Intrinsic value of Mednax - MD

Previous Close

$44.51

  Intrinsic Value

$108.73

stock screener

  Rating & Target

str. buy

+144%

Previous close

$44.51

 
Intrinsic value

$108.73

 
Up/down potential

+144%

 
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

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 4.2

 

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
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  3,183
  3,476
  3,781
  4,099
  4,429
  4,773
  5,130
  5,501
  5,886
  6,287
  6,703
  7,137
  7,588
  8,057
  8,546
  9,055
  9,587
  10,140
  10,718
  11,322
  11,952
  12,611
  13,299
  14,019
  14,773
  15,561
  16,386
  17,249
  18,154
  19,102
  20,095
Variable operating expenses, $m
 
  2,742
  2,949
  3,164
  3,388
  3,621
  3,863
  4,115
  4,376
  4,648
  4,931
  4,840
  5,146
  5,464
  5,796
  6,141
  6,502
  6,877
  7,269
  7,679
  8,106
  8,553
  9,020
  9,508
  10,019
  10,553
  11,113
  11,699
  12,312
  12,955
  13,628
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
  2,742
  2,949
  3,164
  3,388
  3,621
  3,863
  4,115
  4,376
  4,648
  4,931
  4,840
  5,146
  5,464
  5,796
  6,141
  6,502
  6,877
  7,269
  7,679
  8,106
  8,553
  9,020
  9,508
  10,019
  10,553
  11,113
  11,699
  12,312
  12,955
  13,628
Operating income, $m
  572
  734
  832
  934
  1,041
  1,151
  1,266
  1,386
  1,510
  1,639
  1,773
  2,297
  2,442
  2,593
  2,750
  2,914
  3,085
  3,263
  3,449
  3,643
  3,846
  4,058
  4,280
  4,511
  4,754
  5,007
  5,273
  5,551
  5,842
  6,147
  6,466
EBITDA, $m
  666
  1,142
  1,242
  1,346
  1,455
  1,568
  1,685
  1,807
  1,934
  2,065
  2,202
  2,344
  2,493
  2,647
  2,807
  2,975
  3,149
  3,331
  3,521
  3,719
  3,926
  4,143
  4,369
  4,605
  4,853
  5,112
  5,383
  5,666
  5,964
  6,275
  6,601
Interest expense (income), $m
  60
  67
  77
  87
  97
  107
  118
  130
  142
  154
  167
  180
  194
  209
  224
  240
  256
  273
  291
  309
  329
  349
  370
  392
  415
  440
  465
  491
  519
  548
  579
Earnings before tax, $m
  514
  667
  755
  848
  944
  1,044
  1,148
  1,256
  1,368
  1,484
  1,606
  2,116
  2,247
  2,384
  2,526
  2,674
  2,829
  2,990
  3,158
  3,334
  3,517
  3,709
  3,910
  4,119
  4,338
  4,568
  4,808
  5,059
  5,323
  5,599
  5,888
Tax expense, $m
  189
  180
  204
  229
  255
  282
  310
  339
  369
  401
  434
  571
  607
  644
  682
  722
  764
  807
  853
  900
  950
  1,001
  1,056
  1,112
  1,171
  1,233
  1,298
  1,366
  1,437
  1,512
  1,590
Net income, $m
  325
  487
  551
  619
  689
  762
  838
  917
  999
  1,084
  1,172
  1,545
  1,641
  1,740
  1,844
  1,952
  2,065
  2,183
  2,306
  2,434
  2,568
  2,708
  2,854
  3,007
  3,167
  3,334
  3,510
  3,693
  3,886
  4,087
  4,298

