Intrinsic value of Kindred Healthcare - KND

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$9.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$9.70

 
Intrinsic value

$20.11

 
Up/down potential

+107%

 
Rating

str. buy

 
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 KND 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 0.8

 

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, %
  2.34
  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
  7,220
  7,364
  7,534
  7,727
  7,945
  8,186
  8,450
  8,738
  9,049
  9,385
  9,745
  10,130
  10,541
  10,979
  11,444
  11,938
  12,461
  13,015
  13,601
  14,219
  14,873
  15,562
  16,289
  17,056
  17,863
  18,713
  19,609
  20,551
  21,543
  22,586
  23,684
Variable operating expenses, $m
 
  7,220
  7,380
  7,564
  7,769
  7,998
  8,248
  8,521
  8,816
  9,134
  9,475
  9,597
  9,987
  10,401
  10,842
  11,310
  11,806
  12,330
  12,885
  13,471
  14,090
  14,743
  15,432
  16,158
  16,923
  17,729
  18,577
  19,470
  20,409
  21,398
  22,438
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
  7,294
  7,220
  7,380
  7,564
  7,769
  7,998
  8,248
  8,521
  8,816
  9,134
  9,475
  9,597
  9,987
  10,401
  10,842
  11,310
  11,806
  12,330
  12,885
  13,471
  14,090
  14,743
  15,432
  16,158
  16,923
  17,729
  18,577
  19,470
  20,409
  21,398
  22,438
Operating income, $m
  -75
  145
  154
  164
  175
  188
  202
  217
  233
  251
  270
  533
  555
  578
  602
  628
  656
  685
  716
  748
  783
  819
  857
  897
  940
  985
  1,032
  1,081
  1,133
  1,188
  1,246
EBITDA, $m
  85
  453
  463
  475
  488
  503
  520
  537
  556
  577
  599
  623
  648
  675
  704
  734
  766
  800
  836
  874
  914
  957
  1,002
  1,049
  1,098
  1,151
  1,206
  1,264
  1,325
  1,389
  1,456
Interest expense (income), $m
  216
  219
  226
  234
  244
  255
  267
  280
  294
  310
  326
  344
  363
  384
  405
  428
  453
  479
  506
  536
  566
  599
  633
  669
  707
  747
  789
  834
  881
  930
  982
Earnings before tax, $m
  -303
  -74
  -72
  -70
  -69
  -67
  -65
  -63
  -61
  -58
  -56
  189
  191
  194
  197
  200
  203
  206
  209
  213
  216
  220
  224
  228
  233
  237
  242
  247
  253
  258
  264
Tax expense, $m
  315
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  51
  52
  52
  53
  54
  55
  56
  56
  57
  58
  59
  61
  62
  63
  64
  65
  67
  68
  70
  71
Net income, $m
  -664
  -74
  -72
  -70
  -69
  -67
  -65
  -63
  -61
  -58
  -56
  138
  140
  142
  144
  146
  148
  150
  153
  155
  158
  161
  164
  167
  170
  173
  177
  181
  185
  189
  193

