Intrinsic value of ResMed - RMD

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$69.84

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$69.84

 
Intrinsic value

$73.14

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence* premium content

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

We calculate the intrinsic value of RMD 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 10.0

 

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, %
  9.53
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
Revenue, $m
  1,839
  2,142
  2,471
  2,825
  3,203
  3,605
  4,030
  4,478
  4,948
  5,440
  5,955
  6,491
  7,050
  7,632
  8,236
  8,865
  9,518
  10,197
  10,902
  11,635
  12,398
  13,191
  14,017
  14,876
  15,772
  16,705
  17,678
  18,693
  19,753
  20,859
  22,015
Variable operating expenses, $m
 
  1,602
  1,832
  2,079
  2,343
  2,624
  2,921
  3,233
  3,562
  3,906
  4,265
  4,534
  4,924
  5,330
  5,752
  6,191
  6,647
  7,121
  7,614
  8,126
  8,659
  9,213
  9,789
  10,390
  11,015
  11,667
  12,347
  13,056
  13,796
  14,569
  15,376
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
  1,411
  1,602
  1,832
  2,079
  2,343
  2,624
  2,921
  3,233
  3,562
  3,906
  4,265
  4,534
  4,924
  5,330
  5,752
  6,191
  6,647
  7,121
  7,614
  8,126
  8,659
  9,213
  9,789
  10,390
  11,015
  11,667
  12,347
  13,056
  13,796
  14,569
  15,376
Operating income, $m
  428
  540
  639
  746
  860
  981
  1,110
  1,245
  1,386
  1,535
  1,690
  1,958
  2,126
  2,302
  2,484
  2,673
  2,870
  3,075
  3,288
  3,509
  3,739
  3,978
  4,227
  4,486
  4,756
  5,038
  5,331
  5,638
  5,957
  6,291
  6,640
EBITDA, $m
  515
  693
  799
  914
  1,036
  1,166
  1,303
  1,448
  1,600
  1,759
  1,926
  2,099
  2,280
  2,468
  2,663
  2,867
  3,078
  3,297
  3,525
  3,763
  4,009
  4,266
  4,533
  4,811
  5,100
  5,402
  5,717
  6,045
  6,388
  6,745
  7,119
Interest expense (income), $m
  11
  31
  38
  46
  54
  63
  73
  83
  94
  105
  117
  130
  142
  156
  170
  184
  199
  215
  231
  248
  266
  284
  303
  323
  344
  366
  388
  411
  436
  461
  488
Earnings before tax, $m
  440
  510
  602
  700
  806
  918
  1,036
  1,161
  1,292
  1,430
  1,573
  1,828
  1,984
  2,146
  2,314
  2,489
  2,671
  2,860
  3,056
  3,261
  3,473
  3,694
  3,924
  4,163
  4,413
  4,672
  4,943
  5,226
  5,521
  5,830
  6,152
Tax expense, $m
  88
  138
  162
  189
  218
  248
  280
  314
  349
  386
  425
  494
  536
  579
  625
  672
  721
  772
  825
  880
  938
  997
  1,059
  1,124
  1,191
  1,262
  1,335
  1,411
  1,491
  1,574
  1,661
Net income, $m
  352
  372
  439
  511
  588
  670
  757
  848
  943
  1,044
  1,148
  1,335
  1,448
  1,566
  1,689
  1,817
  1,950
  2,088
  2,231
  2,380
  2,535
  2,696
  2,864
  3,039
  3,221
  3,411
  3,609
  3,815
  4,031
  4,256
  4,491

