Intrinsic value of Hill-Rom Holdings - HRC

Previous Close

$80.30

  Intrinsic Value

$37.68

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-91%

Previous close

$80.30

 
Intrinsic value

$37.68

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-91%

*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 5.3

 

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
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  2,655
  2,793
  2,938
  3,089
  3,248
  3,415
  3,590
  3,773
  3,965
  4,167
  4,379
  4,601
  4,834
  5,078
  5,334
  5,604
  5,886
  6,183
  6,494
  6,820
  7,163
  7,523
  7,901
  8,298
  8,714
  9,151
  9,610
  10,092
  10,597
  11,128
  11,686
Variable operating expenses, $m
 
  2,215
  2,322
  2,433
  2,550
  2,673
  2,802
  2,937
  3,078
  3,227
  3,383
  3,388
  3,559
  3,739
  3,928
  4,126
  4,334
  4,552
  4,782
  5,022
  5,275
  5,540
  5,818
  6,110
  6,416
  6,738
  7,076
  7,431
  7,803
  8,194
  8,605
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
  2,553
  2,669
  2,788
  2,914
  3,046
  3,185
  3,329
  3,480
  3,639
  3,805
  3,821
  4,003
  4,194
  4,394
  4,604
  4,824
  5,054
  5,297
  5,550
  5,816
  6,094
  6,386
  6,692
  7,013
  7,350
  7,703
  8,074
  8,462
  8,869
  9,297
Operating income, $m
  220
  240
  269
  301
  334
  369
  405
  444
  485
  528
  574
  780
  831
  884
  940
  1,000
  1,062
  1,128
  1,197
  1,271
  1,348
  1,429
  1,515
  1,605
  1,701
  1,801
  1,907
  2,018
  2,135
  2,259
  2,389
EBITDA, $m
  429
  507
  542
  579
  618
  660
  703
  749
  798
  849
  902
  959
  1,019
  1,081
  1,148
  1,217
  1,291
  1,368
  1,450
  1,536
  1,626
  1,722
  1,822
  1,928
  2,039
  2,157
  2,280
  2,410
  2,547
  2,691
  2,843
Interest expense (income), $m
  81
  72
  77
  83
  89
  95
  102
  109
  116
  123
  131
  140
  148
  157
  167
  177
  188
  199
  211
  223
  236
  249
  263
  278
  294
  310
  327
  345
  364
  384
  405
Earnings before tax, $m
  138
  168
  192
  218
  245
  274
  304
  336
  369
  405
  442
  640
  682
  726
  773
  822
  874
  929
  987
  1,048
  1,112
  1,180
  1,252
  1,327
  1,407
  1,491
  1,579
  1,673
  1,771
  1,874
  1,984
Tax expense, $m
  15
  45
  52
  59
  66
  74
  82
  91
  100
  109
  119
  173
  184
  196
  209
  222
  236
  251
  266
  283
  300
  319
  338
  358
  380
  403
  426
  452
  478
  506
  536
Net income, $m
  124
  123
  140
  159
  179
  200
  222
  245
  270
  296
  323
  468
  498
  530
  564
  600
  638
  678
  720
  765
  812
  862
  914
  969
  1,027
  1,088
  1,153
  1,221
  1,293
  1,368
  1,448

