Intrinsic value of LifePoint Health - LPNT

Previous Close

$43.70

  Intrinsic Value

$62.03

stock screener

  Rating & Target

buy

+42%

Previous close

$43.70

 
Intrinsic value

$62.03

 
Up/down potential

+42%

 
Rating

buy

We calculate the intrinsic value of LPNT 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, %
  22.06
  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
  6,364
  6,491
  6,641
  6,811
  7,003
  7,215
  7,448
  7,702
  7,976
  8,272
  8,590
  8,929
  9,292
  9,677
  10,088
  10,523
  10,984
  11,472
  11,988
  12,534
  13,109
  13,717
  14,358
  15,033
  15,745
  16,495
  17,284
  18,115
  18,989
  19,908
  20,876
Variable operating expenses, $m
 
  6,111
  6,248
  6,404
  6,579
  6,773
  6,986
  7,218
  7,469
  7,739
  8,029
  8,162
  8,493
  8,846
  9,221
  9,618
  10,040
  10,486
  10,958
  11,456
  11,983
  12,538
  13,124
  13,742
  14,392
  15,077
  15,799
  16,558
  17,357
  18,198
  19,082
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
  6,159
  6,111
  6,248
  6,404
  6,579
  6,773
  6,986
  7,218
  7,469
  7,739
  8,029
  8,162
  8,493
  8,846
  9,221
  9,618
  10,040
  10,486
  10,958
  11,456
  11,983
  12,538
  13,124
  13,742
  14,392
  15,077
  15,799
  16,558
  17,357
  18,198
  19,082
Operating income, $m
  205
  380
  393
  408
  424
  442
  462
  484
  508
  533
  560
  767
  799
  832
  867
  904
  944
  986
  1,030
  1,077
  1,127
  1,179
  1,234
  1,292
  1,353
  1,418
  1,485
  1,557
  1,632
  1,711
  1,794
EBITDA, $m
  560
  783
  801
  822
  845
  871
  899
  929
  962
  998
  1,036
  1,077
  1,121
  1,168
  1,217
  1,270
  1,325
  1,384
  1,447
  1,512
  1,582
  1,655
  1,733
  1,814
  1,900
  1,990
  2,086
  2,186
  2,291
  2,402
  2,519
Interest expense (income), $m
  139
  145
  149
  154
  159
  165
  172
  180
  188
  197
  206
  217
  228
  239
  252
  265
  279
  294
  310
  327
  344
  363
  383
  403
  425
  448
  472
  498
  525
  553
  583
Earnings before tax, $m
  205
  235
  244
  254
  265
  277
  290
  304
  320
  336
  354
  551
  571
  592
  615
  639
  665
  692
  720
  750
  782
  816
  851
  889
  928
  969
  1,013
  1,059
  1,107
  1,158
  1,211
Tax expense, $m
  73
  64
  66
  69
  72
  75
  78
  82
  86
  91
  96
  149
  154
  160
  166
  173
  179
  187
  194
  203
  211
  220
  230
  240
  251
  262
  273
  286
  299
  313
  327
Net income, $m
  122
  172
  178
  185
  193
  202
  212
  222
  233
  245
  258
  402
  417
  432
  449
  467
  485
  505
  526
  548
  571
  596
  621
  649
  677
  708
  739
  773
  808
  845
  884

