Intrinsic value of ResMed - RMD

Previous Close

$77.46

  Intrinsic Value

$62.77

stock screener

  Rating & Target

hold

-19%

  Value-price divergence*

+70%

Previous close

$77.46

 
Intrinsic value

$62.77

 
Up/down potential

-19%

 
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 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 11.0

 

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
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
  5.39
Revenue, $m
  1,839
  2,082
  2,339
  2,612
  2,899
  3,199
  3,514
  3,843
  4,186
  4,543
  4,915
  5,301
  5,702
  6,119
  6,553
  7,004
  7,472
  7,959
  8,466
  8,993
  9,543
  10,115
  10,711
  11,334
  11,983
  12,660
  13,368
  14,107
  14,879
  15,687
  16,532
Variable operating expenses, $m
 
  1,560
  1,740
  1,930
  2,130
  2,340
  2,560
  2,790
  3,030
  3,279
  3,538
  3,702
  3,983
  4,274
  4,577
  4,891
  5,219
  5,559
  5,913
  6,281
  6,665
  7,064
  7,481
  7,916
  8,369
  8,842
  9,336
  9,852
  10,392
  10,956
  11,546
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
  1,560
  1,740
  1,930
  2,130
  2,340
  2,560
  2,790
  3,030
  3,279
  3,538
  3,702
  3,983
  4,274
  4,577
  4,891
  5,219
  5,559
  5,913
  6,281
  6,665
  7,064
  7,481
  7,916
  8,369
  8,842
  9,336
  9,852
  10,392
  10,956
  11,546
Operating income, $m
  428
  522
  600
  682
  768
  859
  954
  1,053
  1,157
  1,264
  1,376
  1,599
  1,720
  1,846
  1,976
  2,112
  2,253
  2,400
  2,553
  2,712
  2,878
  3,051
  3,230
  3,418
  3,614
  3,818
  4,031
  4,254
  4,487
  4,731
  4,986
EBITDA, $m
  515
  673
  757
  845
  937
  1,035
  1,136
  1,243
  1,354
  1,469
  1,589
  1,714
  1,844
  1,979
  2,119
  2,265
  2,416
  2,574
  2,738
  2,908
  3,086
  3,271
  3,464
  3,665
  3,875
  4,094
  4,323
  4,562
  4,812
  5,073
  5,346
Interest expense (income), $m
  11
  31
  36
  43
  49
  56
  63
  71
  79
  87
  96
  105
  114
  123
  133
  144
  155
  166
  178
  190
  203
  216
  230
  244
  259
  274
  291
  308
  325
  344
  363
Earnings before tax, $m
  440
  491
  563
  639
  719
  803
  891
  982
  1,078
  1,177
  1,281
  1,494
  1,606
  1,722
  1,843
  1,968
  2,099
  2,234
  2,375
  2,522
  2,675
  2,835
  3,001
  3,174
  3,355
  3,544
  3,741
  3,947
  4,162
  4,387
  4,622
Tax expense, $m
  88
  133
  152
  173
  194
  217
  240
  265
  291
  318
  346
  403
  434
  465
  498
  531
  567
  603
  641
  681
  722
  765
  810
  857
  906
  957
  1,010
  1,066
  1,124
  1,184
  1,248
Net income, $m
  352
  359
  411
  467
  525
  586
  650
  717
  787
  859
  935
  1,091
  1,172
  1,257
  1,345
  1,437
  1,532
  1,631
  1,734
  1,841
  1,953
  2,069
  2,191
  2,317
  2,449
  2,587
  2,731
  2,881
  3,038
  3,203
  3,374

