Intrinsic value of Quest Diagnostics - DGX

Previous Close

$106.75

  Intrinsic Value

$116.11

stock screener

  Rating & Target

hold

+9%

  Value-price divergence*

-41%

Previous close

$106.75

 
Intrinsic value

$116.11

 
Up/down potential

+9%

 
Rating

hold

 
Value-price divergence*

-41%

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

We calculate the intrinsic value of DGX 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 14.7

 

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, %
  0.29
  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
  7,515
  7,665
  7,842
  8,043
  8,269
  8,520
  8,795
  9,095
  9,419
  9,768
  10,143
  10,544
  10,972
  11,428
  11,912
  12,426
  12,970
  13,547
  14,156
  14,800
  15,480
  16,198
  16,955
  17,752
  18,593
  19,478
  20,410
  21,391
  22,423
  23,509
  24,651
Variable operating expenses, $m
 
  6,220
  6,349
  6,497
  6,663
  6,847
  7,048
  7,268
  7,506
  7,762
  8,037
  7,731
  8,044
  8,378
  8,733
  9,110
  9,509
  9,932
  10,379
  10,851
  11,350
  11,876
  12,431
  13,015
  13,632
  14,280
  14,964
  15,683
  16,440
  17,236
  18,073
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
  6,238
  6,220
  6,349
  6,497
  6,663
  6,847
  7,048
  7,268
  7,506
  7,762
  8,037
  7,731
  8,044
  8,378
  8,733
  9,110
  9,509
  9,932
  10,379
  10,851
  11,350
  11,876
  12,431
  13,015
  13,632
  14,280
  14,964
  15,683
  16,440
  17,236
  18,073
Operating income, $m
  1,277
  1,445
  1,492
  1,546
  1,607
  1,674
  1,747
  1,827
  1,913
  2,007
  2,107
  2,814
  2,928
  3,049
  3,179
  3,316
  3,461
  3,615
  3,777
  3,949
  4,131
  4,322
  4,524
  4,737
  4,961
  5,198
  5,446
  5,708
  5,983
  6,273
  6,578
EBITDA, $m
  1,526
  2,112
  2,160
  2,216
  2,278
  2,347
  2,423
  2,505
  2,595
  2,691
  2,794
  2,905
  3,023
  3,148
  3,281
  3,423
  3,573
  3,732
  3,900
  4,077
  4,264
  4,462
  4,671
  4,890
  5,122
  5,366
  5,622
  5,893
  6,177
  6,476
  6,791
Interest expense (income), $m
  148
  149
  154
  159
  165
  171
  178
  186
  195
  205
  215
  226
  237
  250
  263
  277
  292
  308
  325
  343
  361
  381
  402
  424
  447
  472
  497
  525
  553
  583
  615
Earnings before tax, $m
  1,125
  1,296
  1,339
  1,388
  1,442
  1,502
  1,568
  1,640
  1,718
  1,802
  1,892
  2,588
  2,690
  2,800
  2,916
  3,039
  3,169
  3,307
  3,453
  3,607
  3,770
  3,941
  4,122
  4,313
  4,514
  4,726
  4,949
  5,183
  5,430
  5,690
  5,963
Tax expense, $m
  429
  350
  361
  375
  389
  406
  423
  443
  464
  487
  511
  699
  726
  756
  787
  820
  856
  893
  932
  974
  1,018
  1,064
  1,113
  1,165
  1,219
  1,276
  1,336
  1,400
  1,466
  1,536
  1,610
Net income, $m
  645
  946
  977
  1,013
  1,053
  1,097
  1,145
  1,197
  1,254
  1,315
  1,381
  1,889
  1,964
  2,044
  2,128
  2,218
  2,313
  2,414
  2,520
  2,633
  2,752
  2,877
  3,009
  3,149
  3,295
  3,450
  3,613
  3,784
  3,964
  4,154
  4,353

