Intrinsic value of HealthSouth - HLS

Previous Close

$44.32

  Intrinsic Value

$62.69

stock screener

  Rating & Target

buy

+41%

  Value-price divergence*

-78%

Previous close

$44.32

 
Intrinsic value

$62.69

 
Up/down potential

+41%

 
Rating

buy

 
Value-price divergence*

-78%

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

We calculate the intrinsic value of HLS 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 3.9

 

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, %
  17.01
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  3,646
  3,912
  4,189
  4,476
  4,775
  5,086
  5,409
  5,746
  6,096
  6,462
  6,842
  7,239
  7,653
  8,086
  8,537
  9,009
  9,502
  10,018
  10,557
  11,121
  11,712
  12,330
  12,978
  13,656
  14,367
  15,112
  15,892
  16,710
  17,568
  18,468
  19,411
Variable operating expenses, $m
 
  3,041
  3,243
  3,452
  3,670
  3,896
  4,131
  4,377
  4,632
  4,898
  5,175
  5,271
  5,573
  5,888
  6,216
  6,560
  6,919
  7,294
  7,687
  8,098
  8,528
  8,978
  9,450
  9,944
  10,461
  11,003
  11,572
  12,168
  12,792
  13,447
  14,134
Fixed operating expenses, $m
 
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  217
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  314
  321
  329
  338
Total operating expenses, $m
  3,005
  3,206
  3,412
  3,625
  3,848
  4,078
  4,318
  4,568
  4,828
  5,099
  5,381
  5,482
  5,790
  6,110
  6,443
  6,793
  7,158
  7,539
  7,938
  8,355
  8,792
  9,248
  9,727
  10,228
  10,752
  11,301
  11,878
  12,482
  13,113
  13,776
  14,472
Operating income, $m
  641
  706
  777
  851
  928
  1,008
  1,091
  1,178
  1,268
  1,363
  1,461
  1,757
  1,864
  1,976
  2,093
  2,216
  2,344
  2,478
  2,619
  2,766
  2,920
  3,082
  3,251
  3,428
  3,614
  3,810
  4,014
  4,229
  4,455
  4,691
  4,939
EBITDA, $m
  814
  988
  1,065
  1,146
  1,229
  1,317
  1,407
  1,502
  1,600
  1,703
  1,810
  1,922
  2,039
  2,161
  2,288
  2,422
  2,561
  2,707
  2,860
  3,020
  3,188
  3,363
  3,547
  3,740
  3,942
  4,155
  4,377
  4,611
  4,856
  5,113
  5,382
Interest expense (income), $m
  164
  160
  175
  191
  207
  225
  242
  261
  280
  300
  321
  343
  366
  390
  414
  440
  467
  496
  525
  556
  589
  622
  658
  695
  734
  775
  817
  862
  909
  958
  1,010
Earnings before tax, $m
  482
  546
  602
  660
  720
  783
  849
  917
  988
  1,062
  1,140
  1,414
  1,498
  1,587
  1,679
  1,776
  1,877
  1,983
  2,094
  2,210
  2,332
  2,459
  2,593
  2,733
  2,881
  3,035
  3,197
  3,367
  3,545
  3,733
  3,929
Tax expense, $m
  164
  147
  162
  178
  194
  211
  229
  248
  267
  287
  308
  382
  405
  428
  453
  479
  507
  535
  565
  597
  630
  664
  700
  738
  778
  819
  863
  909
  957
  1,008
  1,061
Net income, $m
  248
  399
  439
  482
  526
  572
  620
  669
  721
  776
  832
  1,032
  1,094
  1,158
  1,226
  1,296
  1,370
  1,447
  1,528
  1,613
  1,702
  1,795
  1,893
  1,995
  2,103
  2,215
  2,334
  2,458
  2,588
  2,725
  2,868

