEX, $m
  0
  -597
  -608
  -622
  -638
  -656
  -676
  -698
  -722
  -748
  -775
  -805
  -837
  -871
  -907
  -946
  -986
  -1,030
  -1,075
  -1,124
  -1,175
  -1,229
  -1,286
  -1,346
  -1,409
  -1,476
  -1,546
  -1,620
  -1,698
  -1,780
  -1,866
New CAPEX, $m
  -744
  -179
  -214
  -245
  -275
  -304
  -334
  -364
  -394
  -424
  -455
  -487
  -520
  -553
  -588
  -624
  -661
  -700
  -740
  -782
  -826
  -871
  -919
  -969
  -1,021
  -1,075
  -1,132
  -1,191
  -1,254
  -1,319
  -1,387
Cash from investing activities, $m
  630
  -776
  -822
  -867
  -913
  -960
  -1,010
  -1,062
  -1,116
  -1,172
  -1,230
  -1,292
  -1,357
  -1,424
  -1,495
  -1,570
  -1,647
  -1,730
  -1,815
  -1,906
  -2,001
  -2,100
  -2,205
  -2,315
  -2,430
  -2,551
  -2,678
  -2,811
  -2,952
  -3,099
  -3,253
Free cash flow, $m
  1,767
  743
  743
  726
  710
  697
  686
  677
  669
  662
  657
  477
  474
  472
  471
  471
  471
  473
  475
  478
  482
  487
  492
  498
  505
  513
  521
  530
  541
  552
  563
Issuance/(repayment) of debt, $m
  -1,836
  -179
  463
  530
  595
  659
  723
  787
  852
  918
  985
  1,054
  1,125
  1,198
  1,273
  1,351
  1,431
  1,515
  1,602
  1,693
  1,788
  1,886
  1,989
  2,097
  2,209
  2,327
  2,450
  2,579
  2,713
  2,855
  3,003
Issuance/(repurchase) of shares, $m
  0
  326
  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  
  -1,713
  147
  463
  530
  595
  659
  723
  787
  852
  918
  985
  1,054
  1,125
  1,198
  1,273
  1,351
  1,431
  1,515
  1,602
  1,693
  1,788
  1,886
  1,989
  2,097
  2,209
  2,327
  2,450
  2,579
  2,713
  2,855
  3,003
Total cash flow (excl. dividends), $m
  54
  890
  1,207
  1,255
  1,305
  1,356
  1,409
  1,464
  1,521
  1,581
  1,643
  1,531
  1,599
  1,670
  1,744
  1,821
  1,903
  1,988
  2,077
  2,171
  2,270
  2,373
  2,481
  2,595
  2,714
  2,840
  2,971
  3,109
  3,254
  3,406
  3,566
Retained Cash Flow (-), $m
  2,404
  -624
  -51
  -59
  -66
  -73
  -80
  -87
  -95
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -199
  -210
  -221
  -233
  -245
  -259
  -272
  -287
  -301
  -317
  -334
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
 
  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
 
  266
  1,155
  1,196
  1,239
  1,283
  1,329
  1,377
  1,427
  1,479
  1,533
  1,414
  1,474
  1,537
  1,602
  1,671
  1,744
  1,820
  1,899
  1,983
  2,071
  2,163
  2,260
  2,362
  2,469
  2,581
  2,699
  2,823
  2,953
  3,089
  3,232
Discount rate, %
 
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
 
  235
  889
  794
  699
  607
  519
  437
  362
  294
  235
  164
  126
  95
  70
  50
  35
  24
  16
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6
  77.6

Community Health Systems, Inc., together with its subsidiaries, owns, leases, and operates general acute care hospitals in the United States. It offers general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric, and rehabilitation services, as well as skilled nursing and home care services. The company also provides outpatient services at urgent care centers, occupational medicine clinics, imaging centers, cancer centers, ambulatory surgery centers, and home health and hospice agencies. As of December 31, 2016, it owned or leased 155 hospitals, including 152 general acute care hospitals and 3 stand-alone rehabilitation or psychiatric hospitals with an aggregate of 26,222 licensed beds in 21 states. The company was founded in 1985 and is headquartered in Franklin, Tennessee.

FINANCIAL RATIOS  of  Community Health Systems (CYH)

Valuation Ratios
P/E Ratio -0.5
Price to Sales 0
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 0.7
Price to Free Cash Flow 2
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 $18438 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 13.3%, 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 93.2%.

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 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 5.8% 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%.

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 49.5%.

Life of production assets of 15.3 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 10.8%. 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 - $1615 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 114.255 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 $0.8 billion.

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COMPANY NEWS

▶ Insiders Roundup: Facebook, PRA Health Sciences   [Aug-18-17 04:09PM  GuruFocus.com]
▶ [$$] Shanda Raises Community Health Systems Stake   [Aug-15-17 02:13PM  The Wall Street Journal]
▶ As struggles continue, CHS plans more hospital sales   [Aug-02-17 04:42PM  American City Business Journals]
▶ Community Health Systems posts 2Q loss   [Aug-01-17 09:35PM  Associated Press]
▶ Disgruntled doctors drop bid to buy Indiana hospital from CHS   [Jul-17-17 10:30AM  American City Business Journals]
▶ St. Petes biggest hospital gets a new CEO, plans $22 million update   [07:45AM  American City Business Journals]
▶ Fast Money final trades: X, CYH, and more   [Jun-27-17 05:59PM  CNBC Videos]
▶ Healthcare Stocks Make a Dumb Move on Trumpcare   [Jun-23-17 10:28AM  InvestorPlace]
▶ Lawsuit accuses CHS of failing to provide up to $110 million of indigent care   [Jun-13-17 02:55PM  American City Business Journals]
▶ Five Stocks You Might Want to Sell   [Jun-09-17 03:12PM  GuruFocus.com]
▶ S&P 500, Nasdaq Jump to New Records as Crude Oil Slides   [May-25-17 04:05PM  TheStreet.com]
▶ In Indiana, doctors want CHS to sell their hospital system   [03:45PM  American City Business Journals]
▶ New Strong Sell Stocks for May 3rd   [May-03-17 09:30AM  Zacks]
▶ Major health care system scoops up four Houston hospitals   [09:21AM  American City Business Journals]
▶ Stocks Edge Up; Why Did 8 Beaten-Down Industries Sparkle Like Selena?   [May-02-17 06:30PM  Investor's Business Daily]
▶ Two Hospital Stocks, Two 20% Gains?   [03:39PM  Barrons.com]
▶ CHS to sell another 14 hospitals in ongoing effort to downsize   [02:50PM  American City Business Journals]
▶ Community Health Systems posts 1Q loss   [04:30PM  Associated Press]
Stock chart of CYH 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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