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
  2,860
  3,214
  3,588
  3,982
  4,395
  4,827
  5,279
  5,750
  6,241
  6,751
  7,281
  7,833
  8,406
  9,001
  9,620
  10,264
  10,933
  11,629
  12,354
  13,108
  13,894
  14,714
  15,568
  16,460
  17,390
  18,362
  19,378
  20,439
  21,548
  22,709
Adjusted assets (=assets-cash), $m
  2,526
  2,860
  3,214
  3,588
  3,982
  4,395
  4,827
  5,279
  5,750
  6,241
  6,751
  7,281
  7,833
  8,406
  9,001
  9,620
  10,264
  10,933
  11,629
  12,354
  13,108
  13,894
  14,714
  15,568
  16,460
  17,390
  18,362
  19,378
  20,439
  21,548
  22,709
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
  635
  714
  797
  884
  976
  1,072
  1,172
  1,277
  1,386
  1,499
  1,617
  1,739
  1,866
  1,999
  2,136
  2,279
  2,428
  2,582
  2,743
  2,911
  3,085
  3,267
  3,457
  3,655
  3,861
  4,077
  4,303
  4,538
  4,785
  5,042
Working capital, $m
  782
  396
  444
  496
  551
  608
  668
  730
  795
  863
  934
  1,007
  1,083
  1,163
  1,245
  1,331
  1,420
  1,512
  1,609
  1,709
  1,813
  1,922
  2,035
  2,153
  2,277
  2,405
  2,540
  2,680
  2,827
  2,981
  3,141
Total debt, $m
  1,173
  1,041
  1,218
  1,405
  1,602
  1,808
  2,025
  2,251
  2,486
  2,731
  2,986
  3,252
  3,527
  3,814
  4,112
  4,421
  4,743
  5,077
  5,426
  5,788
  6,165
  6,558
  6,968
  7,395
  7,841
  8,306
  8,792
  9,300
  9,830
  10,385
  10,966
Total liabilities, $m
  1,562
  1,430
  1,607
  1,794
  1,991
  2,197
  2,414
  2,640
  2,875
  3,120
  3,375
  3,641
  3,916
  4,203
  4,501
  4,810
  5,132
  5,466
  5,815
  6,177
  6,554
  6,947
  7,357
  7,784
  8,230
  8,695
  9,181
  9,689
  10,219
  10,774
  11,355
Total equity, $m
  1,695
  1,430
  1,607
  1,794
  1,991
  2,197
  2,414
  2,640
  2,875
  3,120
  3,375
  3,641
  3,916
  4,203
  4,501
  4,810
  5,132
  5,466
  5,815
  6,177
  6,554
  6,947
  7,357
  7,784
  8,230
  8,695
  9,181
  9,689
  10,219
  10,774
  11,355
Total liabilities and equity, $m
  3,257
  2,860
  3,214
  3,588
  3,982
  4,394
  4,828
  5,280
  5,750
  6,240
  6,750
  7,282
  7,832
  8,406
  9,002
  9,620
  10,264
  10,932
  11,630
  12,354
  13,108
  13,894
  14,714
  15,568
  16,460
  17,390
  18,362
  19,378
  20,438
  21,548
  22,710
Debt-to-equity ratio
  0.692
  0.730
  0.760
  0.780
  0.800
  0.820
  0.840
  0.850
  0.860
  0.880
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  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
  0.960
  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
  359
  411
  467
  525
  586
  650
  717
  787
  859
  935
  1,091
  1,172
  1,257
  1,345
  1,437
  1,532
  1,631
  1,734
  1,841
  1,953
  2,069
  2,191
  2,317
  2,449
  2,587
  2,731
  2,881
  3,038
  3,203
  3,374
Depreciation, amort., depletion, $m
  87
  151
  157
  163
  169
  176
  182
  190
  197
  205
  213
  115
  124
  133
  143
  153
  163
  173
  184
  196
  208
  220
  233
  247
  261
  276
  291
  307
  324
  342
  360
Funds from operations, $m
  610
  510
  568
  629
  694
  762
  833
  907
  984
  1,064
  1,148
  1,206
  1,297
  1,390
  1,488
  1,589
  1,695
  1,804
  1,919
  2,037
  2,161
  2,290
  2,424
  2,564
  2,710
  2,863
  3,022
  3,188
  3,362
  3,544
  3,735
Change in working capital, $m
  62
  46
  49
  52
  54
  57
  60
  62
  65
  68
  71
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  109
  113
  118
  123
  129
  134
  140
  147
  153
  161
Cash from operations, $m
  548
  464
  519
  578
  640
  705
  773
  844
  919
  996
  1,077
  1,133
  1,220
  1,311
  1,406
  1,504
  1,606
  1,712
  1,822
  1,937
  2,057
  2,181
  2,311
  2,446
  2,587
  2,734
  2,888
  3,048
  3,216
  3,391
  3,574
Maintenance CAPEX, $m
  0
  -40
  -45
  -51
  -57
  -63
  -70
  -77
  -84
  -91
  -99
  -107
  -115
  -124
  -133
  -143
  -153
  -163
  -173
  -184
  -196
  -208
  -220
  -233
  -247
  -261
  -276
  -291
  -307
  -324
  -342
New CAPEX, $m
  -68
  -75
  -79
  -83
  -87
  -92
  -96
  -100
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -225
  -236
  -246
  -258
Cash from investing activities, $m
  -1,126
  -115
  -124
  -134
  -144
  -155
  -166
  -177
  -189
  -200
  -212
  -225
  -237
  -251
  -265
  -280
  -296
  -312
  -328
  -345
  -364
  -383
  -402
  -423
  -445
  -468
  -492
  -516
  -543
  -570
  -600
Free cash flow, $m
  -578
  349
  395
  444
  495
  550
  607
  667
  730
  796
  865
  908
  982
  1,060
  1,140
  1,224
  1,310
  1,401
  1,494
  1,592
  1,693
  1,799
  1,908
  2,023
  2,142
  2,266
  2,396
  2,531
  2,673
  2,820
  2,975
Issuance/(repayment) of debt, $m
  856
  167
  177
  187
  197
  207
  216
  226
  236
  245
  255
  265
  276
  287
  298
  309
  322
  335
  348
  362
  377
  393
  410
  427
  446
  465
  486
  508
  531
  555
  580
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
  167
  177
  187
  197
  207
  216
  226
  236
  245
  255
  265
  276
  287
  298
  309
  322
  335
  348
  362
  377
  393
  410
  427
  446
  465
  486
  508
  531
  555
  580
Total cash flow (excl. dividends), $m
  182
  516
  572
  631
  692
  756
  823
  893
  966
  1,042
  1,120
  1,173
  1,258
  1,346
  1,438
  1,533
  1,632
  1,735
  1,842
  1,954
  2,070
  2,192
  2,318
  2,450
  2,588
  2,732
  2,882
  3,039
  3,203
  3,375
  3,555
Retained Cash Flow (-), $m
  -108
  -167
  -177
  -187
  -197
  -207
  -216
  -226
  -236
  -245
  -255
  -265
  -276
  -287
  -298
  -309
  -322
  -335
  -348
  -362
  -377
  -393
  -410
  -427
  -446
  -465
  -486
  -508
  -531
  -555
  -580
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
 
