Intrinsic value of Molina Healthcare - MOH

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$70.44

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of MOH 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 4.0

 

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, %
  25.42
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  17,782
  20,421
  23,335
  26,448
  29,757
  33,255
  36,941
  40,810
  44,861
  49,093
  53,507
  58,104
  62,887
  67,861
  73,030
  78,403
  83,986
  89,788
  95,820
  102,092
  108,617
  115,408
  122,479
  129,845
  137,523
  145,529
  153,882
  162,600
  171,704
  181,214
  191,154
Variable operating expenses, $m
 
  19,860
  22,685
  25,704
  28,911
  32,303
  35,876
  39,627
  43,555
  47,658
  51,937
  56,332
  60,969
  65,791
  70,803
  76,011
  81,424
  87,049
  92,897
  98,978
  105,304
  111,888
  118,743
  125,885
  133,328
  141,090
  149,188
  157,640
  166,466
  175,687
  185,324
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
  17,476
  19,860
  22,685
  25,704
  28,911
  32,303
  35,876
  39,627
  43,555
  47,658
  51,937
  56,332
  60,969
  65,791
  70,803
  76,011
  81,424
  87,049
  92,897
  98,978
  105,304
  111,888
  118,743
  125,885
  133,328
  141,090
  149,188
  157,640
  166,466
  175,687
  185,324
Operating income, $m
  306
  561
  650
  745
  846
  952
  1,065
  1,183
  1,306
  1,435
  1,570
  1,772
  1,918
  2,070
  2,227
  2,391
  2,562
  2,739
  2,923
  3,114
  3,313
  3,520
  3,736
  3,960
  4,195
  4,439
  4,693
  4,959
  5,237
  5,527
  5,830
EBITDA, $m
  488
  696
  796
  902
  1,015
  1,134
  1,260
  1,392
  1,530
  1,674
  1,825
  1,981
  2,144
  2,314
  2,490
  2,674
  2,864
  3,062
  3,268
  3,481
  3,704
  3,935
  4,177
  4,428
  4,690
  4,963
  5,247
  5,545
  5,855
  6,180
  6,518
Interest expense (income), $m
  66
  41
  -43
  -28
  -12
  5
  23
  42
  62
  83
  105
  128
  151
  176
  202
  228
  256
  285
  315
  346
  378
  412
  447
  483
  521
  560
  602
  645
  690
  737
  786
Earnings before tax, $m
  205
  520
  692
  772
  857
  947
  1,041
  1,140
  1,244
  1,352
  1,465
  1,644
  1,767
  1,894
  2,026
  2,163
  2,306
  2,454
  2,608
  2,768
  2,935
  3,108
  3,289
  3,477
  3,674
  3,878
  4,092
  4,315
  4,547
  4,791
  5,045
Tax expense, $m
  153
  140
  187
  209
  231
  256
  281
  308
  336
  365
  396
  444
  477
  511
  547
  584
  623
  663
  704
  747
  792
  839
  888
  939
  992
  1,047
  1,105
  1,165
  1,228
  1,293
  1,362
Net income, $m
  52
  379
  505
  564
  626
  691
  760
  832
  908
  987
  1,069
  1,200
  1,290
  1,382
  1,479
  1,579
  1,683
  1,791
  1,904
  2,021
  2,142
  2,269
  2,401
  2,538
  2,682
  2,831
  2,987
  3,150
  3,320
  3,497
  3,683

