Intrinsic value of DaVita - DVA

Previous Close

$70.52

  Intrinsic Value

$144.28

stock screener

  Rating & Target

str. buy

+105%

Previous close

$70.52

 
Intrinsic value

$144.28

 
Up/down potential

+105%

 
Rating

str. buy

We calculate the intrinsic value of DVA 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 13.5

 

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, %
  6.99
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  14,745
  15,379
  16,051
  16,763
  17,515
  18,311
  19,150
  20,037
  20,971
  21,957
  22,995
  24,089
  25,240
  26,452
  27,728
  29,070
  30,482
  31,966
  33,527
  35,168
  36,893
  38,707
  40,612
  42,615
  44,719
  46,930
  49,253
  51,693
  54,257
  56,950
  59,779
Variable operating expenses, $m
 
  3,789
  3,913
  4,045
  4,185
  4,332
  4,487
  4,652
  4,825
  5,007
  5,199
  4,461
  4,675
  4,899
  5,135
  5,384
  5,645
  5,920
  6,209
  6,513
  6,833
  7,169
  7,521
  7,892
  8,282
  8,692
  9,122
  9,574
  10,049
  10,547
  11,071
Fixed operating expenses, $m
 
  9,640
  9,881
  10,128
  10,381
  10,641
  10,907
  11,180
  11,459
  11,746
  12,039
  12,340
  12,649
  12,965
  13,289
  13,621
  13,962
  14,311
  14,669
  15,035
  15,411
  15,796
  16,191
  16,596
  17,011
  17,436
  17,872
  18,319
  18,777
  19,246
  19,728
Total operating expenses, $m
  12,851
  13,429
  13,794
  14,173
  14,566
  14,973
  15,394
  15,832
  16,284
  16,753
  17,238
  16,801
  17,324
  17,864
  18,424
  19,005
  19,607
  20,231
  20,878
  21,548
  22,244
  22,965
  23,712
  24,488
  25,293
  26,128
  26,994
  27,893
  28,826
  29,793
  30,799
Operating income, $m
  1,895
  1,950
  2,257
  2,589
  2,949
  3,338
  3,756
  4,206
  4,688
  5,204
  5,756
  7,287
  7,917
  8,588
  9,304
  10,065
  10,874
  11,735
  12,649
  13,620
  14,649
  15,742
  16,899
  18,126
  19,426
  20,802
  22,259
  23,801
  25,432
  27,156
  28,980
EBITDA, $m
  2,615
  3,137
  3,455
  3,799
  4,171
  4,572
  5,004
  5,467
  5,965
  6,497
  7,066
  7,673
  8,322
  9,012
  9,748
  10,531
  11,363
  12,247
  13,187
  14,183
  15,241
  16,362
  17,550
  18,810
  20,143
  21,555
  23,049
  24,629
  26,301
  28,069
  29,938
Interest expense (income), $m
  407
  403
  429
  458
  488
  520
  554
  590
  627
  667
  709
  753
  799
  848
  900
  954
  1,011
  1,071
  1,134
  1,200
  1,270
  1,343
  1,420
  1,501
  1,586
  1,676
  1,770
  1,869
  1,972
  2,081
  2,196
Earnings before tax, $m
  1,489
  1,547
  1,827
  2,131
  2,461
  2,818
  3,202
  3,616
  4,061
  4,537
  5,048
  6,534
  7,118
  7,740
  8,404
  9,111
  9,864
  10,664
  11,515
  12,419
  13,379
  14,398
  15,479
  16,625
  17,840
  19,126
  20,489
  21,932
  23,459
  25,075
  26,784
Tax expense, $m
  456
  418
  493
  575
  665
  761
  865
  976
  1,096
  1,225
  1,363
  1,764
  1,922
  2,090
  2,269
  2,460
  2,663
  2,879
  3,109
  3,353
  3,612
  3,888
  4,179
  4,489
  4,817
  5,164
  5,532
  5,922
  6,334
  6,770
  7,232
Net income, $m
  880
  1,130
  1,334
  1,556
  1,797
  2,057
  2,338
  2,640
  2,964
  3,312
  3,685
  4,770
  5,196
  5,650
  6,135
  6,651
  7,200
  7,785
  8,406
  9,066
  9,767
  10,511
  11,300
  12,136
  13,023
  13,962
  14,957
  16,010
  17,125
  18,305
  19,553