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  359
  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
  10,100
  9,942
  10,171
  10,432
  10,726
  11,051
  11,407
  11,796
  12,217
  12,670
  13,156
  13,676
  14,231
  14,822
  15,450
  16,117
  16,823
  17,570
  18,361
  19,196
  20,078
  21,009
  21,991
  23,025
  24,115
  25,263
  26,472
  27,744
  29,083
  30,492
  31,973
Adjusted assets (=assets-cash), $m
  9,741
  9,942
  10,171
  10,432
  10,726
  11,051
  11,407
  11,796
  12,217
  12,670
  13,156
  13,676
  14,231
  14,822
  15,450
  16,117
  16,823
  17,570
  18,361
  19,196
  20,078
  21,009
  21,991
  23,025
  24,115
  25,263
  26,472
  27,744
  29,083
  30,492
  31,973
Revenue / Adjusted assets
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
  0.771
Average production assets, $m
  1,944
  1,985
  2,031
  2,083
  2,142
  2,207
  2,278
  2,356
  2,440
  2,530
  2,627
  2,731
  2,842
  2,960
  3,085
  3,218
  3,359
  3,509
  3,667
  3,833
  4,009
  4,195
  4,391
  4,598
  4,816
  5,045
  5,286
  5,540
  5,808
  6,089
  6,385
Working capital, $m
  550
  199
  204
  209
  215
  222
  229
  236
  245
  254
  264
  274
  285
  297
  310
  323
  337
  352
  368
  385
  402
  421
  441
  462
  483
  506
  531
  556
  583
  611
  641
Total debt, $m
  3,734
  3,839
  3,968
  4,114
  4,279
  4,461
  4,662
  4,880
  5,115
  5,370
  5,642
  5,934
  6,246
  6,577
  6,929
  7,303
  7,700
  8,119
  8,563
  9,031
  9,526
  10,048
  10,599
  11,179
  11,791
  12,435
  13,113
  13,827
  14,578
  15,368
  16,199
Total liabilities, $m
  5,472
  5,577
  5,706
  5,852
  6,017
  6,199
  6,400
  6,618
  6,853
  7,108
  7,380
  7,672
  7,984
  8,315
  8,667
  9,041
  9,438
  9,857
  10,301
  10,769
  11,264
  11,786
  12,337
  12,917
  13,529
  14,173
  14,851
  15,565
  16,316
  17,106
  17,937
Total equity, $m
  4,628
  4,365
  4,465
  4,580
  4,709
  4,851
  5,008
  5,178
  5,363
  5,562
  5,775
  6,004
  6,247
  6,507
  6,783
  7,075
  7,385
  7,713
  8,061
  8,427
  8,814
  9,223
  9,654
  10,108
  10,587
  11,091
  11,621
  12,180
  12,768
  13,386
  14,036
Total liabilities and equity, $m
  10,100
  9,942
  10,171
  10,432
  10,726
  11,050
  11,408
  11,796
  12,216
  12,670
  13,155
  13,676
  14,231
  14,822
  15,450
  16,116
  16,823
  17,570
  18,362
  19,196
  20,078
  21,009
  21,991
  23,025
  24,116
  25,264
  26,472
  27,745
  29,084
  30,492
  31,973
Debt-to-equity ratio
  0.807
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
Adjusted equity ratio
  0.438
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  645
  946
  977
  1,013
  1,053
  1,097
  1,145
  1,197
  1,254
  1,315
  1,381
  1,889
  1,964
  2,044
  2,128
  2,218
  2,313
  2,414
  2,520
  2,633
  2,752
  2,877
  3,009
  3,149
  3,295
  3,450
  3,613
  3,784
  3,964
  4,154