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  731
  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
  3,257
  2,943
  3,395
  3,881
  4,400
  4,952
  5,536
  6,151
  6,797
  7,473
  8,180
  8,917
  9,684
  10,483
  11,314
  12,177
  13,074
  14,006
  14,975
  15,983
  17,030
  18,120
  19,254
  20,434
  21,664
  22,946
  24,283
  25,678
  27,133
  28,653
  30,241
Adjusted assets (=assets-cash), $m
  2,526
  2,943
  3,395
  3,881
  4,400
  4,952
  5,536
  6,151
  6,797
  7,473
  8,180
  8,917
  9,684
  10,483
  11,314
  12,177
  13,074
  14,006
  14,975
  15,983
  17,030
  18,120
  19,254
  20,434
  21,664
  22,946
  24,283
  25,678
  27,133
  28,653
  30,241
Revenue / Adjusted assets
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
  0.728
Average production assets, $m
  560
  653
  754
  862
  977
  1,100
  1,229
  1,366
  1,509
  1,659
  1,816
  1,980
  2,150
  2,328
  2,512
  2,704
  2,903
  3,110
  3,325
  3,549
  3,781
  4,023
  4,275
  4,537
  4,810
  5,095
  5,392
  5,701
  6,025
  6,362
  6,715
Working capital, $m
  782
  407
  470
  537
  609
  685
  766
  851
  940
  1,034
  1,131
  1,233
  1,340
  1,450
  1,565
  1,684
  1,808
  1,937
  2,071
  2,211
  2,356
  2,506
  2,663
  2,826
  2,997
  3,174
  3,359
  3,552
  3,753
  3,963
  4,183
Total debt, $m
  1,173
  1,082
  1,308
  1,551
  1,811
  2,087
  2,379
  2,686
  3,009
  3,348
  3,701
  4,069
  4,453
  4,853
  5,268
  5,699
  6,148
  6,614
  7,099
  7,602
  8,126
  8,671
  9,238
  9,828
  10,443
  11,084
  11,753
  12,450
  13,178
  13,938
  14,732
Total liabilities, $m
  1,562
  1,471
  1,697
  1,940
  2,200
  2,476
  2,768
  3,075
  3,398
  3,737
  4,090
  4,458
  4,842
  5,242
  5,657
  6,088
  6,537
  7,003
  7,488
  7,991
  8,515
  9,060
  9,627
  10,217
  10,832
  11,473
  12,142
  12,839
  13,567
  14,327
  15,121
Total equity, $m
  1,695
  1,471
  1,697
  1,940
  2,200
  2,476
  2,768
  3,075
  3,398
  3,737
  4,090
  4,458
  4,842
  5,242
  5,657
  6,088
  6,537
  7,003
  7,488
  7,991
  8,515
  9,060
  9,627
  10,217
  10,832
  11,473
  12,142
  12,839
  13,567
  14,327
  15,121
Total liabilities and equity, $m
  3,257
  2,942
  3,394
  3,880
  4,400
  4,952
  5,536
  6,150
  6,796
  7,474
  8,180
  8,916
  9,684
  10,484
  11,314
  12,176
  13,074
  14,006
  14,976
  15,982
  17,030
  18,120
  19,254
  20,434
  21,664
  22,946
  24,284
  25,678
  27,134
  28,654
  30,242
Debt-to-equity ratio
  0.692
  0.740
  0.770
  0.800
  0.820
  0.840
  0.860
  0.870
  0.890
  0.900
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
Adjusted equity ratio
  0.382
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  352
  372
  439
  511
  588
  670
  757
  848
  943
  1,044
  1,148
  1,335
  1,448
  1,566
  1,689
  1,817
  1,950
  2,088
  2,231
  2,380
  2,535
  2,696
  2,864
  3,039
  3,221
  3,411
  3,609
  3,815
  4,031
  4,256
  4,491
Depreciation, amort., depletion, $m
  87
  153
  160
  167
  176
  184
  194
  203
  214
  224
  236
  141
  154
  166
  179
  193
  207
  222
  238
  253
  270
  287
  305
  324
  344
  364
  385
  407
  430
  454
  480
Funds from operations, $m
  610
  525
  599
  679
  764
  855
  950
  1,051
  1,157
  1,268
  1,384
  1,476
  1,602
  1,733
  1,869
  2,010
  2,157
  2,310
  2,469
  2,634
  2,805
  2,984
  3,170
  3,363
  3,565
  3,775
  3,994
  4,222
  4,461
  4,710
  4,970
Change in working capital, $m
  62
  58
  62
  67
  72
  76
  81
  85
  89
  94
  98
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  163
  170
  177
  185
  193
  201
  210
  220
Cash from operations, $m
  548
  592
  536
  611
  692
  778
  870
  966
  1,068
  1,174
  1,286
  1,374
  1,496
  1,622
  1,754
  1,891
  2,033
  2,181
  2,335
  2,494
  2,660
  2,833
  3,013
  3,200
  3,395
  3,597
  3,809
  4,030
  4,260
  4,500
  4,751
Maintenance CAPEX, $m
  0
  -40
  -47
  -54
  -62
  -70
  -79
  -88
  -98
  -108
  -119
  -130
  -141
  -154
  -166
  -179
  -193
  -207
  -222
  -238
  -253
  -270
  -287
  -305
  -324
  -344
  -364
  -385
  -407
  -430
  -454
New CAPEX, $m
  -68
  -93
  -100
  -108
  -115
  -123
  -130
  -137
  -143
  -150
  -157
  -164
  -170
  -177
  -184
  -192
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -262
  -273
  -285
  -297
  -310
  -323
  -337
  -353
Cash from investing activities, $m
  -1,126
  -133
  -147
  -162
  -177
  -193
  -209
  -225
  -241
  -258
  -276
  -294
  -311
  -331
  -350
  -371
  -392
  -414
  -437
  -462
  -486
  -512
  -539
  -567
  -597
  -629
  -661
  -695
  -730
  -767
  -807
Free cash flow, $m
  -578
  459
  389
  450
  515
  586
  661
  742
  827
  916
  1,011
  1,081
  1,184
  1,291
  1,403
  1,520
  1,641
  1,767
  1,897
  2,033
  2,174
  2,321
  2,474
  2,632
  2,797
  2,969
  3,148
  3,335
  3,529
  3,732
  3,944
Issuance/(repayment) of debt, $m
  856
  208
  226
  243
  260
  276
  292
  308
  323
  338
  353
  368
  384
  399
  415
  432
  449
  466
  484
  504
  524
  545
  567
  590
  615
  641
  668
  697
  728
  760
  794
Issuance/(repurchase) of shares, $m
  -74
  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  
  781
  208
  226
  243
  260
  276
  292
  308
  323
  338
  353
  368
  384
  399
  415
  432
  449
  466
  484
  504
  524
  545
  567
  590
  615
  641
  668
  697
  728
  760
  794
Total cash flow (excl. dividends), $m
  182
  667
  615
  693
  775
  862
  953
  1,049
  1,150
  1,255
  1,364
  1,449
  1,568
  1,691
  1,818
  1,951
  2,089
  2,233
  2,382
  2,537
  2,698
  2,866
  3,041
  3,223
  3,412
  3,610
  3,817
  4,032
  4,257
  4,492
  4,738
Retained Cash Flow (-), $m
  -108
  -208
  -226
  -243
  -260
  -276
  -292
  -308
  -323
  -338
  -353
  -368
  -384
  -399
  -415
  -432
  -449
  -466
  -484
  -504
  -524
  -545
  -567
  -590
  -615
  -641
  -668
  -697
  -728
  -760
  -794
Prev. year cash balance distribution, $m
 
