Intrinsic value of Patterson - PDCO

Previous Close

$37.29

  Intrinsic Value

$34.95

stock screener

  Rating & Target

hold

-6%

  Value-price divergence*

-70%

Previous close

$37.29

 
Intrinsic value

$34.95

 
Up/down potential

-6%

 
Rating

hold

 
Value-price divergence*

-70%

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

We calculate the intrinsic value of PDCO 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 3.7

 

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, %
  37.74
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,387
  5,495
  5,621
  5,766
  5,928
  6,107
  6,305
  6,519
  6,752
  7,002
  7,271
  7,558
  7,865
  8,192
  8,539
  8,907
  9,298
  9,711
  10,148
  10,609
  11,097
  11,611
  12,154
  12,726
  13,328
  13,962
  14,631
  15,334
  16,074
  16,852
  17,671
Variable operating expenses, $m
 
  5,065
  5,179
  5,310
  5,457
  5,620
  5,799
  5,994
  6,204
  6,432
  6,675
  6,854
  7,132
  7,429
  7,743
  8,077
  8,431
  8,806
  9,202
  9,621
  10,063
  10,530
  11,021
  11,540
  12,086
  12,662
  13,267
  13,905
  14,576
  15,282
  16,025
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
  5,039
  5,065
  5,179
  5,310
  5,457
  5,620
  5,799
  5,994
  6,204
  6,432
  6,675
  6,854
  7,132
  7,429
  7,743
  8,077
  8,431
  8,806
  9,202
  9,621
  10,063
  10,530
  11,021
  11,540
  12,086
  12,662
  13,267
  13,905
  14,576
  15,282
  16,025
Operating income, $m
  348
  430
  442
  455
  471
  487
  506
  526
  547
  571
  596
  704
  733
  763
  796
  830
  866
  905
  945
  988
  1,034
  1,082
  1,132
  1,186
  1,242
  1,301
  1,363
  1,429
  1,498
  1,570
  1,646
EBITDA, $m
  430
  554
  567
  581
  598
  616
  636
  657
  681
  706
  733
  762
  793
  826
  861
  898
  937
  979
  1,023
  1,070
  1,119
  1,171
  1,225
  1,283
  1,344
  1,408
  1,475
  1,546
  1,621
  1,699
  1,782
Interest expense (income), $m
  38
  44
  46
  48
  50
  53
  56
  59
  62
  66
  70
  75
  79
  84
  90
  95
  101
  108
  114
  121
  129
  137
  145
  154
  163
  173
  184
  194
  206
  218
  231
Earnings before tax, $m
  302
  386
  396
  408
  421
  435
  450
  467
  485
  505
  526
  630
  654
  679
  706
  735
  765
  797
  831
  867
  905
  945
  987
  1,031
  1,078
  1,128
  1,180
  1,234
  1,292
  1,352
  1,416
Tax expense, $m
  116
  104
  107
  110
  114
  117
  122
  126
  131
  136
  142
  170
  176
  183
  191
  198
  207
  215
  224
  234
  244
  255
  267
  279
  291
  304
  318
  333
  349
  365
  382
Net income, $m
  187
  282
  289
  298
  307
  317
  329
  341
  354
  368
  384
  460
  477
  496
  515
  536
  558
  582
  607
  633
  661
  690
  721
  753
  787
  823
  861
  901
  943
  987
  1,033

