Intrinsic value of Mednax - MD

Previous Close

$42.27

  Intrinsic Value

$117.67

stock screener

  Rating & Target

str. buy

+178%

  Value-price divergence*

0%

Previous close

$42.27

 
Intrinsic value

$117.67

 
Up/down potential

+178%

 
Rating

str. buy

 
Value-price divergence*

0%

*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 3.9

 

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
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  3,183
  3,533
  3,901
  4,285
  4,687
  5,106
  5,542
  5,996
  6,468
  6,958
  7,468
  7,997
  8,548
  9,120
  9,715
  10,334
  10,978
  11,649
  12,348
  13,077
  13,837
  14,630
  15,457
  16,321
  17,224
  18,168
  19,155
  20,187
  21,266
  22,396
  23,580
Variable operating expenses, $m
 
  2,781
  3,030
  3,291
  3,563
  3,847
  4,143
  4,451
  4,771
  5,103
  5,449
  5,424
  5,797
  6,185
  6,589
  7,009
  7,446
  7,901
  8,375
  8,869
  9,384
  9,922
  10,483
  11,069
  11,682
  12,322
  12,991
  13,691
  14,423
  15,189
  15,992
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
  2,781
  3,030
  3,291
  3,563
  3,847
  4,143
  4,451
  4,771
  5,103
  5,449
  5,424
  5,797
  6,185
  6,589
  7,009
  7,446
  7,901
  8,375
  8,869
  9,384
  9,922
  10,483
  11,069
  11,682
  12,322
  12,991
  13,691
  14,423
  15,189
  15,992
Operating income, $m
  572
  752
  871
  994
  1,124
  1,259
  1,399
  1,545
  1,697
  1,855
  2,019
  2,573
  2,751
  2,935
  3,126
  3,325
  3,533
  3,749
  3,974
  4,208
  4,453
  4,708
  4,974
  5,252
  5,543
  5,846
  6,164
  6,496
  6,843
  7,207
  7,588
EBITDA, $m
  666
  1,161
  1,281
  1,408
  1,540
  1,677
  1,820
  1,970
  2,125
  2,286
  2,453
  2,627
  2,808
  2,996
  3,191
  3,395
  3,606
  3,827
  4,056
  4,296
  4,545
  4,806
  5,078
  5,362
  5,658
  5,968
  6,292
  6,631
  6,986
  7,357
  7,746
Interest expense (income), $m
  60
  67
  79
  90
  103
  116
  129
  143
  158
  173
  189
  205
  222
  240
  258
  277
  297
  318
  339
  362
  385
  410
  435
  462
  489
  518
  549
  580
  613
  648
  684
Earnings before tax, $m
  514
  685
  792
  904
  1,021
  1,143
  1,270
  1,402
  1,539
  1,682
  1,830
  2,369
  2,529
  2,695
  2,868
  3,048
  3,236
  3,431
  3,634
  3,846
  4,068
  4,298
  4,539
  4,791
  5,053
  5,328
  5,615
  5,916
  6,230
  6,559
  6,903
Tax expense, $m
  189
  185
  214
  244
  276
  309
  343
  378
  416
  454
  494
  639
  683
  728
  774
  823
  874
  926
  981
  1,039
  1,098
  1,161
  1,226
  1,293
  1,364
  1,439
  1,516
  1,597
  1,682
  1,771
  1,864
Net income, $m
  325
  500
  578
  660
  745
  834
  927
  1,023
  1,124
  1,228
  1,336
  1,729
  1,846
  1,967
  2,094
  2,225
  2,362
  2,505
  2,653
  2,808
  2,969
  3,138
  3,314
  3,497
  3,689
  3,889
  4,099
  4,318
  4,548
  4,788
  5,039