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  246
  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
  6,113
  5,982
  6,120
  6,277
  6,454
  6,650
  6,864
  7,098
  7,351
  7,624
  7,916
  8,229
  8,563
  8,919
  9,297
  9,698
  10,123
  10,573
  11,048
  11,551
  12,082
  12,642
  13,233
  13,855
  14,511
  15,202
  15,929
  16,695
  17,500
  18,348
  19,239
Adjusted assets (=assets-cash), $m
  5,867
  5,982
  6,120
  6,277
  6,454
  6,650
  6,864
  7,098
  7,351
  7,624
  7,916
  8,229
  8,563
  8,919
  9,297
  9,698
  10,123
  10,573
  11,048
  11,551
  12,082
  12,642
  13,233
  13,855
  14,511
  15,202
  15,929
  16,695
  17,500
  18,348
  19,239
Revenue / Adjusted assets
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
Average production assets, $m
  1,698
  1,731
  1,770
  1,816
  1,867
  1,924
  1,986
  2,053
  2,127
  2,205
  2,290
  2,381
  2,477
  2,580
  2,689
  2,805
  2,928
  3,059
  3,196
  3,342
  3,495
  3,657
  3,828
  4,008
  4,198
  4,398
  4,608
  4,830
  5,063
  5,308
  5,566
Working capital, $m
  511
  302
  309
  317
  326
  336
  346
  358
  371
  385
  400
  415
  432
  450
  469
  489
  511
  534
  558
  583
  610
  638
  668
  699
  732
  767
  804
  843
  883
  926
  971
Total debt, $m
  3,243
  3,321
  3,445
  3,586
  3,745
  3,921
  4,114
  4,324
  4,552
  4,797
  5,060
  5,341
  5,641
  5,961
  6,301
  6,661
  7,043
  7,448
  7,876
  8,327
  8,805
  9,308
  9,839
  10,399
  10,988
  11,609
  12,263
  12,952
  13,676
  14,438
  15,239
Total liabilities, $m
  5,300
  5,378
  5,502
  5,643
  5,802
  5,978
  6,171
  6,381
  6,609
  6,854
  7,117
  7,398
  7,698
  8,018
  8,358
  8,718
  9,100
  9,505
  9,933
  10,384
  10,862
  11,365
  11,896
  12,456
  13,045
  13,666
  14,320
  15,009
  15,733
  16,495
  17,296
Total equity, $m
  813
  604
  618
  634
  652
  672
  693
  717
  742
  770
  800
  831
  865
  901
  939
  979
  1,022
  1,068
  1,116
  1,167
  1,220
  1,277
  1,336
  1,399
  1,466
  1,535
  1,609
  1,686
  1,768
  1,853
  1,943
Total liabilities and equity, $m
  6,113
  5,982
  6,120
  6,277
  6,454
  6,650
  6,864
  7,098
  7,351
  7,624
  7,917
  8,229
  8,563
  8,919
  9,297
  9,697
  10,122
  10,573
  11,049
  11,551
  12,082
  12,642
  13,232
  13,855
  14,511
  15,201
  15,929
  16,695
  17,501
  18,348
  19,239
Debt-to-equity ratio
  3.989
  5.500
  5.570
  5.660
  5.750
  5.840
  5.930
  6.030
  6.130
  6.230
  6.330
  6.430
  6.520
  6.620
  6.710
  6.800
  6.890
  6.970
  7.060
  7.140
  7.220
  7.290
  7.360
  7.430
  7.500
  7.560
  7.620
  7.680
  7.740
  7.790
  7.840
Adjusted equity ratio
  0.097
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -664
  -74
  -72
  -70
  -69
  -67
  -65
  -63
  -61
  -58
  -56
  138
  140
  142
  144
  146
  148
  150
  153
  155
  158
  161
  164
  167
  170
  173
  177
  181
  185
  189
  193
Depreciation, amort., depletion, $m
  160
  308
  310
  311
  313
  315
  318
  320
  323
  326
  329
  90
  93
  97
  101
  106
  111
  115
  121
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
Funds from operations, $m
  91
  234
  237
  241
  245
  249
  253
  257
  262
  267
  273
  228
  233
  239
  245
  252
  258
  266
  273
  281
  290
  299
  308
  318
  328
  339
  351
  363
  376
  389
  403
Change in working capital, $m
  -94
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
Cash from operations, $m
  185
  198
  230
  233
  236
  239
  242
  246
  250
  254
  258
  212
  216
  221
  226
  231
  237
  243
  249
  256
  263
  270
  278
  287
  295
  304
  314
  324
  335
  346
  358
Maintenance CAPEX, $m
  0
  -64
  -65
  -67
  -69
  -70
  -73
  -75
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -106
  -111
  -115
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
New CAPEX, $m
  -131
  -33
  -40
  -46
  -51
  -57
  -62
  -68
  -73
  -79
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
  -145
  -154
  -162
  -171
  -180
  -190
  -200
  -210
  -221
  -233
  -245
  -258
Cash from investing activities, $m
  -200
  -97
  -105
  -113
  -120
  -127
  -135
  -143
  -150
  -159
  -168
  -177
  -187
  -196
  -206
  -217
  -229
  -241
  -253
  -266
  -280
  -294
  -309
  -324
  -341
  -358
  -376
  -395
  -415
  -436
  -458
Free cash flow, $m
  -15
  102
  125
  121
  116
  112
  107
  103
  99
  95
  90
  35
  30
  25
  19
  14
  8
  2
  -4
  -10
  -17
  -23
  -31
  -38
  -46
  -54
  -62
  -71
  -80
  -90
  -100
Issuance/(repayment) of debt, $m
  138
  106
  124
  141
  159
  176
  193
  210
  227
  245
  263
  281
  300
  320
  340
  361
  382
  404
  428
  452
  477
  503
  531
  560
  590
  621
  654
  688
  724
  762
  801
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  105
  106
  124
  141
  159
  176
  193
  210
  227
  245
  263
  281
  300
  320
  340
  361
  382
  404
  428
  452
  477
  503
  531
  560
  590
  621
  654
  688
  724
  762
  801
Total cash flow (excl. dividends), $m
  90
  208
  249
  262
  275
  288
  300
  313
  326
  340
  353
  316
  330
  344
  359
  374
  390
  407
  424
  442
  460
  480
  500
  522
  544
  567
  592
  617
  644
  672
  701
Retained Cash Flow (-), $m
  687
  -9
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
Prev. year cash balance distribution, $m
 
