Intrinsic value of Kindred Healthcare - KND

Previous Close

$11.55

  Intrinsic Value

$11.26

stock screener

  Rating & Target

hold

-2%

  Value-price divergence*

-80%

Previous close

$11.55

 
Intrinsic value

$11.26

 
Up/down potential

-2%

 
Rating

hold

 
Value-price divergence*

-80%

*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 1.1

 

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
  220
  227
  236
  246
  256
  268
  282
  296
  311
  328
  346
  365
  386
  408
  431
  456
  482
  509
  539
  569
  602
  636
  673
  711
  751
  794
  838
  885
  935
  987
Earnings before tax, $m
  -303
  -76
  -74
  -72
  -70
  -68
  -67
  -65
  -63
  -60
  -58
  187
  189
  192
  194
  197
  200
  203
  206
  210
  213
  217
  221
  225
  229
  234
  238
  243
  248
  254
  259
Tax expense, $m
  315
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  50
  51
  52
  52
  53
  54
  55
  56
  57
  58
  59
  60
  61
  62
  63
  64
  66
  67
  69
  70
Net income, $m
  -664
  -76
  -74
  -72
  -70
  -68
  -67
  -65
  -63
  -60
  -58
  136
  138
  140
  142
  144
  146
  148
  151
  153
  156
  158
  161
  164
  167
  170
  174
  177
  181
  185
  189

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
  6,230
  6,374
  6,538
  6,721
  6,925
  7,149
  7,392
  7,656
  7,940
  8,244
  8,570
  8,918
  9,289
  9,682
  10,100
  10,543
  11,011
  11,506
  12,030
  12,583
  13,166
  13,781
  14,429
  15,113
  15,832
  16,589
  17,387
  18,226
  19,108
  20,037
Adjusted assets (=assets-cash), $m
  5,867
  6,230
  6,374
  6,538
  6,721
  6,925
  7,149
  7,392
  7,656
  7,940
  8,244
  8,570
  8,918
  9,289
  9,682
  10,100
  10,543
  11,011
  11,506
  12,030
  12,583
  13,166
  13,781
  14,429
  15,113
  15,832
  16,589
  17,387
  18,226
  19,108
  20,037
Revenue / Adjusted assets
  1.231
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
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
  3,345
  3,469
  3,611
  3,771
  3,947
  4,141
  4,352
  4,581
  4,827
  5,091
  5,374
  5,675
  5,996
  6,337
  6,700
  7,083
  7,490
  7,919
  8,373
  8,852
  9,358
  9,891
  10,453
  11,046
  11,669
  12,326
  13,017
  13,745
  14,510
  15,315
Total liabilities, $m
  5,300
  5,402
  5,526
  5,668
  5,828
  6,004
  6,198
  6,409
  6,638
  6,884
  7,148
  7,431
  7,732
  8,053
  8,394
  8,757
  9,140
  9,547
  9,976
  10,430
  10,909
  11,415
  11,948
  12,510
  13,103
  13,726
  14,383
  15,074
  15,802
  16,567
  17,372
Total equity, $m
  813
  829
  848
  869
  894
  921
  951
  983
  1,018
  1,056
  1,097
  1,140
  1,186
  1,235
  1,288
  1,343
  1,402
  1,464
  1,530
  1,600
  1,674
  1,751
  1,833
  1,919
  2,010
  2,106
  2,206
  2,312
  2,424
  2,541
  2,665
Total liabilities and equity, $m
  6,113
  6,231
  6,374
  6,537
  6,722
  6,925
  7,149
  7,392
  7,656
  7,940
  8,245
  8,571
  8,918
  9,288
  9,682
  10,100
  10,542
  11,011
  11,506
  12,030
  12,583
  13,166
  13,781
  14,429
  15,113
  15,832
  16,589
  17,386
  18,226
  19,108
  20,037
Debt-to-equity ratio
  3.989
  4.040
  4.090
  4.150
  4.220
  4.290
  4.360
  4.430
  4.500
  4.570
  4.640
  4.710
  4.780
  4.850
  4.920
  4.990
  5.050
  5.110
  5.170
  5.230
  5.290
  5.340
  5.400
  5.450
  5.500
  5.540
  5.590
  5.630
  5.670
  5.710
  5.750
Adjusted equity ratio
  0.097
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -664
  -76
  -74
  -72
  -70
  -68
  -67
  -65
  -63
  -60
  -58
  136
  138
  140
  142
  144
  146
  148
  151
  153
  156
  158
  161
  164
  167
  170
  174
  177
  181
  185
  189
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
  232
  236
  239
  243
  247
  251
  256
  260
  266
  271
  226
  232
  237
  243
  250
  257
  264
  271
  279
  288
  296
  306
  315
  326
  336
  348
  360
  372
  386
  399
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
  226
  229
  231
  234
  237
  240
  244
  248
  252
  256
  210
  215
  219
  224
  230
  235
  241
  247
  254
  261
  268
  276
  284
  292
  302
  311
  321
  332
  343
  354
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
  130
  124
  119
  114
  110
  106
  101
  97
  93
  88
  33
  28
  23
  18
  12
  6
  0
  -6
  -12
  -19
  -26
  -33
  -41
  -48
  -57
  -65
  -74
  -84
  -93
  -104
Issuance/(repayment) of debt, $m
  138
  104
  124
  142
  159
  177
  194
  211
  228
  246
  264
  283
  302
  321
  341
  362
  384
  406
  430
  454
  479
  506
  533
  562
  592
  624
  657
  691
  727
  765
  805
Issuance/(repurchase) of shares, $m
  0
  91
  93
  94
  95
  96
  96
  97
  98
  98
  99
  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
  195
  217
  236
  254
  273
  290
  308
  326
  344
  363
  283
  302
  321
  341
  362
  384
  406
  430
  454
  479
  506
  533
  562
  592
  624
  657
  691
  727
  765
  805
Total cash flow (excl. dividends), $m
  90
  325
  341
  355
  369
  382
  396
  409
  423
  437
  451
  316
  330
  344
  359
  374
  390
  407
  424
  442
  460
  480
  500
  521
  544
  567
  591
  617
  644
  672
  701
Retained Cash Flow (-), $m
  687
  -91
  -93
  -94
  -95
  -96
  -96
  -97
  -98
  -98
  -99
  -43
  -46
  -49
  -52
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -117
  -123
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
 
