Intrinsic value of Henry Schein - HSIC

Previous Close

$75.31

  Intrinsic Value

$72.45

stock screener

  Rating & Target

hold

-4%

Previous close

$75.31

 
Intrinsic value

$72.45

 
Up/down potential

-4%

 
Rating

hold

We calculate the intrinsic value of HSIC 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
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, %
  8.86
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  11,572
  13,422
  14,419
  15,455
  16,532
  17,651
  18,815
  20,026
  21,286
  22,598
  23,964
  25,388
  26,872
  28,421
  30,037
  31,725
  33,487
  35,329
  37,255
  39,268
  41,375
  43,579
  45,887
  48,304
  50,834
  53,485
  56,263
  59,175
  62,226
  65,426
  68,780
Variable operating expenses, $m
 
  12,070
  12,945
  13,854
  14,798
  15,780
  16,801
  17,863
  18,968
  20,119
  21,317
  22,269
  23,571
  24,930
  26,347
  27,827
  29,374
  30,989
  32,678
  34,445
  36,292
  38,226
  40,250
  42,370
  44,590
  46,915
  49,352
  51,906
  54,582
  57,389
  60,331
Fixed operating expenses, $m
 
  386
  395
  404
  412
  421
  431
  440
  450
  460
  470
  480
  491
  502
  513
  524
  535
  547
  559
  572
  584
  597
  610
  624
  637
  651
  666
  680
  695
  711
  726
Total operating expenses, $m
  10,800
  12,456
  13,340
  14,258
  15,210
  16,201
  17,232
  18,303
  19,418
  20,579
  21,787
  22,749
  24,062
  25,432
  26,860
  28,351
  29,909
  31,536
  33,237
  35,017
  36,876
  38,823
  40,860
  42,994
  45,227
  47,566
  50,018
  52,586
  55,277
  58,100
  61,057
Operating income, $m
  772
  965
  1,079
  1,198
  1,321
  1,450
  1,583
  1,723
  1,868
  2,019
  2,177
  2,638
  2,810
  2,990
  3,177
  3,373
  3,578
  3,793
  4,017
  4,252
  4,498
  4,756
  5,027
  5,310
  5,607
  5,919
  6,246
  6,589
  6,949
  7,326
  7,723
EBITDA, $m
  942
  1,603
  1,743
  1,888
  2,038
  2,195
  2,358
  2,529
  2,706
  2,890
  3,083
  3,283
  3,493
  3,712
  3,940
  4,179
  4,429
  4,690
  4,963
  5,250
  5,549
  5,863
  6,192
  6,537
  6,898
  7,277
  7,675
  8,092
  8,529
  8,988
  9,470
Interest expense (income), $m
  29
  90
  111
  132
  155
  178
  202
  228
  254
  281
  310
  339
  370
  402
  436
  471
  507
  546
  585
  627
  671
  716
  764
  814
  867
  921
  979
  1,039
  1,102
  1,168
  1,238
Earnings before tax, $m
  756
  875
  969
  1,066
  1,166
  1,272
  1,381
  1,495
  1,614
  1,738
  1,867
  2,299
  2,440
  2,587
  2,741
  2,902
  3,071
  3,247
  3,432
  3,625
  3,828
  4,040
  4,262
  4,496
  4,741
  4,997
  5,267
  5,550
  5,847
  6,158
  6,485
Tax expense, $m
  218
  236
  262
  288
  315
  343
  373
  404
  436
  469
  504
  621
  659
  699
  740
  784
  829
  877
  927
  979
  1,033
  1,091
  1,151
  1,214
  1,280
  1,349
  1,422
  1,498
  1,579
  1,663
  1,751
Net income, $m
  507
  639
  707
  778
  852
  928
  1,008
  1,091
  1,178
  1,269
  1,363
  1,678
  1,781
  1,889
  2,001
  2,119
  2,242
  2,370
  2,505
  2,646
  2,794
  2,949
  3,112
  3,282
  3,461
  3,648
  3,845
  4,051
  4,268
  4,495
  4,734

