Intrinsic value of Edwards Lifesciences - EW

Previous Close

$135.64

  Intrinsic Value

$64.98

stock screener

  Rating & Target

str. sell

-52%

Previous close

$135.64

 
Intrinsic value

$64.98

 
Up/down potential

-52%

 
Rating

str. sell

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

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

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.85
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  2,964
  3,296
  3,645
  4,010
  4,392
  4,790
  5,205
  5,637
  6,085
  6,552
  7,037
  7,541
  8,065
  8,609
  9,176
  9,764
  10,377
  11,015
  11,680
  12,373
  13,095
  13,849
  14,635
  15,456
  16,314
  17,210
  18,147
  19,127
  20,153
  21,226
  22,349
Variable operating expenses, $m
 
  2,465
  2,719
  2,985
  3,264
  3,554
  3,856
  4,171
  4,498
  4,838
  5,192
  5,497
  5,878
  6,275
  6,688
  7,117
  7,564
  8,029
  8,513
  9,018
  9,545
  10,094
  10,667
  11,266
  11,891
  12,544
  13,227
  13,941
  14,689
  15,471
  16,290
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
  2,465
  2,719
  2,985
  3,264
  3,554
  3,856
  4,171
  4,498
  4,838
  5,192
  5,497
  5,878
  6,275
  6,688
  7,117
  7,564
  8,029
  8,513
  9,018
  9,545
  10,094
  10,667
  11,266
  11,891
  12,544
  13,227
  13,941
  14,689
  15,471
  16,290
Operating income, $m
  738
  831
  926
  1,025
  1,128
  1,236
  1,349
  1,466
  1,587
  1,714
  1,845
  2,045
  2,187
  2,334
  2,488
  2,647
  2,814
  2,987
  3,167
  3,355
  3,550
  3,755
  3,968
  4,190
  4,423
  4,666
  4,920
  5,186
  5,464
  5,755
  6,059
EBITDA, $m
  809
  926
  1,024
  1,127
  1,234
  1,346
  1,463
  1,584
  1,710
  1,842
  1,978
  2,119
  2,267
  2,420
  2,579
  2,744
  2,917
  3,096
  3,283
  3,477
  3,680
  3,892
  4,113
  4,344
  4,585
  4,837
  5,100
  5,376
  5,664
  5,966
  6,281
Interest expense (income), $m
  16
  29
  36
  44
  52
  61
  70
  79
  88
  99
  109
  120
  131
  143
  155
  168
  181
  194
  209
  224
  239
  255
  272
  290
  308
  327
  347
  368
  390
  413
  437
Earnings before tax, $m
  738
  802
  889
  981
  1,076
  1,175
  1,279
  1,387
  1,499
  1,615
  1,736
  1,925
  2,056
  2,191
  2,333
  2,480
  2,633
  2,792
  2,958
  3,131
  3,311
  3,500
  3,696
  3,901
  4,115
  4,339
  4,573
  4,818
  5,074
  5,342
  5,622
Tax expense, $m
  168
  217
  240
  265
  290
  317
  345
  374
  405
  436
  469
  520
  555
  592
  630
  670
  711
  754
  799
  845
  894
  945
  998
  1,053
  1,111
  1,172
  1,235
  1,301
  1,370
  1,442
  1,518
Net income, $m
  570
  586
  649
  716
  785
  858
  934
  1,012
  1,094
  1,179
  1,268
  1,405
  1,501
  1,600
  1,703
  1,810
  1,922
  2,038
  2,159
  2,286
  2,417
  2,555
  2,698
  2,848
  3,004
  3,167
  3,338
  3,517
  3,704
  3,900
  4,104

