Intrinsic value of Mednax - MD

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$59.61

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of MD 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 5.5

 

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, %
  14.50
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  3,183
  3,565
  3,968
  4,391
  4,835
  5,299
  5,783
  6,287
  6,812
  7,357
  7,925
  8,515
  9,127
  9,764
  10,426
  11,114
  11,830
  12,575
  13,351
  14,158
  15,000
  15,878
  16,793
  17,749
  18,746
  19,788
  20,877
  22,016
  23,206
  24,451
  25,755
Variable operating expenses, $m
 
  2,802
  3,075
  3,363
  3,663
  3,978
  4,306
  4,648
  5,004
  5,374
  5,759
  5,775
  6,190
  6,622
  7,071
  7,538
  8,023
  8,528
  9,054
  9,602
  10,173
  10,768
  11,389
  12,037
  12,714
  13,421
  14,159
  14,931
  15,738
  16,583
  17,467
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
  2,611
  2,802
  3,075
  3,363
  3,663
  3,978
  4,306
  4,648
  5,004
  5,374
  5,759
  5,775
  6,190
  6,622
  7,071
  7,538
  8,023
  8,528
  9,054
  9,602
  10,173
  10,768
  11,389
  12,037
  12,714
  13,421
  14,159
  14,931
  15,738
  16,583
  17,467
Operating income, $m
  572
  763
  892
  1,029
  1,171
  1,321
  1,476
  1,639
  1,807
  1,983
  2,166
  2,740
  2,937
  3,142
  3,355
  3,577
  3,807
  4,047
  4,296
  4,556
  4,827
  5,109
  5,404
  5,712
  6,033
  6,368
  6,718
  7,085
  7,468
  7,868
  8,288
EBITDA, $m
  666
  1,171
  1,303
  1,442
  1,588
  1,741
  1,900
  2,065
  2,238
  2,417
  2,603
  2,797
  2,998
  3,207
  3,425
  3,651
  3,886
  4,131
  4,386
  4,651
  4,928
  5,216
  5,517
  5,830
  6,158
  6,500
  6,858
  7,232
  7,623
  8,032
  8,460
Interest expense (income), $m
  60
  67
  80
  93
  106
  120
  135
  151
  167
  184
  201
  220
  239
  258
  279
  300
  322
  345
  369
  394
  420
  447
  475
  505
  535
  567
  601
  636
  672
  710
  750
Earnings before tax, $m
  514
  695
  813
  936
  1,065
  1,200
  1,341
  1,488
  1,640
  1,799
  1,964
  2,520
  2,699
  2,884
  3,076
  3,277
  3,485
  3,702
  3,927
  4,162
  4,407
  4,663
  4,929
  5,207
  5,497
  5,801
  6,118
  6,449
  6,795
  7,158
  7,537
Tax expense, $m
  189
  188
  219
  253
  288
  324
  362
  402
  443
  486
  530
  680
  729
  779
  831
  885
  941
  999
  1,060
  1,124
  1,190
  1,259
  1,331
  1,406
  1,484
  1,566
  1,652
  1,741
  1,835
  1,933
  2,035
Net income, $m
  325
  508
  593
  683
  778
  876
  979
  1,086
  1,198
  1,313
  1,434
  1,840
  1,970
  2,105
  2,246
  2,392
  2,544
  2,702
  2,867
  3,038
  3,217
  3,404
  3,598
  3,801
  4,013
  4,234
  4,466
  4,708
  4,961
  5,225
  5,502