  218
  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
 
  417
  235
  246
  257
  268
  279
  290
  301
  312
  324
  285
  296
  308
  321
  334
  347
  361
  376
  391
  407
  423
  441
  459
  478
  497
  518
  540
  562
  586
  611
Discount rate, %
 
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
 
  374
  188
  173
  157
  140
  123
  107
  91
  77
  64
  44
  35
  27
  21
  16
  12
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  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

Kindred Healthcare, Inc. provides healthcare services in the United States. It operates in four divisions: Hospital, Nursing Center, Rehabilitation, and Care Management. The Hospital division operates transitional care hospitals that provide services for medically complex patients, including the critically ill, suffering from multiple organ system failures, primarily the cardiovascular, pulmonary, kidney, gastro-intestinal, and cutaneous systems. This division also operates inpatient rehabilitation hospitals, which offer services to patients who require intensive inpatient rehabilitative care. The Nursing Center division operates nursing centers and assisted living facilities that provide short stay patients and long stay residents with a range of medical, nursing, rehabilitative, pharmacy, and routine services, including daily dietary, social, and recreational services. The Rehabilitation division provides rehabilitation services, including physical and occupational therapies, and speech pathology services to residents and patients of nursing centers, acute and long-term acute care hospitals, outpatient clinics, home health agencies, assisted living facilities, school districts, and hospice providers under the RehabCare name. The Care Management division provides home health, hospice, and private duty services to patients in various settings, including homes, skilled nursing facilities, and other residential settings under the Kindred at Home name. As of September 30, 2015, Kindred Healthcare, Inc. provided healthcare services in 2,723 locations, including 95 transitional care hospitals, 18 inpatient rehabilitation hospitals, 90 nursing centers, 20 sub-acute units, and 101 inpatient rehabilitation units; and 626 Kindred at Home hospice, home health, and non-medical home care locations, as well as a contract rehabilitation services business, which served, 1,773 non-affiliated facilities. The company is headquartered in Louisville, Kentucky.