  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
 
  234
  248
  261
  274
  287
  299
  312
  325
  339
  352
  273
  284
  295
  307
  319
  331
  344
  358
  372
  387
  402
  418
  435
  453
  471
  491
  511
  532
  554
  578
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
 
  210
  198
  183
  167
  150
  133
  115
  99
  83
  69
  42
  33
  26
  20
  15
  11
  8
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.5
  85.6
  79.3
  73.5
  68.2
  63.5
  59.1
  55.2
  51.6
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3
  48.3

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 -1.5
Price to Sales 0.1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 18.2
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 97.636 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 $1.1 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for July 19th   [Jul-19-17 09:19AM  Zacks]
▶ Kindred in deal to sell business segment, gain $910 million   [Jul-17-17 06:00PM  American City Business Journals]
▶ New Strong Sell Stocks for July 14th   [Jul-14-17 08:15AM  Zacks]
▶ Kindred Sells Skilled Nursing Facility Business for $700M   [Jul-03-17 08:14PM  TheStreet.com]
▶ Kindred sells CFO's house at big loss   [Jun-06-17 02:45PM  American City Business Journals]
▶ Despite Sickly EPS Growth, Kindred Healthcare Shows Rising Strength   [Jun-02-17 11:16AM  Investor's Business Daily]
▶ U.S. Supreme Court rules in Kindred arbitration case   [May-17-17 01:35PM  American City Business Journals]
▶ Kindred CEO comments on acquisition rumors   [May-04-17 02:05PM  American City Business Journals]
▶ Kindred Healthcare reports 1Q loss   [May-03-17 06:33PM  Associated Press]
▶ Hospital co. to shutter another Houston-area facility   [May-01-17 03:10PM  American City Business Journals]
▶ 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]
Stock chart of KND Financial statements of KND Annual reports 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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