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,223
  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
  18,741
  18,265
  19,063
  19,908
  20,802
  21,747
  22,744
  23,797
  24,907
  26,077
  27,310
  28,609
  29,977
  31,416
  32,931
  34,525
  36,201
  37,964
  39,818
  41,767
  43,816
  45,970
  48,233
  50,611
  53,111
  55,737
  58,495
  61,394
  64,438
  67,637
  70,996
Adjusted assets (=assets-cash), $m
  17,518
  18,265
  19,063
  19,908
  20,802
  21,747
  22,744
  23,797
  24,907
  26,077
  27,310
  28,609
  29,977
  31,416
  32,931
  34,525
  36,201
  37,964
  39,818
  41,767
  43,816
  45,970
  48,233
  50,611
  53,111
  55,737
  58,495
  61,394
  64,438
  67,637
  70,996
Revenue / Adjusted assets
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
Average production assets, $m
  4,590
  4,783
  4,992
  5,213
  5,447
  5,695
  5,956
  6,231
  6,522
  6,829
  7,151
  7,492
  7,850
  8,227
  8,623
  9,041
  9,480
  9,941
  10,427
  10,937
  11,474
  12,038
  12,630
  13,253
  13,908
  14,595
  15,318
  16,077
  16,874
  17,711
  18,591
Working capital, $m
  1,284
  231
  241
  251
  263
  275
  287
  301
  315
  329
  345
  361
  379
  397
  416
  436
  457
  479
  503
  528
  553
  581
  609
  639
  671
  704
  739
  775
  814
  854
  897
Total debt, $m
  9,112
  9,540
  10,174
  10,846
  11,557
  12,307
  13,100
  13,937
  14,820
  15,750
  16,731
  17,763
  18,850
  19,995
  21,199
  22,466
  23,799
  25,201
  26,675
  28,224
  29,853
  31,565
  33,364
  35,255
  37,242
  39,330
  41,523
  43,827
  46,248
  48,790
  51,461
Total liabilities, $m
  14,093
  14,521
  15,155
  15,827
  16,538
  17,288
  18,081
  18,918
  19,801
  20,731
  21,712
  22,744
  23,831
  24,976
  26,180
  27,447
  28,780
  30,182
  31,656
  33,205
  34,834
  36,546
  38,345
  40,236
  42,223
  44,311
  46,504
  48,808
  51,229
  53,771
  56,442
Total equity, $m
  4,648
  3,744
  3,908
  4,081
  4,264
  4,458
  4,663
  4,878
  5,106
  5,346
  5,599
  5,865
  6,145
  6,440
  6,751
  7,078
  7,421
  7,783
  8,163
  8,562
  8,982
  9,424
  9,888
  10,375
  10,888
  11,426
  11,992
  12,586
  13,210
  13,866
  14,554
Total liabilities and equity, $m
  18,741
  18,265
  19,063
  19,908
  20,802
  21,746
  22,744
  23,796
  24,907
  26,077
  27,311
  28,609
  29,976
  31,416
  32,931
  34,525
  36,201
  37,965
  39,819
  41,767
  43,816
  45,970
  48,233
  50,611
  53,111
  55,737
  58,496
  61,394
  64,439
  67,637
  70,996
Debt-to-equity ratio
  1.960
  2.550
  2.600
  2.660
  2.710
  2.760
  2.810
  2.860
  2.900
  2.950
  2.990
  3.030
  3.070
  3.100
  3.140
  3.170
  3.210
  3.240
  3.270
  3.300
  3.320
  3.350
  3.370
  3.400
  3.420
  3.440
  3.460
  3.480
  3.500
  3.520
  3.540
Adjusted equity ratio
  0.196
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  880
  1,130
  1,334
  1,556
  1,797
  2,057
  2,338
  2,640
  2,964
  3,312
  3,685
  4,770
  5,196
  5,650
  6,135
  6,651
  7,200
  7,785
  8,406
  9,066
  9,767
  10,511
  11,300
  12,136
  13,023
  13,962
  14,957
  16,010
  17,125
  18,305
  19,553
Depreciation, amort., depletion, $m
  720
  1,187
  1,198
  1,209
  1,221
  1,234
  1,248
  1,262
  1,277
  1,293
  1,309
  386
  405
  424
  445
  466
  489
  512
  537
  564
  591
  621
  651
  683
  717
  752
  790
  829
  870
  913
  958
Funds from operations, $m
  2,165
  2,317
  2,532
  2,765
  3,018
  3,291
  3,585
  3,902
  4,241
  4,605
  4,994
  5,156
  5,601
  6,074
  6,579
  7,117
  7,689
  8,297
  8,944
  9,630
  10,358
  11,131
  11,951
  12,819
  13,740
  14,715
  15,747
  16,839
  17,995
  19,218
  20,511
Change in working capital, $m
  202
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
Cash from operations, $m
  1,963
  2,307
  2,522
  2,755
  3,007
  3,279
  3,573
  3,888
  4,227
  4,590
  4,979
  5,140
  5,583
  6,056
  6,560
  7,097
  7,668
  8,275
  8,920
  9,605
  10,332
  11,104
  11,922
  12,789
  13,708
  14,681
  15,712
  16,803
  17,957
  19,177
  20,469
Maintenance CAPEX, $m
  0
  -237
  -247
  -257
  -269
  -281
  -294
  -307
  -321
  -336
  -352
  -369
  -386
  -405
  -424
  -445
  -466
  -489
  -512
  -537
  -564
  -591
  -621
  -651
  -683
  -717
  -752
  -790
  -829
  -870
  -913
New CAPEX, $m
  -829
  -193
  -209
  -221
  -234
  -247
  -261
  -276
  -291
  -306
  -323
  -340
  -358
  -377
  -397
  -417
  -439
  -462
  -485
  -510
  -537
  -564
  -593
  -623
  -654
  -688
  -722
  -759
  -797
  -838
  -880
Cash from investing activities, $m
  -1,202
  -430
  -456
  -478
  -503
  -528
  -555
  -583
  -612
  -642
  -675
  -709
  -744
  -782
  -821
  -862
  -905
  -951
  -997
  -1,047
  -1,101
  -1,155
  -1,214
  -1,274
  -1,337
  -1,405
  -1,474
  -1,549
  -1,626
  -1,708
  -1,793
Free cash flow, $m
  761
  1,878
  2,066
  2,276
  2,504
  2,751
  3,018
  3,306
  3,615
  3,947
  4,304
  4,431
  4,839
  5,275
  5,739
  6,235
  6,763
  7,325
  7,922
  8,557
  9,232
  9,949
  10,709
  11,515
  12,371
  13,277
  14,237
  15,254
  16,331
  17,470
  18,676
Issuance/(repayment) of debt, $m
  -124
  593
  635
  672
  711
  751
  793
  837
  883
  930
  980
  1,033
  1,087
  1,144
  1,204
  1,267
  1,333
  1,402
  1,474
  1,550
  1,629
  1,712
  1,799
  1,891
  1,987
  2,088
  2,193
  2,304
  2,421
  2,543
  2,671
Issuance/(repurchase) of shares, $m
  -1,061
  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  
  -1,352
  593
  635
  672
  711
  751
  793
  837
  883
  930
  980
  1,033
  1,087
  1,144
  1,204
  1,267
  1,333
  1,402
  1,474
  1,550
  1,629
  1,712
  1,799
  1,891
  1,987
  2,088
  2,193
  2,304
  2,421
  2,543
  2,671
Total cash flow (excl. dividends), $m
  -586
  2,470
  2,701
  2,948
  3,215
  3,502
  3,811
  4,142
  4,498
  4,878
  5,284
  5,464
  5,926
  6,419
  6,944
  7,502
  8,096
  8,726
  9,396
  10,107
  10,861
  11,661
  12,508
  13,406
  14,357
  15,364
  16,430
  17,558
  18,751
  20,013
  21,347
Retained Cash Flow (-), $m
  223
  -154
  -164
  -173
  -183
  -194
  -204
  -216
  -228
  -240
  -253
  -266
  -280
  -295
  -311
  -327
  -344
  -361
  -380
  -400
  -420
  -441
  -464
  -488
  -512
  -538
  -566
  -594
  -624
  -656
  -689
Prev. year cash balance distribution, $m
 