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  41
  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
  4,682
  5,022
  5,377
  5,746
  6,130
  6,529
  6,944
  7,376
  7,826
  8,295
  8,783
  9,293
  9,825
  10,380
  10,959
  11,565
  12,198
  12,860
  13,552
  14,277
  15,035
  15,829
  16,660
  17,531
  18,443
  19,399
  20,401
  21,451
  22,552
  23,707
  24,918
Adjusted assets (=assets-cash), $m
  4,641
  5,022
  5,377
  5,746
  6,130
  6,529
  6,944
  7,376
  7,826
  8,295
  8,783
  9,293
  9,825
  10,380
  10,959
  11,565
  12,198
  12,860
  13,552
  14,277
  15,035
  15,829
  16,660
  17,531
  18,443
  19,399
  20,401
  21,451
  22,552
  23,707
  24,918
Revenue / Adjusted assets
  0.786
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
Average production assets, $m
  1,766
  1,893
  2,027
  2,166
  2,311
  2,462
  2,618
  2,781
  2,951
  3,127
  3,312
  3,504
  3,704
  3,914
  4,132
  4,360
  4,599
  4,849
  5,110
  5,383
  5,669
  5,968
  6,281
  6,610
  6,954
  7,314
  7,692
  8,088
  8,503
  8,938
  9,395
Working capital, $m
  179
  188
  201
  215
  229
  244
  260
  276
  293
  310
  328
  347
  367
  388
  410
  432
  456
  481
  507
  534
  562
  592
  623
  656
  690
  725
  763
  802
  843
  886
  932
Total debt, $m
  3,016
  3,304
  3,603
  3,914
  4,237
  4,574
  4,924
  5,288
  5,667
  6,062
  6,474
  6,904
  7,352
  7,820
  8,309
  8,819
  9,353
  9,911
  10,494
  11,105
  11,744
  12,413
  13,114
  13,848
  14,617
  15,423
  16,268
  17,153
  18,082
  19,055
  20,076
Total liabilities, $m
  3,946
  4,234
  4,533
  4,844
  5,167
  5,504
  5,854
  6,218
  6,597
  6,992
  7,404
  7,834
  8,282
  8,750
  9,239
  9,749
  10,283
  10,841
  11,424
  12,035
  12,674
  13,343
  14,044
  14,778
  15,547
  16,353
  17,198
  18,083
  19,012
  19,985
  21,006
Total equity, $m
  736
  788
  844
  902
  962
  1,025
  1,090
  1,158
  1,229
  1,302
  1,379
  1,459
  1,542
  1,630
  1,721
  1,816
  1,915
  2,019
  2,128
  2,241
  2,360
  2,485
  2,616
  2,752
  2,896
  3,046
  3,203
  3,368
  3,541
  3,722
  3,912
Total liabilities and equity, $m
  4,682
  5,022
  5,377
  5,746
  6,129
  6,529
  6,944
  7,376
  7,826
  8,294
  8,783
  9,293
  9,824
  10,380
  10,960
  11,565
  12,198
  12,860
  13,552
  14,276
  15,034
  15,828
  16,660
  17,530
  18,443
  19,399
  20,401
  21,451
  22,553
  23,707
  24,918
Debt-to-equity ratio
  4.098
  4.190
  4.270
  4.340
  4.400
  4.460
  4.520
  4.570
  4.610
  4.660
  4.700
  4.730
  4.770
  4.800
  4.830
  4.860
  4.880
  4.910
  4.930
  4.950
  4.980
  5.000
  5.010
  5.030
  5.050
  5.060
  5.080
  5.090
  5.110
  5.120
  5.130
Adjusted equity ratio
  0.150
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  248
  399
  439
  482
  526
  572
  620
  669
  721
  776
  832
  1,032
  1,094
  1,158
  1,226
  1,296
  1,370
  1,447
  1,528
  1,613
  1,702
  1,795
  1,893
  1,995
  2,103
  2,215
  2,334
  2,458
  2,588
  2,725
  2,868
Depreciation, amort., depletion, $m
  173
  282
  288
  295
  302
  309
  316
  324
  332
  340
