Intrinsic value of Hill-Rom Holdings - HRC

Previous Close

$74.87

  Intrinsic Value

$43.96

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

-118%

Previous close

$74.87

 
Intrinsic value

$43.96

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

-118%

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

We calculate the intrinsic value of HRC 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 4.9

 

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, %
  33.55
  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
  2,655
  2,849
  3,050
  3,260
  3,477
  3,704
  3,939
  4,184
  4,439
  4,705
  4,982
  5,272
  5,573
  5,888
  6,217
  6,560
  6,919
  7,295
  7,688
  8,099
  8,529
  8,979
  9,450
  9,944
  10,462
  11,004
  11,573
  12,168
  12,793
  13,448
  14,135
Variable operating expenses, $m
 
  2,256
  2,404
  2,559
  2,719
  2,885
  3,059
  3,239
  3,427
  3,623
  3,827
  3,882
  4,104
  4,336
  4,578
  4,831
  5,095
  5,372
  5,661
  5,963
  6,280
  6,612
  6,959
  7,322
  7,704
  8,103
  8,521
  8,960
  9,420
  9,902
  10,408
Fixed operating expenses, $m
 
  338
  347
  355
  364
  373
  383
  392
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  528
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
  692
Total operating expenses, $m
  2,436
  2,594
  2,751
  2,914
  3,083
  3,258
  3,442
  3,631
  3,829
  4,035
  4,249
  4,315
  4,548
  4,791
  5,044
  5,309
  5,585
  5,874
  6,176
  6,491
  6,821
  7,166
  7,527
  7,904
  8,301
  8,715
  9,148
  9,603
  10,079
  10,577
  11,100
Operating income, $m
  220
  254
  299
  346
  394
  445
  497
  553
  610
  670
  733
  957
  1,026
  1,098
  1,173
  1,252
  1,335
  1,421
  1,512
  1,608
  1,708
  1,813
  1,924
  2,040
  2,162
  2,290
  2,424
  2,566
  2,714
  2,870
  3,035
EBITDA, $m
  429
  524
  576
  631
  688
  747
  809
  874
  941
  1,011
  1,085
  1,162
  1,242
  1,326
  1,415
  1,507
  1,603
  1,705
  1,811
  1,923
  2,039
  2,162
  2,291
  2,426
  2,568
  2,717
  2,874
  3,039
  3,212
  3,393
  3,584
Interest expense (income), $m
  81
  72
  79
  87
  96
  104
  113
  122
  132
  142
  152
  163
  175
  187
  199
  212
  225
  240
  254
  270
  286
  303
  321
  339
  359
  379
  400
  423
  446
  471
  497
Earnings before tax, $m
  138
  183
  220
  258
  299
  341
  384
  430
  478
  528
  580
  794
  851
  911
  974
  1,040
  1,109
  1,182
  1,258
  1,338
  1,422
  1,510
  1,603
  1,700
  1,803
  1,911
  2,024
  2,143
  2,268
  2,400
  2,538
Tax expense, $m
  15
  49
  59
  70
  81
  92
  104
  116
  129
  143
  157
  214
  230
  246
  263
  281
  299
  319
  340
  361
  384
  408
  433
  459
  487
  516
  546
  579
  612
  648
  685
Net income, $m
  124
  133
  160
  189
  218
  249
  281
  314
  349
  386
  424
  579
  621
  665
  711
  759
  810
  863
  918
  977
  1,038
  1,102
  1,170
  1,241
  1,316
  1,395
  1,477
  1,564
  1,656
  1,752
  1,853