  1,058
  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
 
  3,374
  2,537
  2,775
  3,031
  3,308
  3,607
  3,927
  4,270
  4,638
  5,031
  5,197
  5,646
  6,124
  6,633
  7,175
  7,752
  8,365
  9,016
  9,707
  10,441
  11,219
  12,044
  12,919
  13,845
  14,826
  15,865
  16,964
  18,127
  19,357
  20,658
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  3,113
  2,143
  2,127
  2,091
  2,035
  1,958
  1,861
  1,747
  1,618
  1,478
  1,268
  1,128
  986
  847
  714
  590
  478
  379
  294
  222
  164
  118
  83
  56
  37
  24
  15
  9
  5
  3
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

DaVita Inc., formerly DaVita HealthCare Partners Inc., operates two divisions: DaVita Kidney Care (Kidney Care) and DaVita Medical Group (DMG). The Kidney Care division consists of its the United States dialysis and related lab services, its ancillary services and strategic initiatives, including its international operations, and its corporate administrative support. Its DMG division is a patient- and physician-focused integrated healthcare delivery and management company that provides medical services to members through capitation contracts. Its segments include U.S. dialysis and related lab services, DMG, and Other-Ancillary services and strategic initiatives. Its U.S. dialysis and related lab services line of business provide kidney dialysis services in the United States for patients suffering from chronic kidney failure, also known as end stage renal disease (ESRD). As of December 31, 2016, it had operated or provided administrative services to 154 outpatient dialysis centers.

