Intrinsic value of Premier - PINC

Previous Close

$32.62

  Intrinsic Value

$35.21

stock screener

  Rating & Target

hold

+8%

Previous close

$32.62

 
Intrinsic value

$35.21

 
Up/down potential

+8%

 
Rating

hold

We calculate the intrinsic value of PINC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.11
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
Revenue, $m
  1,455
  1,817
  2,234
  2,705
  3,233
  3,817
  4,456
  5,150
  5,898
  6,698
  7,550
  8,451
  9,401
  10,400
  11,446
  12,539
  13,680
  14,868
  16,105
  17,391
  18,728
  20,118
  21,562
  23,062
  24,622
  26,244
  27,931
  29,687
  31,515
  33,419
  35,403
Variable operating expenses, $m
 
  257
  295
  339
  387
  441
  499
  563
  631
  705
  783
  775
  862
  953
  1,049
  1,149
  1,254
  1,363
  1,476
  1,594
  1,717
  1,844
  1,976
  2,114
  2,257
  2,406
  2,560
  2,721
  2,889
  3,063
  3,245
Fixed operating expenses, $m
 
  754
  773
  793
  812
  833
  854
  875
  897
  919
  942
  966
  990
  1,015
  1,040
  1,066
  1,093
  1,120
  1,148
  1,177
  1,206
  1,236
  1,267
  1,299
  1,331
  1,365
  1,399
  1,434
  1,469
  1,506
  1,544
Total operating expenses, $m
  932
  1,011
  1,068
  1,132
  1,199
  1,274
  1,353
  1,438
  1,528
  1,624
  1,725
  1,741
  1,852
  1,968
  2,089
  2,215
  2,347
  2,483
  2,624
  2,771
  2,923
  3,080
  3,243
  3,413
  3,588
  3,771
  3,959
  4,155
  4,358
  4,569
  4,789
Operating income, $m
  523
  806
  1,165
  1,574
  2,034
  2,544
  3,104
  3,713
  4,370
  5,074
  5,825
  6,711
  7,550
  8,432
  9,356
  10,324
  11,333
  12,385
  13,481
  14,620
  15,805
  17,037
  18,318
  19,650
  21,034
  22,474
  23,972
  25,532
  27,157
  28,849
  30,614
EBITDA, $m
  630
  948
  1,319
  1,741
  2,216
  2,742
  3,321
  3,949
  4,628
  5,355
  6,129
  6,950
  7,816
  8,727
  9,681
  10,679
  11,721
  12,807
  13,937
  15,113
  16,336
  17,608
  18,929
  20,303
  21,732
  23,218
  24,764
  26,374
  28,050
  29,797
  31,618
Interest expense (income), $m
  0
  113
  65
  86
  110
  137
  166
  199
  234
  272
  313
  356
  402
  451
  501
  555
  610
  668
  729
  792
  857
  925
  996
  1,069
  1,146
  1,225
  1,308
  1,393
  1,483
  1,576
  1,673
Earnings before tax, $m
  531
  693
  1,100
  1,488
  1,924
  2,407
  2,937
  3,514
  4,136
  4,802
  5,512
  6,354
  7,147
  7,981
  8,855
  9,769
  10,723
  11,717
  12,752
  13,829
  14,948
  16,112
  17,322
  18,580
  19,888
  21,249
  22,665
  24,139
  25,674
  27,273
  28,941
Tax expense, $m
  82
  187
  297
  402
  519
  650
  793
  949
  1,117
  1,297
  1,488
  1,716
  1,930
  2,155
  2,391
  2,638
  2,895
  3,164
  3,443
  3,734
  4,036
  4,350
  4,677
  5,017
  5,370
  5,737
  6,119
  6,517
  6,932
  7,364
  7,814
Net income, $m
  113
  506
  803
  1,086
  1,404
  1,757
  2,144
  2,565
  3,019
  3,506
  4,024
  4,639
  5,218
  5,826
  6,464
  7,131
  7,828
  8,553
  9,309
  10,095
  10,912
  11,762
  12,645
  13,564
  14,518
  15,512
  16,545
  17,621
  18,742
  19,910
  21,127