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  232
  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
  4,262
  4,323
  4,629
  4,946
  5,276
  5,620
  5,977
  6,349
  6,736
  7,140
  7,561
  7,999
  8,457
  8,935
  9,434
  9,955
  10,500
  11,070
  11,666
  12,289
  12,942
  13,625
  14,341
  15,090
  15,875
  16,698
  17,561
  18,465
  19,413
  20,407
  21,449
Adjusted assets (=assets-cash), $m
  4,030
  4,323
  4,629
  4,946
  5,276
  5,620
  5,977
  6,349
  6,736
  7,140
  7,561
  7,999
  8,457
  8,935
  9,434
  9,955
  10,500
  11,070
  11,666
  12,289
  12,942
  13,625
  14,341
  15,090
  15,875
  16,698
  17,561
  18,465
  19,413
  20,407
  21,449
Revenue / Adjusted assets
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
Average production assets, $m
  1,560
  1,672
  1,790
  1,913
  2,041
  2,174
  2,312
  2,456
  2,606
  2,762
  2,925
  3,094
  3,271
  3,456
  3,649
  3,851
  4,062
  4,282
  4,513
  4,754
  5,006
  5,271
  5,547
  5,837
  6,141
  6,459
  6,793
  7,143
  7,510
  7,894
  8,297
Working capital, $m
  420
  427
  458
  489
  522
  556
  591
  628
  666
  706
  747
  791
  836
  883
  933
  984
  1,038
  1,094
  1,153
  1,215
  1,279
  1,347
  1,418
  1,492
  1,569
  1,651
  1,736
  1,825
  1,919
  2,017
  2,120
Total debt, $m
  2,149
  2,144
  2,359
  2,581
  2,813
  3,054
  3,304
  3,565
  3,836
  4,119
  4,414
  4,721
  5,042
  5,377
  5,727
  6,092
  6,474
  6,874
  7,292
  7,729
  8,186
  8,665
  9,167
  9,692
  10,243
  10,820
  11,424
  12,058
  12,722
  13,419
  14,150
Total liabilities, $m
  3,035
  3,030
  3,245
  3,467
  3,699
  3,940
  4,190
  4,451
  4,722
  5,005
  5,300
  5,607
  5,928
  6,263
  6,613
  6,978
  7,360
  7,760
  8,178
  8,615
  9,072
  9,551
  10,053
  10,578
  11,129
  11,706
  12,310
  12,944
  13,608
  14,305
  15,036
Total equity, $m
  1,227
  1,293
  1,384
  1,479
  1,578
  1,680
  1,787
  1,898
  2,014
  2,135
  2,261
  2,392
  2,529
  2,671
  2,821
  2,977
  3,139
  3,310
  3,488
  3,674
  3,870
  4,074
  4,288
  4,512
  4,747
  4,993
  5,251
  5,521
  5,804
  6,102
  6,413
Total liabilities and equity, $m
  4,262
  4,323
  4,629
  4,946
  5,277
  5,620
  5,977
  6,349
  6,736
  7,140
  7,561
  7,999
  8,457
  8,934
  9,434
  9,955
  10,499
  11,070
  11,666
  12,289
  12,942
  13,625
  14,341
  15,090
  15,876
  16,699
  17,561
  18,465
  19,412
  20,407
  21,449
Debt-to-equity ratio
  1.751
  1.660
  1.700
  1.750
  1.780
  1.820
  1.850
  1.880
  1.900
  1.930
  1.950
  1.970
  1.990
  2.010
  2.030
  2.050
  2.060
  2.080
  2.090
  2.100
  2.120
  2.130
  2.140
  2.150
  2.160
  2.170
  2.180
  2.180
  2.190
  2.200
  2.210
Adjusted equity ratio
  0.247
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  124
  133
  160
  189
  218
  249
  281
  314
  349
  386
