Intrinsic value of HealthSouth - HLS

Previous Close

$46.40

  Intrinsic Value

$54.97

stock screener

  Rating & Target

hold

+18%

  Value-price divergence*

-53%

Previous close

$46.40

 
Intrinsic value

$54.97

 
Up/down potential

+18%

 
Rating

hold

 
Value-price divergence*

-53%

*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 4.6

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  3,646
  3,901
  4,167
  4,442
  4,729
  5,028
  5,338
  5,662
  5,999
  6,351
  6,718
  7,101
  7,500
  7,918
  8,354
  8,810
  9,286
  9,785
  10,307
  10,853
  11,425
  12,024
  12,652
  13,309
  13,998
  14,721
  15,478
  16,272
  17,104
  17,977
  18,893
Variable operating expenses, $m
 
  3,033
  3,227
  3,427
  3,636
  3,854
  4,080
  4,316
  4,561
  4,817
  5,084
  5,170
  5,461
  5,765
  6,083
  6,415
  6,762
  7,125
  7,505
  7,903
  8,319
  8,755
  9,212
  9,691
  10,193
  10,719
  11,270
  11,848
  12,454
  13,090
  13,757
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
  3,198
  3,396
  3,600
  3,814
  4,036
  4,267
  4,507
  4,757
  5,018
  5,290
  5,381
  5,678
  5,987
  6,310
  6,648
  7,001
  7,370
  7,756
  8,160
  8,583
  9,025
  9,489
  9,975
  10,484
  11,017
  11,576
  12,162
  12,775
  13,419
  14,095
Operating income, $m
  641
  703
  771
  842
  915
  992
  1,072
  1,155
  1,242
  1,333
  1,427
  1,719
  1,822
  1,930
  2,043
  2,162
  2,285
  2,415
  2,551
  2,693
  2,842
  2,998
  3,162
  3,334
  3,514
  3,703
  3,902
  4,110
  4,328
  4,558
  4,798
EBITDA, $m
  814
  985
  1,059
  1,136
  1,216
  1,299
  1,386
  1,477
  1,572
  1,670
  1,774
  1,881
  1,994
  2,111
  2,234
  2,363
  2,498
  2,638
  2,786
  2,941
  3,103
  3,273
  3,451
  3,638
  3,834
  4,039
  4,255
  4,481
  4,719
  4,968
  5,230
Interest expense (income), $m
  164
  158
  172
  187
  203
  219
  236
  254
  272
  291
  311
  332
  354
  377
  400
  425
  451
  478
  506
  536
  567
  599
  633
  669
  706
  745
  786
  829
  875
  922
  971
Earnings before tax, $m
  482
  545
  599
  654
  712
  773
  836
  901
  970
  1,041
  1,116
  1,387
  1,469
  1,554
  1,643
  1,737
  1,835
  1,937
  2,045
  2,157
  2,275
  2,399
  2,529
  2,665
  2,808
  2,958
  3,115
  3,280
  3,454
  3,636
  3,827
Tax expense, $m
  164
  147
  162
  177
  192
  209
  226
  243
  262
  281
  301
  374
  397
  420
  444
  469
  495
  523
  552
  582
  614
  648
  683
  720
  758
  799
  841
  886
  933
  982
  1,033
Net income, $m
  248
  398
  437
  478
  520
  564
  610
  658
  708
  760
  815
  1,012
  1,072
  1,134
  1,200
  1,268
  1,339
  1,414
  1,493
  1,575
  1,661
  1,751
  1,846
  1,945
  2,050
  2,159
  2,274
  2,395
  2,521
  2,654
  2,794