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  157
  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
  2,508
  2,936
  3,608
  4,371
  5,223
  6,166
  7,199
  8,320
  9,528
  10,821
  12,196
  13,652
  15,188
  16,801
  18,490
  20,257
  22,099
  24,019
  26,018
  28,095
  30,256
  32,500
  34,833
  37,257
  39,777
  42,398
  45,123
  47,959
  50,912
  53,988
  57,194
Adjusted assets (=assets-cash), $m
  2,351
  2,936
  3,608
  4,371
  5,223
  6,166
  7,199
  8,320
  9,528
  10,821
  12,196
  13,652
  15,188
  16,801
  18,490
  20,257
  22,099
  24,019
  26,018
  28,095
  30,256
  32,500
  34,833
  37,257
  39,777
  42,398
  45,123
  47,959
  50,912
  53,988
  57,194
Revenue / Adjusted assets
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
Average production assets, $m
  449
  562
  690
  836
  999
  1,179
  1,377
  1,591
  1,822
  2,070
  2,333
  2,611
  2,905
  3,213
  3,537
  3,875
  4,227
  4,594
  4,976
  5,374
  5,787
  6,216
  6,663
  7,126
  7,608
  8,109
  8,631
  9,173
  9,738
  10,326
  10,939
Working capital, $m
  -163
  -114
  -141
  -170
  -204
  -240
  -281
  -324
  -372
  -422
  -476
  -532
  -592
  -655
  -721
  -790
  -862
  -937
  -1,015
  -1,096
  -1,180
  -1,267
  -1,358
  -1,453
  -1,551
  -1,653
  -1,760
  -1,870
  -1,985
  -2,105
  -2,230
Total debt, $m
  3,373
  1,845
  2,451
  3,136
  3,904
  4,753
  5,682
  6,691
  7,779
  8,942
  10,180
  11,490
  12,872
  14,323
  15,844
  17,434
  19,093
  20,820
  22,619
  24,489
  26,433
  28,453
  30,553
  32,735
  35,003
  37,361
  39,814
  42,366
  45,024
  47,792
  50,677
Total liabilities, $m
  4,170
  2,642
  3,248
  3,933
  4,701
  5,550
  6,479
  7,488
  8,576
  9,739
  10,977
  12,287
  13,669
  15,120
  16,641
  18,231
  19,890
  21,617
  23,416
  25,286
  27,230
  29,250
  31,350
  33,532
  35,800
  38,158
  40,611
  43,163
  45,821
  48,589
  51,474
Total equity, $m
  -1,662
  294
  361
  437
  522
  617
  720
  832
  953
  1,082
  1,220
  1,365
  1,519
  1,680
  1,849
  2,026
  2,210
  2,402
  2,602
  2,810
  3,026
  3,250
  3,483
  3,726
  3,978
  4,240
  4,512
  4,796
  5,091
  5,399
  5,719
Total liabilities and equity, $m
  2,508
  2,936
  3,609
  4,370
  5,223
  6,167
  7,199
  8,320
  9,529
  10,821
  12,197
  13,652
  15,188
  16,800
  18,490
  20,257
  22,100
  24,019
  26,018
  28,096
  30,256
  32,500
  34,833
  37,258
  39,778
  42,398
  45,123
  47,959
  50,912
  53,988
  57,193
Debt-to-equity ratio
  -2.029
  6.290
  6.790
  7.180
  7.470
  7.710
  7.890
  8.040
  8.160
  8.260
  8.350
  8.420
  8.480
  8.530
  8.570
  8.610
  8.640
  8.670
  8.690
  8.720
  8.740
  8.750
  8.770
  8.790
  8.800
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
Adjusted equity ratio
  -0.774
  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
  113
  506
  803
  1,086
  1,404
  1,757
  2,144
  2,565
  3,019
  3,506
  4,024
  4,639
  5,218
  5,826
  6,464
  7,131
  7,828
  8,553
  9,309
  10,095
  10,912
  11,762
  12,645
  13,564
  14,518
  15,512
  16,545
  17,621
  18,742
  19,910
  21,127
Depreciation, amort., depletion, $m
  107
  142