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  62
  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
  6,730
  8,415
  9,040
  9,690
  10,365
  11,067
  11,797
  12,556
  13,346
  14,168
  15,025
  15,917
  16,848
  17,819
  18,832
  19,890
  20,995
  22,150
  23,357
  24,620
  25,940
  27,323
  28,769
  30,284
  31,871
  33,533
  35,275
  37,100
  39,013
  41,019
  43,122
Adjusted assets (=assets-cash), $m
  6,668
  8,415
  9,040
  9,690
  10,365
  11,067
  11,797
  12,556
  13,346
  14,168
  15,025
  15,917
  16,848
  17,819
  18,832
  19,890
  20,995
  22,150
  23,357
  24,620
  25,940
  27,323
  28,769
  30,284
  31,871
  33,533
  35,275
  37,100
  39,013
  41,019
  43,122
Revenue / Adjusted assets
  1.735
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
  1.595
Average production assets, $m
  936
  3,409
  3,662
  3,926
  4,199
  4,483
  4,779
  5,087
  5,407
  5,740
  6,087
  6,449
  6,826
  7,219
  7,629
  8,058
  8,506
  8,974
  9,463
  9,974
  10,509
  11,069
  11,655
  12,269
  12,912
  13,585
  14,291
  15,030
  15,806
  16,618
  17,470
Working capital, $m
  1,022
  846
  908
  974
  1,042
  1,112
  1,185
  1,262
  1,341
  1,424
  1,510
  1,599
  1,693
  1,791
  1,892
  1,999
  2,110
  2,226
  2,347
  2,474
  2,607
  2,746
  2,891
  3,043
  3,203
  3,370
  3,545
  3,728
  3,920
  4,122
  4,333
Total debt, $m
  1,219
  2,051
  2,451
  2,867
  3,299
  3,749
  4,216
  4,701
  5,207
  5,733
  6,282
  6,853
  7,449
  8,070
  8,718
  9,395
  10,103
  10,842
  11,614
  12,422
  13,268
  14,152
  15,078
  16,048
  17,063
  18,127
  19,242
  20,410
  21,634
  22,918
  24,264
Total liabilities, $m
  3,937
  5,385
  5,786
  6,201
  6,634
  7,083
  7,550
  8,036
  8,541
  9,067
  9,616
  10,187
  10,783
  11,404
  12,053
  12,730
  13,437
  14,176
  14,949
  15,757
  16,602
  17,486
  18,412
  19,382
  20,397
  21,461
  22,576
  23,744
  24,969
  26,252
  27,598
Total equity, $m
  2,793
  3,029
  3,254
  3,488
  3,731
  3,984
  4,247
  4,520
  4,804
  5,100
  5,409
  5,730
  6,065
  6,415
  6,780
  7,160
  7,558
  7,974
  8,409
  8,863
  9,339
  9,836
  10,357
  10,902
  11,474
  12,072
  12,699
  13,356
  14,045
  14,767
  15,524
Total liabilities and equity, $m
  6,730
  8,414
  9,040
  9,689
  10,365
  11,067
  11,797
  12,556
  13,345
  14,167
  15,025
  15,917
  16,848
  17,819
  18,833
  19,890
  20,995
  22,150
  23,358
  24,620
  25,941
  27,322
  28,769
  30,284
  31,871
  33,533
  35,275
  37,100
  39,014
  41,019
  43,122
Debt-to-equity ratio
  0.436
  0.680
  0.750
  0.820
  0.880
  0.940
  0.990
  1.040
  1.080
  1.120
  1.160
  1.200
  1.230
  1.260
  1.290
  1.310
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
Adjusted equity ratio
  0.419
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  507
  639
  707
  778
  852
  928
  1,008
  1,091
  1,178
  1,269
  1,363
  1,678
  1,781
  1,889
  2,001
  2,119
  2,242
  2,370
  2,505
  2,646
  2,794
  2,949
  3,112
  3,282
  3,461
  3,648
  3,845
  4,051
  4,268
  4,495
  4,734
Depreciation, amort., depletion, $m
  170
  638
  663
  690
  717
  745
  775
  806
  838
  871
  906
  645
  683
  722
  763
  806