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  67
  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
  5,339
  5,902
  6,569
  7,270
  8,005
  8,773
  9,574
  10,409
  11,277
  12,181
  13,121
  14,097
  15,111
  16,166
  17,262
  18,401
  19,586
  20,820
  22,104
  23,441
  24,835
  26,288
  27,804
  29,386
  31,037
  32,762
  34,565
  36,450
  38,421
  40,482
  42,640
Adjusted assets (=assets-cash), $m
  5,272
  5,902
  6,569
  7,270
  8,005
  8,773
  9,574
  10,409
  11,277
  12,181
  13,121
  14,097
  15,111
  16,166
  17,262
  18,401
  19,586
  20,820
  22,104
  23,441
  24,835
  26,288
  27,804
  29,386
  31,037
  32,762
  34,565
  36,450
  38,421
  40,482
  42,640
Revenue / Adjusted assets
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
  0.604
Average production assets, $m
  640
  717
  798
  883
  972
  1,065
  1,162
  1,264
  1,369
  1,479
  1,593
  1,711
  1,835
  1,963
  2,096
  2,234
  2,378
  2,528
  2,683
  2,846
  3,015
  3,191
  3,375
  3,568
  3,768
  3,977
  4,196
  4,425
  4,664
  4,915
  5,177
Working capital, $m
  138
  103
  115
  127
  140
  154
  168
  182
  198
  213
  230
  247
  265
  283
  302
  322
  343
  365
  387
  411
  435
  460
  487
  515
  544
  574
  605
  638
  673
  709
  747
Total debt, $m
  1,706
  1,991
  2,314
  2,654
  3,010
  3,383
  3,771
  4,176
  4,598
  5,036
  5,491
  5,965
  6,457
  6,968
  7,500
  8,053
  8,627
  9,226
  9,848
  10,497
  11,173
  11,878
  12,613
  13,380
  14,181
  15,018
  15,892
  16,806
  17,762
  18,762
  19,808
Total liabilities, $m
  2,579
  2,863
  3,186
  3,526
  3,882
  4,255
  4,643
  5,048
  5,470
  5,908
  6,363
  6,837
  7,329
  7,840
  8,372
  8,925
  9,499
  10,098
  10,720
  11,369
  12,045
  12,750
  13,485
  14,252
  15,053
  15,890
  16,764
  17,678
  18,634
  19,634
  20,680
Total equity, $m
  2,761
  3,040
  3,383
  3,744
  4,122
  4,518
  4,930
  5,360
  5,808
  6,273
  6,757
  7,260
  7,782
  8,325
  8,890
  9,477
  10,087
  10,722
  11,383
  12,072
  12,790
  13,538
  14,319
  15,134
  15,984
  16,873
  17,801
  18,772
  19,787
  20,848
  21,960
Total liabilities and equity, $m
  5,340
  5,903
  6,569
  7,270
  8,004
  8,773
  9,573
  10,408
  11,278
  12,181
  13,120
  14,097
  15,111
  16,165
  17,262
  18,402
  19,586
  20,820
  22,103
  23,441
  24,835
  26,288
  27,804
  29,386
  31,037
  32,763
  34,565
  36,450
  38,421
  40,482
  42,640
Debt-to-equity ratio
  0.618
  0.650
  0.680
  0.710
  0.730
  0.750
  0.760
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.860
  0.860
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
Adjusted equity ratio
  0.511
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  325
  508
  593
  683
  778
  876
  979
  1,086
  1,198
  1,313
  1,434
  1,840
  1,970
  2,105
  2,246
  2,392
  2,544
  2,702
  2,867
  3,038
  3,217
  3,404
