Intrinsic value of Mednax - MD

Previous Close

$53.52

  Intrinsic Value

$92.24

stock screener

  Rating & Target

str. buy

+72%

Previous close

$53.52

 
Intrinsic value

$92.24

 
Up/down potential

+72%

 
Rating

str. buy

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  3,183
  3,342
  3,509
  3,685
  3,869
  4,062
  4,266
  4,479
  4,703
  4,938
  5,185
  5,444
  5,716
  6,002
  6,302
  6,617
  6,948
  7,295
  7,660
  8,043
  8,445
  8,868
  9,311
  9,777
  10,265
  10,779
  11,318
  11,884
  12,478
  13,102
  13,757
Variable operating expenses, $m
 
  2,651
  2,764
  2,883
  3,008
  3,140
  3,277
  3,422
  3,574
  3,733
  3,901
  3,692
  3,877
  4,071
  4,274
  4,488
  4,712
  4,948
  5,195
  5,455
  5,728
  6,014
  6,315
  6,631
  6,962
  7,310
  7,676
  8,059
  8,462
  8,886
  9,330
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
  2,651
  2,764
  2,883
  3,008
  3,140
  3,277
  3,422
  3,574
  3,733
  3,901
  3,692
  3,877
  4,071
  4,274
  4,488
  4,712
  4,948
  5,195
  5,455
  5,728
  6,014
  6,315
  6,631
  6,962
  7,310
  7,676
  8,059
  8,462
  8,886
  9,330
Operating income, $m
  572
  691
  745
  801
  861
  923
  988
  1,057
  1,129
  1,204
  1,284
  1,752
  1,839
  1,931
  2,028
  2,129
  2,236
  2,348
  2,465
  2,588
  2,718
  2,854
  2,996
  3,146
  3,303
  3,469
  3,642
  3,824
  4,015
  4,216
  4,427
EBITDA, $m
  661
  1,098
  1,153
  1,210
  1,271
  1,334
  1,401
  1,471
  1,545
  1,622
  1,703
  1,788
  1,878
  1,972
  2,070
  2,174
  2,282
  2,397
  2,516
  2,642
  2,774
  2,913
  3,059
  3,212
  3,372
  3,541
  3,718
  3,904
  4,099
  4,304
  4,519
Interest expense (income), $m
  60
  67
  72
  78
  83
  89
  96
  102
  109
  116
  124
  132
  140
  149
  158
  168
  178
  188
  199
  211
  223
  236
  250
  264
  279
  295
  311
  329
  347
  366
  386
Earnings before tax, $m
  514
  624
  672
  723
  777
  833
  893
  955
  1,020
  1,088
  1,160
  1,620
  1,699
  1,783
  1,870
  1,962
  2,058
  2,159
  2,266
  2,377
  2,494
  2,617
  2,746
  2,882
  3,024
  3,174
  3,331
  3,495
  3,669
  3,850
  4,041
Tax expense, $m
  189
  168
  182
  195
  210
  225
  241
  258
  275
  294
  313
  437
  459
  481
  505
  530
  556
  583
  612
  642
  673
  707
  742
  778
  817
  857
  899
  944
  990
  1,040
  1,091
Net income, $m
  325
  455
  491
  528
  567
  608
  652
  697
  744
  794
  847
  1,183
  1,241
  1,301
  1,365
  1,432
  1,503
  1,576
  1,654
  1,735
  1,821
  1,911
  2,005
  2,104
  2,208
  2,317
  2,431
  2,552
  2,678
  2,811
  2,950