  851
  897
  946
  997
  1,051
  1,107
  1,166
  1,227
  1,291
  1,359
  1,429
  1,503
  1,581
  1,662
  1,747
Funds from operations, $m
  460
  1,277
  1,370
  1,467
  1,569
  1,674
  1,783
  1,897
  2,016
  2,140
  2,269
  2,323
  2,464
  2,611
  2,764
  2,925
  3,092
  3,268
  3,451
  3,644
  3,845
  4,056
  4,277
  4,509
  4,752
  5,007
  5,274
  5,554
  5,849
  6,157
  6,481
Change in working capital, $m
  -155
  60
  63
  65
  68
  71
  73
  76
  79
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  202
  211
Cash from operations, $m
  615
  1,217
  1,308
  1,402
  1,501
  1,603
  1,710
  1,821
  1,937
  2,057
  2,183
  2,234
  2,370
  2,513
  2,662
  2,818
  2,981
  3,152
  3,330
  3,517
  3,712
  3,917
  4,132
  4,357
  4,592
  4,840
  5,099
  5,371
  5,656
  5,956
  6,270
Maintenance CAPEX, $m
  0
  -316
  -341
  -366
  -393
  -420
  -448
  -478
  -509
  -541
  -574
  -609
  -645
  -683
  -722
  -763
  -806
  -851
  -897
  -946
  -997
  -1,051
  -1,107
  -1,166
  -1,227
  -1,291
  -1,359
  -1,429
  -1,503
  -1,581
  -1,662
New CAPEX, $m
  -70
  -249
  -253
  -263
  -274
  -284
  -296
  -308
  -320
  -333
  -347
  -362
  -377
  -393
  -410
  -429
  -448
  -468
  -489
  -511
  -535
  -560
  -586
  -614
  -643
  -673
  -706
  -739
  -775
  -813
  -852
Cash from investing activities, $m
  -316
  -565
  -594
  -629
  -667
  -704
  -744
  -786
  -829
  -874
  -921
  -971
  -1,022
  -1,076
  -1,132
  -1,192
  -1,254
  -1,319
  -1,386
  -1,457
  -1,532
  -1,611
  -1,693
  -1,780
  -1,870
  -1,964
  -2,065
  -2,168
  -2,278
  -2,394
  -2,514
Free cash flow, $m
  299
  652
  713
  773
  835
  899
  966
  1,035
  1,108
  1,183
  1,262
  1,263
  1,348
  1,437
  1,530
  1,627
  1,728
  1,833
  1,944
  2,059
  2,180
  2,306
  2,439
  2,577
  2,723
  2,875
  3,035
  3,202
  3,378
  3,563
  3,756
Issuance/(repayment) of debt, $m
  344
  385
  400
  416
  432
  449
  467
  486
  506
  526
  548
  571
  596
  621
  648
  677
  707
  739
  773
  808
  845
  885
  926
  970
  1,015
  1,064
  1,115
  1,168
  1,224
  1,284
  1,346
Issuance/(repurchase) of shares, $m
  -539
  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  
  -300
  385
  400
  416
  432
  449
  467
  486
  506
  526
  548
  571
  596
  621
  648
  677
  707
  739
  773
  808
  845
  885
  926
  970
  1,015
  1,064
  1,115
  1,168
  1,224
  1,284
  1,346
Total cash flow (excl. dividends), $m
  -10
  1,037
  1,113
  1,189
  1,267
  1,348
  1,433
  1,521
  1,613
  1,710
  1,810
  1,835
  1,944
  2,059
  2,178
  2,304
  2,435
  2,572
  2,716
  2,867
  3,025
  3,191
  3,365
  3,547
  3,738
  3,939
  4,149
  4,371
  4,603
  4,846
  5,102
Retained Cash Flow (-), $m
  91
  -218
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -296
  -308
  -321
  -335
  -350
  -365
  -381
  -398
  -416
  -435
  -455
  -475
  -498
  -521
  -545
  -571
  -598
  -627
  -657
  -689
  -722
  -757
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  37
  40
  43
  46
  50
  53
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  100
  106
  112
  118
  124
  131
  138
  145
  153
  160
  169
  178
  187
  196
Cash available for distribution, $m
 