FINANCIAL RATIOS  of  DaVita (DVA)

Valuation Ratios
P/E Ratio 15.6
Price to Sales 0.9
Price to Book 3
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.1%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 192.5%
Total Debt to Equity 196%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 13%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 27.8%
Gross Margin - 3 Yr. Avg. 28.4%
EBITDA Margin 17.7%
EBITDA Margin - 3 Yr. Avg. 16.1%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 30.6%
Eff/ Tax Rate - 3 Yr. Avg. 35.2%
Payout Ratio 0%

DVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DVA stock intrinsic value calculation we used $14745 million for the last fiscal year's total revenue generated by DaVita. The default revenue input number comes from 2016 income statement of DaVita. 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 DVA stock valuation model: a) initial revenue growth rate of 4.3% 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 8.4%, whose default value for DVA is calculated based on our internal credit rating of DaVita, 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 DaVita.
    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 DVA stock the variable cost ratio is equal to 24.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9405 million in the base year in the intrinsic value calculation for DVA 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 4.5% for DaVita.

Corporate tax rate of 27% is the nominal tax rate for DaVita. 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 DVA 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 DVA are equal to 31.1%.

Life of production assets of 19.4 years is the average useful life of capital assets used in DaVita 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 DVA is equal to 1.5%. 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 - $4648 million for DaVita - 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 191.238 million for DaVita 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 DaVita at the current share price and the inputted number of shares is $13.5 billion.

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COMPANY NEWS

▶ DaVita settles False Claims Act allegations for $64 million   [Dec-15-17 11:34AM  American City Business Journals]
▶ Texas-based DaVita Rx to pay nearly $64M in billing dispute   [Dec-14-17 04:57PM  Associated Press]
▶ DaVita: Cash Flows from Kidney Care?   [03:26PM  Barrons.com]
▶ Company News For Dec 7, 2017   [10:04AM  Zacks]
▶ UnitedHealth to Buy Large Doctor Group for $4.9 Billion   [Dec-06-17 11:58PM  The Wall Street Journal]
▶ 3 Stocks Jump on Wednesday   [03:29PM  GuruFocus.com]
▶ Bitcoin Surges past $13,000: MARKETS LIVE   [02:44PM  TheStreet.com]
▶ UnitedHealth to buy DaVita unit for $4.9 bln   [02:08PM  Reuters Videos]
▶ Why DaVita Inc. Jumped Higher Today   [12:52PM  Motley Fool]
▶ Market Open: December 06, 2017   [09:58AM  CNBC Videos]
▶ DaVita is selling underperforming managed-care unit for $4.9 billion   [09:54AM  American City Business Journals]
▶ UnitedHealth buying DaVita's doctor group for $4.9 billion   [08:15AM  American City Business Journals]
▶ UnitedHealth to Buy Large Doctor Group for $4.9 Billion   [07:10AM  The Wall Street Journal]
▶ DaVita Medical Group to Join Optum   [06:45AM  Business Wire]
▶ DaVita acquires major Northwest physicians group   [Nov-28-17 05:20PM  American City Business Journals]
▶ DaVita: Preparing for an Estate Sale?   [12:31PM  Barrons.com]
▶ The Hot Stock: DaVita Climbs 3.2%   [Nov-24-17 01:35PM  Barrons.com]
▶ DaVita Honors and Supports Veterans   [06:00AM  PR Newswire]
▶ The Biggest Loser: DaVita's Got a Case of the Dropsies   [Nov-08-17 04:17PM  Barrons.com]
▶ After Hours: Snap Sinks, DaVita Drops, Fossil Flops   [Nov-07-17 09:19PM  Barrons.com]
▶ DaVita HealthCare reports 3Q loss   [04:27PM  Associated Press]
▶ DaVita Inc. 3rd Quarter 2017 Results   [04:01PM  PR Newswire]
▶ DaVita Inc. to Host Earnings Call   [02:00PM  ACCESSWIRE]
▶ CVS in talks to buy Aetna: RPTS   [Oct-27-17 10:31AM  Yahoo Finance Video]
▶ DaVita CEO Thiry to chair Colorado effort to reform redistricting   [Oct-26-17 10:37AM  American City Business Journals]
▶ [$$] These Companies Will Pay You to Learn Your Job   [12:03AM  The Wall Street Journal]
▶ [$$] These Companies Will Pay You to Learn Your Job   [09:00AM  The Wall Street Journal]
▶ The Hot Stock: DaVita Surges   [Oct-16-17 04:56PM  Barrons.com]
▶ DaVita estimates charitable assistance loss would total up to $250M   [09:39AM  American City Business Journals]
▶ ETFs with exposure to DaVita, Inc. : October 13, 2017   [Oct-13-17 10:43AM  Capital Cube]
▶ 3 Growth Stocks at Value Stock Prices   [07:17AM  Motley Fool]
▶ 3 Healthcare Value Stocks   [06:05AM  Motley Fool]
Financial statements of DVA
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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