  3,598
  3,801
  4,013
  4,234
  4,466
  4,708
  4,961
  5,225
  5,502
Depreciation, amort., depletion, $m
  94
  408
  411
  414
  417
  420
  423
  427
  430
  434
  438
  57
  61
  65
  70
  74
  79
  84
  89
  95
  101
  106
  113
  119
  126
  133
  140
  148
  155
  164
  173
Funds from operations, $m
  417
  916
  1,004
  1,097
  1,194
  1,296
  1,402
  1,513
  1,628
  1,747
  1,872
  1,897
  2,031
  2,171
  2,316
  2,466
  2,623
  2,786
  2,956
  3,133
  3,318
  3,510
  3,711
  3,920
  4,139
  4,367
  4,606
  4,855
  5,116
  5,389
  5,675
Change in working capital, $m
  -27
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
Cash from operations, $m
  444
  1,037
  993
  1,085
  1,182
  1,283
  1,388
  1,498
  1,612
  1,731
  1,855
  1,880
  2,013
  2,152
  2,296
  2,446
  2,602
  2,765
  2,934
  3,110
  3,293
  3,485
  3,684
  3,892
  4,110
  4,337
  4,574
  4,822
  5,082
  5,353
  5,637
Maintenance CAPEX, $m
  0
  -21
  -24
  -27
  -29
  -32
  -36
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -95
  -101
  -106
  -113
  -119
  -126
  -133
  -140
  -148
  -155
  -164
New CAPEX, $m
  -39
  -77
  -81
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -184
  -192
  -201
  -209
  -219
  -229
  -239
  -250
  -262
Cash from investing activities, $m
  -821
  -98
  -105
  -112
  -118
  -125
  -133
  -140
  -147
  -156
  -163
  -172
  -180
  -189
  -198
  -208
  -218
  -229
  -240
  -251
  -264
  -277
  -290
  -305
  -320
  -335
  -352
  -369
  -387
  -405
  -426
Free cash flow, $m
  -377
  939
  888
  973
  1,063
  1,157
  1,255
  1,358
  1,465
  1,576
  1,692
  1,708
  1,833
  1,963
  2,098
  2,238
  2,384
  2,536
  2,694
  2,858
  3,029
  3,208
  3,394
  3,588
  3,790
  4,002
  4,223
  4,454
  4,695
  4,947
  5,211
Issuance/(repayment) of debt, $m
  428
  307
  323
  340
  356
  372
  389
  405
  421
  438
  456
  473
  492
  511
  532
  553
  575
  598
  623
  649
  676
  705
  735
  767
  801
  837
  874
  914
  956
  1,000
  1,046
Issuance/(repurchase) of shares, $m
  -36
  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  
  382
  307
  323
  340
  356
  372
  389
  405
  421
  438
  456
  473
  492
  511
  532
  553
  575
  598
  623
  649
  676
  705
  735
  767
  801
  837
  874
  914
  956
  1,000
  1,046
Total cash flow (excl. dividends), $m
  4
  1,246
  1,211
  1,313
  1,419
  1,529
  1,644
  1,763
  1,886
  2,014
  2,147
  2,182
  2,325
  2,474
  2,629
  2,791
  2,959
  3,134
  3,316
  3,507
  3,705
  3,912
  4,129
  4,355
  4,591
  4,839
  5,097
  5,368
  5,651
  5,947
  6,258
Retained Cash Flow (-), $m
  -323
  -324
  -343
  -361
  -378
  -395
  -413
  -430
  -447
  -465
  -484
  -503
  -522
  -543
  -564
  -587
  -610
  -635
  -661
  -689
  -718
  -748
  -781
  -815
  -851
  -888
  -928
  -971
  -1,015
  -1,062
  -1,111
Prev. year cash balance distribution, $m
 