  154
  167
  182
  199
  217
  237
  258
  281
  305
  240
  267
  295
  324
  355
  388
  421
  457
  493
  531
  570
  611
  654
  698
  744
  792
  842
  893
  947
  1,004
Funds from operations, $m
  363
  648
  957
  1,254
  1,587
  1,956
  2,361
  2,802
  3,277
  3,786
  4,328
  4,878
  5,484
  6,121
  6,789
  7,487
  8,216
  8,975
  9,766
  10,588
  11,443
  12,332
  13,257
  14,217
  15,216
  16,256
  17,337
  18,463
  19,635
  20,857
  22,131
Change in working capital, $m
  -29
  -23
  -26
  -30
  -33
  -37
  -40
  -44
  -47
  -50
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -120
  -125
Cash from operations, $m
  392
  671
  984
  1,284
  1,620
  1,993
  2,401
  2,845
  3,324
  3,837
  4,382
  4,935
  5,544
  6,184
  6,855
  7,556
  8,287
  9,050
  9,843
  10,669
  11,527
  12,420
  13,347
  14,312
  15,315
  16,358
  17,443
  18,573
  19,750
  20,977
  22,256
Maintenance CAPEX, $m
  0
  -41
  -52
  -63
  -77
  -92
  -108
  -126
  -146
  -167
  -190
  -214
  -240
  -267
  -295
  -324
  -355
  -388
  -421
  -457
  -493
  -531
  -570
  -611
  -654
  -698
  -744
  -792
  -842
  -893
  -947
New CAPEX, $m
  -71
  -113
  -129
  -146
  -163
  -180
  -198
  -214
  -231
  -247
  -263
  -279
  -294
  -309
  -323
  -338
  -352
  -367
  -382
  -397
  -413
  -429
  -446
  -464
  -482
  -501
  -521
  -543
  -565
  -588
  -613
Cash from investing activities, $m
  -465
  -154
  -181
  -209
  -240
  -272
  -306
  -340
  -377
  -414
  -453
  -493
  -534
  -576
  -618
  -662
  -707
  -755
  -803
  -854
  -906
  -960
  -1,016
  -1,075
  -1,136
  -1,199
  -1,265
  -1,335
  -1,407
  -1,481
  -1,560
Free cash flow, $m
  -73
  517
  803
  1,074
  1,380
  1,721
  2,096
  2,505
  2,947
  3,422
  3,929
  4,442
  5,011
  5,609
  6,237
  6,893
  7,579
  8,295
  9,040
  9,815
  10,621
  11,460
  12,331
  13,237
  14,179
  15,159
  16,178
  17,239
  18,344
  19,495
  20,695
Issuance/(repayment) of debt, $m
  201
  -1,371
  605
  686
  767
  849
  930
  1,009
  1,087
  1,163
  1,238
  1,310
  1,382
  1,452
  1,521
  1,590
  1,659
  1,728
  1,798
  1,870
  1,944
  2,020
  2,099
  2,182
  2,268
  2,358
  2,453
  2,553
  2,658
  2,768
  2,885
Issuance/(repurchase) of shares, $m
  -112
  1,450
  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
  79
  605
  686
  767
  849
  930
  1,009
  1,087
  1,163
  1,238
  1,310
  1,382
  1,452
  1,521
  1,590
  1,659
  1,728
  1,798
  1,870
  1,944
  2,020
  2,099
  2,182
  2,268
  2,358
  2,453
  2,553
  2,658
  2,768
  2,885
Total cash flow (excl. dividends), $m
  -92
  596
  1,409
  1,760
  2,148
  2,570
  3,025
  3,514
  4,034
  4,585
  5,167
  5,753
  6,392
  7,061
  7,757
  8,483
  9,238
  10,023
  10,838
  11,685
  12,565
  13,480
  14,430
  15,419
  16,447
  17,517
  18,631
  19,792
  21,002
  22,263
  23,580
Retained Cash Flow (-), $m
  -289
  -1,956
  -67
  -76
  -85
  -94
  -103
  -112
  -121
  -129
  -138
  -146
  -154
  -161
  -169
  -177
  -184
  -192
  -200
  -208
  -216
  -224
  -233
  -242
  -252
  -262
  -273
  -284
  -295
  -308
  -321
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
 