  819
  888
  955
  1,024
  1,095
  1,170
  1,248
  1,329
  1,414
  1,502
  1,513
  1,609
  1,709
  1,814
  1,923
  2,037
  2,157
  2,282
  2,413
  2,550
  2,693
  2,844
  3,002
  3,167
  3,340
  3,522
  3,713
  3,914
  4,124
  4,345
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  773
  788
  790
  786
  775
  757
  733
  702
  666
  625
  551
  508
  462
  414
  367
  320
  275
  233
  194
  158
  127
  100
  77
  58
  43
  31
  22
  15
  10
  6
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

Henry Schein, Inc. is a provider of healthcare products and services primarily to office-based dental, animal health and medical practitioners. The Company operates through two segments: healthcare distribution, and technology and value-added services. The healthcare distribution segment distributes consumable products, small equipment, laboratory products, large equipment, equipment repair services, branded and generic pharmaceuticals, vaccines, surgical products, diagnostic tests, infection-control products and vitamins. The technology and value-added services segment provides software, technology and other value-added services to healthcare practitioners. Its technology group offerings include practice management software systems for dental and medical practitioners and animal health clinics. The Company provides its services to dental practitioners and laboratories, animal health clinics and physician practices, as well as government and institutional healthcare clinics.

FINANCIAL RATIOS  of  Henry Schein (HSIC)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 1
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 25.6%
Total Debt to Equity 43.6%
Interest Coverage 27
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 13.2%
Ret/ On T. Cap. - 3 Yr. Avg. 13.4%
Return On Equity 17.9%
Return On Equity - 3 Yr. Avg. 17.1%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 27.9%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 8.4%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 0%

HSIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HSIC stock intrinsic value calculation we used $12462 million for the last fiscal year's total revenue generated by Henry Schein. The default revenue input number comes from 2016 income statement of Henry Schein. 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 HSIC stock valuation model: a) initial revenue growth rate of 7.7% 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 5.9%, whose default value for HSIC is calculated based on our internal credit rating of Henry Schein, 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 Henry Schein.
    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 HSIC stock the variable cost ratio is equal to 90.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $378 million in the base year in the intrinsic value calculation for HSIC 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 5.4% for Henry Schein.

Corporate tax rate of 27% is the nominal tax rate for Henry Schein. 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 HSIC stock is equal to 0.3%.

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 HSIC are equal to 25.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Henry Schein 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 HSIC is equal to 6.3%. 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 - $2811 million for Henry Schein - 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 157 million for Henry Schein 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 Henry Schein at the current share price and the inputted number of shares is $11.8 billion.

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COMPANY NEWS

▶ Henry Schein Announces Two New Directors   [Jun-01-18 08:00AM  PR Newswire]
▶ Henry Schein Rises To #238 On The FORTUNE 500®   [May-21-18 09:09AM  PR Newswire]
▶ [$$] Al Gore's Firm Deletes Facebook, Sells Amazon   [May-18-18 08:00AM  Barrons.com]
▶ Henry Schein: 1Q Earnings Snapshot   [07:45AM  Associated Press]
▶ Company News for Apr 24, 2018   [09:56AM  Zacks]
▶ The Biggest Movers: Henry Schein Shines; Arconic Slumps   [Apr-23-18 04:57PM  Barrons.com]
Financial statements of HSIC
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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