  4,353
Depreciation, amort., depletion, $m
  249
  666
  668
  669
  671
  674
  676
  679
  681
  684
  688
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  161
  168
  176
  185
  194
  203
  213
Funds from operations, $m
  849
  1,612
  1,645
  1,682
  1,724
  1,770
  1,821
  1,876
  1,936
  2,000
  2,069
  1,980
  2,059
  2,142
  2,231
  2,325
  2,425
  2,531
  2,643
  2,761
  2,885
  3,017
  3,156
  3,302
  3,456
  3,618
  3,789
  3,969
  4,158
  4,357
  4,566
Change in working capital, $m
  -220
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Cash from operations, $m
  1,069
  1,609
  1,640
  1,677
  1,718
  1,764
  1,814
  1,868
  1,927
  1,991
  2,059
  1,970
  2,048
  2,130
  2,219
  2,312
  2,411
  2,516
  2,627
  2,744
  2,868
  2,998
  3,136
  3,281
  3,434
  3,595
  3,765
  3,943
  4,131
  4,328
  4,536
Maintenance CAPEX, $m
  0
  -65
  -66
  -68
  -69
  -71
  -74
  -76
  -79
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -161
  -168
  -176
  -185
  -194
  -203
New CAPEX, $m
  -293
  -42
  -46
  -52
  -59
  -65
  -71
  -78
  -84
  -90
  -97
  -104
  -111
  -118
  -125
  -133
  -141
  -149
  -158
  -167
  -176
  -186
  -196
  -207
  -218
  -229
  -241
  -254
  -267
  -281
  -296
Cash from investing activities, $m
  -152
  -107
  -112
  -120
  -128
  -136
  -145
  -154
  -163
  -171
  -181
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -275
  -289
  -304
  -320
  -336
  -353
  -371
  -390
  -409
  -430
  -452
  -475
  -499
Free cash flow, $m
  917
  1,502
  1,529
  1,557
  1,590
  1,627
  1,669
  1,715
  1,765
  1,819
  1,877
  1,778
  1,846
  1,918
  1,994
  2,076
  2,163
  2,255
  2,352
  2,455
  2,564
  2,679
  2,800
  2,928
  3,063
  3,205
  3,355
  3,513
  3,679
  3,854
  4,037
Issuance/(repayment) of debt, $m
  145
  111
  128
  147
  165
  182
  200
  218
  236
  254
  273
  292
  311
  332
  352
  374
  396
  419
  444
  469
  495
  522
  551
  580
  612
  644
  678
  714
  751
  790
  831
Issuance/(repurchase) of shares, $m
  -517
  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  
  -468
  111
  128
  147
  165
  182
  200
  218
  236
  254
  273
  292
  311
  332
  352
  374
  396
  419
  444
  469
  495
  522
  551
  580
  612
  644
  678
  714
  751
  790
  831
Total cash flow (excl. dividends), $m
  449
  1,613
  1,657
  1,704
  1,755
  1,810
  1,869
  1,933
  2,001
  2,073
  2,150
  2,070
  2,157
  2,249
  2,347
  2,450
  2,559
  2,674
  2,796
  2,924
  3,059
  3,201
  3,351
  3,509
  3,675
  3,849
  4,033
  4,227
  4,430
  4,644
  4,869
Retained Cash Flow (-), $m
  56
  -90
  -100
  -115
  -129
  -143
  -157
  -171
  -185
  -199
  -213
  -228
  -244
  -259
  -276
  -293
  -310
  -328
  -347
  -367
  -387
  -409
  -431
  -454
  -479
  -504
  -531
  -559
  -588
  -618
  -650
Prev. year cash balance distribution, $m
 
