Intrinsic value of Edwards Lifesciences - EW

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$118.53

  Intrinsic Value

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  Value-price divergence*

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$118.53

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

We calculate the intrinsic value of EW 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 25.0

 

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, %
  18.85
  14.50
  13.55
  12.70
  11.93
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.96
  6.76
  6.58
  6.43
  6.28
  6.15
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
Revenue, $m
  2,964
  3,394
  3,854
  4,343
  4,861
  5,407
  5,980
  6,581
  7,209
  7,865
  8,547
  9,258
  9,997
  10,765
  11,563
  12,393
  13,255
  14,151
  15,082
  16,052
  17,060
  18,110
  19,204
  20,344
  21,532
  22,772
  24,066
  25,417
  26,828
  28,303
  29,845
Variable operating expenses, $m
 
  2,536
  2,871
  3,228
  3,606
  4,003
  4,422
  4,860
  5,317
  5,795
  6,293
  6,748
  7,287
  7,846
  8,428
  9,033
  9,661
  10,314
  10,993
  11,700
  12,435
  13,200
  13,997
  14,828
  15,694
  16,598
  17,541
  18,526
  19,555
  20,630
  21,753
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
  2,226
  2,536
  2,871
  3,228
  3,606
  4,003
  4,422
  4,860
  5,317
  5,795
  6,293
  6,748
  7,287
  7,846
  8,428
  9,033
  9,661
  10,314
  10,993
  11,700
  12,435
  13,200
  13,997
  14,828
  15,694
  16,598
  17,541
  18,526
  19,555
  20,630
  21,753
Operating income, $m
  738
  858
  982
  1,115
  1,255
  1,403
  1,559
  1,722
  1,892
  2,070
  2,255
  2,510
  2,710
  2,919
  3,135
  3,360
  3,594
  3,837
  4,089
  4,352
  4,625
  4,910
  5,207
  5,516
  5,838
  6,174
  6,525
  6,891
  7,274
  7,674
  8,092
EBITDA, $m
  809
  964
  1,095
  1,234
  1,381
  1,536
  1,699
  1,869
  2,048
  2,234
  2,428
  2,630
  2,839
  3,058
  3,284
  3,520
  3,765
  4,019
  4,284
  4,559
  4,846
  5,144
  5,455
  5,778
  6,116
  6,468
  6,836
  7,219
  7,620
  8,039
  8,477
Interest expense (income), $m
  16
  29
  38
  49
  60
  71
  83
  96
  110
  124
  138
  154
  169
  186
  203
  221
  239
  259
  279
  300
  321
  344
  367
  392
  417
  444
  471
  500
  530
  562
  595
Earnings before tax, $m
  738
  829
  944
  1,066
  1,196
  1,332
  1,475
  1,626
  1,782
  1,946
  2,117
  2,357
  2,541
  2,733
  2,932
  3,139
  3,354
  3,578
  3,810
  4,052
  4,304
  4,566
  4,839
  5,124
  5,421
  5,730
  6,053
  6,391
  6,743
  7,112
  7,497
Tax expense, $m
  168
  224
  255
  288
  323
  360
  398
  439
  481
  525
  571
  636
  686
  738
  792
  848
  906
  966
  1,029
  1,094
  1,162
  1,233
  1,307
  1,383
  1,464
  1,547
  1,634
  1,726
  1,821
  1,920
  2,024
Net income, $m
  570
  605
  689
  778
  873
  972
  1,077
  1,187
  1,301
  1,421
  1,545
  1,720
  1,855
  1,995
  2,140
  2,291
  2,449
  2,612
  2,782
  2,958
  3,142
  3,333
  3,533
  3,741
  3,957
  4,183
  4,419
  4,665
  4,923
  5,192
  5,473