  432
  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
 
  891
  389
  450
  515
  586
  661
  742
  827
  916
  1,011
  1,081
  1,184
  1,291
  1,403
  1,520
  1,641
  1,767
  1,897
  2,033
  2,174
  2,321
  2,474
  2,632
  2,797
  2,969
  3,148
  3,335
  3,529
  3,732
  3,944
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
 
  854
  356
  391
  424
  454
  480
  501
  517
  526
  530
  513
  505
  491
  471
  446
  417
  384
  349
  313
  276
  240
  205
  173
  142
  116
  92
  72
  55
  41
  30
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

ResMed Inc. designs, develops, manufactures, and markets medical devices and cloud-based software applications that diagnose, treat, and manage respiratory disorders. Its portfolio of products include devices, such as air flow generators, ventilators, and oxygen concentrators; diagnostic products; mask systems; headgear and other accessories; dental devices; portable oxygen concentrators; and cloud-based software informatics solutions. The company also produces continuous positive airway pressure, variable positive airway pressure, and AutoSet systems for the titration and treatment of sleep disordered breathing (SDB). In addition, it offers data communications and control products, such as EasyCare, ResLink, ResControl, ResControl II, TxControl, ResScan, and ResTraxx modules that facilitate the transfer of data and other information to and from the flow generators. The company markets its products to sleep clinics, home healthcare dealers, patients, hospitals, physicians, and third-party payers through a network of distributors and direct sales force in approximately 100 countries. ResMed Inc. was founded in 1989 and is headquartered in San Diego, California.