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
  4,238
  4,458
  4,688
  4,929
  5,182
  5,447
  5,726
  6,017
  6,323
  6,644
  6,981
  7,335
  7,706
  8,095
  8,503
  8,932
  9,382
  9,854
  10,350
  10,870
  11,416
  11,989
  12,591
  13,223
  13,886
  14,583
  15,314
  16,081
  16,887
  17,733
Adjusted assets (=assets-cash), $m
  4,030
  4,238
  4,458
  4,688
  4,929
  5,182
  5,447
  5,726
  6,017
  6,323
  6,644
  6,981
  7,335
  7,706
  8,095
  8,503
  8,932
  9,382
  9,854
  10,350
  10,870
  11,416
  11,989
  12,591
  13,223
  13,886
  14,583
  15,314
  16,081
  16,887
  17,733
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
  1,640
  1,724
  1,813
  1,907
  2,005
  2,107
  2,215
  2,328
  2,446
  2,570
  2,701
  2,837
  2,981
  3,131
  3,289
  3,455
  3,629
  3,812
  4,004
  4,205
  4,416
  4,638
  4,871
  5,115
  5,372
  5,641
  5,924
  6,221
  6,532
  6,860
Working capital, $m
  420
  419
  441
  463
  487
  512
  538
  566
  595
  625
  657
  690
  725
  762
  800
  841
  883
  927
  974
  1,023
  1,074
  1,128
  1,185
  1,245
  1,307
  1,373
  1,441
  1,514
  1,590
  1,669
  1,753
Total debt, $m
  2,149
  2,085
  2,239
  2,400
  2,569
  2,747
  2,933
  3,128
  3,332
  3,547
  3,772
  4,008
  4,256
  4,516
  4,788
  5,075
  5,375
  5,691
  6,022
  6,369
  6,734
  7,117
  7,519
  7,940
  8,383
  8,848
  9,336
  9,849
  10,387
  10,952
  11,545
Total liabilities, $m
  3,035
  2,971
  3,125
  3,286
  3,455
  3,633
  3,819
  4,014
  4,218
  4,433
  4,658
  4,894
  5,142
  5,402
  5,674
  5,961
  6,261
  6,577
  6,908
  7,255
  7,620
  8,003
  8,405
  8,826
  9,269
  9,734
  10,222
  10,735
  11,273
  11,838
  12,431
Total equity, $m
  1,227
  1,267
  1,333
  1,402
  1,474
  1,549
  1,629
  1,712
  1,799
  1,891
  1,987
  2,087
  2,193
  2,304
  2,420
  2,542
  2,671
  2,805
  2,946
  3,095
  3,250
  3,413
  3,585
  3,765
  3,954
  4,152
  4,360
  4,579
  4,808
  5,049
  5,302
Total liabilities and equity, $m
  4,262
  4,238
  4,458
  4,688
  4,929
  5,182
  5,448
  5,726
  6,017
  6,324
  6,645
  6,981
  7,335
  7,706
  8,094
  8,503
  8,932
  9,382
  9,854
  10,350
  10,870
  11,416
  11,990
  12,591
  13,223
  13,886
  14,582
  15,314
  16,081
  16,887
  17,733
Debt-to-equity ratio
  1.751
  1.650
  1.680
  1.710
  1.740
  1.770
  1.800
  1.830
  1.850
  1.880
  1.900
  1.920
  1.940
  1.960
  1.980
  2.000
  2.010
  2.030
  2.040
  2.060
  2.070
  2.080
  2.100
  2.110
  2.120
  2.130
  2.140
  2.150
  2.160
  2.170
  2.180
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
  123
  140
  159
  179
  200
  222
  245
  270
  296
  323
  468
  498
  530
  564
  600
  638
  678
  720
  765
  812
  862
  914
  969
  1,027
  1,088
  1,153
  1,221
  1,293
  1,368
  1,448
Depreciation, amort., depletion, $m
  209
  267
  273
  278
  285
  291
  298
  305
  313
  320
  329
  179
  188
  197
  207
  218
  229
  240
  252
  265
  278
  292
  307
  323
  339
  356
  374
  392
  412
  433
  454
Funds from operations, $m
  239
  390
  413
  438
  464
  491
  520
  550
  582
  616
  652
  646
  686
  728
  772
  818
  867
  919
  973
  1,030
  1,090
  1,154
  1,221
  1,291
  1,366
  1,444
  1,526
  1,613
  1,705
  1,801
  1,902
Change in working capital, $m
  -42
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  47
  49
  51
  54
  57
  59
  62
  66
  69
  72
  76
  80
  84
Cash from operations, $m
  281
  369
  391
  415
  440
  466
  493
  523
  553
  586
  620
  613
  651
  691
  733
  778
  825
  874
  926
  981
  1,039
  1,100
  1,164
  1,232
  1,303
  1,378
  1,458
  1,541
  1,629
  1,721
  1,819
Maintenance CAPEX, $m
  0
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -278
  -292
  -307
  -323
  -339
  -356
  -374
  -392
  -412
  -433
New CAPEX, $m
  -83
  -80
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -211
  -222
  -233
  -244
  -257
  -269
  -283
  -297
  -312
  -327
Cash from investing activities, $m
  -98
  -183
  -194
  -203
  -213
  -224
  -236
  -248
  -260
  -272
  -286
  -300
  -316
  -331
  -348
  -365
  -384
  -403
  -423
  -444
  -466
  -489
  -514
  -540
  -567
  -596
  -625
  -657
  -689
  -724
  -760
Free cash flow, $m
  183
  186
  198
  212
  226
  242
  258
  275
  294
  313
  334
  313
  335
  360
  385
  412
  441
  471
  503
  537
  573
  610
  650
  692
  736
  783
  833
  885
  940
  998
  1,059
Issuance/(repayment) of debt, $m
  -101
  146
  154
  161
  169
  177
  186
  195
  205
  215
  225
  236
  248
  260
  273
  286
  300
  315
  331
  347
  365
  383
  402
  422
  443
  465
  488
  512
  538
  565
  593
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
  146
  154
  161
  169
  177
  186
  195
  205
  215
  225
  236
  248
  260
  273
  286
  300
  315
  331
  347
  365
  383
  402
  422
  443
  465
  488
  512
  538
  565
  593
Total cash flow (excl. dividends), $m
  83
  332
  352
  373
  395
  419
  444
  470
  498
  528
  559
  549
  583
  620
  658
  699
  742
  787
  834
  884
  937
  993
  1,052
  1,114
  1,179
  1,248
  1,321
  1,397
  1,478
  1,563
  1,652
Retained Cash Flow (-), $m
  -80
  -62
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -171
  -180
  -189
  -198
  -208
  -219
  -229
  -241
  -253
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
 
