Intrinsic value of National Healthcare - NHC

Previous Close

$63.57

  Intrinsic Value

$29.88

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-26%

Previous close

$63.57

 
Intrinsic value

$29.88

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-26%

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

We calculate the intrinsic value of NHC 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 1.0

 

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, %
  2.21
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  927
  971
  1,018
  1,068
  1,119
  1,174
  1,231
  1,291
  1,355
  1,421
  1,491
  1,565
  1,642
  1,723
  1,809
  1,898
  1,992
  2,091
  2,195
  2,304
  2,419
  2,539
  2,666
  2,798
  2,938
  3,084
  3,238
  3,399
  3,569
  3,747
  3,934
Variable operating expenses, $m
 
  900
  944
  989
  1,037
  1,088
  1,141
  1,196
  1,255
  1,317
  1,381
  1,448
  1,519
  1,594
  1,673
  1,756
  1,843
  1,935
  2,031
  2,132
  2,238
  2,349
  2,466
  2,589
  2,718
  2,853
  2,995
  3,145
  3,301
  3,466
  3,639
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
  866
  900
  944
  989
  1,037
  1,088
  1,141
  1,196
  1,255
  1,317
  1,381
  1,448
  1,519
  1,594
  1,673
  1,756
  1,843
  1,935
  2,031
  2,132
  2,238
  2,349
  2,466
  2,589
  2,718
  2,853
  2,995
  3,145
  3,301
  3,466
  3,639
Operating income, $m
  61
  71
  75
  78
  82
  86
  90
  95
  100
  105
  110
  117
  123
  129
  136
  142
  149
  157
  165
  173
  181
  190
  200
  210
  220
  231
  243
  255
  267
  281
  295
EBITDA, $m
  100
  112
  118
  124
  130
  136
  142
  149
  157
  164
  173
  181
  190
  199
  209
  220
  231
  242
  254
  267
  280
  294
  308
  324
  340
  357
  375
  393
  413
  434
  455
Interest expense (income), $m
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  27
  29
  30
  32
  34
  37
  39
  41
  44
  47
  49
Earnings before tax, $m
  80
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  169
  177
  186
  194
  204
  213
  224
  234
  246
Tax expense, $m
  29
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
Net income, $m
  51
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  129
  136
  142
  149
  156
  163
  171
  179

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  164
  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
  1,087
  968
  1,014
  1,063
  1,115
  1,169
  1,226
  1,286
  1,349
  1,416
  1,485
  1,559
  1,636
  1,716
  1,801
  1,891
  1,984
  2,083
  2,186
  2,295
  2,409
  2,529
  2,655
  2,787
  2,926
  3,072
  3,225
  3,386
  3,555
  3,732
  3,918
Adjusted assets (=assets-cash), $m
  923
  968
  1,014
  1,063
  1,115
  1,169
  1,226
  1,286
  1,349
  1,416
  1,485
  1,559
  1,636
  1,716
  1,801
  1,891
  1,984
  2,083
  2,186
  2,295
  2,409
  2,529
  2,655
  2,787
  2,926
  3,072
  3,225
  3,386
  3,555
  3,732
  3,918
Revenue / Adjusted assets
  1.004
  1.003
  1.004
  1.005
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
Average production assets, $m
  548
  574
  602
  631
  662
  694
  728
  763
  801
  840
  881
  925
  971
  1,018
  1,069
  1,122
  1,177
  1,236
  1,297
  1,362
  1,429
  1,501
  1,575
  1,654
  1,736
  1,823
  1,914
  2,009
  2,109
  2,214
  2,325
Working capital, $m
  140
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
Total debt, $m
  150
  167
  188
  210
  234
  258
  284
  311
  339
  369
  400
  433
  467
  504
  542
  582
  624
  668
  715
  763
  815
  869
  925
  984
  1,047
  1,112
  1,181
  1,253
  1,329
  1,409
  1,492
Total liabilities, $m
  418
  434
  455
  477
  501
  525
  551
  578
  606
  636
  667
  700
  734
  771
  809
  849
  891
  935
  982
  1,030
  1,082
  1,136
  1,192
  1,251
  1,314
  1,379
  1,448
  1,520
  1,596
  1,676
  1,759
Total equity, $m
  670
  533
  559
  586
  614
  644
  676
  709
  744
  780
  818
  859
  901
  946
  993
  1,042
  1,093
  1,148
  1,205
  1,265
  1,327
  1,393
  1,463
  1,536
  1,612
  1,693
  1,777
  1,866
  1,959
  2,056
  2,159
Total liabilities and equity, $m
  1,088
  967
  1,014
  1,063
  1,115
  1,169
  1,227
  1,287
  1,350
  1,416
  1,485
  1,559
  1,635
  1,717
  1,802
  1,891
  1,984
  2,083
  2,187
  2,295
  2,409
  2,529
  2,655
  2,787
  2,926
  3,072
  3,225
  3,386
  3,555
  3,732
  3,918
Debt-to-equity ratio
  0.224
  0.310
  0.340
  0.360
  0.380
  0.400
  0.420
  0.440
  0.460
  0.470
  0.490
  0.500
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.690
  0.690
Adjusted equity ratio
  0.548
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  129
  136
  142
  149
  156
  163
  171
  179
Depreciation, amort., depletion, $m
  39
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  64
  67
  70
  74
  77
  81
  85
  89
  94
  99
  103
  109
  114
  120
  126
  132
  139
  145
  153
  160
Funds from operations, $m
  81
  89
  93
  98
  102
  107
  111
  117
  122
  128
  133
  139
  146
  153
  160
  167
  175
  184
  192
  202
  211
  222
  232
  244
  255
  268
  281
  294
  309
  324
  340
Change in working capital, $m
  -10
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  91
  90
  94
  99
  103
  108
  113
  118
  123
  129
  135
  141
  147
  154
  162
  169
  177
  186
  195
  204
  214
  224
  235
  247
  259
  271
  284
  298
  313
  328
  344
Maintenance CAPEX, $m
  0
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -99
  -103
  -109
  -114
  -120
  -126
  -132
  -139
  -145
  -153
New CAPEX, $m
  -63
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -95
  -100
  -105
  -111
Cash from investing activities, $m
  -81
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -110
  -115
  -120
  -127
  -133
  -139
  -146
  -153
  -162
  -170
  -178
  -187
  -196
  -207
  -217
  -227
  -239
  -250
  -264
Free cash flow, $m
  10
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  74
  77
  81
Issuance/(repayment) of debt, $m
  0
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  59
  62
  65
  69
  72
  76
  80
  84
Issuance/(repurchase) of shares, $m
  3
  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  
  -1
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  59
  62
  65
  69
  72
  76
  80
  84
Total cash flow (excl. dividends), $m
  8
  47
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  108
  114
  119
  124
  130
  136
  143
  150
  157
  164
Retained Cash Flow (-), $m
  -39
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -89
  -93
  -98
  -103
Prev. year cash balance distribution, $m
 