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  96
  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
  6,319
  6,345
  6,491
  6,658
  6,845
  7,053
  7,281
  7,529
  7,797
  8,086
  8,396
  8,728
  9,083
  9,460
  9,861
  10,286
  10,737
  11,214
  11,719
  12,252
  12,815
  13,409
  14,035
  14,695
  15,391
  16,124
  16,895
  17,707
  18,562
  19,461
  20,406
Adjusted assets (=assets-cash), $m
  6,223
  6,345
  6,491
  6,658
  6,845
  7,053
  7,281
  7,529
  7,797
  8,086
  8,396
  8,728
  9,083
  9,460
  9,861
  10,286
  10,737
  11,214
  11,719
  12,252
  12,815
  13,409
  14,035
  14,695
  15,391
  16,124
  16,895
  17,707
  18,562
  19,461
  20,406
Revenue / Adjusted assets
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
Average production assets, $m
  2,850
  2,908
  2,975
  3,051
  3,137
  3,232
  3,337
  3,450
  3,573
  3,706
  3,848
  4,000
  4,163
  4,336
  4,519
  4,714
  4,921
  5,139
  5,371
  5,615
  5,873
  6,145
  6,432
  6,735
  7,054
  7,390
  7,743
  8,115
  8,507
  8,919
  9,352
Working capital, $m
  527
  461
  471
  484
  497
  512
  529
  547
  566
  587
  610
  634
  660
  687
  716
  747
  780
  815
  851
  890
  931
  974
  1,019
  1,067
  1,118
  1,171
  1,227
  1,286
  1,348
  1,413
  1,482
Total debt, $m
  2,914
  2,976
  3,072
  3,183
  3,307
  3,444
  3,595
  3,759
  3,937
  4,128
  4,333
  4,553
  4,788
  5,037
  5,303
  5,584
  5,883
  6,199
  6,533
  6,886
  7,258
  7,652
  8,066
  8,503
  8,964
  9,449
  9,960
  10,497
  11,063
  11,658
  12,284
Total liabilities, $m
  4,139
  4,201
  4,297
  4,408
  4,532
  4,669
  4,820
  4,984
  5,162
  5,353
  5,558
  5,778
  6,013
  6,262
  6,528
  6,809
  7,108
  7,424
  7,758
  8,111
  8,483
  8,877
  9,291
  9,728
  10,189
  10,674
  11,185
  11,722
  12,288
  12,883
  13,509
Total equity, $m
  2,180
  2,145
  2,194
  2,250
  2,314
  2,384
  2,461
  2,545
  2,635
  2,733
  2,838
  2,950
  3,070
  3,197
  3,333
  3,477
  3,629
  3,790
  3,961
  4,141
  4,331
  4,532
  4,744
  4,967
  5,202
  5,450
  5,711
  5,985
  6,274
  6,578
  6,897
Total liabilities and equity, $m
  6,319
  6,346
  6,491
  6,658
  6,846
  7,053
  7,281
  7,529
  7,797
  8,086
  8,396
  8,728
  9,083
  9,459
  9,861
  10,286
  10,737
  11,214
  11,719
  12,252
  12,814
  13,409
  14,035
  14,695
  15,391
  16,124
  16,896
  17,707
  18,562
  19,461
  20,406
Debt-to-equity ratio
  1.337
  1.390
  1.400
  1.410
  1.430
  1.440
  1.460
  1.480
  1.490
  1.510
  1.530
  1.540
  1.560
  1.580
  1.590
  1.610
  1.620
  1.640
  1.650
  1.660
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
Adjusted equity ratio
  0.335
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  122
  172
  178
  185
  193
  202
  212
  222
  233
  245
  258
  402
  417
  432
  449
  467
  485
  505
  526
  548
  571
  596
  621
  649
  677
  708
  739
  773
  808
  845
  884
Depreciation, amort., depletion, $m
  355
  403
  408
  414
  421
  428
  436
  445
  455
  465
  476
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
Funds from operations, $m
  345
  575
  587
  600
  614
  631
  648
  667
  688
  711
  735
  712
  739
  768
  799
  832
  867
  903
  942
  983
  1,026
  1,072
  1,120
  1,171
  1,224
  1,280
  1,340
  1,402
  1,468
  1,537
  1,609
Change in working capital, $m
  -90
  9
  11
  12
  14
  15
  17
  18
  19
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  51
  53
  56
  59
  62
  65
  69
Cash from operations, $m
  435
  566
  576
  588
  601
  615
  632
  649
  669
  690
  712
  688
  714
  741
  770
  801
  834
  869
  906
  944
  985
  1,029
  1,075
  1,123
  1,174
  1,227
  1,284
  1,343
  1,406
  1,471
  1,540
Maintenance CAPEX, $m
  0
  -221
  -225
  -231
  -237
  -243
  -251
  -259
  -267
  -277
  -287
  -298
  -310
  -323
  -336
  -350
  -365
  -381
  -398
  -416
  -435
  -455
  -476
  -499
  -522
  -547
  -573
  -600
  -629
  -659
  -691
New CAPEX, $m
  -400
  -58
  -67
  -76
  -86
  -95
  -104
  -114
  -123
  -133
  -142
  -152
  -162
  -173
  -184
  -195
  -207
  -219
  -231
  -244
  -258
  -272
  -287
  -303
  -319
  -336
  -354
  -372
  -392
  -412
  -433
Cash from investing activities, $m
  -521
  -279
  -292
  -307
  -323
  -338
  -355
  -373
  -390
  -410
  -429
  -450
  -472
  -496
  -520
  -545
  -572
  -600
  -629
  -660
  -693
  -727
  -763
  -802
  -841
  -883
  -927
  -972
  -1,021
  -1,071
  -1,124
Free cash flow, $m
  -86
  287
  284
  281
  278
  277
  277
  277
  278
  280
  282
  238
  241
  246
  250
  256
  262
  269
  276
  284
  292
  301
  311
  322
  333
  345
  357
  371
  385
  400
  416
Issuance/(repayment) of debt, $m
  164
  84
  97
  110
  124
  137
  151
  164
  178
  191
  205
  220
  235
  250
  265
  282
  298
  316
  334
  353
  373
  393
  415
  437
  461
  485
  511
  538
  566
  595
  626
Issuance/(repurchase) of shares, $m
  -221
  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  
  -102
  84
  97
  110
  124
  137
  151
  164
  178
  191
  205
  220
  235
  250
  265
  282
  298
  316
  334
  353
  373
  393
  415
  437
  461
  485
  511
  538
  566
  595
  626
Total cash flow (excl. dividends), $m
  -188
  371
  380
  391
  402
  415
  427
  441
  456
  471
  488
  457
  476
  495
  516
  537
  560
  584
  610
  637
  665
  695
  726
  759
  793
  830
  868
  908
  950
  995
  1,042
Retained Cash Flow (-), $m
  84
  -39
  -49
  -56
  -63
  -70
  -77
  -84
  -91
  -98
  -105
  -112
  -120
  -127
  -135
  -144
  -152
  -161
  -171
  -180
  -190
  -201
  -212
  -223
  -235
  -248
  -261
  -274
  -289
  -304
  -320
Prev. year cash balance distribution, $m
 
