Intrinsic value of Halyard Health - HYH

Previous Close

$40.62

  Intrinsic Value

$0.41

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-116%

Previous close

$40.62

 
Intrinsic value

$0.41

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-116%

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

We calculate the intrinsic value of HYH 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 1.8

 

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, %
  1.14
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  1,592
  1,638
  1,689
  1,745
  1,805
  1,871
  1,941
  2,016
  2,097
  2,183
  2,274
  2,371
  2,474
  2,583
  2,699
  2,821
  2,950
  3,086
  3,229
  3,380
  3,540
  3,708
  3,885
  4,071
  4,267
  4,473
  4,690
  4,918
  5,158
  5,410
  5,675
Variable operating expenses, $m
 
  2,028
  2,088
  2,154
  2,225
  2,302
  2,384
  2,473
  2,568
  2,669
  2,776
  2,787
  2,908
  3,036
  3,172
  3,315
  3,467
  3,627
  3,795
  3,973
  4,161
  4,358
  4,566
  4,785
  5,015
  5,257
  5,512
  5,780
  6,062
  6,359
  6,670
Fixed operating expenses, $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
Total operating expenses, $m
  1,505
  2,028
  2,088
  2,154
  2,225
  2,302
  2,384
  2,473
  2,568
  2,669
  2,776
  2,787
  2,908
  3,036
  3,172
  3,315
  3,467
  3,627
  3,795
  3,973
  4,161
  4,358
  4,566
  4,785
  5,015
  5,257
  5,512
  5,780
  6,062
  6,359
  6,670
Operating income, $m
  87
  -390
  -399
  -409
  -419
  -431
  -443
  -457
  -471
  -486
  -502
  -416
  -434
  -453
  -473
  -495
  -517
  -541
  -566
  -593
  -621
  -650
  -681
  -714
  -748
  -784
  -822
  -862
  -905
  -949
  -995
EBITDA, $m
  152
  -268
  -276
  -286
  -295
  -306
  -318
  -330
  -343
  -357
  -372
  -388
  -405
  -423
  -442
  -462
  -483
  -505
  -529
  -553
  -579
  -607
  -636
  -666
  -698
  -732
  -768
  -805
  -844
  -885
  -929
Interest expense (income), $m
  30
  30
  32
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  135
  143
  151
Earnings before tax, $m
  55
  -420
  -431
  -442
  -454
  -468
  -482
  -498
  -514
  -532
  -551
  -468
  -489
  -511
  -535
  -560
  -586
  -614
  -644
  -675
  -707
  -742
  -778
  -817
  -857
  -899
  -944
  -991
  -1,040
  -1,092
  -1,146
Tax expense, $m
  15
  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
Net income, $m
  40
  -420
  -431
  -442
  -454
  -468
  -482
  -498
  -514
  -532
  -551
  -468
  -489
  -511
  -535
  -560
  -586
  -614
  -644
  -675
  -707
  -742
  -778
  -817
  -857
  -899
  -944
  -991
  -1,040
  -1,092
  -1,146