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,577
  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
  7,449
  3,339
  3,815
  4,324
  4,865
  5,437
  6,040
  6,673
  7,335
  8,027
  8,749
  9,500
  10,282
  11,096
  11,941
  12,819
  13,732
  14,681
  15,667
  16,693
  17,759
  18,870
  20,026
  21,230
  22,486
  23,795
  25,160
  26,586
  28,074
  29,630
  31,255
Adjusted assets (=assets-cash), $m
  2,872
  3,339
  3,815
  4,324
  4,865
  5,437
  6,040
  6,673
  7,335
  8,027
  8,749
  9,500
  10,282
  11,096
  11,941
  12,819
  13,732
  14,681
  15,667
  16,693
  17,759
  18,870
  20,026
  21,230
  22,486
  23,795
  25,160
  26,586
  28,074
  29,630
  31,255
Revenue / Adjusted assets
  6.192
  6.116
  6.117
  6.117
  6.117
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
  6.116
Average production assets, $m
  555
  368
  420
  476
  536
  599
  665
  735
  807
  884
  963
  1,046
  1,132
  1,221
  1,315
  1,411
  1,512
  1,616
  1,725
  1,838
  1,955
  2,077
  2,205
  2,337
  2,475
  2,620
  2,770
  2,927
  3,091
  3,262
  3,441
Working capital, $m
  1,418
  -3,145
  -3,594
  -4,073
  -4,583
  -5,121
  -5,689
  -6,285
  -6,909
  -7,560
  -8,240
  -8,948
  -9,685
  -10,451
  -11,247
  -12,074
  -12,934
  -13,827
  -14,756
  -15,722
  -16,727
  -17,773
  -18,862
  -19,996
  -21,179
  -22,411
  -23,698
  -25,040
  -26,442
  -27,907
  -29,438
Total debt, $m
  1,645
  -1,218
  -789
  -331
  156
  671
  1,213
  1,782
  2,379
  3,001
  3,651
  4,327
  5,031
  5,763
  6,524
  7,314
  8,136
  8,990
  9,877
  10,800
  11,761
  12,760
  13,800
  14,884
  16,014
  17,192
  18,421
  19,704
  21,044
  22,444
  23,906
Total liabilities, $m
  5,800
  3,005
  3,434
  3,892
  4,379
  4,894
  5,436
  6,005
  6,602
  7,224
  7,874
  8,550
  9,254
  9,986
  10,747
  11,537
  12,359
  13,213
  14,100
  15,023
  15,984
  16,983
  18,023
  19,107
  20,237
  21,415
  22,644
  23,927
  25,267
  26,667
  28,129
Total equity, $m
  1,649
  334
  382
  432
  487
  544
  604
  667
  734
  803
  875
  950
  1,028
  1,110
  1,194
  1,282
  1,373
  1,468
  1,567
  1,669
  1,776
  1,887
  2,003
  2,123
  2,249
  2,379
  2,516
  2,659
  2,807
  2,963
  3,125
Total liabilities and equity, $m
  7,449
  3,339
  3,816
  4,324
  4,866
  5,438
  6,040
  6,672
  7,336
  8,027
  8,749
  9,500
  10,282
  11,096
  11,941
  12,819
  13,732
  14,681
  15,667
  16,692
  17,760
  18,870
  20,026
  21,230
  22,486
  23,794
  25,160
  26,586
  28,074
  29,630
  31,254
Debt-to-equity ratio
  0.998
  -3.650
  -2.070
  -0.770
  0.320
  1.230
  2.010
  2.670
  3.240
  3.740
  4.170
  4.550
  4.890
  5.190
  5.460
  5.710
  5.920
  6.120
  6.300
  6.470
  6.620
  6.760
  6.890
  7.010
  7.120
  7.230
  7.320
  7.410
  7.500
  7.570
  7.650
Adjusted equity ratio
  -1.019
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  379
  505
  564
  626
  691
  760
  832
  908
  987
  1,069
  1,200
  1,290
  1,382
  1,479
  1,579
  1,683
  1,791
  1,904
  2,021
  2,142
  2,269
  2,401
  2,538
  2,682
  2,831
  2,987
  3,150
  3,320
  3,497
  3,683
Depreciation, amort., depletion, $m
  182
  136
  146
  157
  169
  182
  195
  209
  223
  239
  255
  209
  226
  244
  263
  282
  302
  323
  345
  368
  391
  415
  441
  467
  495
  524
  554
  585
  618
  652
  688
Funds from operations, $m
  1,017
  515
  651
  721
  795
  873
  955
  1,041
  1,132
  1,226
  1,324
  1,410
  1,516
  1,627
  1,742
  1,861
  1,985
  2,115
  2,249
  2,388
  2,533
  2,685
  2,842
  3,006
  3,177
  3,355
  3,541
  3,735
  3,938
  4,150
  4,371
Change in working capital, $m
  344
  -417
  -449
  -479
  -509
  -539
  -568
  -596
  -624
  -652
  -680
  -708
  -737
  -766
  -796
  -827
  -860
  -894
  -929
  -966
  -1,005
  -1,046
  -1,089
  -1,134
  -1,182
  -1,233
  -1,286
  -1,343
  -1,402
  -1,465
  -1,531
Cash from operations, $m
  673
  745
  1,100
  1,200
  1,304
  1,412
  1,523
  1,637
  1,755
  1,878
  2,004
  2,118
  2,253
  2,393
  2,538
  2,689
  2,845
  3,008
  3,178
  3,354
  3,538
  3,730
  3,931
  4,140
  4,359
  4,588
  4,827
  5,078
  5,340
  5,614
  5,902
Maintenance CAPEX, $m
  0
  -66
  -74
  -84
  -95
  -107
  -120
  -133
  -147
  -161
  -177
  -193
  -209
  -226
  -244
  -263
  -282
  -302
  -323
  -345
  -368
  -391
  -415
  -441
  -467
  -495
  -524
  -554
  -585
  -618
  -652
New CAPEX, $m
  -176
  -40
  -52
  -56
  -60
  -63
  -66
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -133
  -138
  -144
  -150
  -157
  -164
  -171
  -179
Cash from investing activities, $m
  -202
  -106
  -126
  -140
  -155
  -170
  -186
  -203
  -220
  -237
  -256
  -276
  -295
  -316
  -337
  -360
  -382
  -406
  -432
  -458
  -485
  -513
  -542
  -574
  -605
  -639
  -674
  -711
  -749
  -789
  -831
Free cash flow, $m
  471
  639
  974
  1,060
  1,150
  1,242
  1,337
  1,435
  1,536
  1,640
  1,748
  1,842
  1,957
  2,077
  2,201
  2,329
  2,462
  2,601
  2,746
  2,896
  3,053
  3,217
  3,388
  3,567
  3,754
  3,949
  4,153
  4,367
  4,591
  4,825
  5,070
Issuance/(repayment) of debt, $m
  0
  -2,391
  429
  458
  487
  515
  542
  569
  596
  623
  649
  676
  704
  732
  761
  791
  822
  854
  888
  923
  960
  999
  1,041
  1,084
  1,130
  1,178
  1,229
  1,283
  1,340
  1,400
  1,463
Issuance/(repurchase) of shares, $m
  18
  481
  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  
  19
  -1,910
  429
  458
  487
  515
  542
  569
  596
  623
  649
  676
  704
  732
  761
  791
  822
  854
  888
  923
  960
  999
  1,041
  1,084
  1,130
  1,178
  1,229
  1,283
  1,340
  1,400
  1,463
Total cash flow (excl. dividends), $m
  490
  -1,752
  1,403
  1,519
  1,636
  1,756
  1,879
  2,004
  2,132
  2,263
  2,397
  2,519
  2,661
  2,809
  2,961
  3,120
  3,284
  3,455
  3,633
  3,819
  4,014
  4,216
  4,429
  4,651
  4,883
  5,127
  5,382
  5,650
  5,930
  6,224
  6,533
Retained Cash Flow (-), $m
  -92
  -2,834
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -126
  -131
  -137
  -143
  -149
  -156
  -163
Prev. year cash balance distribution, $m
 