  353
  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
 
  1,877
  1,557
  1,589
  1,626
  1,667
  1,712
  1,762
  1,816
  1,874
  1,937
  1,842
  1,913
  1,990
  2,071
  2,157
  2,249
  2,346
  2,448
  2,557
  2,671
  2,792
  2,920
  3,054
  3,196
  3,345
  3,503
  3,668
  3,842
  4,025
  4,218
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  1,771
  1,378
  1,311
  1,243
  1,172
  1,100
  1,025
  950
  873
  795
  660
  593
  526
  462
  401
  343
  289
  241
  197
  159
  126
  97
  74
  55
  40
  29
  20
  13
  9
  6
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

Quest Diagnostics Incorporated provides diagnostic testing information and services in the United States and internationally. The company’s Diagnostic Information Services business segment develops and delivers diagnostic testing information and services, such as routine testing, gene-based and esoteric testing, and drugs-of-abuse testing, as well as anatomic pathology services, and related services and insights. This segment offers diagnostic information services primarily under the Quest Diagnostics brand, as well as under the AmeriPath, Dermpath Diagnostics, Focus Diagnostics, Athena Diagnostics, ExamOne, Quanum, and Care360 brands to patients, clinicians, hospitals, integrated delivery networks, health plans, employers, and accountable care organizations through a network of laboratories, patient service centers, and phlebotomists in physician offices. Its Diagnostic Solutions segment offers risk assessment services for the life insurance industry; and health information technology solutions for healthcare organizations and clinicians. Quest Diagnostics Incorporated was founded in 1967 and is headquartered in Madison, New Jersey.

FINANCIAL RATIOS  of  Quest Diagnostics (DGX)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 1.9
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 18.8
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 60
Current Ratio 0
LT Debt to Equity 80.6%
Total Debt to Equity 80.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 13.9%
Return On Equity - 3 Yr. Avg. 14.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.4%
Gross Margin - 3 Yr. Avg. 38.5%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 19.9%
Operating Margin 17%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 34%
Payout Ratio 34.6%

DGX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DGX stock intrinsic value calculation we used $7515 million for the last fiscal year's total revenue generated by Quest Diagnostics. The default revenue input number comes from 2016 income statement of Quest Diagnostics. 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 DGX 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 6%, whose default value for DGX is calculated based on our internal credit rating of Quest Diagnostics, 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 Quest Diagnostics.
    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 DGX stock the variable cost ratio is equal to 81.3%.

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 DGX 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 4% for Quest Diagnostics.

Corporate tax rate of 27% is the nominal tax rate for Quest Diagnostics. 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 DGX 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 DGX are equal to 25.9%.

Life of production assets of 31.7 years is the average useful life of capital assets used in Quest Diagnostics 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 DGX is equal to 2.6%. 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 - $4628 million for Quest Diagnostics - 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 137.5 million for Quest Diagnostics 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 Quest Diagnostics at the current share price and the inputted number of shares is $14.7 billion.

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COMPANY NEWS

▶ Quest Diagnostics tops 2Q profit forecasts   [Jul-25-17 09:57PM  Associated Press]
▶ Gold ETF Backs Away From Buy Point; Financials Soar   [Jun-08-17 12:39PM  Investor's Business Daily]
▶ Quest Diagnostics Pushes Beyond Lab Tests With Treatment Prediction   [May-26-17 04:11PM  The Wall Street Journal]
▶ 3 Top Dividend Stocks in Gene Sequencing   [May-24-17 09:23AM  Motley Fool]
▶ These states have the most workers using illegal drugs   [May-17-17 11:02AM  MarketWatch]
▶ [$$] More American Workers Are Testing Positive for Drugs   [12:23AM  The Wall Street Journal]
▶ Quest Diagnostics Declares Quarterly Cash Dividend   [May-16-17 11:10AM  PR Newswire]
▶ Chipotle Downgraded; McDonald's Gets Price Hikes; Snap Started At Hold   [Apr-26-17 04:10PM  Investor's Business Daily]
▶ [$$] Quest Diagnostics Has Great Shot for More Gains   [Apr-21-17 11:55AM  Barrons.com]
▶ Quest Diagnostics beats Street 1Q forecasts   [06:52AM  Associated Press]
▶ Two of the biggest Trump trades are losing steam   [Mar-06-17 12:51PM  Yahoo Finance]
▶ Quest Diagnostics Declares Quarterly Cash Dividend   [Feb-21-17 07:30AM  PR Newswire]
Stock chart of DGX Financial statements of DGX
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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