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
  5,533
  5,810
  6,101
  6,406
  6,726
  7,062
  7,415
  7,786
  8,175
  8,584
  9,013
  9,464
  9,937
  10,434
  10,956
  11,503
  12,079
  12,683
  13,317
  13,983
  14,682
  15,416
  16,187
  16,996
  17,846
  18,738
  19,675
  20,659
  21,691
  22,776
Adjusted assets (=assets-cash), $m
  5,272
  5,533
  5,810
  6,101
  6,406
  6,726
  7,062
  7,415
  7,786
  8,175
  8,584
  9,013
  9,464
  9,937
  10,434
  10,956
  11,503
  12,079
  12,683
  13,317
  13,983
  14,682
  15,416
  16,187
  16,996
  17,846
  18,738
  19,675
  20,659
  21,691
  22,776
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
  672
  705
  741
  778
  817
  857
  900
  945
  993
  1,042
  1,094
  1,149
  1,206
  1,267
  1,330
  1,397
  1,466
  1,540
  1,617
  1,698
  1,782
  1,872
  1,965
  2,063
  2,167
  2,275
  2,389
  2,508
  2,633
  2,765
Working capital, $m
  138
  97
  102
  107
  112
  118
  124
  130
  136
  143
  150
  158
  166
  174
  183
  192
  201
  212
  222
  233
  245
  257
  270
  284
  298
  313
  328
  345
  362
  380
  399
Total debt, $m
  1,706
  1,812
  1,946
  2,087
  2,235
  2,390
  2,553
  2,724
  2,904
  3,093
  3,291
  3,499
  3,718
  3,948
  4,188
  4,442
  4,707
  4,986
  5,279
  5,587
  5,910
  6,249
  6,605
  6,978
  7,371
  7,783
  8,216
  8,670
  9,147
  9,648
  10,174
Total liabilities, $m
  2,579
  2,684
  2,818
  2,959
  3,107
  3,262
  3,425
  3,596
  3,776
  3,965
  4,163
  4,371
  4,590
  4,820
  5,060
  5,314
  5,579
  5,858
  6,151
  6,459
  6,782
  7,121
  7,477
  7,850
  8,243
  8,655
  9,088
  9,542
  10,019
  10,520
  11,046
Total equity, $m
  2,761
  2,850
  2,992
  3,142
  3,299
  3,464
  3,637
  3,819
  4,010
  4,210
  4,421
  4,642
  4,874
  5,118
  5,373
  5,642
  5,924
  6,220
  6,532
  6,858
  7,201
  7,561
  7,939
  8,336
  8,753
  9,191
  9,650
  10,133
  10,639
  11,171
  11,730
Total liabilities and equity, $m
  5,340
  5,534
  5,810
  6,101
  6,406
  6,726
  7,062
  7,415
  7,786
  8,175
  8,584
  9,013
  9,464
  9,938
  10,433
  10,956
  11,503
  12,078
  12,683
  13,317
  13,983
  14,682
  15,416
  16,186
  16,996
  17,846
  18,738
  19,675
  20,658
  21,691
  22,776
Debt-to-equity ratio
  0.618
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
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
  455
  491
  528
  567
  608
  652
  697
  744
  794
  847
  1,183
  1,241
  1,301
  1,365
  1,432
  1,503
  1,576
  1,654
  1,735
  1,821
  1,911
  2,005
  2,104
  2,208
  2,317
  2,431
  2,552
  2,678
  2,811
  2,950
Depreciation, amort., depletion, $m
  89
  407
  408
  409
  410
  412
  413
  415
  416
  418
  419
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  59
  62
  66
  69
  72
  76
  80
  84
  88
  92
Funds from operations, $m
  417
  862
  899
  937
  978
  1,020
  1,065
  1,111
  1,161
  1,212
  1,266
  1,219
  1,279
  1,342
  1,407
  1,477
  1,549
  1,625
  1,705
  1,789
  1,877
  1,970
  2,067
  2,169
  2,277
  2,389
  2,507
  2,631
  2,762
  2,898
  3,042
Change in working capital, $m
  -27
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
Cash from operations, $m
  444
  858
  894
  932
  972
  1,014
  1,059
  1,105
  1,154
  1,205
  1,259
  1,212
  1,271
  1,333
  1,399
  1,467
  1,539
  1,615
  1,695
  1,778
  1,866
  1,958
  2,054
  2,156
  2,262
  2,374
  2,492
  2,615
  2,744
  2,880
  3,023
Maintenance CAPEX, $m
  0
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -66
  -69
  -72
  -76
  -80
  -84
  -88
New CAPEX, $m
  -39
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
  -119
  -125
  -132
Cash from investing activities, $m
  -821
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -111
  -117
  -122
  -128
  -135
  -142
  -148
  -156
  -164
  -172
  -180
  -190
  -199
  -209
  -220
Free cash flow, $m
  -377
  804
  838
  873
  911
  950
  991
  1,034
  1,079
  1,126
  1,176
  1,125
  1,180
  1,238
  1,298
  1,362
  1,429
  1,499
  1,572
  1,650
  1,731
  1,816
  1,906
  2,000
  2,099
  2,202
  2,311
  2,425
  2,545
  2,671
  2,804
Issuance/(repayment) of debt, $m
  428
  128
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  219
  230
  241
  253
  266
  279
  293
  308
  323
  339
  356
  374
  393
  412
  433
  454
  477
  501
  526
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
  128
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  219
  230
  241
  253
  266
  279
  293
  308
  323
  339
  356
  374
  393
  412
  433
  454
  477
  501
  526
Total cash flow (excl. dividends), $m
  4
  932
  972
  1,014
  1,059
  1,105
  1,154
  1,205
  1,259
  1,315
  1,375
  1,333
  1,398
  1,467
  1,539
  1,615
  1,694
  1,778
  1,865
  1,957
  2,054
  2,155
  2,262
  2,374
  2,491
  2,614
  2,744
  2,880
  3,022
  3,172
  3,330
Retained Cash Flow (-), $m
  -323
  -134
  -142
  -150
  -157
  -165
  -173
  -182
  -191
  -200
  -211
  -221
  -232
  -244
  -256
  -269
  -282
  -296
  -311
  -327
  -343
  -360
  -378
  -397
  -417
  -438
  -460
  -483
  -507
  -532
  -559
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
 
