Intrinsic value of Magellan Health - MGLN

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$69.85

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$69.85

 
Intrinsic value

$953.69

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of MGLN 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 1.7

 

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, %
  5.22
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  4,837
  5,654
  6,543
  7,501
  8,526
  9,618
  10,775
  11,995
  13,278
  14,622
  16,027
  17,493
  19,021
  20,612
  22,266
  23,985
  25,772
  27,629
  29,559
  31,565
  33,650
  35,820
  38,077
  40,427
  42,875
  45,425
  48,085
  50,859
  53,754
  56,776
  59,933
Variable operating expenses, $m
 
  3,804
  4,390
  5,022
  5,699
  6,419
  7,182
  7,987
  8,833
  9,720
  10,647
  11,540
  12,548
  13,597
  14,688
  15,822
  17,001
  18,226
  19,499
  20,822
  22,198
  23,629
  25,118
  26,668
  28,283
  29,965
  31,720
  33,549
  35,459
  37,453
  39,535
Fixed operating expenses, $m
 
  1,490
  1,528
  1,566
  1,605
  1,645
  1,686
  1,728
  1,772
  1,816
  1,861
  1,908
  1,955
  2,004
  2,054
  2,106
  2,158
  2,212
  2,268
  2,324
  2,383
  2,442
  2,503
  2,566
  2,630
  2,696
  2,763
  2,832
  2,903
  2,975
  3,050
Total operating expenses, $m
  4,684
  5,294
  5,918
  6,588
  7,304
  8,064
  8,868
  9,715
  10,605
  11,536
  12,508
  13,448
  14,503
  15,601
  16,742
  17,928
  19,159
  20,438
  21,767
  23,146
  24,581
  26,071
  27,621
  29,234
  30,913
  32,661
  34,483
  36,381
  38,362
  40,428
  42,585
Operating income, $m
  153
  360
  625
  913
  1,223
  1,554
  1,907
  2,280
  2,673
  3,086
  3,519
  4,046
  4,518
  5,011
  5,523
  6,057
  6,613
  7,191
  7,792
  8,418
  9,070
  9,749
  10,456
  11,193
  11,962
  12,764
  13,602
  14,477
  15,392
  16,348
  17,348
EBITDA, $m
  259
  475
  746
  1,041
  1,358
  1,698
  2,058
  2,440
  2,843
  3,266
  3,709
  4,172
  4,655
  5,159
  5,683
  6,230
  6,798
  7,389
  8,005
  8,645
  9,312
  10,006
  10,730
  11,484
  12,270
  13,091
  13,948
  14,843
  15,778
  16,756
  17,779
Interest expense (income), $m
  9
  9
  14
  21
  27
  34
  42
  50
  59
  68
  77
  87
  97
  108
  119
  131
  143
  156
  169
  182
  196
  211
  226
  242
  259
  276
  294
  312
  332
  352
  373
Earnings before tax, $m
  146
  351
  611
  892
  1,195
  1,520
  1,865
  2,230
  2,614
  3,018
  3,442
  3,959
  4,421
  4,902
  5,404
  5,926
  6,470
  7,035
  7,624
  8,236
  8,874
  9,538
  10,230
  10,951
  11,704
  12,489
  13,308
  14,165
  15,060
  15,996
  16,974
Tax expense, $m
  70
  95
  165
  241
  323
  410
  503
  602
  706
  815
  929
  1,069
  1,194
  1,324
  1,459
  1,600
  1,747
  1,899
  2,058
  2,224
  2,396
  2,575
  2,762
  2,957
  3,160
  3,372
  3,593
  3,825
  4,066
  4,319
  4,583
Net income, $m
  78
  256
  446
  651
  873
  1,109
  1,361
  1,628
  1,908
  2,203
  2,513
  2,890
  3,227
  3,579
  3,945
  4,326
  4,723
  5,136
  5,565
  6,012
  6,478
  6,963
  7,468
  7,994
  8,544
  9,117
  9,715
  10,340
  10,994
  11,677
  12,391

