Intrinsic value of Hill-Rom Holdings - HRC

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$75.68

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$75.68

 
Intrinsic value

$29.87

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  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
Revenue, $m
  2,655
  2,708
  2,770
  2,842
  2,922
  3,010
  3,107
  3,213
  3,328
  3,451
  3,583
  3,725
  3,876
  4,037
  4,208
  4,390
  4,582
  4,786
  5,001
  5,229
  5,469
  5,723
  5,990
  6,272
  6,569
  6,881
  7,211
  7,557
  7,922
  8,306
  8,709
Variable operating expenses, $m
 
  2,152
  2,198
  2,251
  2,310
  2,375
  2,446
  2,524
  2,609
  2,700
  2,797
  2,743
  2,854
  2,973
  3,099
  3,233
  3,374
  3,524
  3,683
  3,850
  4,027
  4,214
  4,411
  4,618
  4,837
  5,067
  5,310
  5,565
  5,833
  6,116
  6,413
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
  2,490
  2,545
  2,606
  2,674
  2,748
  2,829
  2,916
  3,011
  3,112
  3,219
  3,176
  3,298
  3,428
  3,565
  3,711
  3,864
  4,026
  4,198
  4,378
  4,568
  4,768
  4,979
  5,200
  5,434
  5,679
  5,937
  6,208
  6,492
  6,791
  7,105
Operating income, $m
  220
  217
  225
  235
  248
  262
  278
  297
  317
  339
  364
  549
  578
  610
  643
  680
  718
  760
  804
  851
  901
  955
  1,011
  1,071
  1,135
  1,203
  1,274
  1,350
  1,430
  1,515
  1,604
EBITDA, $m
  429
  481
  491
  504
  520
  537
  557
  580
  605
  632
  662
  694
  729
  767
  807
  850
  896
  946
  998
  1,054
  1,114
  1,177
  1,244
  1,315
  1,390
  1,470
  1,554
  1,644
  1,738
  1,837
  1,943
Interest expense (income), $m
  81
  72
  74
  76
  79
  82
  86
  90
  94
  98
  103
  108
  114
  120
  126
  133
  140
  148
  156
  164
  173
  182
  192
  203
  214
  226
  238
  251
  265
  279
  294
Earnings before tax, $m
  138
  146
  152
  159
  169
  180
  192
  207
  223
  241
  261
  441
  464
  490
  517
  547
  578
  612
  648
  687
  728
  772
  819
  868
  921
  977
  1,036
  1,099
  1,165
  1,236
  1,310
Tax expense, $m
  15
  39
  41
  43
  46
  49
  52
  56
  60
  65
  70
  119
  125
  132
  140
  148
  156
  165
  175
  186
  197
  208
  221
  234
  249
  264
  280
  297
  315
  334
  354
Net income, $m
  124
  106
  111
  116
  123
  131
  141
  151
  163
  176
  190
  322
  339
  358
  378
  399
  422
  447
  473
  502
  532
  564
  598
  634
  672
  713
  756
  802
  851
  902
  956