  424
  579
  621
  665
  711
  759
  810
  863
  918
  977
  1,038
  1,102
  1,170
  1,241
  1,316
  1,395
  1,477
  1,564
  1,656
  1,752
  1,853
Depreciation, amort., depletion, $m
  209
  269
  277
  285
  294
  302
  312
  321
  331
  341
  352
  205
  217
  229
  242
  255
  269
  284
  299
  315
  332
  349
  367
  387
  407
  428
  450
  473
  497
  523
  549
Funds from operations, $m
  239
  403
  437
  474
  512
  551
  592
  635
  680
  727
  776
  784
  838
  894
  953
  1,014
  1,079
  1,146
  1,217
  1,292
  1,370
  1,452
  1,538
  1,628
  1,723
  1,823
  1,927
  2,037
  2,153
  2,275
  2,402
Change in working capital, $m
  -42
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  56
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
Cash from operations, $m
  281
  373
  407
  442
  479
  517
  557
  598
  642
  687
  734
  741
  793
  847
  903
  963
  1,025
  1,090
  1,158
  1,230
  1,305
  1,384
  1,467
  1,554
  1,645
  1,741
  1,842
  1,948
  2,059
  2,176
  2,299
Maintenance CAPEX, $m
  0
  -103
  -111
  -119
  -127
  -135
  -144
  -153
  -163
  -173
  -183
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -284
  -299
  -315
  -332
  -349
  -367
  -387
  -407
  -428
  -450
  -473
  -497
  -523
New CAPEX, $m
  -83
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -220
  -231
  -241
  -252
  -264
  -277
  -290
  -304
  -318
  -334
  -350
  -367
  -385
  -403
Cash from investing activities, $m
  -98
  -216
  -229
  -242
  -255
  -268
  -282
  -297
  -313
  -329
  -346
  -364
  -382
  -402
  -422
  -444
  -466
  -489
  -515
  -540
  -567
  -596
  -626
  -657
  -691
  -725
  -762
  -800
  -840
  -882
  -926
Free cash flow, $m
  183
  157
  178
  201
  224
  249
  275
  301
  329
  358
  389
  378
  411
  445
  481
  519
  559
  601
  644
  690
  738
  788
  841
  897
  955
  1,016
  1,081
  1,148
  1,220
  1,294
  1,373
Issuance/(repayment) of debt, $m
  -101
  205
  214
  223
  232
  241
  250
  261
  272
  283
  295
  308
  321
  335
  350
  365
  382
  399
  418
  437
  458
  479
  502
  525
  550
  577
  605
  634
  665
  697
  731
Issuance/(repurchase) of shares, $m
  2
  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  
  -98
  205
  214
  223
  232
  241
  250
  261
  272
  283
  295
  308
  321
  335
  350
  365
  382
  399
  418
  437
  458
  479
  502
  525
  550
  577
  605
  634
  665
  697
  731
Total cash flow (excl. dividends), $m
  83
  363
  392
  424
  456
  490
  525
  562
  601
  641
  683
  685
  731
  780
  831
  885
  941
  1,000
  1,062
  1,127
  1,195
  1,267
  1,343
  1,422
  1,505
  1,593
  1,685
  1,782
  1,884
  1,991
  2,104
Retained Cash Flow (-), $m
  -80
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -270
  -283
  -297
  -312
Prev. year cash balance distribution, $m
 