  781
  395
  444
  495
  550
  607
  667
  730
  796
  865
  908
  982
  1,060
  1,140
  1,224
  1,310
  1,401
  1,494
  1,592
  1,693
  1,799
  1,908
  2,023
  2,142
  2,266
  2,396
  2,531
  2,673
  2,820
  2,975
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
 
  749
  362
  386
  408
  426
  441
  451
  457
  457
  453
  431
  419
  403
  383
  359
  333
  305
  275
  245
  215
  186
  158
  133
  109
  88
  70
  54
  41
  31
  22
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 31
Price to Sales 5.9
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 22.7
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 13.2% 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 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 141.741 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 $11.0 billion.

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COMPANY NEWS

▶ Which Stocks Are Showing Rising Relative Strength?   [Jun-14-17 02:26PM  Investor's Business Daily]
▶ Sleep Apnea Treatment Provider Enters New Buy Zone   [11:53AM  Investor's Business Daily]
▶ FDA Approval Boosts Baxters Generic Injectable Business   [Jun-09-17 03:35PM  Market Realist]
▶ ETFs with exposure to ResMed, Inc. : May 25, 2017   [May-25-17 12:47PM  Capital Cube]
▶ ETFs with exposure to ResMed, Inc. : May 2, 2017   [May-02-17 04:33PM  Capital Cube]
▶ ResMed, Inc. Value Analysis (NYSE:RMD) : April 28, 2017   [Apr-28-17 05:11PM  Capital Cube]
▶ ResMed tops 3Q profit forecasts   [Apr-27-17 06:02PM  Associated Press]
▶ ResMed Unveils AirMini - the World's Smallest CPAP   [Apr-25-17 09:39AM  PR Newswire]
▶ 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]
Stock chart of RMD Financial statements of RMD Annual reports 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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