Intrinsic value of National Healthcare - NHC

Previous Close

$61.59

  Intrinsic Value

$31.55

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

+4%

Previous close

$61.59

 
Intrinsic value

$31.55

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

+4%

*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 0.9

 

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
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  927
  963
  1,002
  1,043
  1,087
  1,133
  1,183
  1,235
  1,290
  1,348
  1,410
  1,475
  1,544
  1,616
  1,692
  1,773
  1,857
  1,947
  2,040
  2,139
  2,243
  2,352
  2,467
  2,587
  2,714
  2,847
  2,988
  3,135
  3,290
  3,452
  3,623
Variable operating expenses, $m
 
  893
  929
  967
  1,007
  1,050
  1,096
  1,144
  1,195
  1,249
  1,306
  1,365
  1,428
  1,495
  1,566
  1,640
  1,718
  1,801
  1,887
  1,979
  2,075
  2,176
  2,282
  2,393
  2,511
  2,634
  2,764
  2,900
  3,043
  3,193
  3,351
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
  893
  929
  967
  1,007
  1,050
  1,096
  1,144
  1,195
  1,249
  1,306
  1,365
  1,428
  1,495
  1,566
  1,640
  1,718
  1,801
  1,887
  1,979
  2,075
  2,176
  2,282
  2,393
  2,511
  2,634
  2,764
  2,900
  3,043
  3,193
  3,351
Operating income, $m
  61
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  203
  213
  224
  235
  247
  259
  272
EBITDA, $m
  100
  111
  116
  121
  126
  131
  137
  143
  149
  156
  163
  171
  179
  187
  196
  205
  215
  225
  236
  247
  259
  272
  285
  299
  314
  329
  346
  363
  381
  399
  419
Interest expense (income), $m
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  45
Earnings before tax, $m
  80
  65
  68
  70
  73
  75
  78
  82
  85
  88
  92
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
  150
  157
  165
  172
  180
  189
  198
  207
  217
  227
Tax expense, $m
  29
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  47
  49
  51
  53
  56
  58
  61
Net income, $m
  51
  48
  49
  51
  53
  55
  57
  60
  62
  65
  67
  71
  74
  78
  81
  84
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166

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
  959
  998
  1,039
  1,082
  1,129
  1,178
  1,230
  1,285
  1,343
  1,404
  1,469
  1,538
  1,610
  1,686
  1,766
  1,850
  1,939
  2,032
  2,130
  2,234
  2,342
  2,457
  2,577
  2,703
  2,836
  2,976
  3,122
  3,276
  3,438
  3,609
Adjusted assets (=assets-cash), $m
  923
  959
  998
  1,039
  1,082
  1,129
  1,178
  1,230
  1,285
  1,343
  1,404
  1,469
  1,538
  1,610
  1,686
  1,766
  1,850
  1,939
  2,032
  2,130
  2,234
  2,342
  2,457
  2,577
  2,703
  2,836
  2,976
  3,122
  3,276
  3,438
  3,609
Revenue / Adjusted assets
  1.004
  1.004
  1.004
  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
Average production assets, $m
  548
  569
  592
  616
  642
  670
  699
  730
  762
  797
  833
  872
  912
  955
  1,000
  1,048
  1,098
  1,150
  1,206
  1,264
  1,325
  1,390
  1,458
  1,529
  1,604
  1,683
  1,766
  1,853
  1,944
  2,040
  2,141
Working capital, $m
  140
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -76
  -79
  -83
Total debt, $m
  150
  164
  181
  199
  219
  240
  262
  285
  310
  336
  364
  393
  423
  456
  490
  526
  564
  604
  645
  690
  736
  785
  836
  890
  947
  1,006
  1,069
  1,135
  1,204
  1,277
  1,353
Total liabilities, $m
  418
  431
  448
  466
  486
  507
  529
  552
  577
  603
  631
  660
  690
  723
  757
  793
  831
  871
  912
  957
  1,003
  1,052
  1,103
  1,157
  1,214
  1,273
  1,336
  1,402
  1,471
  1,544
  1,620
Total equity, $m
  670
  529
  550
  572
  596
  622
  649
  678
  708
  740
  774
  810
  847
  887
  929
  973
  1,019
  1,068
  1,120
  1,174
  1,231
  1,291
  1,354
  1,420
  1,490
  1,563
  1,640
  1,720
  1,805
  1,895
  1,988
Total liabilities and equity, $m
  1,088
  960
  998
  1,038
  1,082
  1,129
  1,178
  1,230
  1,285
  1,343
  1,405
  1,470
  1,537
  1,610
  1,686
  1,766
  1,850
  1,939
  2,032
  2,131
  2,234
  2,343
  2,457
  2,577
  2,704
  2,836
  2,976
  3,122
  3,276
  3,439
  3,608
Debt-to-equity ratio
  0.224
  0.310
  0.330
  0.350
  0.370
  0.390
  0.400
  0.420
  0.440
  0.450
  0.470
  0.490
  0.500
  0.510
  0.530
  0.540
  0.550
  0.560
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
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
  49
  51
  53
  55
  57
  60
  62
  65
  67
  71
  74
  78
  81
  84
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
Depreciation, amort., depletion, $m
  39
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  101
  105
  111
  116
  122
  128
  134
  141
  148
Funds from operations, $m
  81
  89
  92
  95
  99
  103
  107
  112
  116
  121
  127
  132
  137
  143
  150
  157
  164
  171
  179
  188
  196
  206
  215
  226
  236
  248
  259
  272
  285
  299
  313
Change in working capital, $m
  -10
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from operations, $m
  91
  90
  93
  96
  100
  104
  108
  113
  118
  123
  128
  133
  139
  145
  152
  159
  166
  173
  182
  190
  199
  208
  218
  228
  239
  251
  263
  275
  289
  303
  317
Maintenance CAPEX, $m
  0
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -134
  -141
New CAPEX, $m
  -63
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -41
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
Cash from investing activities, $m
  -81
  -60
  -62
  -65
  -69
  -71
  -75
  -79
  -83
  -88
  -91
  -95
  -101
  -106
  -111
  -116
  -122
  -129
  -134
  -141
  -148
  -155
  -164
  -172
  -180
  -190
  -199
  -209
  -219
  -230
  -242
Free cash flow, $m
  10
  30
  31
  31
  32
  32
  33
  34
  35
  36
  37
  37
  38
  39
  41
  42
  44
  45
  47
  49
  50
  52
  54
  57
  59
  61
  64
  67
  69
  72
  76
Issuance/(repayment) of debt, $m
  0
  17
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
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
  17
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
Total cash flow (excl. dividends), $m
  8
  47
  48
  50
  51
  53
  55
  57
  59
  62
  64
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  132
  139
  145
  152
Retained Cash Flow (-), $m
  -39
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
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
 