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,271
  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
  4,510
  3,709
  4,212
  4,746
  5,312
  5,909
  6,536
  7,193
  7,879
  8,595
  9,342
  10,118
  10,926
  11,765
  12,637
  13,544
  14,486
  15,465
  16,484
  17,543
  18,645
  19,793
  20,988
  22,234
  23,533
  24,888
  26,302
  27,778
  29,321
  30,932
  32,617
Adjusted assets (=assets-cash), $m
  3,239
  3,709
  4,212
  4,746
  5,312
  5,909
  6,536
  7,193
  7,879
  8,595
  9,342
  10,118
  10,926
  11,765
  12,637
  13,544
  14,486
  15,465
  16,484
  17,543
  18,645
  19,793
  20,988
  22,234
  23,533
  24,888
  26,302
  27,778
  29,321
  30,932
  32,617
Revenue / Adjusted assets
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
Average production assets, $m
  736
  842
  956
  1,077
  1,205
  1,341
  1,483
  1,632
  1,788
  1,950
  2,120
  2,296
  2,479
  2,670
  2,868
  3,073
  3,287
  3,509
  3,740
  3,981
  4,231
  4,491
  4,763
  5,045
  5,340
  5,647
  5,968
  6,303
  6,653
  7,019
  7,402
Working capital, $m
  1,707
  499
  566
  638
  715
  795
  879
  967
  1,060
  1,156
  1,256
  1,361
  1,470
  1,582
  1,700
  1,822
  1,948
  2,080
  2,217
  2,360
  2,508
  2,662
  2,823
  2,991
  3,165
  3,348
  3,538
  3,736
  3,944
  4,161
  4,387
Total debt, $m
  822
  1,097
  1,391
  1,703
  2,033
  2,382
  2,748
  3,132
  3,532
  3,951
  4,386
  4,840
  5,312
  5,802
  6,311
  6,841
  7,391
  7,963
  8,557
  9,176
  9,820
  10,490
  11,188
  11,915
  12,674
  13,465
  14,291
  15,153
  16,054
  16,995
  17,980
Total liabilities, $m
  1,891
  2,166
  2,460
  2,772
  3,102
  3,451
  3,817
  4,201
  4,601
  5,020
  5,455
  5,909
  6,381
  6,871
  7,380
  7,910
  8,460
  9,032
  9,626
  10,245
  10,889
  11,559
  12,257
  12,984
  13,743
  14,534
  15,360
  16,222
  17,123
  18,064
  19,049
Total equity, $m
  2,619
  1,543
  1,752
  1,974
  2,210
  2,458
  2,719
  2,992
  3,278
  3,576
  3,886
  4,209
  4,545
  4,894
  5,257
  5,634
  6,026
  6,434
  6,857
  7,298
  7,756
  8,234
  8,731
  9,249
  9,790
  10,353
  10,941
  11,556
  12,197
  12,868
  13,569
Total liabilities and equity, $m
  4,510
  3,709
  4,212
  4,746
  5,312
  5,909
  6,536
  7,193
  7,879
  8,596
  9,341
  10,118
  10,926
  11,765
  12,637
  13,544
  14,486
  15,466
  16,483
  17,543
  18,645
  19,793
  20,988
  22,233
  23,533
  24,887
  26,301
  27,778
  29,320
  30,932
  32,618
Debt-to-equity ratio
  0.314
  0.710
  0.790
  0.860
  0.920
  0.970
  1.010
  1.050
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.200
  1.210
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
Adjusted equity ratio
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  570
  605
  689
  778
  873
  972
  1,077
  1,187
  1,301
  1,421
  1,545
  1,720
  1,855
  1,995
  2,140
  2,291
  2,449
  2,612
  2,782
  2,958
  3,142
  3,333
  3,533
  3,741
  3,957
  4,183
  4,419
  4,665
  4,923
  5,192
  5,473