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
  4,963
  5,301
  5,652
  6,017
  6,397
  6,792
  7,204
  7,633
  8,080
  8,547
  9,034
  9,542
  10,073
  10,628
  11,208
  11,815
  12,449
  13,113
  13,808
  14,536
  15,298
  16,096
  16,933
  17,810
  18,728
  19,692
  20,702
  21,761
  22,872
  24,037
Adjusted assets (=assets-cash), $m
  4,641
  4,963
  5,301
  5,652
  6,017
  6,397
  6,792
  7,204
  7,633
  8,080
  8,547
  9,034
  9,542
  10,073
  10,628
  11,208
  11,815
  12,449
  13,113
  13,808
  14,536
  15,298
  16,096
  16,933
  17,810
  18,728
  19,692
  20,702
  21,761
  22,872
  24,037
Revenue / Adjusted assets
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
Average production assets, $m
  1,766
  1,888
  2,017
  2,150
  2,289
  2,433
  2,584
  2,740
  2,904
  3,074
  3,251
  3,437
  3,630
  3,832
  4,043
  4,264
  4,495
  4,736
  4,989
  5,253
  5,530
  5,820
  6,123
  6,442
  6,775
  7,125
  7,491
  7,875
  8,278
  8,701
  9,144
Working capital, $m
  179
  187
  200
  213
  227
  241
  256
  272
  288
  305
  322
  341
  360
  380
  401
  423
  446
  470
  495
  521
  548
  577
  607
  639
  672
  707
  743
  781
  821
  863
  907
Total debt, $m
  3,016
  3,249
  3,533
  3,829
  4,136
  4,456
  4,789
  5,136
  5,497
  5,874
  6,266
  6,676
  7,105
  7,552
  8,019
  8,507
  9,018
  9,552
  10,111
  10,696
  11,309
  11,951
  12,623
  13,328
  14,066
  14,839
  15,650
  16,501
  17,393
  18,328
  19,309
Total liabilities, $m
  3,946
  4,179
  4,463
  4,759
  5,066
  5,386
  5,719
  6,066
  6,427
  6,804
  7,196
  7,606
  8,035
  8,482
  8,949
  9,437
  9,948
  10,482
  11,041
  11,626
  12,239
  12,881
  13,553
  14,258
  14,996
  15,769
  16,580
  17,431
  18,323
  19,258
  20,239
Total equity, $m
  736
  784
  838
  893
  951
  1,011
  1,073
  1,138
  1,206
  1,277
  1,350
  1,427
  1,508
  1,592
  1,679
  1,771
  1,867
  1,967
  2,072
  2,182
  2,297
  2,417
  2,543
  2,675
  2,814
  2,959
  3,111
  3,271
  3,438
  3,614
  3,798
Total liabilities and equity, $m
  4,682
  4,963
  5,301
  5,652
  6,017
  6,397
  6,792
  7,204
  7,633
  8,081
  8,546
  9,033
  9,543
  10,074
  10,628
  11,208
  11,815
  12,449
  13,113
  13,808
  14,536
  15,298
  16,096
  16,933
  17,810
  18,728
  19,691
  20,702
  21,761
  22,872
  24,037
Debt-to-equity ratio
  4.098
  4.140
  4.220
  4.290
  4.350
  4.410
  4.460
  4.510
  4.560
  4.600
  4.640
  4.680
  4.710
  4.740
  4.780
  4.800
  4.830
  4.860
  4.880
  4.900
  4.920
  4.940
  4.960
  4.980
  5.000
  5.010
  5.030
  5.040
  5.060
  5.070
  5.080
Adjusted equity ratio
  0.150
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  248
  398
  437
  478
  520
  564
  610
  658
  708
  760
  815
  1,012
  1,072
  1,134
  1,200
  1,268
  1,339
  1,414
  1,493
  1,575
  1,661
  1,751
  1,846
  1,945
  2,050
  2,159
  2,274
  2,395
  2,521
  2,654
  2,794
Depreciation, amort., depletion, $m
  173
  282
  288
  294
  301
  307
  315
  322
  330
  338
  346
  162
  171
  181
  191
  201
  212
  223
  235
  248
  261
  275
  289
  304
  320
  336
  353
  371
  390
  410
  431
Funds from operations, $m
  480
  680
  725
  772
  821
  872
  925
  980
  1,038
  1,098
  1,161
  1,175
  1,243
  1,315
  1,390
  1,469
  1,551
  1,638
  1,728
  1,823
  1,922
  2,026
  2,135
  2,249
  2,369
  2,495
  2,627
  2,766
  2,912
  3,065
  3,225
Change in working capital, $m
  -126
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
Cash from operations, $m
  606
  667
  712
  759
  807
  857
  910
  964
  1,022
  1,081
  1,143
  1,156
  1,224
  1,295
  1,369
  1,447
  1,528
  1,614
  1,703
  1,796
  1,894
  1,997
  2,105
  2,218
  2,336
  2,461
  2,591
  2,728
  2,872
  3,023
  3,181
Maintenance CAPEX, $m
  0
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -201
  -212
  -223
  -235
  -248
  -261
  -275
  -289
  -304
  -320
  -336
  -353
  -371
  -390
  -410
New CAPEX, $m
  -203
  -122
  -128
  -133
  -139
  -144
  -150
  -157
  -163
  -170
  -178
  -185
  -193
  -202
  -211
  -221
  -231
  -241
  -253
  -264
  -277
  -290
  -304
  -318
  -334
  -350
  -366
  -384
  -403
  -423
  -443
Cash from investing activities, $m
  -245
  -205
  -217
  -228
  -240
  -252
  -265
  -279
  -292
  -307
  -323
  -338
  -355
  -373
  -392
  -412
  -432
  -453
  -476
  -499
  -525
  -551
  -579
  -607
  -638
  -670
  -702
  -737
  -774
  -813
  -853
Free cash flow, $m
  361
  462
  495
  530
  567
  605
  645
  686
  729
  774
  821
  818
  869
  922
  977
  1,036
  1,097
  1,160
  1,227
  1,297
  1,370
  1,446
  1,527
  1,611
  1,699
  1,791
  1,889
  1,990
  2,097
  2,210
  2,327
Issuance/(repayment) of debt, $m
  -193
  270
  284
  295
  307
  320
  333
  347
  361
  377
  393
  410
  428
  447
  467
  488
  511
  534
  559
  585
  613
  642
  672
  704
  738
  774
  811
  850
  892
  935
  981
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
  270
  284
  295
  307
  320
  333
  347
  361
  377
  393
  410
  428
  447
  467
  488
  511
  534
  559
  585
  613
  642
  672
  704
  738
  774
  811
  850
  892
  935
  981
Total cash flow (excl. dividends), $m
  63
  732
  779
  825
  874
  925
  977
  1,033
  1,090
  1,151
  1,214
  1,228
  1,297
  1,369
  1,445
  1,524
  1,607
  1,694
  1,786
  1,882
  1,982
  2,088
  2,199
  2,315
  2,437
  2,565
  2,700
  2,841
  2,989
  3,145
  3,308
Retained Cash Flow (-), $m
  -125
  -52
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -139
  -145
  -152
  -160
  -167
  -176
  -184
Prev. year cash balance distribution, $m
 