  188
  27
  27
  27
  28
  28
  29
  29
  30
  30
  30
  31
  32
  33
  34
  35
  36
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
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
 
  180
  25
  24
  22
  21
  20
  19
  18
  17
  16
  14
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
  4
  3
  2
  2
  1
  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 operates, manages, and provides services to skilled nursing facilities, assisted living facilities, independent living facilities, and home health care programs. The company’s skilled nursing facilities offer medical services prescribed by physicians, as well as licensed therapy services, nutrition services, social services, activities, and housekeeping and laundry services; and rehabilitative services, such as physical, speech, respiratory, and occupational therapy services for patients recovering from strokes, heart attacks, orthopedic conditions, neurological illnesses, or other illnesses, injuries, or disabilities. Its medical specialty units comprise memory care units and subacute nursing units that offer specialized care and programs for persons with Alzheimer’s or related disorders; and assisted living centers provide personal care services and assistance with general activities of daily living, such as dressing, bathing, meal preparation, and medication management. The company also owns or leases, and manages independent living facilities that provide specially designed residential units for the active and ambulatory elderly, as well as offers various ancillary services for its residents, including restaurants, activity rooms, and social areas. In addition, it provides health care programs that offer skilled services, including infusion, wound care and physical, occupational, and speech therapies; operates pharmacies in 58 owned facilities, 6 managed facilities, and 13 third party entities; provides management, accounting, financial, and insurance services; and leases its properties to third party operators. As of December 31, 2016, the company operated 74 skilled nursing facilities with 9,398 licensed beds; 21 assisted living facilities; 5 independent living facilities; and 36 homecare programs in 4 states in the United States. National HealthCare Corporation was founded in 1971 and is based in Murfreesboro, Tennessee.

FINANCIAL RATIOS  of  National Healthcare (NHC)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 33.3
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 3.9% 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 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 15.178 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 $0.9 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]
▶ NHC Announces Common Dividend   [Feb-12-16 05:00AM  Business Wire]
▶ The Top 5 Dividend Paying Healthcare Stocks for 2016   [Dec-08  08:23AM  at Investopedia]
▶ Here is What Hedge Funds Think About iRobot Corporation (IRBT)   [Nov-26  10:28AM  at Insider Monkey]
▶ NHC Announces Common Dividend   [Nov-05  05:35PM  Business Wire]
Stock chart of NHC 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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