  291
  286
  304
  323
  343
  365
  387
  411
  436
  463
  448
  478
  509
  542
  577
  613
  652
  693
  736
  782
  830
  880
  934
  990
  1,050
  1,112
  1,179
  1,248
  1,322
  1,399
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
 
  268
  239
  230
  218
  205
  191
  176
  160
  143
  127
  101
  87
  74
  62
  51
  41
  32
  25
  18
  14
  10
  7
  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

Hill-Rom Holdings, Inc. is a global medical technology company. The Company operates through four segments: North America Patient Support Systems, International Patient Support Systems, Front Line Care and Surgical Solutions. The Company's products and services include Patient Support Systems, Front Line Care and Surgical Solutions. The Company sells and rents its specialty frames and surfaces, and mobility solutions, as well as its clinical workflow solutions, in the United States and Canada through its North America Patient Support Systems segment, and in regions outside of the United States and Canada through its International Patient Support Systems segment. Its Front Line Care segment globally sells and rents respiratory care products, and sells medical diagnostic equipment and a diversified portfolio of devices that assess, diagnose, treat and manage a range of illnesses and diseases. Under its Surgical Solutions segment, the Company sells its surgical products globally.

FINANCIAL RATIOS  of  Hill-Rom Holdings (HRC)

Valuation Ratios
P/E Ratio 42.6
Price to Sales 2
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow 26.6
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 5.2% 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 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 66.092 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 $5.3 billion.

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COMPANY NEWS

▶ Hill-Rom Provides Update On Puerto Rico Facility   [Oct-11-17 06:59AM  PR Newswire]
▶ 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]
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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