Intrinsic value of LifePoint Health - LPNT

Previous Close

$56.60

  Intrinsic Value

$60.80

stock screener

  Rating & Target

hold

+7%

  Value-price divergence*

-67%

Previous close

$56.60

 
Intrinsic value

$60.80

 
Up/down potential

+7%

 
Rating

hold

 
Value-price divergence*

-67%

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

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 2.3

 

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
 
  6,118
  6,254
  6,411
  6,586
  6,780
  6,993
  7,225
  7,477
  7,747
  8,038
  8,171
  8,502
  8,855
  9,231
  9,629
  10,051
  10,498
  10,970
  11,469
  11,996
  12,552
  13,138
  13,757
  14,408
  15,094
  15,816
  16,576
  17,376
  18,217
  19,103
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
  6,118
  6,254
  6,411
  6,586
  6,780
  6,993
  7,225
  7,477
  7,747
  8,038
  8,171
  8,502
  8,855
  9,231
  9,629
  10,051
  10,498
  10,970
  11,469
  11,996
  12,552
  13,138
  13,757
  14,408
  15,094
  15,816
  16,576
  17,376
  18,217
  19,103
Operating income, $m
  205
  374
  386
  401
  417
  435
  455
  476
  500
  525
  552
  758
  789
  822
  857
  894
  933
  974
  1,018
  1,065
  1,113
  1,165
  1,220
  1,277
  1,337
  1,401
  1,468
  1,539
  1,613
  1,691
  1,773
EBITDA, $m
  560
  777
  795
  815
  838
  863
  891
  922
  955
  990
  1,028
  1,069
  1,112
  1,158
  1,207
  1,259
  1,314
  1,373
  1,435
  1,500
  1,569
  1,641
  1,718
  1,799
  1,884
  1,974
  2,068
  2,168
  2,272
  2,382
  2,498
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
  229
  237
  247
  258
  270
  283
  297
  312
  328
  345
  542
  562
  583
  605
  629
  654
  680
  708
  738
  769
  802
  837
  874
  912
  953
  996
  1,041
  1,088
  1,138
  1,190
Tax expense, $m
  73
  62
  64
  67
  70
  73
  76
  80
  84
  89
  93
  146
  152
  157
  163
  170
  177
  184
  191
  199
  208
  217
  226
  236
  246
  257
  269
  281
  294
  307
  321
Net income, $m
  122
  167
  173
  180
  188
  197
  206
  217
  228
  239
  252
  395
  410
  425
  442
  459
  477
  497
  517
  539
  562
  586
  611
  638
  666
  696
  727
  760
  794
  831
  869

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
  167
  173
  180
  188
  197
  206
  217
  228
  239
  252
  395
  410
  425
  442
  459
  477
  497
  517
  539
  562
  586
  611
  638
  666
  696
  727
  760
  794
  831
  869
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
  570
  582
  595
  609
  625
  643
  662
  682
  705
  728
  706
  733
  761
  792
  824
  859
  895
  933
  974
  1,017
  1,062
  1,110
  1,160
  1,213
  1,268
  1,327
  1,389
  1,454
  1,522
  1,594
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
  561
  571
  583
  596
  610
  626
  644
  663
  684
  706
  681
  707
  734
  763
  793
  826
  860
  897
  935
  976
  1,019
  1,064
  1,112
  1,162
  1,215
  1,271
  1,330
  1,392
  1,457
  1,525
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
  282
  279
  276
  273
  272
  271
  272
  272
  274
  276
  231
  234
  238
  243
  248
  254
  260
  267
  275
  283
  291
  301
  311
  321
  333
  345
  357
  371
  385
  400
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
  366
  375
  386
  397
  409
  422
  436
  450
  465
  482
  451
  469
  488
  508
  530
  552
  576
  601
  628
  655
  685
  715
  748
  782
  818
  855
  895
  937
  980
  1,026
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
 
  401
  326
  330
  334
  339
  345
  352
  359
  368
  377
  339
  349
  361
  373
  386
  400
  415
  431
  447
  465
  484
  504
  525
  547
  570
  595
  620
  648
  677
  707
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
 
  369
  274
  251
  228
  206
  185
  164
  144
  125
  108
  80
  67
  56
  45
  36
  29
  22
  17
  13
  9
  6
  4
  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 18.5
Price to Sales 0.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 64.6
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 94.3%.

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 40.281 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 $2.3 billion.

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COMPANY NEWS

▶ 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]
▶ LifePoint Health Furthers Commitment to Chest Pain Care   [Dec-22-16 02:00PM  Business Wire]
▶ 5 big hurdles to repealing Obamacare   [08:56AM  at MarketWatch]
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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