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  137
  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
  3,521
  3,451
  3,531
  3,622
  3,723
  3,836
  3,960
  4,095
  4,241
  4,398
  4,567
  4,748
  4,940
  5,146
  5,364
  5,595
  5,840
  6,100
  6,374
  6,664
  6,970
  7,294
  7,634
  7,993
  8,372
  8,770
  9,190
  9,632
  10,097
  10,585
  11,100
Adjusted assets (=assets-cash), $m
  3,384
  3,451
  3,531
  3,622
  3,723
  3,836
  3,960
  4,095
  4,241
  4,398
  4,567
  4,748
  4,940
  5,146
  5,364
  5,595
  5,840
  6,100
  6,374
  6,664
  6,970
  7,294
  7,634
  7,993
  8,372
  8,770
  9,190
  9,632
  10,097
  10,585
  11,100
Revenue / Adjusted assets
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
  1.592
Average production assets, $m
  566
  577
  590
  605
  622
  641
  662
  685
  709
  735
  763
  794
  826
  860
  897
  935
  976
  1,020
  1,066
  1,114
  1,165
  1,219
  1,276
  1,336
  1,399
  1,466
  1,536
  1,610
  1,688
  1,769
  1,855
Working capital, $m
  919
  835
  854
  876
  901
  928
  958
  991
  1,026
  1,064
  1,105
  1,149
  1,196
  1,245
  1,298
  1,354
  1,413
  1,476
  1,542
  1,613
  1,687
  1,765
  1,847
  1,934
  2,026
  2,122
  2,224
  2,331
  2,443
  2,562
  2,686
Total debt, $m
  1,059
  1,061
  1,109
  1,164
  1,225
  1,293
  1,368
  1,449
  1,537
  1,632
  1,734
  1,843
  1,959
  2,083
  2,214
  2,354
  2,502
  2,658
  2,824
  2,999
  3,183
  3,378
  3,583
  3,800
  4,028
  4,269
  4,522
  4,788
  5,068
  5,363
  5,673
Total liabilities, $m
  2,079
  2,081
  2,129
  2,184
  2,245
  2,313
  2,388
  2,469
  2,557
  2,652
  2,754
  2,863
  2,979
  3,103
  3,234
  3,374
  3,522
  3,678
  3,844
  4,019
  4,203
  4,398
  4,603
  4,820
  5,048
  5,289
  5,542
  5,808
  6,088
  6,383
  6,693
Total equity, $m
  1,442
  1,370
  1,402
  1,438
  1,478
  1,523
  1,572
  1,626
  1,684
  1,746
  1,813
  1,885
  1,961
  2,043
  2,129
  2,221
  2,319
  2,422
  2,531
  2,646
  2,767
  2,896
  3,031
  3,173
  3,324
  3,482
  3,648
  3,824
  4,008
  4,202
  4,407
Total liabilities and equity, $m
  3,521
  3,451
  3,531
  3,622
  3,723
  3,836
  3,960
  4,095
  4,241
  4,398
  4,567
  4,748
  4,940
  5,146
  5,363
  5,595
  5,841
  6,100
  6,375
  6,665
  6,970
  7,294
  7,634
  7,993
  8,372
  8,771
  9,190
  9,632
  10,096
  10,585
  11,100
Debt-to-equity ratio
  0.734
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.960
  0.980
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.130
  1.150
  1.170
  1.180
  1.200
  1.210
  1.230
  1.240
  1.250
  1.260
  1.280
  1.290
Adjusted equity ratio
  0.392
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397
  0.397

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  187
  282
  289
  298
  307
  317
  329
  341
  354
  368
  384
  460
  477
  496
  515
  536
  558
  582
  607
  633
  661
  690
  721
  753
  787
  823
  861
  901
  943
  987
  1,033
Depreciation, amort., depletion, $m
  82
  124
  125
  126
  127
  129
  130
  132
  133
  135
  137
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  135
Funds from operations, $m
  59
  406
  414
  424
  434
  446
  459
  472
  488
  504
  521
  518
  537
  558
  581
  605
  630
  656
  684
  714
  746
  779
  814
  851
  889
  930
  973
  1,018
  1,066
  1,116
  1,169
Change in working capital, $m
  -97
  16
  19
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  92
  96
  102
  107
  112
  118
  124
Cash from operations, $m
  156
  389
  395
  402
  409
  418
  429
  440
  452
  466
  480
  474
  491
  509
  528
  549
  570
  594
  618
  644
  672
  701
  731
  764
  798
  834
  872
  912
  954
  998
  1,044
Maintenance CAPEX, $m
  0
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -123
  -129
New CAPEX, $m
  -79
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
Cash from investing activities, $m
  -401
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -196
  -205
  -215
Free cash flow, $m
  -245
  337
  340
  343
  348
  354
  361
  369
  378
  388
  398
  388
  401
  414
  429
  444
  461
  479
  498
  518
  539
  562
  585
  610
  637
  665
  694
  726
  758
  793
  829
Issuance/(repayment) of debt, $m
  338
  39
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  140
  148
  157
  166
  175
  185
  195
  205
  217
  228
  240
  253
  266
  280
  295
  310
Issuance/(repurchase) of shares, $m
  -195
  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  
  134
  39
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  140
  148
  157
  166
  175
  185
  195
  205
  217
  228
  240
  253
  266
  280
  295
  310
Total cash flow (excl. dividends), $m
  -119
  376
  387
  398
  410
  422
  436
  450
  466
  482
  500
  497
  517
  538
  560
  584
  609
  635
  663
  693
  724
  756
  791
  827
  865
  905
  948
  992
  1,039
  1,088
  1,139
Retained Cash Flow (-), $m
  72
  -28
  -32
  -36
  -40
  -45
  -49
  -54
  -58
  -62
  -67
  -72
  -76
  -81
  -87
  -92
  -97
  -103
  -109
  -115
  -122
  -128
  -135
  -143
  -150
  -158
  -167
  -175
  -185
  -194
  -204
Prev. year cash balance distribution, $m
 
  100
  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
 
  448
  356
  362
  369
  377
  387
  397
  408
  420
  433
  425
  440
  456
  474
  492
  512
  532
  554
  578
  602
  628
  655
  684
  715
  747
  781
  817
  854
  894
  935
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  421
  312
  294
  276
  258
  240
  221
  203
  184
  166
  141
  124
  109
  94
  80
  67
  56
  46
  37
  29
  22
  17
  12
  9
  6
  4
  3
  2
  1
  1
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