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
  3,602
  3,983
  4,382
  4,800
  5,235
  5,688
  6,160
  6,651
  7,161
  7,691
  8,242
  8,814
  9,409
  10,028
  10,672
  11,341
  12,039
  12,765
  13,522
  14,312
  15,135
  15,994
  16,892
  17,829
  18,809
  19,833
  20,904
  22,025
  23,197
  24,425
Adjusted assets (=assets-cash), $m
  3,239
  3,602
  3,983
  4,382
  4,800
  5,235
  5,688
  6,160
  6,651
  7,161
  7,691
  8,242
  8,814
  9,409
  10,028
  10,672
  11,341
  12,039
  12,765
  13,522
  14,312
  15,135
  15,994
  16,892
  17,829
  18,809
  19,833
  20,904
  22,025
  23,197
  24,425
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
  446
  494
  547
  601
  659
  718
  781
  845
  913
  983
  1,056
  1,131
  1,210
  1,291
  1,376
  1,465
  1,557
  1,652
  1,752
  1,856
  1,964
  2,077
  2,195
  2,318
  2,447
  2,582
  2,722
  2,869
  3,023
  3,184
  3,352
Working capital, $m
  1,707
  485
  536
  589
  646
  704
  765
  829
  895
  963
  1,034
  1,109
  1,186
  1,266
  1,349
  1,435
  1,525
  1,619
  1,717
  1,819
  1,925
  2,036
  2,151
  2,272
  2,398
  2,530
  2,668
  2,812
  2,962
  3,120
  3,285
Total debt, $m
  822
  1,035
  1,257
  1,490
  1,734
  1,988
  2,253
  2,529
  2,815
  3,113
  3,422
  3,744
  4,078
  4,426
  4,787
  5,163
  5,554
  5,962
  6,386
  6,828
  7,289
  7,770
  8,272
  8,796
  9,343
  9,915
  10,513
  11,139
  11,793
  12,478
  13,195
Total liabilities, $m
  1,891
  2,104
  2,326
  2,559
  2,803
  3,057
  3,322
  3,598
  3,884
  4,182
  4,491
  4,813
  5,147
  5,495
  5,856
  6,232
  6,623
  7,031
  7,455
  7,897
  8,358
  8,839
  9,341
  9,865
  10,412
  10,984
  11,582
  12,208
  12,862
  13,547
  14,264
Total equity, $m
  2,619
  1,498
  1,657
  1,823
  1,997
  2,178
  2,366
  2,563
  2,767
  2,979
  3,199
  3,429
  3,667
  3,914
  4,172
  4,439
  4,718
  5,008
  5,310
  5,625
  5,954
  6,296
  6,654
  7,027
  7,417
  7,824
  8,251
  8,696
  9,162
  9,650
  10,161
Total liabilities and equity, $m
  4,510
  3,602
  3,983
  4,382
  4,800
  5,235
  5,688
  6,161
  6,651
  7,161
  7,690
  8,242
  8,814
  9,409
  10,028
  10,671
  11,341
  12,039
  12,765
  13,522
  14,312
  15,135
  15,995
  16,892
  17,829
  18,808
  19,833
  20,904
  22,024
  23,197
  24,425
Debt-to-equity ratio
  0.314
  0.690
  0.760
  0.820
  0.870
  0.910
  0.950
  0.990
  1.020
  1.040
  1.070
  1.090
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
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
  586
  649
  716
  785
  858
  934
  1,012
  1,094
  1,179
  1,268
  1,405
  1,501
  1,600
  1,703
  1,810
  1,922
  2,038
  2,159
  2,286
  2,417
  2,555
  2,698
  2,848
  3,004
  3,167
  3,338
  3,517
  3,704
  3,900
  4,104
Depreciation, amort., depletion, $m
  71
  95
  99
  102
  106
  110
  114
  119
  123
  128
  133
  75
  80
  86
  91
  97
  103
  109
  116
  123
  130
  138
  145
  154
  162
  171
  180
  190
  200
  211
  222
Funds from operations, $m
  770
  681
  748
  818
  892
  968
  1,048
  1,131
  1,217
  1,307
  1,400
  1,480
  1,581
  1,685
  1,794
  1,907
  2,025
  2,148
  2,275
  2,409
  2,547
  2,692
  2,843
  3,001
  3,166
  3,338
  3,519
  3,707
  3,904
  4,110
  4,326
Change in working capital, $m
  66
  49
  51
  54
  56
  59
  61
  63
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
Cash from operations, $m
  704
  632
  697
  765
  836
  910
  987
  1,067
  1,151
  1,238
  1,329
  1,406
  1,504
  1,605
  1,711
  1,821
  1,935
  2,054
  2,178
  2,307
  2,441
  2,581
  2,728
  2,881
  3,040
  3,207
  3,381
  3,563
  3,753
  3,953
  4,161
Maintenance CAPEX, $m
  0
  -30
  -33
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -80
  -86
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
  -145
  -154
  -162
  -171
  -180
  -190
  -200
  -211
New CAPEX, $m
  -217
  -48
  -52
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -129
  -134
  -141
  -147
  -154
  -161
  -168
Cash from investing activities, $m
  -212
  -78
  -85
  -91
  -97
  -104
  -110
  -117
  -123
  -130
  -138
  -146
  -154
  -162
  -171
  -179
  -189
  -199
  -209
  -220
  -231
  -243
  -256
  -268
  -283
  -296
  -312
  -327
  -344
  -361
  -379
Free cash flow, $m
  492
  554
  612
  674
  738
  806
  877
  951
  1,028
  1,108
  1,191
  1,260
  1,350
  1,443
  1,540
  1,641
  1,746
  1,855
  1,969
  2,087
  2,210
  2,338
  2,472
  2,612
  2,758
  2,910
  3,069
  3,236
  3,410
  3,592
  3,782
Issuance/(repayment) of debt, $m
  222
  213
  223
  233
  244
  254
  265
  276
  287
  298
  310
  322
  334
  348
  361
  376
  391
  407
  424
  442
  461
  481
  502
  524
  547
  572
  598
  626
  654
  685
  717
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
  213
  223
  233
  244
  254
  265
  276
  287
  298
  310
  322
  334
  348
  361
  376
  391
  407
  424
  442
  461
  481
  502
  524
  547
  572
  598
  626
  654
  685
  717
Total cash flow (excl. dividends), $m
  212
  767
  834
  907
  982
  1,060
  1,142
  1,227
  1,314
  1,406
  1,500
  1,582
  1,684
  1,791
  1,902
  2,017
  2,137
  2,262
  2,393
  2,529
  2,671
  2,819
  2,974
  3,136
  3,305
  3,482
  3,667
  3,861
  4,064
  4,276
  4,499
Retained Cash Flow (-), $m
  -116
  -150
  -159
  -166
  -174
  -181
  -189
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -257
  -268
  -279
  -290
  -302
  -315
  -328
  -343
  -358
  -373
  -390
  -408
  -426
  -446
  -466
  -488
  -511
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
 