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  114
  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
  2,072
  2,015
  2,078
  2,146
  2,221
  2,301
  2,388
  2,480
  2,579
  2,685
  2,797
  2,917
  3,043
  3,178
  3,320
  3,470
  3,628
  3,795
  3,972
  4,158
  4,354
  4,561
  4,778
  5,007
  5,248
  5,502
  5,769
  6,049
  6,344
  6,654
  6,981
Adjusted assets (=assets-cash), $m
  1,958
  2,015
  2,078
  2,146
  2,221
  2,301
  2,388
  2,480
  2,579
  2,685
  2,797
  2,917
  3,043
  3,178
  3,320
  3,470
  3,628
  3,795
  3,972
  4,158
  4,354
  4,561
  4,778
  5,007
  5,248
  5,502
  5,769
  6,049
  6,344
  6,654
  6,981
Revenue / Adjusted assets
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
Average production assets, $m
  397
  408
  421
  434
  450
  466
  483
  502
  522
  544
  566
  590
  616
  643
  672
  702
  734
  768
  804
  842
  881
  923
  967
  1,014
  1,062
  1,114
  1,168
  1,225
  1,284
  1,347
  1,413
Working capital, $m
  270
  161
  166
  171
  177
  183
  190
  198
  206
  214
  223
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  363
  381
  399
  418
  438
  460
  482
  505
  530
  556
Total debt, $m
  579
  607
  638
  672
  709
  749
  792
  838
  887
  939
  995
  1,054
  1,117
  1,183
  1,253
  1,327
  1,406
  1,489
  1,576
  1,668
  1,765
  1,867
  1,975
  2,089
  2,208
  2,333
  2,465
  2,604
  2,750
  2,904
  3,065
Total liabilities, $m
  969
  997
  1,028
  1,062
  1,099
  1,139
  1,182
  1,228
  1,277
  1,329
  1,385
  1,444
  1,507
  1,573
  1,643
  1,717
  1,796
  1,879
  1,966
  2,058
  2,155
  2,257
  2,365
  2,479
  2,598
  2,723
  2,855
  2,994
  3,140
  3,294
  3,455
Total equity, $m
  1,103
  1,018
  1,049
  1,084
  1,121
  1,162
  1,206
  1,253
  1,303
  1,356
  1,413
  1,473
  1,537
  1,605
  1,676
  1,752
  1,832
  1,917
  2,006
  2,100
  2,199
  2,303
  2,413
  2,529
  2,650
  2,778
  2,913
  3,055
  3,204
  3,361
  3,525
Total liabilities and equity, $m
  2,072
  2,015
  2,077
  2,146
  2,220
  2,301
  2,388
  2,481
  2,580
  2,685
  2,798
  2,917
  3,044
  3,178
  3,319
  3,469
  3,628
  3,796
  3,972
  4,158
  4,354
  4,560
  4,778
  5,008
  5,248
  5,501
  5,768
  6,049
  6,344
  6,655
  6,980
Debt-to-equity ratio
  0.525
  0.600
  0.610
  0.620
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
Adjusted equity ratio
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  40
  -420
  -431
  -442
  -454
  -468
  -482
  -498
  -514
  -532
  -551
  -468
  -489
  -511
  -535
  -560
  -586
  -614
  -644
  -675
  -707
  -742
  -778
  -817
  -857
  -899
  -944
  -991
  -1,040
  -1,092
  -1,146
Depreciation, amort., depletion, $m
  65
  122
  123
  123
  124
  125
  126
  126
  127
  128
  129
  28
  29
  30
  32
  33
  34
  36
  38
  40
  41
  43
  45
  48
  50
  52
  55
  57
  60
  63
  66
Funds from operations, $m
  254
  -298
  -308
  -319
  -330
  -343
  -357
  -371
  -387
  -403
  -421
  -440
  -460
  -481
  -503
  -527
  -552
  -578
  -606
  -635
  -666
  -699
  -733
  -769
  -807
  -847
  -889
  -933
  -980
  -1,029
  -1,080
Change in working capital, $m
  65
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
Cash from operations, $m
  189
  -303
  -313
  -324
  -336
  -349
  -364
  -379
  -395
  -412
  -430
  -449
  -470
  -492
  -515
  -539
  -564
  -591
  -620
  -650
  -682
  -715
  -750
  -787
  -826
  -867
  -910
  -956
  -1,003
  -1,053
  -1,106
Maintenance CAPEX, $m
  0
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
New CAPEX, $m
  -29
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
Cash from investing activities, $m
  -201
  -30
  -32
  -34
  -35
  -37
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -83
  -87
  -91
  -97
  -101
  -106
  -112
  -117
  -123
  -129
Free cash flow, $m
  -12
  -332
  -345
  -358
  -372
  -387
  -403
  -420
  -438
  -458
  -478
  -500
  -523
  -548
  -573
  -601
  -629
  -660
  -692
  -725
  -761
  -798
  -838
  -879
  -923
  -968
  -1,016
  -1,067
  -1,120
  -1,176
  -1,235
Issuance/(repayment) of debt, $m
  0
  28
  31
  34
  37
  40
  43
  46
  49
  52
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
  154
  161
Issuance/(repurchase) of shares, $m
  -1
  449
  462
  477
  492
  508
  526
  545
  564
  585
  607
  528
  553
  579
  606
  636
  666
  699
  733
  769
  807
  846
  888
  932
  979
  1,027
  1,078
  1,132
  1,189
  1,248
  1,311
Cash from financing (excl. dividends), $m  
  -1
  477
  493
  511
  529
  548
  569
  591
  613
  637
  663
  587
  616
  645
  676
  710
  744
  782
  820
  861
  904
  948
  996
  1,045
  1,098
  1,153
  1,210
  1,271
  1,335
  1,402
  1,472
Total cash flow (excl. dividends), $m
  -16
  145
  148
  153
  157
  161
  166
  170
  175
  180
  185
  87
  92
  98
  103
  109
  115
  122
  128
  135
  143
  150
  158
  167
  175
  184
  194
  204
  215
  226
  237
Retained Cash Flow (-), $m
  -48
  -449
  -462
  -477
  -492
  -508
  -526
  -545
  -564
  -585
  -607
  -528
  -553
  -579
  -606
  -636
  -666
  -699
  -733
  -769
  -807
  -846
  -888
  -932
  -979
  -1,027
  -1,078
  -1,132
  -1,189
  -1,248
  -1,311
Prev. year cash balance distribution, $m
 