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
  4,109
  4,204
  4,312
  4,433
  4,568
  4,715
  4,876
  5,050
  5,237
  5,438
  5,653
  5,882
  6,126
  6,386
  6,662
  6,953
  7,263
  7,589
  7,935
  8,299
  8,684
  9,090
  9,517
  9,968
  10,442
  10,942
  11,468
  12,021
  12,603
  13,216
Adjusted assets (=assets-cash), $m
  4,030
  4,109
  4,204
  4,312
  4,433
  4,568
  4,715
  4,876
  5,050
  5,237
  5,438
  5,653
  5,882
  6,126
  6,386
  6,662
  6,953
  7,263
  7,589
  7,935
  8,299
  8,684
  9,090
  9,517
  9,968
  10,442
  10,942
  11,468
  12,021
  12,603
  13,216
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
  1,590
  1,626
  1,668
  1,715
  1,767
  1,824
  1,886
  1,953
  2,026
  2,104
  2,187
  2,275
  2,370
  2,470
  2,577
  2,690
  2,809
  2,936
  3,069
  3,210
  3,359
  3,516
  3,682
  3,856
  4,039
  4,233
  4,436
  4,650
  4,875
  5,112
Working capital, $m
  420
  406
  416
  426
  438
  452
  466
  482
  499
  518
  538
  559
  581
  606
  631
  658
  687
  718
  750
  784
  820
  858
  899
  941
  985
  1,032
  1,082
  1,134
  1,188
  1,246
  1,306
Total debt, $m
  2,149
  1,995
  2,061
  2,137
  2,222
  2,316
  2,419
  2,532
  2,654
  2,785
  2,926
  3,077
  3,237
  3,409
  3,591
  3,784
  3,988
  4,205
  4,434
  4,676
  4,932
  5,201
  5,486
  5,786
  6,101
  6,434
  6,784
  7,153
  7,541
  7,949
  8,378
Total liabilities, $m
  3,035
  2,881
  2,947
  3,023
  3,108
  3,202
  3,305
  3,418
  3,540
  3,671
  3,812
  3,963
  4,123
  4,295
  4,477
  4,670
  4,874
  5,091
  5,320
  5,562
  5,818
  6,087
  6,372
  6,672
  6,987
  7,320
  7,670
  8,039
  8,427
  8,835
  9,264
Total equity, $m
  1,227
  1,229
  1,257
  1,289
  1,326
  1,366
  1,410
  1,458
  1,510
  1,566
  1,626
  1,690
  1,759
  1,832
  1,909
  1,992
  2,079
  2,171
  2,269
  2,372
  2,481
  2,596
  2,718
  2,846
  2,980
  3,122
  3,272
  3,429
  3,594
  3,768
  3,951
Total liabilities and equity, $m
  4,262
  4,110
  4,204
  4,312
  4,434
  4,568
  4,715
  4,876
  5,050
  5,237
  5,438
  5,653
  5,882
  6,127
  6,386
  6,662
  6,953
  7,262
  7,589
  7,934
  8,299
  8,683
  9,090
  9,518
  9,967
  10,442
  10,942
  11,468
  12,021
  12,603
  13,215
Debt-to-equity ratio
  1.751
  1.620
  1.640
  1.660
  1.680
  1.700
  1.720
  1.740
  1.760
  1.780
  1.800
  1.820
  1.840
  1.860
  1.880
  1.900
  1.920
  1.940
  1.950
  1.970
  1.990
  2.000
  2.020
  2.030
  2.050
  2.060
  2.070
  2.090
  2.100
  2.110
  2.120
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
  106
  111
  116
  123
  131
  141
  151
  163
  176
  190
  322
  339
  358
  378
  399
  422
  447
  473
  502
  532
  564
  598
  634
  672
  713
  756
  802
  851
  902
  956
Depreciation, amort., depletion, $m
  209
  264
  266
  269
  272
  275
  279
  283
  288
  293
  298
  145
  151
  157
  164
  171
  178
  186
  194
  203
  213
  222
  233
  244
  255
  268
  280
  294
  308
  323
  339
Funds from operations, $m
  239
  370
  377
  385
  395
  407
  420
  434
  451
  469
  488
  467
  490
  515
  541
  570
  600
  633
  668
  705
  744
  786
  831
  878
  928
  981
  1,037
  1,096
  1,159
  1,225
  1,295
Change in working capital, $m
  -42
  8
  9
  11
  12
  13
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  49
  52
  55
  58
  61
Cash from operations, $m
  281
  296
  367
  374
  383
  393
  405
  419
  434
  450
  468
  445
  467
  490
  515
  542
  571
  602
  635
  671
  708
  748
  790
  835
  883
  934
  987
  1,044
  1,104
  1,167
  1,234
Maintenance CAPEX, $m
  0
  -103
  -105
  -108
  -110
  -114
  -117
  -121
  -125
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -186
  -194
  -203
  -213
  -222
  -233
  -244
  -255
  -268
  -280
  -294
  -308
  -323
New CAPEX, $m
  -83
  -30
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -83
  -89
  -94
  -100
  -107
  -113
  -120
  -126
  -134
  -141
  -149
  -157
  -165
  -174
  -184
  -193
  -203
  -214
  -225
  -237
Cash from investing activities, $m
  -98
  -133
  -142
  -150
  -157
  -166
  -174
  -183
  -192
  -201
  -212
  -222
  -234
  -245
  -257
  -271
  -284
  -298
  -312
  -328
  -344
  -362
  -379
  -398
  -418
  -439
  -461
  -483
  -508
  -533
  -560
Free cash flow, $m
  183
  162
  226
  225
  226
  228
  231
  236
  241
  248
  256
  223
  233
  245
  258
  272
  288
  305
  323
  343
  364
  387
  411
  437
  465
  495
  526
  560
  596
  634
  675
Issuance/(repayment) of debt, $m
  -101
  56
  66
  76
  85
  94
  103
  113
  122
  131
  141
  151
  161
  171
  182
  193
  205
  217
  229
  242
  256
  270
  284
  300
  316
  333
  350
  369
  388
  408
  429
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
  56
  66
  76
  85
  94
  103
  113
  122
  131
  141
  151
  161
  171
  182
  193
  205
  217
  229
  242
  256
  270
  284
  300
  316
  333
  350
  369
  388
  408
  429
Total cash flow (excl. dividends), $m
  83
  218
  292
  301
  311
  322
  334
  348
  363
  380
  397
  374
  394
  416
  440
  465
  492
  521
  552
  585
  619
  656
  695
  737
  781
  827
  877
  929
  984
  1,042
  1,104
Retained Cash Flow (-), $m
  -80
  -24
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
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
 
  216
  264
  268
  274
  282
  290
  300
  311
  324
  337
  309
  326
  343
  362
  383
  405
  429
  454
  481
  510
  541
  574
  609
  646
  686
  727
  772
  818
  868
  921
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
 
  198
  220
  203
  185
  169
  152
  136
  121
  106
  93
  70
  59
  50
  41
  34
  27
  21
  16
  12
  9
  6
  4
  3
  2
  1
  1
  0
  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. 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 40.1
Price to Sales 1.9
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 25.1
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 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 65.014 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 Introduces Envella Air Fluidized Therapy Bed   [May-22-17 12:00PM  PR Newswire]
▶ New Hill-RomĀ® 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]
▶ Should You Add Gramercy Property Trust (GPT) to Your Portfolio?   [Dec-06-16 03:49PM  at Insider Monkey]
▶ Hedge Funds Are Buying Wayfair Inc (W)   [Dec-01-16 09:29AM  at Insider Monkey]
▶ Sudden Surge in Crane Co. (CR) Ownership Among Hedge Funds   [Nov-27-16 06:04PM  at Insider Monkey]
▶ Hill-Rom Adding More Than 100 Jobs In Central New York   [Sep-28-16 12:04PM  PR Newswire]
▶ PeriGen and WatchChild Combine Forces   [07:00AM  PR Newswire]
Stock chart of HRC Financial statements of HRC Annual reports 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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