FINANCIAL RATIOS  of  Kindred Healthcare (KND)

Valuation Ratios
P/E Ratio -1.2
Price to Sales 0.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 15.3
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.7%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio 9
Current Ratio 0.1
LT Debt to Equity 395.4%
Total Debt to Equity 398.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -3.6%
Ret/ On Assets - 3 Yr. Avg. -0.9%
Return On Total Capital -15.3%
Ret/ On T. Cap. - 3 Yr. Avg. -6.6%
Return On Equity -57.4%
Return On Equity - 3 Yr. Avg. -23.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 94.7%
Gross Margin - 3 Yr. Avg. 94.5%
EBITDA Margin 1%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin -1%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin -4.2%
Pre-Tax Margin - 3 Yr. Avg. -1.8%
Net Profit Margin -9.2%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate -104%
Eff/ Tax Rate - 3 Yr. Avg. -19.6%
Payout Ratio -7.8%

KND stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KND stock intrinsic value calculation we used $7220 million for the last fiscal year's total revenue generated by Kindred Healthcare. The default revenue input number comes from 2016 income statement of Kindred Healthcare. 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 KND 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 11.4%, whose default value for KND is calculated based on our internal credit rating of Kindred Healthcare, 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 Kindred Healthcare.
    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 KND stock the variable cost ratio is equal to 98.1%.

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 KND 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 6.8% for Kindred Healthcare.

Corporate tax rate of 27% is the nominal tax rate for Kindred Healthcare. 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 KND 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 KND are equal to 23.5%.

Life of production assets of 26.5 years is the average useful life of capital assets used in Kindred Healthcare 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 KND is equal to 4.1%. 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 - $813 million for Kindred Healthcare - 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 83.137 million for Kindred Healthcare 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 Kindred Healthcare at the current share price and the inputted number of shares is $0.8 billion.


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COMPANY NEWS

▶ Acquisition rumors swirl around Kindred Healthcare   [02:38PM  American City Business Journals]
▶ Kindred Healthcare to Explore Sale   [09:37AM  TheStreet.com]
▶ Kindreds First Quarter Conference Call Scheduled for May 4   [Apr-11-17 04:30PM  GlobeNewswire]
▶ See how much Kindred paid its top five executives last year   [Apr-04-17 02:15PM  American City Business Journals]
▶ Kindred CEO: Home health is major 'growth story'   [Mar-17-17 07:53AM  at bizjournals.com]
▶ Kindred CEO: Home health is major 'growth story'   [07:53AM  American City Business Journals]
▶ Bullish and Bearish Reversals in the Market   [12:00PM  TheStreet.com]
▶ Top Fund Managers Bet Against Trump Replacing Obamacare   [Jan-24-17 08:21AM  at Investopedia]
▶ Kindred Reviews 2016 Accomplishments   [Jan-09-17 05:00PM  Business Wire]
▶ Kindred to Present at the J.P. Morgan Healthcare Conference   [Jan-03-17 05:00PM  Business Wire]
▶ What Smart Money Thinks of GTT Communications Inc (GTT)?   [Dec-08-16 09:45AM  at Insider Monkey]
▶ Why Kindred Healthcare, Inc. Crashed 29.7% Today   [Nov-08-16 05:21PM  at Motley Fool]
▶ Which Healthcare Company Is the Best Dividend Stock?   [Oct-13-16 08:06AM  at Motley Fool]
▶ Why Kindred just paid a $3 million penalty   [Sep-22-16 02:40PM  at bizjournals.com]
▶ 3 Value Stocks Near 52-Week Lows Worth Buying   [Sep-20-16 11:40AM  at Motley Fool]
▶ Why Does Smart Money Like Kindred Healthcare, Inc. (KND)?   [Sep-02-16 11:39AM  at Insider Monkey]
▶ Report: Louisville's Pharmerica may sell   [Aug-24-16 05:03PM  at bizjournals.com]
▶ Kindred, CafePress, Churchill Downs trade executives   [Aug-17-16 01:50PM  at bizjournals.com]
▶ Kindred Healthcare division has a new top exec   [Aug-16-16 11:10AM  at bizjournals.com]
▶ Baytown hospital to close, jobs to be cut   [02:25PM  at bizjournals.com]
▶ People really want to know what Kindred bid for this business   [Aug-11-16 04:51PM  at bizjournals.com]
Stock chart of KND Financial statements of KND
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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