Intrinsic value of Hill-Rom Holdings - HRC

Previous Close

$82.91

  Intrinsic Value

$55.32

stock screener

  Rating & Target

sell

-33%

Previous close

$82.91

 
Intrinsic value

$55.32

 
Up/down potential

-33%

 
Rating

sell

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

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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.35
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  2,744
  2,867
  2,998
  3,136
  3,281
  3,434
  3,596
  3,766
  3,945
  4,134
  4,333
  4,542
  4,762
  4,993
  5,237
  5,493
  5,762
  6,044
  6,341
  6,654
  6,982
  7,327
  7,689
  8,070
  8,470
  8,890
  9,331
  9,795
  10,282
  10,793
  11,330
Variable operating expenses, $m
 
  1,087
  1,129
  1,173
  1,219
  1,268
  1,319
  1,373
  1,430
  1,490
  1,553
  1,444
  1,514
  1,587
  1,665
  1,746
  1,831
  1,921
  2,016
  2,115
  2,219
  2,329
  2,444
  2,565
  2,692
  2,826
  2,966
  3,113
  3,268
  3,431
  3,601
Fixed operating expenses, $m
 
  1,494
  1,532
  1,570
  1,609
  1,650
  1,691
  1,733
  1,776
  1,821
  1,866
  1,913
  1,961
  2,010
  2,060
  2,112
  2,164
  2,219
  2,274
  2,331
  2,389
  2,449
  2,510
  2,573
  2,637
  2,703
  2,771
  2,840
  2,911
  2,984
  3,058
Total operating expenses, $m
  2,470
  2,581
  2,661
  2,743
  2,828
  2,918
  3,010
  3,106
  3,206
  3,311
  3,419
  3,357
  3,475
  3,597
  3,725
  3,858
  3,995
  4,140
  4,290
  4,446
  4,608
  4,778
  4,954
  5,138
  5,329
  5,529
  5,737
  5,953
  6,179
  6,415
  6,659
Operating income, $m
  273
  286
  337
  393
  453
  517
  586
  660
  739
  823
  913
  1,185
  1,288
  1,396
  1,512
  1,635
  1,766
  1,905
  2,052
  2,208
  2,374
  2,549
  2,735
  2,932
  3,140
  3,361
  3,595
  3,841
  4,103
  4,379
  4,670
EBITDA, $m
  484
  566
  622
  683
  748
  818
  893
  973
  1,058
  1,150
  1,247
  1,350
  1,461
  1,578
  1,702
  1,835
  1,975
  2,124
  2,282
  2,450
  2,627
  2,815
  3,014
  3,225
  3,448
  3,684
  3,934
  4,197
  4,476
  4,771
  5,082
Interest expense (income), $m
  81
  76
  81
  86
  92
  97
  103
  110
  116
  123
  131
  138
  147
  155
  164
  174
  184
  194
  205
  217
  229
  242
  255
  270
  284
  300
  317
  334
  352
  371
  391
Earnings before tax, $m
  183
  209
  256
  307
  361
  420
  483
  550
  623
  700
  783
  1,047
  1,141
  1,241
  1,348
  1,461
  1,582
  1,710
  1,846
  1,991
  2,144
  2,307
  2,480
  2,662
  2,856
  3,061
  3,278
  3,508
  3,751
  4,008
  4,279
Tax expense, $m
  51
  56
  69
  83
  98
  113
  130
  149
  168
  189
  211
  283
  308
  335
  364
  395
  427
  462
  499
  538
  579
  623
  669
  719
  771
  826
  885
  947
  1,013
  1,082
  1,155
Net income, $m
  134
  153
  187
  224
  264
  306
  352
  402
  455
  511
  571
  764
  833
  906
  984
  1,067
  1,155
  1,249
  1,348
  1,453
  1,565
  1,684
  1,810
  1,944
  2,085
  2,234
  2,393
  2,561
  2,738
  2,926
  3,124