  4,105
  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
 
  0
  1,355
  1,468
  1,582
  1,699
  1,819
  1,941
  2,065
  2,193
  2,325
  2,443
  2,583
  2,727
  2,877
  3,032
  3,193
  3,360
  3,535
  3,717
  3,907
  4,105
  4,313
  4,530
  4,758
  4,996
  5,246
  5,507
  5,781
  6,069
  6,370
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
 
  0
  1,241
  1,277
  1,303
  1,317
  1,320
  1,311
  1,291
  1,260
  1,219
  1,160
  1,102
  1,037
  966
  890
  811
  731
  651
  572
  496
  425
  358
  297
  242
  194
  153
  118
  89
  66
  48
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Molina Healthcare, Inc. provides Medicaid-related solutions to meet the health care needs of low-income families and individuals; and to assist state agencies in their administration of the Medicaid program. The company operates through three segments: Health Plans, Molina Medicaid Solutions, and Other. The Health Plans segment operates health plans in 11 states. As of December 31, 2015, this segment served approximately 3.5 million members who were eligible for Medicaid, Medicare, and other government-sponsored health care programs. The Molina Medicaid Solutions segment provides design, development, implementation; business process outsourcing; hosting services; and information technology development and administrative services to Medicaid agencies in Idaho, Louisiana, Maine, New Jersey, and West Virginia, as well as the U.S. Virgin Islands; and drug rebate administration services in Florida. The Other segment provides behavioral health and social services. The company offers health care services for its members through contracts with independent physicians and groups; hospitals; and ancillary providers, as well as through its clinics. Molina Healthcare, Inc. was founded in 1980 and is headquartered in Long Beach, California.