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  374
  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
  2,444
  2,420
  2,800
  3,209
  3,648
  4,116
  4,611
  5,133
  5,682
  6,257
  6,858
  7,485
  8,139
  8,820
  9,527
  10,263
  11,028
  11,822
  12,648
  13,506
  14,399
  15,327
  16,293
  17,299
  18,346
  19,437
  20,575
  21,762
  23,001
  24,294
  25,645
Adjusted assets (=assets-cash), $m
  2,070
  2,420
  2,800
  3,209
  3,648
  4,116
  4,611
  5,133
  5,682
  6,257
  6,858
  7,485
  8,139
  8,820
  9,527
  10,263
  11,028
  11,822
  12,648
  13,506
  14,399
  15,327
  16,293
  17,299
  18,346
  19,437
  20,575
  21,762
  23,001
  24,294
  25,645
Revenue / Adjusted assets
  2.337
  2.336
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
Average production assets, $m
  333
  390
  451
  518
  588
  664
  743
  828
  916
  1,009
  1,106
  1,207
  1,312
  1,422
  1,536
  1,655
  1,778
  1,906
  2,040
  2,178
  2,322
  2,472
  2,627
  2,789
  2,958
  3,134
  3,318
  3,509
  3,709
  3,918
  4,135
Working capital, $m
  226
  300
  347
  398
  452
  510
  571
  636
  704
  775
  849
  927
  1,008
  1,092
  1,180
  1,271
  1,366
  1,464
  1,567
  1,673
  1,783
  1,898
  2,018
  2,143
  2,272
  2,408
  2,548
  2,696
  2,849
  3,009
  3,176
Total debt, $m
  618
  409
  587
  779
  985
  1,204
  1,436
  1,681
  1,939
  2,208
  2,490
  2,785
  3,091
  3,410
  3,742
  4,087
  4,446
  4,819
  5,206
  5,609
  6,027
  6,462
  6,915
  7,387
  7,878
  8,390
  8,924
  9,481
  10,062
  10,668
  11,302
Total liabilities, $m
  1,344
  1,135
  1,313
  1,505
  1,711
  1,930
  2,162
  2,407
  2,665
  2,934
  3,216
  3,511
  3,817
  4,136
  4,468
  4,813
  5,172
  5,545
  5,932
  6,335
  6,753
  7,188
  7,641
  8,113
  8,604
  9,116
  9,650
  10,207
  10,788
  11,394
  12,028
Total equity, $m
  1,100
  1,285
  1,487
  1,704
  1,937
  2,185
  2,448
  2,725
  3,017
  3,322
  3,642
  3,975
  4,322
  4,683
  5,059
  5,450
  5,856
  6,278
  6,716
  7,172
  7,646
  8,139
  8,652
  9,186
  9,742
  10,321
  10,926
  11,556
  12,214
  12,900
  13,618
Total liabilities and equity, $m
  2,444
  2,420
  2,800
  3,209
  3,648
  4,115
  4,610
  5,132
  5,682
  6,256
  6,858
  7,486
  8,139
  8,819
  9,527
  10,263
  11,028
  11,823
  12,648
  13,507
  14,399
  15,327
  16,293
  17,299
  18,346
  19,437
  20,576
  21,763
  23,002
  24,294
  25,646
Debt-to-equity ratio
  0.562
  0.320
  0.390
  0.460
  0.510
  0.550
  0.590
  0.620
  0.640
  0.660
  0.680
  0.700
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.820
  0.830
  0.830
Adjusted equity ratio
  0.351
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  78
  256
  446
  651
  873
  1,109
  1,361
  1,628
  1,908
  2,203
  2,513
  2,890
  3,227
  3,579
  3,945
  4,326
  4,723
  5,136
  5,565
  6,012
  6,478
  6,963
  7,468
  7,994
  8,544
  9,117
  9,715
  10,340
  10,994
  11,677
  12,391
Depreciation, amort., depletion, $m
  106
  115
  121