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
  4,529
  4,487
  4,692
  4,907
  5,135
  5,375
  5,627
  5,894
  6,174
  6,470
  6,781
  7,108
  7,452
  7,814
  8,195
  8,596
  9,017
  9,459
  9,924
  10,413
  10,926
  11,466
  12,033
  12,629
  13,255
  13,912
  14,603
  15,328
  16,090
  16,890
  17,731
Adjusted assets (=assets-cash), $m
  4,297
  4,487
  4,692
  4,907
  5,135
  5,375
  5,627
  5,894
  6,174
  6,470
  6,781
  7,108
  7,452
  7,814
  8,195
  8,596
  9,017
  9,459
  9,924
  10,413
  10,926
  11,466
  12,033
  12,629
  13,255
  13,912
  14,603
  15,328
  16,090
  16,890
  17,731
Revenue / Adjusted assets
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
Average production assets, $m
  1,497
  1,563
  1,634
  1,709
  1,788
  1,872
  1,960
  2,053
  2,150
  2,253
  2,361
  2,475
  2,595
  2,721
  2,854
  2,993
  3,140
  3,294
  3,456
  3,626
  3,805
  3,993
  4,191
  4,398
  4,616
  4,845
  5,085
  5,338
  5,603
  5,882
  6,175
Working capital, $m
  507
  485
  507
  530
  554
  580
  608
  636
  667
  699
  732
  768
  805
  844
  885
  928
  974
  1,021
  1,072
  1,124
  1,180
  1,238
  1,299
  1,364
  1,431
  1,502
  1,577
  1,655
  1,738
  1,824
  1,915
Total debt, $m
  2,309
  2,252
  2,394
  2,544
  2,701
  2,868
  3,043
  3,228
  3,423
  3,628
  3,844
  4,071
  4,310
  4,561
  4,825
  5,103
  5,395
  5,703
  6,025
  6,364
  6,721
  7,095
  7,489
  7,902
  8,337
  8,793
  9,272
  9,776
  10,305
  10,860
  11,443
Total liabilities, $m
  3,171
  3,114
  3,256
  3,406
  3,563
  3,730
  3,905
  4,090
  4,285
  4,490
  4,706
  4,933
  5,172
  5,423
  5,687
  5,965
  6,257
  6,565
  6,887
  7,226
  7,583
  7,957
  8,351
  8,764
  9,199
  9,655
  10,134
  10,638
  11,167
  11,722
  12,305
Total equity, $m
  1,358
  1,373
  1,436
  1,502
  1,571
  1,645
  1,722
  1,804
  1,889
  1,980
  2,075
  2,175
  2,280
  2,391
  2,508
  2,630
  2,759
  2,894
  3,037
  3,186
  3,343
  3,509
  3,682
  3,864
  4,056
  4,257
  4,468
  4,690
  4,924
  5,168
  5,426
Total liabilities and equity, $m
  4,529
  4,487
  4,692
  4,908
  5,134
  5,375
  5,627
  5,894
  6,174
  6,470
  6,781
  7,108
  7,452
  7,814
  8,195
  8,595
  9,016
  9,459
  9,924
  10,412
  10,926
  11,466
  12,033
  12,628
  13,255
  13,912
  14,602
  15,328
  16,091
  16,890
  17,731
Debt-to-equity ratio
  1.700
  1.640
  1.670
  1.690
  1.720
  1.740
  1.770
  1.790
  1.810
  1.830
  1.850
  1.870
  1.890
  1.910
  1.920
  1.940
  1.960
  1.970
  1.980
  2.000
  2.010
  2.020
  2.030
  2.040
  2.060
  2.070
  2.080
  2.080
  2.090
  2.100
  2.110
Adjusted equity ratio
  0.280
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  134
  153
  187
  224
  264
  306
  352
  402
  455
  511
  571
  764
  833
  906
  984
  1,067
  1,155
  1,249
  1,348
  1,453
  1,565
  1,684
  1,810
  1,944
  2,085
  2,234
  2,393
  2,561
  2,738
  2,926
  3,124
Depreciation, amort., depletion, $m
  211
  280
  285
  290
  295
  301
  307
  313
  319
  326
  333
  165
  173
  181
  190
  200
  209
  220
  230
  242
  254
  266
  279
  293
  308
  323
  339
  356
  374
  392
  412
Funds from operations, $m
  265
  433
  472
  514
  559
  607
  659
  715
  774
  837
  905
  929
  1,006
  1,087
  1,174
  1,266
  1,364
  1,468
  1,578
  1,695
  1,819
  1,950
  2,089
  2,237
  2,393
  2,557
  2,732
  2,916
  3,112
  3,318
  3,536
Change in working capital, $m
  -46
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  68
  71
  75
  78
  82
  86
  91
Cash from operations, $m
  311
  412
  450
  491
  534
  581
  632
  686
  744
  805
  871
  894
  969
  1,048
  1,133
  1,223
  1,319
  1,420
  1,528
  1,642
  1,764
  1,892
  2,028
  2,172
  2,325
  2,486
  2,657
  2,838
  3,029
  3,231
  3,445
Maintenance CAPEX, $m
  0
  -100
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -209
  -220
  -230
  -242
  -254
  -266
  -279
  -293
  -308
  -323
  -339
  -356
  -374
  -392
New CAPEX, $m
  -98
  -66
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -139
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -241
  -253
  -265
  -279
  -293
Cash from investing activities, $m
  -389
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -246
  -258
  -271
  -285
  -299
  -314
  -329
  -347
  -363
  -382
  -400
  -421
  -442
  -463
  -486
  -511
  -537
  -564
  -592
  -621
  -653
  -685
Free cash flow, $m
  -78
  246
  275
  307
  341
  379
  419
  462
  509
  559
  613
  623
  684
  749
  819
  893
  973
  1,057
  1,147
  1,242
  1,343
  1,451
  1,565
  1,686
  1,814
  1,950
  2,094
  2,246
  2,408
  2,579
  2,760
Issuance/(repayment) of debt, $m
  160
  132
  142
  150
  158
  166
  175
  185
  195
  205
  216
  227
  239
  251
  264
  278
  292
  307
  323
  339
  356
  375
  394
  413
  434
  456
  479
  503
  529
  555
  583
Issuance/(repurchase) of shares, $m
  -38
  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  
  118
  132
  142
  150
  158
  166
  175
  185
  195
  205
  216
  227
  239
  251
  264
  278
  292
  307
  323
  339
  356
  375
  394
  413
  434
  456
  479
  503
  529
  555
  583
Total cash flow (excl. dividends), $m
  47
  378
  416
  456
  499
  545
  594
  647
  704
  764
  829
  850
  923
  1,001
  1,083
  1,171
  1,265
  1,364
  1,469
  1,581
  1,699
  1,825
  1,958
  2,099
  2,248
  2,406
  2,573
  2,750
  2,937
  3,134
  3,343
Retained Cash Flow (-), $m
  -131
  -58
  -62
  -66
  -70
  -73
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
  -174
  -182
  -192
  -201
  -211
  -222
  -233
  -245
  -257
Prev. year cash balance distribution, $m
 