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
  5,850
  6,458
  7,095
  7,760
  8,453
  9,175
  9,927
  10,708
  11,520
  12,364
  13,240
  14,152
  15,099
  16,084
  17,109
  18,176
  19,287
  20,444
  21,651
  22,909
  24,221
  25,591
  27,022
  28,517
  30,079
  31,713
  33,421
  35,209
  37,080
  39,039
Adjusted assets (=assets-cash), $m
  5,272
  5,850
  6,458
  7,095
  7,760
  8,453
  9,175
  9,927
  10,708
  11,520
  12,364
  13,240
  14,152
  15,099
  16,084
  17,109
  18,176
  19,287
  20,444
  21,651
  22,909
  24,221
  25,591
  27,022
  28,517
  30,079
  31,713
  33,421
  35,209
  37,080
  39,039
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
  710
  784
  861
  942
  1,026
  1,114
  1,205
  1,300
  1,399
  1,501
  1,607
  1,718
  1,833
  1,953
  2,077
  2,207
  2,342
  2,482
  2,628
  2,781
  2,941
  3,107
  3,281
  3,462
  3,652
  3,850
  4,057
  4,275
  4,502
  4,739
Working capital, $m
  138
  102
  113
  124
  136
  148
  161
  174
  188
  202
  217
  232
  248
  264
  282
  300
  318
  338
  358
  379
  401
  424
  448
  473
  500
  527
  555
  585
  617
  649
  684
Total debt, $m
  1,706
  1,965
  2,260
  2,569
  2,891
  3,228
  3,578
  3,942
  4,321
  4,715
  5,124
  5,550
  5,992
  6,451
  6,929
  7,426
  7,943
  8,482
  9,044
  9,629
  10,239
  10,875
  11,540
  12,234
  12,959
  13,716
  14,509
  15,337
  16,204
  17,112
  18,062
Total liabilities, $m
  2,579
  2,837
  3,132
  3,441
  3,763
  4,100
  4,450
  4,814
  5,193
  5,587
  5,996
  6,422
  6,864
  7,323
  7,801
  8,298
  8,815
  9,354
  9,916
  10,501
  11,111
  11,747
  12,412
  13,106
  13,831
  14,588
  15,381
  16,209
  17,076
  17,984
  18,934
Total equity, $m
  2,761
  3,013
  3,326
  3,654
  3,996
  4,353
  4,725
  5,112
  5,515
  5,933
  6,367
  6,819
  7,288
  7,776
  8,283
  8,811
  9,361
  9,933
  10,529
  11,150
  11,798
  12,474
  13,180
  13,916
  14,686
  15,491
  16,332
  17,212
  18,133
  19,096
  20,105
Total liabilities and equity, $m
  5,340
  5,850
  6,458
  7,095
  7,759
  8,453
  9,175
  9,926
  10,708
  11,520
  12,363
  13,241
  14,152
  15,099
  16,084
  17,109
  18,176
  19,287
  20,445
  21,651
  22,909
  24,221
  25,592
  27,022
  28,517
  30,079
  31,713
  33,421
  35,209
  37,080
  39,039
Debt-to-equity ratio
  0.618
  0.650
  0.680
  0.700
  0.720
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.890
  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
  500
  578
  660
  745
  834
  927
  1,023
  1,124
  1,228
  1,336
  1,729
  1,846
  1,967
  2,094
  2,225
  2,362
  2,505
  2,653
  2,808
  2,969
  3,138
  3,314
  3,497
  3,689
  3,889
  4,099
  4,318
  4,548
  4,788
  5,039
Depreciation, amort., depletion, $m
  94
  408
  411
  413
  416
  419
  422
  425
  428
  431
  435
  54
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
  135
  142
  150
  158
Funds from operations, $m
  417
  908
  989
  1,073
  1,161
  1,253
  1,349
  1,448
  1,551
  1,659
  1,770
  1,783
  1,903
  2,029
  2,159
  2,295
  2,436
  2,583
  2,736
  2,896
  3,062
  3,236
  3,417
  3,606
  3,804
  4,011
  4,227
  4,454
  4,690
  4,938
  5,197
Change in working capital, $m
  -27
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
Cash from operations, $m
  444
  898
  978
  1,062
  1,150
  1,241
  1,336
  1,435
  1,538
  1,645
  1,756
  1,767
  1,887
  2,012
  2,142
  2,277
  2,417
  2,563
  2,716
  2,874
  3,040
  3,213
  3,393
  3,581
  3,778
  3,984
  4,199
  4,424
  4,659
  4,905
  5,163
Maintenance CAPEX, $m
  0
  -21
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -43
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -150
New CAPEX, $m
  -39
  -70
  -74
  -77
  -81
  -84
  -88
  -91
  -95
  -99
  -102
  -106
  -111
  -115
  -120
  -124
  -130
  -135
  -141
  -146
  -153
  -159
  -166
  -174
  -181
  -190
  -198
  -207
  -217
  -227
  -238
Cash from investing activities, $m
  -821
  -91
  -98
  -103
  -110
  -115
  -122
  -128
  -135
  -142
  -149
  -156
  -165
  -172
  -181
  -189
  -199
  -209
  -219
  -229
  -241
  -252
  -264
  -278
  -290
  -305
  -320
  -335
  -352
  -369
  -388
Free cash flow, $m
  -377
  807
  881
  959
  1,040
  1,125
  1,214
  1,306
  1,403
  1,503
  1,607
  1,611
  1,723
  1,840
  1,961
  2,087
  2,218
  2,355
  2,497
  2,645
  2,800
  2,961
  3,129
  3,304
  3,487
  3,679
  3,879
  4,088
  4,307
  4,536
  4,775
Issuance/(repayment) of debt, $m
  428
  281
  295
  309
  323
  336
  350
  364
  379
  394
  409
  425
  442
  459
  478
  497
  517
  539
  561
  585
  610
  637
  664
  694
  725
  758
  792
  829
  867
  907
  950
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
  281
  295
  309
  323
  336
  350
  364
  379
  394
  409
  425
  442
  459
  478
  497
  517
  539
  561
  585
  610
  637
  664
  694
  725
  758
  792
  829
  867
  907
  950
Total cash flow (excl. dividends), $m
  4
  1,088
  1,176
  1,267
  1,363
  1,462
  1,564
  1,671
  1,782
  1,896
  2,016
  2,036
  2,165
  2,299
  2,439
  2,584
  2,736
  2,894
  3,058
  3,230
  3,410
  3,597
  3,793
  3,998
  4,212
  4,436
  4,671
  4,917
  5,174
  5,443
  5,725
Retained Cash Flow (-), $m
  -323
  -297
  -313
  -328
  -343
  -357
  -372
  -387
  -402
  -418
  -435
  -452
  -469
  -488
  -507
  -528
  -549
  -572
  -596
  -621
  -648
  -676
  -706
  -737
  -770
  -805
  -841
  -880
  -921
  -964
  -1,009
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
 