  349
  165
  175
  185
  195
  206
  217
  229
  241
  254
  267
  282
  296
  312
  328
  345
  363
  382
  401
  422
  443
Funds from operations, $m
  480
  681
  728
  777
  828
  881
  936
  993
  1,053
  1,116
  1,181
  1,197
  1,268
  1,343
  1,421
  1,502
  1,587
  1,676
  1,769
  1,867
  1,969
  2,077
  2,189
  2,307
  2,431
  2,560
  2,697
  2,839
  2,989
  3,147
  3,312
Change in working capital, $m
  -126
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
Cash from operations, $m
  606
  668
  714
  763
  813
  866
  920
  977
  1,036
  1,098
  1,163
  1,178
  1,248
  1,322
  1,399
  1,479
  1,563
  1,651
  1,743
  1,840
  1,941
  2,047
  2,158
  2,275
  2,397
  2,525
  2,659
  2,800
  2,948
  3,103
  3,266
Maintenance CAPEX, $m
  0
  -83
  -89
  -96
  -102
  -109
  -116
  -123
  -131
  -139
  -148
  -156
  -165
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -267
  -282
  -296
  -312
  -328
  -345
  -363
  -382
  -401
  -422
New CAPEX, $m
  -203
  -127
  -134
  -139
  -145
  -150
  -157
  -163
  -170
  -177
  -184
  -192
  -200
  -209
  -219
  -228
  -239
  -250
  -261
  -273
  -286
  -299
  -313
  -328
  -344
  -360
  -378
  -396
  -415
  -435
  -457
Cash from investing activities, $m
  -245
  -210
  -223
  -235
  -247
  -259
  -273
  -286
  -301
  -316
  -332
  -348
  -365
  -384
  -404
  -423
  -445
  -467
  -490
  -514
  -540
  -566
  -595
  -624
  -656
  -688
  -723
  -759
  -797
  -836
  -879
Free cash flow, $m
  361
  457
  491
  528
  566
  606
  648
  691
  736
  782
  831
  830
  883
  938
  996
  1,056
  1,119
  1,185
  1,254
  1,326
  1,401
  1,480
  1,563
  1,650
  1,741
  1,836
  1,936
  2,041
  2,151
  2,267
  2,388
Issuance/(repayment) of debt, $m
  -193
  288
  299
  311
  323
  336
  350
  364
  379
  395
  412
  430
  448
  468
  489
  511
  534
  558
  584
  611
  639
  669
  701
  734
  769
  806
  845
  885
  928
  973
  1,021
Issuance/(repurchase) of shares, $m
  -66
  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  
  -298
  288
  299
  311
  323
  336
  350
  364
  379
  395
  412
  430
  448
  468
  489
  511
  534
  558
  584
  611
  639
  669
  701
  734
  769
  806
  845
  885
  928
  973
  1,021
Total cash flow (excl. dividends), $m
  63
  745
  790
  839
  890
  943
  998
  1,055
  1,115
  1,178
  1,243
  1,259
  1,331
  1,406
  1,484
  1,567
  1,653
  1,743
  1,837
  1,936
  2,040
  2,150
  2,264
  2,384
  2,510
  2,642
  2,781
  2,927
  3,080
  3,240
  3,409
Retained Cash Flow (-), $m
  -125
  -52
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  692
  735
  781
  830
  880
  932
  987
  1,044
  1,104
  1,166
  1,179
  1,248
  1,319
  1,393
  1,471
  1,553
  1,639
  1,729
  1,823
  1,921
  2,025
  2,133
  2,247
  2,367
  2,492
  2,624
  2,762
  2,907
  3,059
  3,219
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  627
  598
  566
  529
  488
  444
  399
  354
  309
  265
  214
  178
  145
  116
  91
  70
  52
  38
  27
  19
  13
  8
  5
  3
  2
  1
  1
  0
  0
  0
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