FINANCIAL RATIOS  of  ResMed (RMD)

Valuation Ratios
P/E Ratio 27.9
Price to Sales 5.3
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 20.5
Growth Rates
Sales Growth Rate 9.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 51.6%
Total Debt to Equity 69.2%
Interest Coverage 41
Management Effectiveness
Return On Assets 13.3%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 14.8%
Ret/ On T. Cap. - 3 Yr. Avg. 16.7%
Return On Equity 21.5%
Return On Equity - 3 Yr. Avg. 21%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 58%
Gross Margin - 3 Yr. Avg. 60.6%
EBITDA Margin 29.3%
EBITDA Margin - 3 Yr. Avg. 30.9%
Operating Margin 23.3%
Oper. Margin - 3 Yr. Avg. 24.6%
Pre-Tax Margin 23.9%
Pre-Tax Margin - 3 Yr. Avg. 25.9%
Net Profit Margin 19.1%
Net Profit Margin - 3 Yr. Avg. 20.8%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 19.7%
Payout Ratio 47.7%

RMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMD stock intrinsic value calculation we used $1839 million for the last fiscal year's total revenue generated by ResMed. The default revenue input number comes from 2016 income statement of ResMed. 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 RMD stock valuation model: a) initial revenue growth rate of 16.5% 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 RMD is calculated based on our internal credit rating of ResMed, 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 ResMed.
    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 RMD stock the variable cost ratio is equal to 75.6%.

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 RMD 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 ResMed.

Corporate tax rate of 27% is the nominal tax rate for ResMed. 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 RMD 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 RMD are equal to 30.5%.

Life of production assets of 14 years is the average useful life of capital assets used in ResMed 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 RMD is equal to 19%. 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 - $1695 million for ResMed - 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 142.559 million for ResMed 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 ResMed at the current share price and the inputted number of shares is $10.0 billion.


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COMPANY NEWS

▶ ETFs with exposure to ResMed, Inc. : April 7, 2017   [Apr-07-17 05:24PM  Capital Cube]
▶ 3 Healthcare Stocks to Invest In   [Feb-25-17 09:34AM  at Motley Fool]
▶ ResMed Named Global Leader in Remote Patient Monitoring   [Feb-13-17 09:00AM  PR Newswire]
▶ Post Earnings Coverage as ResMed Revenue Increased 17%   [Jan-30-17 08:15AM  Accesswire]
▶ Cramer Remix: The best way to play the oil patch   [Jan-24-17 07:25PM  at CNBC]
▶ ResMed Reports Q2 Profit of $76.7M (RMD)   [03:08PM  at Investopedia]
▶ Why ResMed Is in the Green Today   [12:48PM  at Motley Fool]
▶ ResMed Q2 profit down but revenue up   [Jan-23-17 08:43PM  Other]
▶ After hours buzz: YHOO, RMD, MRCY   [06:04PM  at CNBC]
▶ ResMed and BMC/3B Medical Settle Global Litigation   [Jan-20-17 05:28PM  PR Newswire]
▶ FDA Clears World's Smallest CPAP, ResMed AirMini   [Jan-09-17 09:00AM  PR Newswire]
▶ CES: These Gadgets Will Literally Put You To Sleep   [Jan-07-17 09:48PM  at Investor's Business Daily]
▶ [$$] Pegasus Teams Up With Dr. Oz, ResMed to Launch SleepScore Labs   [Jan-06-17 04:48PM  at The Wall Street Journal]
▶ Should You Add ResMed Inc. (RMD) to Your Portfolio?   [Dec-04-16 12:59PM  at Insider Monkey]
▶ ResMed loses in Fisher &Paykel; dispute   [Dec-01-16 04:18PM  Other]
Stock chart of RMD Financial statements of RMD
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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