  43
  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
 
  363
  354
  390
  429
  472
  517
  566
  618
  674
  733
  750
  817
  890
  967
  1,049
  1,136
  1,229
  1,327
  1,431
  1,542
  1,660
  1,785
  1,917
  2,057
  2,205
  2,362
  2,528
  2,704
  2,890
  3,086
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  334
  296
  296
  291
  284
  273
  259
  243
  224
  204
  172
  152
  132
  113
  94
  77
  62
  49
  37
  28
  20
  14
  10
  7
  4
  3
  2
  1
  1
  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 40.7
Price to Sales 2
Price to Book 4
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow 25.6
Growth Rates
Sales Growth Rate 3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.1%
Cap. Spend. - 3 Yr. Gr. Rate 9.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 156.1%
Total Debt to Equity 170%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 48.1%
Gross Margin - 3 Yr. Avg. 46.6%
EBITDA Margin 17.3%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 27.9%
Eff/ Tax Rate - 3 Yr. Avg. 22.1%
Payout Ratio 35.1%

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 $2744 million for the last fiscal year's total revenue generated by Hill-Rom Holdings. The default revenue input number comes from 2017 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 4.5% 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 8.8%, 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 38.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1458 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 3.6% 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 54.5%.

Life of production assets of 15 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 16.9%. 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 - $1358 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 66.556 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 $5.5 billion.

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COMPANY NEWS

▶ 5 Best PEG Stocks Value Investors Love   [Feb-09-18 09:51AM  Zacks]
▶ Hill-Rom beats 1Q profit forecasts   [Jan-26-18 07:13AM  Associated Press]
▶ Hill-Rom Declares Fiscal 2018 First Quarter Dividend   [Nov-08-17 06:59AM  PR Newswire]
▶ Welch Allyn Introduces Connex® Cardio ECG   [Nov-07-17 06:59AM  PR Newswire]
▶ Hill-Rom tops Street 4Q forecasts   [Nov-03-17 07:30AM  Associated Press]
▶ Earnings Season Preview: Hill-Rom Near Buy Zone With Quarterly Report Due   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ 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]
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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