HealthSouth Corporation provides facility-based and home-based post-acute healthcare services in the United States. The company operates through two segments, Inpatient Rehabilitation, and Home Health and Hospice. The Inpatient Rehabilitation segment provides specialized rehabilitative treatment on both an inpatient and outpatient basis to patients who are recovering from conditions, such as stroke and other neurological disorders, cardiac and pulmonary conditions, brain and spinal cord injuries, complex orthopedic conditions, and amputations. As of December 31, 2016, it operated 123 inpatient rehabilitation hospitals; and managed 5 inpatient rehabilitation units through management contracts. The Home Health and Hospice segment provides home health and hospice services in 223 locations across 25 states primarily in the Southeast, Oklahoma, and Texas. Its home health services include a comprehensive range of Medicare-certified home nursing services to adult patients in need of care, which comprise skilled nursing, medical social work, and home health aide services, as well as physical, occupational, and speech therapy. This segmentÂ’s hospice services comprise in-home services to terminally ill patients and their families to address patientsÂ’ physical needs, including pain control and symptom management, and to provide emotional and spiritual support. The company was founded in 1983 and is headquartered in Birmingham, Alabama.

FINANCIAL RATIOS  of  HealthSouth (HLS)

Valuation Ratios
P/E Ratio 15.9
Price to Sales 1.1
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 404.8%
Total Debt to Equity 409.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 36.8%
Return On Equity - 3 Yr. Avg. 37.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 96.2%
Gross Margin - 3 Yr. Avg. 95.8%
EBITDA Margin 22.5%
EBITDA Margin - 3 Yr. Avg. 22.9%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 17.9%
Pre-Tax Margin 13.2%
Pre-Tax Margin - 3 Yr. Avg. 14.1%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 32.9%
Payout Ratio 33.9%

HLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HLS stock intrinsic value calculation we used $3646 million for the last fiscal year's total revenue generated by HealthSouth. The default revenue input number comes from 2016 income statement of HealthSouth. 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 HLS stock valuation model: a) initial revenue growth rate of 7.3% 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 10.3%, whose default value for HLS is calculated based on our internal credit rating of HealthSouth, 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 HealthSouth.
    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 HLS stock the variable cost ratio is equal to 78.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $161 million in the base year in the intrinsic value calculation for HLS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.3% for HealthSouth.

Corporate tax rate of 27% is the nominal tax rate for HealthSouth. 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 HLS 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 HLS are equal to 48.4%.

Life of production assets of 21.2 years is the average useful life of capital assets used in HealthSouth 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 HLS is equal to 4.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $736 million for HealthSouth - 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 88.727 million for HealthSouth 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 HealthSouth at the current share price and the inputted number of shares is $3.9 billion.

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COMPANY NEWS

▶ HealthSouth beats Street 2Q forecasts   [Jul-31-17 09:33PM  Associated Press]
▶ HealthSouth Declares Dividend On Common Stock   [Jul-20-17 08:30AM  PR Newswire]
▶ HealthSouth announces new name, logo   [Jul-11-17 02:52PM  American City Business Journals]
▶ Stocks Close Mixed As Health Care Leads; 2 Medicals Hit Buy Points   [Jun-22-17 04:14PM  Investor's Business Daily]
▶ Thinly Traded Health Care Stock Tries To Resuscitate New Breakout   [May-24-17 11:16AM  Investor's Business Daily]
▶ ETFs with exposure to HealthSouth Corp. : May 19, 2017   [May-19-17 01:56PM  Capital Cube]
▶ HealthSouth Declares Dividend on Common Stock   [May-04-17 11:18AM  PR Newswire]
▶ HealthSouth beats Street 1Q forecasts   [Apr-27-17 05:06PM  Associated Press]
▶ Cleveland Clinic CEO: Must cut cost of covering people   [Mar-28-17 04:46PM  CNBC Videos]
▶ Soon-to-open Pearland rehab hospital names CEO   [Mar-27-17 01:30PM  at bizjournals.com]
▶ Soon-to-open Pearland rehab hospital names CEO   [01:30PM  American City Business Journals]
▶ HealthSouth to Hold Annual Stockholder Meeting   [Mar-24-17 11:53AM  PR Newswire]
▶ HealthSouth Declares Dividend on Common Stock   [Feb-17-17 10:09AM  PR Newswire]
▶ Royal Cup makes CFO hire   [Jan-17-17 03:40PM  at bizjournals.com]
▶ How HealthSouth Corp (HLS) Stacks Up Against Its Peers   [Nov-30-16 03:34PM  at Insider Monkey]
▶ Check out plans for HealthSouth's new office   [Nov-10-16 05:05PM  at bizjournals.com]
▶ HealthSouth Corp Set to Join the S&P Midcap 400   [Nov-01-16 06:09PM  PR Newswire]
▶ [$$] HealthSouth CEO to Step Down at Year's End   [04:50PM  at The Wall Street Journal]
▶ HealthSouth CEO Grinney to retire, successor named   [04:46PM  at bizjournals.com]
Stock chart of HLS Financial statements of HLS
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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