Depreciation, amort., depletion, $m
  71
  106
  112
  119
  125
  132
  140
  148
  156
  164
  173
  120
  129
  139
  149
  160
  171
  183
  195
  207
  220
  234
  248
  263
  278
  294
  311
  328
  347
  366
  385
Funds from operations, $m
  770
  711
  801
  897
  998
  1,105
  1,217
  1,334
  1,457
  1,585
  1,718
  1,840
  1,984
  2,134
  2,290
  2,452
  2,620
  2,795
  2,976
  3,166
  3,362
  3,567
  3,781
  4,003
  4,235
  4,477
  4,730
  4,994
  5,269
  5,557
  5,858
Change in working capital, $m
  66
  63
  68
  72
  76
  80
  84
  88
  92
  96
  100
  104
  109
  113
  117
  122
  127
  132
  137
  142
  148
  154
  161
  168
  175
  182
  190
  199
  207
  217
  227
Cash from operations, $m
  704
  697
  734
  825
  922
  1,025
  1,133
  1,246
  1,365
  1,488
  1,618
  1,735
  1,875
  2,021
  2,172
  2,330
  2,493
  2,663
  2,839
  3,023
  3,214
  3,413
  3,620
  3,836
  4,061
  4,295
  4,540
  4,795
  5,062
  5,340
  5,631
Maintenance CAPEX, $m
  0
  -38
  -44
  -50
  -56
  -63
  -70
  -77
  -85
  -93
  -102
  -110
  -120
  -129
  -139
  -149
  -160
  -171
  -183
  -195
  -207
  -220
  -234
  -248
  -263
  -278
  -294
  -311
  -328
  -347
  -366
New CAPEX, $m
  -217
  -106
  -114
  -121
  -128
  -135
  -142
  -149
  -156
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -250
  -260
  -271
  -283
  -295
  -307
  -321
  -335
  -350
  -366
  -382
Cash from investing activities, $m
  -212
  -144
  -158
  -171
  -184
  -198
  -212
  -226
  -241
  -256
  -271
  -286
  -303
  -319
  -337
  -355
  -374
  -393
  -414
  -435
  -457
  -480
  -505
  -531
  -558
  -585
  -615
  -646
  -678
  -713
  -748
Free cash flow, $m
  492
  553
  576
  654
  738
  826
  920
  1,020
  1,124
  1,233
  1,347
  1,449
  1,573
  1,701
  1,835
  1,975
  2,119
  2,269
  2,426
  2,588
  2,757
  2,932
  3,115
  3,305
  3,503
  3,709
  3,925
  4,149
  4,383
  4,628
  4,884
Issuance/(repayment) of debt, $m
  222
  275
  294
  312
  331
  348
  366
  384
  401
  418
  436
  453
  472
  490
  509
  529
  550
  572
  595
  619
  644
  670
  698
  728
  759
  791
  826
  862
  901
  941
  984
Issuance/(repurchase) of shares, $m
  -559
  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  
  -269
  275
  294
  312
  331
  348
  366
  384
  401
  418
  436
  453
  472
  490
  509
  529
  550
  572
  595
  619
  644
  670
  698
  728
  759
  791
  826
  862
  901
  941
  984
Total cash flow (excl. dividends), $m
  212
  828
  869
  966
  1,068
  1,175
  1,287
  1,403
  1,525
  1,651
  1,783
  1,902
  2,044
  2,192
  2,345
  2,504
  2,669
  2,841
  3,020
  3,207
  3,400
  3,602
  3,813
  4,033
  4,262
  4,501
  4,751
  5,011
  5,284
  5,569
  5,868
Retained Cash Flow (-), $m
  -116
  -195
  -209
  -222
  -235
  -248
  -261
  -273
  -286
  -298
  -310
  -323
  -336
  -349
  -363
  -377
  -392
  -407
  -424
  -441
  -459
  -477
  -497
  -518
  -540
  -564
  -588
  -614
  -642
  -671
  -701
Prev. year cash balance distribution, $m
 