  836
  862
  939
  1,020
  1,104
  1,192
  1,284
  1,379
  1,478
  1,581
  1,584
  1,696
  1,811
  1,931
  2,056
  2,186
  2,321
  2,462
  2,609
  2,762
  2,921
  3,088
  3,261
  3,443
  3,632
  3,830
  4,037
  4,253
  4,480
  4,717
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
 
  786
  757
  766
  766
  759
  744
  722
  692
  656
  614
  532
  488
  440
  392
  343
  296
  251
  210
  172
  138
  108
  84
  63
  46
  33
  23
  16
  11
  7
  4
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 12.2
Price to Sales 1.2
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 9.8
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 11% 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 $3.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to MEDNAX, Inc. : August 14, 2017   [Aug-14-17 04:53PM  Capital Cube]
▶ New Strong Sell Stocks for August 4th   [Aug-04-17 07:56AM  Zacks]
▶ Mednax misses Street 2Q forecasts   [Jul-28-17 08:24PM  Associated Press]
▶ ETFs with exposure to MEDNAX, Inc. : July 24, 2017   [Jul-24-17 05:13PM  Capital Cube]
▶ ETFs with exposure to MEDNAX, Inc. : July 14, 2017   [Jul-14-17 03:31PM  Capital Cube]
▶ ETFs with exposure to MEDNAX, Inc. : July 4, 2017   [Jul-04-17 03:10PM  Capital Cube]
▶ 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
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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