Patterson Companies, Inc. distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada. The company’s Dental Supply segment offers dental products, including consumable products, such as infection control, restorative materials, hand instruments, and sterilization products; basic and advanced technology dental equipment; patient education systems; and office forms and stationery. This segment also develops and sells technology solutions, such as practice management software and e-commerce solutions. In addition, it offers a range of related services, including software and design services, maintenance and repair, and equipment financing. The company’s Animal Health Supply segment distributes animal health products, such as pharmaceuticals, vaccines, parasiticides, diagnostics, prescription and non-prescription diets, nutritionals, consumable supplies, equipment, and software to veterinarians, producers, and retailers under the Aspen, First Companion, and Patterson Veterinary brands. This segment also offers a range of value-added services to animal health customers. The company’s customers include dentists, laboratories, institutions, other healthcare professionals, veterinarians, other animal health professionals, production animal operators, and animal health product retailers. The company was formerly known as Patterson Dental Company and changed its name to Patterson Companies, Inc. in June 2004. Patterson Companies, Inc. was founded in 1877 and is headquartered in St. Paul, Minnesota.

FINANCIAL RATIOS  of  Patterson (PDCO)

Valuation Ratios
P/E Ratio 19.8
Price to Sales 0.7
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 48
Growth Rates
Sales Growth Rate 37.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.5%
Cap. Spend. - 3 Yr. Gr. Rate 29.1%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 70.9%
Total Debt to Equity 73.4%
Interest Coverage 9
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 12.7%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 24.6%
Gross Margin - 3 Yr. Avg. 26.7%
EBITDA Margin 7.8%
EBITDA Margin - 3 Yr. Avg. 8.8%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 5.6%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 38.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.7%
Payout Ratio 48.7%

PDCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PDCO stock intrinsic value calculation we used $5387 million for the last fiscal year's total revenue generated by Patterson. The default revenue input number comes from 2016 income statement of Patterson. 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 PDCO stock valuation model: a) initial revenue growth rate of 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 6.5%, whose default value for PDCO is calculated based on our internal credit rating of Patterson, 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 Patterson.
    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 PDCO stock the variable cost ratio is equal to 92.2%.

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 PDCO 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 4.3% for Patterson.

Corporate tax rate of 27% is the nominal tax rate for Patterson. 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 PDCO 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 PDCO are equal to 10.5%.

Life of production assets of 13.7 years is the average useful life of capital assets used in Patterson 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 PDCO is equal to 15.2%. 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 - $1442 million for Patterson - 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 98.278 million for Patterson 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 Patterson at the current share price and the inputted number of shares is $3.7 billion.

RELATED COMPANIES Price Int.Val. Rating
HSIC Henry Schein 170.31 163.41  hold
IDXX IDEXX Laborato 155.21 23.17  str.sell
OMI Owens&Minor 28.13 35.08  hold
ABC AmerisourceBer 80.03 275.54  str.buy

COMPANY NEWS

▶ Patterson Shares Downgraded To Sell At UBS   [Jul-11-17 12:23PM  Benzinga]
▶ ETFs with exposure to Patterson Cos., Inc. : July 4, 2017   [Jul-04-17 03:20PM  Capital Cube]
▶ Patterson Companies Announces Leadership Transition   [Jun-01-17 07:30AM  Business Wire]
▶ 3 Top Dividend Stocks in the Dentistry Industry   [May-23-17 05:42PM  Motley Fool]
▶ 5 Earnings Short-Squeeze Plays: Tiffany, Best Buy and More   [May-22-17 01:21PM  TheStreet.com]
▶ [$$] 7 Inflation-Resistant High-Payout Stocks   [Mar-18-17 01:22AM  at Barrons.com]
▶ Patterson Companies Increases Cash Dividend by 8 Percent   [Mar-14-17 05:25PM  Business Wire]
▶ Patterson Cos. Could Hike Dividend Soon   [Mar-07-17 03:24PM  Barrons.com]
▶ Patterson Cos. Could Hike Dividend Soon   [03:24PM  at Barrons.com]
▶ Jerome Dodson Adds to 9 Positions in 4th Quarter   [Mar-01-17 06:08PM  GuruFocus.com]
▶ In Your 50s? 3 Stocks You Should Consider Buying   [Feb-25-17 04:07PM  Motley Fool]
▶ [$$] Patterson Stock Could Return 20%   [Jan-21-17 12:01AM  at Barrons.com]
▶ The 10 Cheapest Stocks in the Wide Moat Focus Index   [Jan-19-17 06:00AM  at Morningstar]
Stock chart of PDCO Financial statements of PDCO
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.