  1,887
  676
  741
  809
  879
  953
  1,030
  1,110
  1,193
  1,280
  1,353
  1,446
  1,543
  1,644
  1,749
  1,859
  1,972
  2,091
  2,214
  2,343
  2,477
  2,617
  2,763
  2,915
  3,075
  3,241
  3,416
  3,598
  3,789
  3,988
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
 
  1,810
  619
  645
  666
  682
  692
  696
  694
  686
  671
  642
  617
  587
  552
  514
  472
  429
  385
  341
  298
  256
  217
  181
  148
  120
  95
  73
  56
  41
  30
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 is a manufacturer of heart valve systems and repair products used to replace or repair a patient's diseased or defective heart valve. The Company is engaged in patient-focused innovations for structural heart disease and critical care monitoring. Its segments include United States, Europe, Japan and Rest of World. Its products are categorized into three areas: Transcatheter Heart Valve Therapy, Surgical Heart Valve Therapy and Critical Care. It also develops hemodynamic monitoring systems that are used to measure a patient's cardiovascular function in the hospital setting. It is developing products, such as the Edwards SAPIEN 3 Ultra System and Edwards SAPIEN XT transcatheter heart valve, among others. Its Transcatheter Heart Valve Therapy and Surgical Heart Valve Therapy products are manufactured in the United States, Singapore and Switzerland. Critical Care products are manufactured in its facilities located in Puerto Rico and the Dominican Republic.

FINANCIAL RATIOS  of  Edwards Lifesciences (EW)

Valuation Ratios
P/E Ratio 50.4
Price to Sales 9.7
Price to Book 11
Price to Tangible Book
Price to Cash Flow 40.8
Price to Free Cash Flow 58.9
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 11.2% 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 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 15%.

Life of production assets of 15.1 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 215.065 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 $29.2 billion.

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COMPANY NEWS

▶ Top Growth Stocks To Buy Today   [Feb-11-18 11:02AM  Simply Wall St.]
▶ Edwards Beats Fourth-Quarter Views, Issues Bullish Earnings Guide   [Feb-01-18 05:29PM  Investor's Business Daily]
▶ Edwards Lifesciences beats Street 4Q forecasts   [04:45PM  Associated Press]
▶ Intuitive Surgical: Whats Driving the Bull Run?   [Jan-23-18 03:40PM  Market Realist]
▶ [$$] Biomedical Startup Investor Epidarex Capital Plans Expansion   [Jan-19-18 08:23PM  The Wall Street Journal]
▶ Milestones Edwards Lifesciences Expects to Reach in 2018   [Jan-04-18 10:33AM  Market Realist]
▶ A Look at Edwards Lifesciences 2018 Sales Guidance   [Jan-03-18 05:05PM  Market Realist]
▶ How Edwards Lifesciences Taps the Global TAVR Opportunity   [Jan-02-18 10:32AM  Market Realist]
▶ [$$] Harpoon Medical Acquired by Edwards Lifesciences   [Dec-07-17 06:06PM  The Wall Street Journal]
▶ Edwards Acquires Harpoon Medical   [Dec-06-17 04:30PM  PR Newswire]
▶ Edwards Lifesciences Earns RS Rating Upgrade   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Edwards Lifesciences Crashes After Heart Valve Sales Miss Lofty Views   [Oct-25-17 04:29PM  Investor's Business Daily]
▶ Edwards Topples On Third-Quarter Misses, Soft Guidance   [05:23PM  Investor's Business Daily]
▶ Edwards Lifesciences misses Street 3Q forecasts   [04:29PM  Associated Press]
▶ This Week's Spectacular Big Cap Earnings Charts   [Oct-23-17 08:11PM  Zacks]
▶ Nike among today's IQ100 leaders   [Oct-17-17 01:17PM  CNBC Videos]
▶ Edwards Lifesciences Stock Gaining Momentum: Whats Next?   [Oct-16-17 09:09AM  Market Realist]
▶ Edwards Lifesciences Earnings Forecast for 3Q17   [Oct-13-17 04:36PM  Market Realist]
Financial statements 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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