  22
  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
 
  297
  301
  329
  357
  387
  418
  451
  485
  521
  558
  554
  595
  637
  682
  729
  778
  830
  884
  940
  1,000
  1,063
  1,129
  1,198
  1,271
  1,347
  1,427
  1,512
  1,601
  1,694
  1,792
Discount rate, %
 
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
 
  273
  252
  248
  241
  232
  219
  205
  189
  171
  153
  125
  109
  93
  78
  64
  51
  41
  31
  24
  17
  12
  9
  6
  4
  2
  2
  1
  1
  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

Hill-Rom Holdings, Inc. operates as a medical technology company worldwide. It provides medical surgical beds, intensive care unit beds, bariatric patient beds, lifts and other devices, non-invasive therapeutic products and surfaces, communications technologies and software solutions, and health care furniture; and medical equipment management services, as well as sells equipment service contracts for its capital equipment. The company also offers patient monitoring and diagnostics products, such as blood pressure, physical assessment, vital signs monitoring, diagnostic cardiopulmonary, diabetic retinopathy screening, and thermometry products; and respiratory health products, including Vest, VitalCough, and MetaNeb systems to assist patients in the mobilization of retained blockages. In addition, it provides surgical solutions products comprising surgical tables, lights, and pendants; positioning devices for use in shoulder, hip, spinal, and lithotomy surgeries; platform-neutral positioning accessories; and operating room surgical safety and accessory products, such as scalpels and blades, light handle systems, skin markers, and other disposable products. The company sells and rents its products to acute and extended care facilities through direct sales force and distributors; and directly to patients in the home, as well as sells its products to primary care facilities through distributors. Further, it offers diagnostic cardiology devices, including resting electrocardiography, cardiac stress exercise, Holter monitoring, ambulatory blood pressure monitoring, and cardiac and pulmonary rehabilitation and multi-parameter patient monitoring products under the Mortara, Quinton, and Burdick brands for clinical care, from acute care to primary care and clinical research organizations. Hill-Rom Holdings, Inc. was founded in 1969 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Hill-Rom Holdings (HRC)

Valuation Ratios
P/E Ratio 39.7
Price to Sales 1.9
Price to Book 4
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow 24.8
Growth Rates
Sales Growth Rate 33.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.4%
Cap. Spend. - 3 Yr. Gr. Rate 5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 158%
Total Debt to Equity 175.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 47.3%
Gross Margin - 3 Yr. Avg. 46%
EBITDA Margin 16.1%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 8.2%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 10.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 35.5%

HRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRC stock intrinsic value calculation we used $2655 million for the last fiscal year's total revenue generated by Hill-Rom Holdings. The default revenue input number comes from 2016 income statement of Hill-Rom Holdings. 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 HRC 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 8.9%, whose default value for HRC is calculated based on our internal credit rating of Hill-Rom Holdings, 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 Hill-Rom Holdings.
    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 HRC stock the variable cost ratio is equal to 79.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $330 million in the base year in the intrinsic value calculation for HRC 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 3.7% for Hill-Rom Holdings.

Corporate tax rate of 27% is the nominal tax rate for Hill-Rom Holdings. 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 HRC 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 HRC are equal to 58.7%.

Life of production assets of 15.1 years is the average useful life of capital assets used in Hill-Rom Holdings 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 HRC is equal to 15%. 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 - $1227 million for Hill-Rom Holdings - 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 64.871 million for Hill-Rom Holdings 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 Hill-Rom Holdings at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ Hill-Rom beats 3Q profit forecasts   [Jul-28-17 10:13PM  Associated Press]
▶ No. 1 Ranked Medical Stock Near Buy Zone With Earnings Due   [Jul-24-17 11:13AM  Investor's Business Daily]
▶ Hill-Rom Declares Fourth Quarter Dividend   [Jul-19-17 08:28AM  PR Newswire]
▶ 2017 Tech IPO Examines Potential New Buy Zone   [May-30-17 12:01PM  Investor's Business Daily]
▶ Hill-Rom Declares Third Quarter Dividend   [May-26-17 09:07AM  PR Newswire]
▶ Hill-Rom Introduces Envella Air Fluidized Therapy Bed   [May-22-17 12:00PM  PR Newswire]
▶ New Hill-Rom® 900 Accella Bed Enhances Patient Care   [May-18-17 04:00AM  PR Newswire]
▶ Hill-Rom Breaks Ground On Welch Allyn Campus Expansion   [May-05-17 03:30PM  PR Newswire]
▶ Hill-Rom tops Street 2Q forecasts   [Apr-28-17 07:08AM  Associated Press]
▶ Hill-Rom Introduces Monarch Airway Clearance System   [Apr-25-17 12:32PM  PR Newswire]
▶ 3 Top Medical Instrument Companies to Buy in 2017   [Apr-04-17 04:22PM  Motley Fool]
Stock chart of HRC Financial statements of HRC
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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