  74
  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
 
  406
  331
  335
  339
  344
  351
  357
  365
  374
  383
  345
  356
  368
  380
  394
  408
  423
  439
  456
  475
  494
  514
  536
  558
  582
  607
  634
  662
  691
  722
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  374
  278
  255
  232
  209
  188
  167
  146
  127
  109
  82
  69
  57
  46
  37
  29
  23
  17
  13
  9
  7
  5
  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

LifePoint Health, Inc., through its subsidiaries, owns and operates community hospitals, regional health systems, physician practices, outpatient centers and post-acute facilities. As of December 31, 2016, the Company operated 72 hospital campuses in 22 states, having a total of 9,424 licensed beds. It offers a range of general and specialized healthcare services to patients through a network of hospitals and outpatient facilities. Its services include general surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, rehabilitation services and pediatric services, and in some of its hospitals, the Company offers specialized services, such as open-heart surgery, skilled nursing, psychiatric care and neuro-surgery. It provides outpatient services, such as same-day surgery, laboratory, x-ray, respiratory therapy, imaging, sports medicine and lithotripsy.

FINANCIAL RATIOS  of  LifePoint Health (LPNT)

Valuation Ratios
P/E Ratio 14.3
Price to Sales 0.3
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 49.9
Growth Rates
Sales Growth Rate 22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.5%
Cap. Spend. - 3 Yr. Gr. Rate 16.7%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 132.7%
Total Debt to Equity 133.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 5.5%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 35.4%
Gross Margin - 3 Yr. Avg. 36.2%
EBITDA Margin 11%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.5%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.7%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

LPNT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LPNT stock intrinsic value calculation we used $6364 million for the last fiscal year's total revenue generated by LifePoint Health. The default revenue input number comes from 2016 income statement of LifePoint 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 LPNT 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 8.6%, whose default value for LPNT is calculated based on our internal credit rating of LifePoint 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 LifePoint 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 LPNT stock the variable cost ratio is equal to 94.2%.

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 LPNT 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% for LifePoint Health.

Corporate tax rate of 27% is the nominal tax rate for LifePoint 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 LPNT 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 LPNT are equal to 44.8%.

Life of production assets of 12.9 years is the average useful life of capital assets used in LifePoint 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 LPNT is equal to 7.1%. 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 - $2180 million for LifePoint 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 40.103 million for LifePoint 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 LifePoint Health at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ LifePoint misses Street 3Q forecasts   [07:15AM  Associated Press]
▶ LifePoint Health Completes Sale of Rockdale Medical Center   [Oct-02-17 04:30PM  Business Wire]
▶ Should You Buy LifePoint Health Inc (LPNT) Now?   [Sep-22-17 05:26PM  Simply Wall St.]
▶ LifePoint beats 2Q profit forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ Hospitals Take Another Hit From Latest Senate Health Plan   [Jul-13-17 01:25PM  TheStreet.com]
▶ Nashville health care CEO named co-chairman of chamber's Partnership 2020   [Jul-11-17 12:30PM  American City Business Journals]
▶ Senate's Delay in Medicaid Pullback Boosts Hospitals   [Jun-22-17 12:01PM  TheStreet.com]
▶ LifePoint beats 1Q profit forecasts   [07:10AM  Associated Press]
▶ Wall Street Week Ahead: Is Chaos the New Normal?   [Apr-08-17 10:56AM  TheStreet.com]
▶ Headwinds ahead for hospitals?   [03:47PM  CNBC Videos]
▶ [$$] Hospital Stocks Rise Amid Broader Slump   [03:14PM  The Wall Street Journal]
▶ [$$] Hospital Stocks Rise Amid Broader Slump   [03:14PM  at The Wall Street Journal]
Financial statements of LPNT
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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