  -1,359
  1,341
  1,684
  2,062
  2,475
  2,922
  3,402
  3,913
  4,456
  5,029
  5,607
  6,239
  6,899
  7,588
  8,306
  9,054
  9,831
  10,638
  11,477
  12,349
  13,255
  14,197
  15,176
  16,195
  17,255
  18,358
  19,508
  20,706
  21,956
  23,260
Discount rate, %
 
  14.20
  14.91
  15.66
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
  25.50
  26.78
  28.12
  29.52
  31.00
  32.55
  34.17
  35.88
  37.68
  39.56
  41.54
  43.62
  45.80
  48.09
  50.49
  53.02
  55.67
  58.45
PV of cash for distribution, $m
 
  -1,190
  1,016
  1,089
  1,122
  1,116
  1,076
  1,005
  911
  803
  687
  569
  459
  360
  274
  202
  144
  100
  67
  43
  27
  16
  9
  5
  3
  1
  1
  0
  0
  0
  0
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

Premier, Inc. is a healthcare improvement company. The Company is uniting an alliance of approximately 3,900 United States hospitals and health systems and approximately 150,000 other providers and organizations to transform healthcare. The Company operates healthcare group purchasing organizations and also provides integrated data and analytics, supply chain solutions, advisory services, performance improvement collaborative and other services. The Company plays a role in the healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide.

FINANCIAL RATIOS  of  Premier (PINC)

Valuation Ratios
P/E Ratio 40.2
Price to Sales 3.1
Price to Book -2.7
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 14.1
Growth Rates
Sales Growth Rate 25.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -189.2%
Total Debt to Equity -202.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity -6.3%
Return On Equity - 3 Yr. Avg. -3.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 53.3%
Gross Margin - 3 Yr. Avg. 58.2%
EBITDA Margin 43.8%
EBITDA Margin - 3 Yr. Avg. 36%
Operating Margin 35.9%
Oper. Margin - 3 Yr. Avg. 28.4%
Pre-Tax Margin 36.5%
Pre-Tax Margin - 3 Yr. Avg. 29.3%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 15.4%
Eff/ Tax Rate - 3 Yr. Avg. 15.4%
Payout Ratio 0%

PINC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PINC stock intrinsic value calculation we used $1455 million for the last fiscal year's total revenue generated by Premier. The default revenue input number comes from 2017 income statement of Premier. 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 PINC stock valuation model: a) initial revenue growth rate of 24.9% 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 14.2%, whose default value for PINC is calculated based on our internal credit rating of Premier, 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 Premier.
    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 PINC stock the variable cost ratio is equal to 15.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $736 million in the base year in the intrinsic value calculation for PINC 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 Premier.

Corporate tax rate of 27% is the nominal tax rate for Premier. 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 PINC 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 PINC are equal to 30.9%.

Life of production assets of 10.9 years is the average useful life of capital assets used in Premier 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 PINC is equal to -6.3%. 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 - $-1662 million for Premier - 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 140.802 million for Premier 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 Premier at the current share price and the inputted number of shares is $4.6 billion.

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COMPANY NEWS

▶ Premier Inc. Issues Statement on Marketplace Competition   [Nov-13-17 07:50AM  Business Wire]
▶ Premier Inc. Reports Fiscal 2018 First-Quarter Results   [Nov-06-17 04:03PM  Business Wire]
▶ Amid Durham HQ relocation, Parata inks agreement with Premier   [Sep-29-17 05:20PM  American City Business Journals]
▶ On heels of ECU deal, Vidant inks agreement with Premier   [Sep-27-17 08:25AM  American City Business Journals]
▶ Premier Inc. to Present at September Investor Conferences   [Aug-23-17 09:45AM  Business Wire]
▶ Premier Inc. reports 4Q loss   [Aug-21-17 09:33PM  Associated Press]
▶ University Health System Partners with Premier Inc.   [Aug-16-17 08:30AM  Business Wire]
▶ Premier Inc. Enhances Environmental Stewardship Program   [Jul-24-17 10:20AM  Business Wire]
▶ Premier CEO Seeks Incremental Health Care Fixes   [Jul-20-17 01:15PM  Bloomberg Video]
▶ Merck and Premier Inc. Expand Collaboration   [09:09AM  Market Realist]
▶ Bioventus expands market access for surgical products with new contract   [11:00AM  American City Business Journals]
▶ McLaren Health Care Expands Partnership with Premier Inc.   [May-31-17 10:24AM  Business Wire]
▶ Premier Inc. to Host 2017 Investor Day on May 24   [May-10-17 08:43AM  Business Wire]
▶ Premier Inc. reports 3Q loss   [May-08-17 04:10PM  Associated Press]
Financial statements of PINC
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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