  843
  830
  865
  901
  940
  981
  1,023
  1,068
  1,115
  1,164
  1,112
  1,166
  1,223
  1,283
  1,346
  1,412
  1,482
  1,554
  1,631
  1,711
  1,795
  1,884
  1,977
  2,074
  2,177
  2,284
  2,397
  2,516
  2,640
  2,771
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
 
  793
  728
  705
  677
  646
  612
  575
  536
  494
  452
  374
  335
  297
  260
  225
  191
  160
  132
  107
  85
  67
  51
  38
  28
  20
  14
  9
  6
  4
  2
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. is a provider of physician services, including newborn, anesthesia, maternal-fetal, teleradiology, pediatric cardiology and other pediatric subspecialty care. As of December 31, 2016, the Company's national network consisted of over 3,600 affiliated physicians, including over 1,130 physicians providing neonatal clinical care, in 35 states and Puerto Rico, primarily within hospital-based neonatal intensive care units (NICUs), to babies born prematurely or with medical complications. As of December 31, 2016, the Company had over 1,390 affiliated physicians providing anesthesia care to patients in connection with surgical and other procedures, as well as pain management. As of December 31, 2016, the Company had 270 affiliated physicians providing maternal-fetal and obstetrical medical care to expectant mothers experiencing complicated pregnancies primarily in areas where its affiliated neonatal physicians practice.

FINANCIAL RATIOS  of  Mednax (MD)

Valuation Ratios
P/E Ratio 15.4
Price to Sales 1.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 12.4
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 20.8%
EBITDA Margin - 3 Yr. Avg. 22.1%
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 5% 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 47.7 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 93.563 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 $5.0 billion.

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COMPANY NEWS

▶ [$$] The Next Deal Target in Health Care   [Dec-27-17 09:15AM  The Wall Street Journal]
▶ [$$] The Next Deal Target in Health Care   [12:29AM  The Wall Street Journal]
▶ ETFs with exposure to MEDNAX, Inc. : December 14, 2017   [Dec-14-17 01:48PM  Capital Cube]
▶ Key Risks Facing Mednax in 2017   [12:52PM  Market Realist]
▶ Understanding Mednaxs Financial Position   [12:52PM  Market Realist]
▶ A Closer Look at Mednaxs Business Strategy   [12:52PM  Market Realist]
▶ The Latest Wall Street Recommendations for Mednax   [Dec-13-17 04:53PM  Market Realist]
▶ MEDNAX to Present at Upcoming Investor Conferences   [Nov-22-17 06:45AM  Business Wire]
▶ Hedge fund led by Worlds Most Feared Investor buys stake in South Florida company   [Nov-17-17 11:25AM  American City Business Journals]
▶ A Big Hedge Fund Is Behind Mednax Soaring 12.7% Today   [Nov-16-17 04:47PM  Motley Fool]
▶ ETFs with exposure to MEDNAX, Inc. : November 14, 2017   [Nov-14-17 02:33PM  Capital Cube]
▶ MEDNAX to Present at the Stifel 2017 Healthcare Conference   [Nov-07-17 06:45AM  Business Wire]
▶ ETFs with exposure to MEDNAX, Inc. : November 3, 2017   [Nov-03-17 12:19PM  Capital Cube]
▶ Mednax tops Street 3Q forecasts   [06:11AM  Associated Press]
▶ MEDNAX Addresses National Opioid Use and Abuse   [Oct-10-17 06:45AM  Business Wire]
▶ MEDNAX, Inc. Value Analysis (NYSE:MD) : October 6, 2017   [Oct-06-17 11:25AM  Capital Cube]
▶ 5 Key Reasons To Invest In Mednax   [Sep-18-17 02:55PM  Benzinga]
▶ Mednax buys Miami practice with over 70 physicians   [Aug-23-17 08:50AM  American City Business Journals]
▶ 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]
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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