FINANCIAL RATIOS  of  Molina Healthcare (MOH)

Valuation Ratios
P/E Ratio 77.2
Price to Sales 0.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 8.1
Growth Rates
Sales Growth Rate 25.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.4%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 71.1%
Total Debt to Equity 99.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 14.2%
Gross Margin - 3 Yr. Avg. 14.8%
EBITDA Margin 2.5%
EBITDA Margin - 3 Yr. Avg. 3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 2.1%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.6%
Effective Tax Rate 74.6%
Eff/ Tax Rate - 3 Yr. Avg. 61.2%
Payout Ratio 0%

MOH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MOH stock intrinsic value calculation we used $17711 million for the last fiscal year's total revenue generated by Molina Healthcare. The default revenue input number comes from 2016 income statement of Molina Healthcare. 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 MOH stock valuation model: a) initial revenue growth rate of 15.3% 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 MOH is calculated based on our internal credit rating of Molina Healthcare, 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 Molina Healthcare.
    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 MOH stock the variable cost ratio is equal to 97.3%.

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 MOH 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 Molina Healthcare.

Corporate tax rate of 27% is the nominal tax rate for Molina Healthcare. 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 MOH 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 MOH are equal to 1.8%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Molina Healthcare 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 MOH is equal to -15.4%. 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 - $1605 million for Molina Healthcare - 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 56.478 million for Molina Healthcare 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 Molina Healthcare at the current share price and the inputted number of shares is $4.0 billion.


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COMPANY NEWS

▶ What's working: Health care plays   [06:49AM  CNBC Videos]
▶ Molina Healthcare of NM names new president   [Jun-05-17 04:45PM  American City Business Journals]
▶ [$$] How the Molina Brothers Got Bounced From the Family Health-Care Firm   [Jun-01-17 12:07AM  The Wall Street Journal]
▶ [$$] How the Molina Brothers Got Bounced From the Family Health-Care Firm   [May-31-17 11:19AM  The Wall Street Journal]
▶ Molina Could Crash 20%, Says This Analyst   [10:11AM  TheStreet.com]
▶ How AHCA Hurts States That Voted For Trump   [May-29-17 09:30AM  Forbes]
▶ UPDATE: When Molina layoffs will go into effect   [May-10-17 09:31AM  American City Business Journals]
▶ Buy This Insurer Instead of Molina Health   [May-04-17 04:41PM  Motley Fool]
▶ Leadership shakeup rocks Molina Healthcare's national C-suite   [May-03-17 05:22PM  American City Business Journals]
▶ [$$] Molina Healthcare Fires CEO, CFO   [12:28AM  The Wall Street Journal]
▶ [$$] Molina Healthcare Fires CEO, CFO   [May-02-17 07:36PM  The Wall Street Journal]
▶ Molina beats Street 1Q forecasts   [05:58PM  Associated Press]
▶ Fast Money Final Trade: YHOO, MOH & more   [05:58PM  CNBC Videos]
▶ Big ObamaCare Insurer Molina Health Fires CEO; Stock Surges   [04:43PM  Investor's Business Daily]
▶ Molina Health fires CEO, CFO   [01:22PM  CNBC Videos]
▶ Molina Healthcare Might Leave Obamacare in 2018   [Apr-27-17 04:30PM  TheStreet.com]
▶ Insurer Anthem hands feds deadline on crucial ACA subsidies   [Apr-26-17 01:59PM  Associated Press]
▶ New Strong Sell Stocks for April 19th   [Apr-19-17 08:06AM  Zacks]
▶ High-profile NM health care leader resigns   [Apr-13-17 01:25PM  American City Business Journals]
▶ [$$] Aetna to Exit Iowa's ACA Marketplace   [Apr-06-17 04:39PM  The Wall Street Journal]
▶ 3 Stocks to Buy As Obamacare Collapses   [Mar-05-17 02:03PM  at Motley Fool]
Stock chart of MOH Financial statements of MOH Annual reports of MOH
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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