  1,271
  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
 
  1,904
  660
  744
  833
  927
  1,026
  1,130
  1,239
  1,353
  1,472
  1,579
  1,708
  1,842
  1,982
  2,127
  2,277
  2,434
  2,597
  2,766
  2,942
  3,125
  3,316
  3,514
  3,721
  3,937
  4,162
  4,397
  4,643
  4,899
  5,167
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,826
  604
  647
  686
  718
  744
  763
  774
  777
  772
  750
  729
  701
  665
  624
  579
  530
  478
  426
  374
  323
  275
  230
  190
  153
  121
  94
  72
  53
  39
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

Edwards Lifesciences Corporation provides products and technologies to treat structural heart disease and critically ill patients worldwide. It offers transcatheter heart valve therapy products comprising transcatheter aortic heart valves and their delivery systems for the nonsurgical replacement of heart valves. The company also provides surgical heart valve therapy products, such as pericardial valves for aortic and mitral replacement, and minimally invasive aortic heart valve system; and tissue heart valves and repair products, which are used to replace or repair a patientÂ’s diseased or defective heart valve. In addition, it produces pericardial valves from biologically inert animal tissue; and provides heart valve repair therapies, including annuloplasty rings and systems. Further, the company offers critical care products, such as hemodynamic monitoring systems to measure a patientÂ’s heart function in surgical and intensive care settings; pulmonary artery catheters; and continuous venous oximetry catheter for measuring central venous oxygen saturation. Additionally, its critical care products include disposable pressure monitoring devices and closed blood sampling systems to protect patients and clinicians from infection; and peripheral vascular products used to treat endolumenal occlusive disease, such as embolectomy catheters for removing blood clots from peripheral blood vessels. The company distributes its products through direct sales force and independent distributors. Edwards Lifesciences Corporation was founded in 1999 and is headquartered in Irvine, California.

FINANCIAL RATIOS  of  Edwards Lifesciences (EW)

Valuation Ratios
P/E Ratio 44
Price to Sales 8.5
Price to Book 9.6
Price to Tangible Book
Price to Cash Flow 35.6
Price to Free Cash Flow 51.5
Growth Rates
Sales Growth Rate 18.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 102.8%
Cap. Spend. - 3 Yr. Gr. Rate 14.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 31.4%
Total Debt to Equity 31.4%
Interest Coverage 47
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 17.4%
Ret/ On T. Cap. - 3 Yr. Avg. 22.4%
Return On Equity 22.3%
Return On Equity - 3 Yr. Avg. 28.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 73.1%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 27.8%
EBITDA Margin - 3 Yr. Avg. 36.3%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 33%
Pre-Tax Margin 24.9%
Pre-Tax Margin - 3 Yr. Avg. 33%
Net Profit Margin 19.2%
Net Profit Margin - 3 Yr. Avg. 24.7%
Effective Tax Rate 22.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.1%
Payout Ratio 0%

EW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EW stock intrinsic value calculation we used $2964 million for the last fiscal year's total revenue generated by Edwards Lifesciences. The default revenue input number comes from 2016 income statement of Edwards Lifesciences. 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 EW stock valuation model: a) initial revenue growth rate of 14.5% 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 4.3%, whose default value for EW is calculated based on our internal credit rating of Edwards Lifesciences, 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 Edwards Lifesciences.
    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 EW stock the variable cost ratio is equal to 75%.

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 EW stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Edwards Lifesciences.

Corporate tax rate of 27% is the nominal tax rate for Edwards Lifesciences. 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 EW 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 EW are equal to 24.8%.

Life of production assets of 19.2 years is the average useful life of capital assets used in Edwards Lifesciences 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 EW is equal to 14.7%. 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 - $2619 million for Edwards Lifesciences - 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 211.092 million for Edwards Lifesciences 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 Edwards Lifesciences at the current share price and the inputted number of shares is $25.0 billion.


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Stock chart of EW Financial statements of EW Annual reports of EW
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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