  114
  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
 
  -190
  -314
  -324
  -335
  -347
  -360
  -374
  -389
  -405
  -423
  -441
  -461
  -481
  -503
  -526
  -551
  -577
  -604
  -633
  -664
  -696
  -730
  -766
  -803
  -843
  -884
  -928
  -974
  -1,023
  -1,074
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
 
  -179
  -278
  -268
  -257
  -245
  -233
  -220
  -206
  -191
  -176
  -161
  -145
  -130
  -115
  -100
  -87
  -74
  -62
  -51
  -41
  -33
  -26
  -20
  -15
  -11
  -8
  -5
  -4
  -2
  -2
Current shareholders' claim on cash, %
  100
  78.4
  61.5
  48.2
  37.8
  29.6
  23.2
  18.2
  14.3
  11.3
  8.9
  7.2
  5.9
  4.8
  3.9
  3.2
  2.6
  2.1
  1.7
  1.4
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1

Halyard Health, Inc. provides health and healthcare supplies and solutions worldwide. The company operates through two segments, Surgical and Infection Prevention (S&IP), and Medical Devices. The S&IP segment provides sterilization wrap, surgical drapes and gowns, facial protection products, protective apparel, and medical exam gloves for the prevention of healthcare-associated infections. This segment offers its products under the HALYARD or KIMGUARD ONE-STEP, QUICK CHECK, SMART-FOLD, POWERGUARD, MICROCOOL, FLUIDSHIELD, PURPLE NITRILE, LAVENDER, STERLING, and other brand names. The Medical Devices segment provides a portfolio of products that focuses on pain management, and respiratory and digestive health to enhance patient outcomes. Its products include post-operative pain management solutions, minimally invasive interventional (or chronic) pain therapies, closed airway suction systems, and enteral feeding tubes. This segment sells its products under the ON-Q, COOLIEF, MICROCUFF, MIC-KEY, QUIKBLOC, HOMEPUMP, and other brand names. The company markets its products directly to hospitals and other healthcare providers, as well as through third-party distribution channels. Halyard Health, Inc. was incorporated in 2014 and is headquartered in Alpharetta, Georgia.

FINANCIAL RATIOS  of  Halyard Health (HYH)

Valuation Ratios
P/E Ratio 47.4
Price to Sales 1.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 11.9
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -58.6%
Cap. Spend. - 3 Yr. Gr. Rate -10%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 52.5%
Total Debt to Equity 52.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. -4.4%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. -6.3%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. -9.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 9.4%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. -4.3%
Pre-Tax Margin 3.5%
Pre-Tax Margin - 3 Yr. Avg. -5.7%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. -7.6%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 31.3%
Payout Ratio 0%

HYH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HYH stock intrinsic value calculation we used $1592 million for the last fiscal year's total revenue generated by Halyard Health. The default revenue input number comes from 2016 income statement of Halyard Health. 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 HYH stock valuation model: a) initial revenue growth rate of 2.9% 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 HYH is calculated based on our internal credit rating of Halyard Health, 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 Halyard Health.
    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 HYH stock the variable cost ratio is equal to 124%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HYH 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 5.2% for Halyard Health.

Corporate tax rate of 27% is the nominal tax rate for Halyard Health. 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 HYH 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 HYH are equal to 24.9%.

Life of production assets of 21.3 years is the average useful life of capital assets used in Halyard Health 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 HYH is equal to 9.8%. 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 - $1103 million for Halyard Health - 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 44.754 million for Halyard Health 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 Halyard Health at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Atlanta's Halyard Health names new CEO, who's getting $1M sign-on award   [Jun-23-17 01:00PM  American City Business Journals]
▶ Halyard Health Announces CEO Transition   [06:50AM  PR Newswire]
▶ ETFs with exposure to Halyard Health, Inc. : May 8, 2017   [May-08-17 04:43PM  Capital Cube]
▶ Halyard beats Street 1Q forecasts   [07:25AM  Associated Press]
▶ Jury returns $454M fraud verdict in hospital gown lawsuit   [Apr-10-17 06:11PM  Associated Press]
▶ Halyard tops Street 4Q forecasts   [07:25AM  Associated Press]
▶ Hedge Funds Are Betting On Smith & Wesson Holding Corp (SWHC)   [Nov-29-16 08:48AM  at Insider Monkey]
Stock chart of HYH Financial statements of HYH Annual reports of HYH
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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