  128
  135
  143
  152
  160
  170
  179
  189
  126
  137
  148
  160
  172
  185
  199
  212
  227
  242
  257
  274
  291
  308
  326
  346
  366
  386
  408
  431
Funds from operations, $m
  -50
  371
  567
  779
  1,008
  1,253
  1,513
  1,788
  2,078
  2,383
  2,702
  3,016
  3,364
  3,727
  4,105
  4,499
  4,908
  5,334
  5,778
  6,239
  6,720
  7,220
  7,741
  8,285
  8,852
  9,443
  10,061
  10,706
  11,380
  12,085
  12,822
Change in working capital, $m
  -117
  43
  47
  51
  54
  58
  61
  65
  68
  71
  74
  78
  81
  84
  88
  91
  95
  98
  102
  106
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
Cash from operations, $m
  67
  354
  520
  729
  954
  1,195
  1,452
  1,723
  2,010
  2,312
  2,627
  2,938
  3,283
  3,643
  4,017
  4,407
  4,813
  5,236
  5,675
  6,133
  6,609
  7,105
  7,622
  8,160
  8,722
  9,308
  9,920
  10,559
  11,227
  11,925
  12,655
Maintenance CAPEX, $m
  0
  -35
  -41
  -47
  -54
  -61
  -69
  -77
  -86
  -95
  -105
  -115
  -126
  -137
  -148
  -160
  -172
  -185
  -199
  -212
  -227
  -242
  -257
  -274
  -291
  -308
  -326
  -346
  -366
  -386
  -408
New CAPEX, $m
  -61
  -57
  -61
  -66
  -71
  -75
  -80
  -84
  -88
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -200
  -209
  -218
Cash from investing activities, $m
  -244
  -92
  -102
  -113
  -125
  -136
  -149
  -161
  -174
  -188
  -202
  -216
  -231
  -247
  -262
  -279
  -295
  -313
  -332
  -350
  -371
  -392
  -413
  -436
  -460
  -484
  -509
  -537
  -566
  -595
  -626
Free cash flow, $m
  -177
  262
  418
  616
  829
  1,058
  1,303
  1,562
  1,835
  2,123
  2,425
  2,722
  3,052
  3,396
  3,755
  4,129
  4,518
  4,922
  5,344
  5,782
  6,238
  6,714
  7,209
  7,725
  8,263
  8,824
  9,410
  10,022
  10,661
  11,330
  12,029
Issuance/(repayment) of debt, $m
  354
  165
  178
  192
  206
  219
  232
  245
  257
  270
  282
  294
  307
  319
  332
  345
  359
  373
  387
  403
  419
  435
  453
  472
  491
  512
  534
  557
  581
  607
  634
Issuance/(repurchase) of shares, $m
  -82
  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  
  233
  165
  178
  192
  206
  219
  232
  245
  257
  270
  282
  294
  307
  319
  332
  345
  359
  373
  387
  403
  419
  435
  453
  472
  491
  512
  534
  557
  581
  607
  634
Total cash flow (excl. dividends), $m
  55
  427
  596
  808
  1,035
  1,277
  1,535
  1,807
  2,093
  2,393
  2,707
  3,016
  3,358
  3,715
  4,087
  4,474
  4,876
  5,295
  5,731
  6,185
  6,657
  7,149
  7,662
  8,196
  8,754
  9,336
  9,944
  10,579
  11,242
  11,936
  12,662
Retained Cash Flow (-), $m
  -34
  -185
  -202
  -218
  -233
  -248
  -263
  -277
  -291
  -305
  -319
  -333
  -347
  -361
  -376
  -391
  -406
  -422
  -438
  -456
  -474
  -493
  -513
  -534
  -556
  -580
  -604
  -630
  -658
  -687
  -717
Prev. year cash balance distribution, $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 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
 