  4
  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
 
  684
  725
  770
  816
  865
  915
  968
  1,023
  1,080
  1,140
  1,151
  1,216
  1,285
  1,357
  1,432
  1,511
  1,594
  1,681
  1,772
  1,867
  1,968
  2,073
  2,183
  2,299
  2,420
  2,547
  2,681
  2,822
  2,969
  3,124
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
 
  620
  591
  558
  520
  479
  436
  391
  346
  302
  259
  209
  174
  141
  113
  89
  68
  51
  37
  26
  18
  12
  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 (HealthSouth) is a provider of post-acute healthcare services, offering both facility-based and home-based post-acute services in 35 states and Puerto Rico through its network of inpatient rehabilitation hospitals, home health agencies and hospice agencies. The Company manages its operations through segments, including inpatient rehabilitation, and home health and hospice. It is an owner and operator of inpatient rehabilitation hospitals. It provides specialized rehabilitative treatment on both an inpatient and outpatient basis. It offers its home health and hospice services through Encompass Home Health and Hospice business (Encompass). Encompass operates home health and hospice agencies in 25 states, with concentrations in the Southeast, Oklahoma, and Texas. As of December 31, 2016, the Company operated 123 inpatient rehabilitation hospitals. As of December 31, 2016, the Company managed five inpatient rehabilitation units through management contracts.

FINANCIAL RATIOS  of  HealthSouth (HLS)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 1.1
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 10.2
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% 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 99.347 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 $4.6 billion.

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COMPANY NEWS

▶ HealthSouth Declares Dividend on Common Stock   [Oct-20-17 08:55AM  PR Newswire]
▶ HealthSouth Amends Senior Credit Facility   [Oct-02-17 08:00AM  PR Newswire]
▶ HealthSouth, University Medical Center announce joint venture   [Sep-26-17 03:50PM  American City Business Journals]
▶ HealthSouth and Cerner form innovation center   [Sep-04-17 03:57PM  American City Business Journals]
▶ ETFs with exposure to HealthSouth Corp. : August 18, 2017   [Aug-18-17 05:09PM  Capital Cube]
▶ 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]
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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