  161
  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
 
  183
  22
  23
  24
  24
  25
  26
  27
  28
  29
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
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
 
  176
  21
  20
  20
  19
  18
  18
  17
  16
  15
  14
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
  4
  3
  2
  2
  2
  1
  1
  1
  0
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

National HealthCare Corporation (NHC) is engaged in the operation of skilled nursing facilities, assisted living facilities, independent living facilities and homecare programs. The Company is engaged in the post-acute healthcare industry segment. Its business activities include providing sub-acute and post-acute skilled nursing care, intermediate nursing care, rehabilitative care, memory and Alzheimer's care, senior living services, and home healthcare services. It has interest in a hospice care business that services NHC owned healthcare centers and others. In addition, it provides management services, accounting and financial services, as well as insurance services to third-party operators of healthcare facilities. As of December 31, 2016, it owned the real estate of 13 healthcare properties and leased these properties to third-party operators. As of December 31, 2016, it operated in 10 states, and its owned and leased properties are located in various parts of the United States.

FINANCIAL RATIOS  of  National Healthcare (NHC)

Valuation Ratios
P/E Ratio 18.9
Price to Sales 1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 34.4
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio 55
Current Ratio 0.2
LT Debt to Equity 21.9%
Total Debt to Equity 22.4%
Interest Coverage 17
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 40.9%
Gross Margin - 3 Yr. Avg. 41.2%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 13.7%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 51%

NHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NHC stock intrinsic value calculation we used $927 million for the last fiscal year's total revenue generated by National Healthcare. The default revenue input number comes from 2016 income statement of National 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 NHC stock valuation model: a) initial revenue growth rate of 4.8% 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 NHC is calculated based on our internal credit rating of National 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 National 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 NHC stock the variable cost ratio is equal to 92.7%.

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 NHC 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 National Healthcare.

Corporate tax rate of 27% is the nominal tax rate for National 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 NHC 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 NHC are equal to 59.1%.

Life of production assets of 14.5 years is the average useful life of capital assets used in National 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 NHC is equal to -2.3%. 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 - $670 million for National 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 15.195 million for National 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 National Healthcare at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ NHC Announces $25 Million Stock Repurchase Program   [Aug-09-17 05:30AM  Business Wire]
▶ NHC Announces Common Dividend   [Aug-04-17 06:40AM  Business Wire]
▶ NHC Reports Second Quarter Earnings   [06:30AM  Business Wire]
▶ NHC Reports First Quarter Earnings   [May-10-17 05:30AM  Business Wire]
▶ NHC Announces 6.7% Increase in Common Dividend   [May-09-17 04:45PM  Business Wire]
▶ NHC Reports Year End Earnings   [06:20AM  Business Wire]
▶ NHC Announces New Chief Information Officer   [Feb-13-17 06:20AM  Business Wire]
▶ NHC Announces Common Dividend   [Feb-10-17 06:20AM  Business Wire]
▶ Is National HealthCare Corporation (NHC) A Good Stock To Buy?   [Dec-17-16 04:33PM  at Insider Monkey]
▶ Stephen F. Flatt Appointed to NHC Board of Directors   [Nov-08-16 04:30PM  Business Wire]
▶ NHC Announces Common Dividend   [05:30AM  Business Wire]
▶ NHC Reports Third Quarter Earnings   [Nov-03-16 05:15PM  Business Wire]
▶ Donald Daniel and Charlotte Swafford Announce Retirement   [Sep-30-16 06:02PM  PR Newswire]
▶ NHC Announces $25 Million Stock Repurchase Program   [Aug-09-16 04:20PM  Business Wire]
▶ NHC Announces Common Dividend   [Aug-05-16 05:45AM  Business Wire]
▶ NHC Reports Second Quarter Earnings   [05:30AM  Business Wire]
▶ NHC Opens New Center   [Jun-15-16 05:00PM  Business Wire]
▶ Health care CEO stepping down   [May-12-16 12:56PM  at bizjournals.com]
▶ Robert Adams to Retire as CEO of NHC, Remain as Chairman   [May-04-16 06:00AM  Business Wire]
▶ NHC Reports First Quarter Earnings   [05:00AM  Business Wire]
▶ NHC Reports Year End Earnings   [06:07PM  Business Wire]
Financial statements of NHC
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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