  242
  394
  590
  802
  1,029
  1,272
  1,529
  1,801
  2,088
  2,388
  2,683
  3,011
  3,354
  3,711
  4,083
  4,470
  4,873
  5,292
  5,729
  6,183
  6,656
  7,149
  7,662
  8,198
  8,756
  9,339
  9,948
  10,584
  11,250
  11,945
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  232
  361
  514
  660
  798
  923
  1,033
  1,126
  1,199
  1,252
  1,274
  1,285
  1,275
  1,246
  1,199
  1,136
  1,060
  975
  882
  786
  688
  593
  502
  418
  341
  272
  214
  164
  123
  90
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

Magellan Health, Inc. engages in the healthcare management business in the United States. The company’s Healthcare segment engages in the management of behavioral healthcare services and employee assistance program services; management of other specialty areas, including diagnostic imaging and musculoskeletal management; and the integrated management of physical, behavioral, and pharmaceutical healthcare for special populations comprising individuals with serious mental illness, dual eligibles, long-term services and supports, and other populations with unique and often complex healthcare needs. This segment provides its healthcare services through its comprehensive network of medical and behavioral health professionals, clinics, hospitals, and ancillary service providers. Its Pharmacy Management segment offers products and solutions that provide clinical and financial management of pharmaceuticals paid under medical and pharmacy benefit programs, pharmacy benefit management (PBM) services, pharmacy benefit administration for state Medicaid and other government sponsored programs; pharmaceutical dispensing operations; clinical and formulary management programs; medical pharmacy management programs; and programs for the management of specialty drugs that treat complex conditions. The company provides services to health plans and other managed care organizations, employers, labor unions, various military and governmental agencies, and third party administrators. Magellan Health, Inc. was founded in 1969 and is based in Scottsdale, Arizona.

FINANCIAL RATIOS  of  Magellan Health (MGLN)

Valuation Ratios
P/E Ratio 21.1
Price to Sales 0.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 273.8
Growth Rates
Sales Growth Rate 5.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 19.5%
Total Debt to Equity 56.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 7.2%
Return On Equity - 3 Yr. Avg. 5.6%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 5.4%
Gross Margin - 3 Yr. Avg. 5%
EBITDA Margin 5.4%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 2.7%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 47.9%
Eff/ Tax Rate - 3 Yr. Avg. 48.1%
Payout Ratio 0%

MGLN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGLN stock intrinsic value calculation we used $4837 million for the last fiscal year's total revenue generated by Magellan Health. The default revenue input number comes from 2016 income statement of Magellan Health. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MGLN stock valuation model: a) initial revenue growth rate of 16.9% 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 4.3%, whose default value for MGLN is calculated based on our internal credit rating of Magellan Health, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Magellan Health.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MGLN stock the variable cost ratio is equal to 67.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1454 million in the base year in the intrinsic value calculation for MGLN 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 3.5% for Magellan Health.

Corporate tax rate of 27% is the nominal tax rate for Magellan Health. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MGLN 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 MGLN are equal to 6.9%.

Life of production assets of 9.6 years is the average useful life of capital assets used in Magellan Health operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MGLN is equal to 5.3%. 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 - $1100 million for Magellan Health - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 23.919 million for Magellan Health is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Magellan Health at the current share price and the inputted number of shares is $1.7 billion.


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COMPANY NEWS

▶ [$$] Frazier Healthcare Adds Senior Adviser   [May-16-17 02:59PM  The Wall Street Journal]
▶ ETFs with exposure to Magellan Health, Inc. : May 1, 2017   [May-01-17 04:06PM  Capital Cube]
▶ Magellan Health tops 1Q profit forecasts   [Apr-26-17 11:33AM  Associated Press]
▶ TMG by Magellan Health to Expand Statewide in Wisconsin   [Apr-18-17 06:30AM  Business Wire]
▶ Magellan Health to Host Investor Day in New York City   [Mar-21-17 06:30AM  Business Wire]
▶ 10 Largest Health Insurance Companies In America   [Jan-30-17 11:08AM  at Insider Monkey]
▶ Are Hedge Funds Right to be So Bullish on Itron, Inc. (ITRI)?   [Nov-28-16 05:48PM  at Insider Monkey]
▶ [$$] Gauge Capital to Sell Health-Care Company Veridicus for $74.5 Million   [Nov-22-16 03:34PM  at The Wall Street Journal]
Stock chart of MGLN Financial statements of MGLN Annual reports of MGLN
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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