  45
  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
 
  967
  868
  952
  1,041
  1,134
  1,231
  1,333
  1,439
  1,549
  1,664
  1,679
  1,803
  1,931
  2,065
  2,204
  2,349
  2,499
  2,655
  2,818
  2,987
  3,164
  3,348
  3,540
  3,741
  3,950
  4,169
  4,397
  4,636
  4,885
  5,146
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  909
  762
  776
  782
  780
  769
  749
  722
  687
  646
  564
  518
  469
  419
  368
  318
  271
  226
  185
  149
  117
  91
  68
  50
  36
  25
  17
  11
  7
  5
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

MEDNAX, Inc., together with its subsidiaries, provides neonatal, anesthesia, maternal-fetal, and other pediatric subspecialties physician services in the United States and Puerto Rico. The company offers neonatal care services, such as clinical care to babies born prematurely or with complications within specific units at hospitals through neonatal physician subspecialists, neonatal nurse practitioners, and other pediatric clinicians; anesthesia and anesthesia subspecialty care; and acute and chronic pain management services. It also provides maternal-fetal care, including inpatient and office-based clinical care to expectant mothers and their unborn babies through maternal-fetal medicine subspecialists, as well as obstetricians and other clinicians consisting of maternal-fetal nurse practitioners, certified nurse mid-wives, ultrasonographers, and genetic counselors. The company’s pediatric cardiology care services comprise inpatient and office-based pediatric cardiology care of the fetus, infant, child, and adolescent patient with congenital heart defects and acquired heart disease, as well as adults with congenital heart defects through pediatric cardiologist subspecialists and other related clinical professionals. In addition, it provides other pediatric subspecialty care services through pediatric subspecialists, such as pediatric intensivists, pediatric hospitalists, and pediatric surgeons, as well as pediatric ear, nose, and throat physicians; and support services in the areas of hospitals, primarily in the pediatric emergency rooms, labor and delivery areas, and nursery and pediatric departments. As of December 31, 2016, the company’s network consisted of approximately 3,600 affiliated physicians. MEDNAX, Inc. was founded in 1979 and is headquartered in Sunrise, Florida.

FINANCIAL RATIOS  of  Mednax (MD)

Valuation Ratios
P/E Ratio 17.2
Price to Sales 1.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 13.8
Growth Rates
Sales Growth Rate 14.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.4%
Cap. Spend. - 3 Yr. Gr. Rate 19.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 61%
Total Debt to Equity 61.8%
Interest Coverage 10
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 19.7%
Pre-Tax Margin 16.1%
Pre-Tax Margin - 3 Yr. Avg. 18.8%
Net Profit Margin 10.2%
Net Profit Margin - 3 Yr. Avg. 11.8%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 0%

MD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MD stock intrinsic value calculation we used $3183 million for the last fiscal year's total revenue generated by Mednax. The default revenue input number comes from 2016 income statement of Mednax. 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 MD stock valuation model: a) initial revenue growth rate of 12% 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 6.4%, whose default value for MD is calculated based on our internal credit rating of Mednax, 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 Mednax.
    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 MD stock the variable cost ratio is equal to 79.9%.

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 MD 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 4% for Mednax.

Corporate tax rate of 27% is the nominal tax rate for Mednax. 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 MD 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 MD are equal to 20.1%.

Life of production assets of 45.2 years is the average useful life of capital assets used in Mednax 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 MD is equal to 2.9%. 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 - $2761 million for Mednax - 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 92.844 million for Mednax 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 Mednax at the current share price and the inputted number of shares is $5.5 billion.


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COMPANY NEWS

▶ ETFs with exposure to MEDNAX, Inc. : June 19, 2017   [Jun-19-17 03:41PM  Capital Cube]
▶ 4 Reasons to Stay Away from Mednax (MD) Now   [Jun-07-17 09:31AM  Zacks]
▶ A Deep Analysis of 6 Five-Star Companies   [Jun-02-17 06:11PM  GuruFocus.com]
▶ MEDNAX to Present at Upcoming Investor Conferences   [Jun-01-17 06:45AM  Business Wire]
▶ What Makes MEDNAX (MD) a Strong Sell?   [May-31-17 08:38AM  Zacks]
▶ MEDNAX to Present at Upcoming Investor Conferences   [May-10-17 06:45AM  Business Wire]
▶ Mednax misses Street 1Q forecasts   [Apr-20-17 07:30AM  Associated Press]
▶ MEDNAX Previews 2017 First Quarter Results   [06:45AM  Business Wire]
▶ MEDNAX to Present at Upcoming Investor Conferences   [Feb-23-17 06:45AM  Business Wire]
▶ Mednax buys its first radiology practice   [Jan-30-17 08:00AM  at bizjournals.com]
▶ Should You Avoid Mednax Inc. (MD)?   [Dec-13-16 06:00AM  at Insider Monkey]
Stock chart of MD Financial statements of MD Annual reports of MD
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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