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
  5,755
  6,260
  6,786
  7,333
  7,902
  8,493
  9,107
  9,745
  10,409
  11,099
  11,816
  12,562
  13,340
  14,149
  14,992
  15,872
  16,789
  17,746
  18,745
  19,789
  20,879
  22,019
  23,211
  24,458
  25,763
  27,129
  28,559
  30,056
  31,625
  33,269
Adjusted assets (=assets-cash), $m
  5,272
  5,755
  6,260
  6,786
  7,333
  7,902
  8,493
  9,107
  9,745
  10,409
  11,099
  11,816
  12,562
  13,340
  14,149
  14,992
  15,872
  16,789
  17,746
  18,745
  19,789
  20,879
  22,019
  23,211
  24,458
  25,763
  27,129
  28,559
  30,056
  31,625
  33,269
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
  699
  760
  824
  890
  959
  1,031
  1,106
  1,183
  1,264
  1,347
  1,435
  1,525
  1,619
  1,718
  1,820
  1,927
  2,038
  2,154
  2,276
  2,402
  2,535
  2,673
  2,818
  2,969
  3,128
  3,294
  3,467
  3,649
  3,839
  4,039
Working capital, $m
  138
  101
  110
  119
  128
  138
  149
  160
  171
  182
  194
  207
  220
  234
  248
  263
  278
  294
  311
  328
  347
  366
  386
  407
  428
  451
  475
  500
  526
  554
  583
Total debt, $m
  1,706
  1,919
  2,164
  2,419
  2,684
  2,960
  3,247
  3,545
  3,854
  4,176
  4,511
  4,859
  5,221
  5,598
  5,990
  6,399
  6,826
  7,271
  7,735
  8,219
  8,725
  9,254
  9,807
  10,385
  10,990
  11,623
  12,285
  12,979
  13,705
  14,466
  15,263
Total liabilities, $m
  2,579
  2,791
  3,036
  3,291
  3,556
  3,832
  4,119
  4,417
  4,726
  5,048
  5,383
  5,731
  6,093
  6,470
  6,862
  7,271
  7,698
  8,143
  8,607
  9,091
  9,597
  10,126
  10,679
  11,257
  11,862
  12,495
  13,157
  13,851
  14,577
  15,338
  16,135
Total equity, $m
  2,761
  2,964
  3,224
  3,495
  3,776
  4,069
  4,374
  4,690
  5,019
  5,360
  5,716
  6,085
  6,470
  6,870
  7,287
  7,721
  8,174
  8,646
  9,139
  9,654
  10,191
  10,753
  11,340
  11,954
  12,596
  13,268
  13,971
  14,708
  15,479
  16,287
  17,134
Total liabilities and equity, $m
  5,340
  5,755
  6,260
  6,786
  7,332
  7,901
  8,493
  9,107
  9,745
  10,408
  11,099
  11,816
  12,563
  13,340
  14,149
  14,992
  15,872
  16,789
  17,746
  18,745
  19,788
  20,879
  22,019
  23,211
  24,458
  25,763
  27,128
  28,559
  30,056
  31,625
  33,269
Debt-to-equity ratio
  0.618
  0.650
  0.670
  0.690
  0.710
  0.730
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
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
  487
  551
  619
  689
  762
  838
  917
  999
  1,084
  1,172
  1,545
  1,641
  1,740
  1,844
  1,952
  2,065
  2,183
  2,306
  2,434
  2,568
  2,708
  2,854
  3,007
  3,167
  3,334
  3,510
  3,693
  3,886
  4,087
  4,298
Depreciation, amort., depletion, $m
  94
  408
  410
  412
  414
  416
  419
  421
  424
  427
  429
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
Funds from operations, $m
  417
  894
  961
  1,031
  1,103
  1,179
  1,257
  1,338
  1,422
  1,510
  1,602
  1,593
  1,691
  1,794
  1,901
  2,013
  2,129
  2,251
  2,377
  2,510
  2,648
  2,792
  2,943
  3,101
  3,266
  3,439
  3,620
  3,809
  4,007
  4,215
  4,433
Change in working capital, $m
  -27
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
Cash from operations, $m
  444
  886
  952
  1,022
  1,094
  1,169
  1,246
  1,327
  1,411
  1,499
  1,589
  1,580
  1,678
  1,781
  1,887
  1,998
  2,114
  2,235
  2,361
  2,492
  2,630
  2,773
  2,923
  3,080
  3,244
  3,416
  3,596
  3,784
  3,981
  4,188
  4,404
Maintenance CAPEX, $m
  0
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
New CAPEX, $m
  -39
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -77
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -158
  -166
  -174
  -182
  -190
  -200
Cash from investing activities, $m
  -821
  -80
  -84
  -89
  -93
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -145
  -152
  -159
  -168
  -175
  -184
  -193
  -203
  -212
  -222
  -234
  -245
  -257
  -270
  -284
  -298
  -312
  -328
Free cash flow, $m
  -377
  806
  868
  933
  1,000
  1,070
  1,143
  1,218
  1,297
  1,379
  1,464
  1,448
  1,540
  1,635
  1,735
  1,839
  1,947
  2,059
  2,177
  2,299
  2,427
  2,561
  2,700
  2,846
  2,999
  3,159
  3,326
  3,500
  3,684
  3,875
  4,076
Issuance/(repayment) of debt, $m
  428
  235
  245
  255
  265
  276
  287
  298
  310
  322
  335
  348
  362
  377
  393
  409
  426
  445
  464
  485
  506
  529
  553
  578
  605
  633
  662
  694
  726
  761
  797
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
  235
  245
  255
  265
  276
  287
  298
  310
  322
  335
  348
  362
  377
  393
  409
  426
  445
  464
  485
  506
  529
  553
  578
  605
  633
  662
  694
  726
  761
  797
Total cash flow (excl. dividends), $m
  4
  1,041
  1,113
  1,188
  1,265
  1,346
  1,429
  1,516
  1,607
  1,700
  1,798
  1,796
  1,902
  2,012
  2,128
  2,248
  2,373
  2,504
  2,641
  2,784
  2,933
  3,089
  3,253
  3,424
  3,604
  3,791
  3,988
  4,194
  4,410
  4,636
  4,874
Retained Cash Flow (-), $m
  -323
  -248
  -260
  -271
  -282
  -293
  -304
  -316
  -329
  -342
  -355
  -369
  -384
  -400
  -417
  -434
  -453
  -472
  -493
  -515
  -537
  -562
  -587
  -614
  -642
  -672
  -703
  -736
  -771
  -808
  -847
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
 
  838
  853
  917
  983
  1,053
  1,125
  1,200
  1,278
  1,359
  1,443
  1,427
  1,517
  1,612
  1,711
  1,813
  1,920
  2,032
  2,148
  2,269
  2,396
  2,528
  2,666
  2,810
  2,961
  3,119
  3,285
  3,458
  3,639
  3,828
  4,027
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
 
  788
  749
  747
  739
  724
  702
  675
  641
  603
  560
  479
  436
  392
  347
  303
  260
  220
  183
  149
  119
  94
  72
  54
  40
  29
  20
  14
  9
  6
  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. 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 12.8
Price to Sales 1.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 10.3
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 9.2% 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 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 93.462 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 $4.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 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]
▶ 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]
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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