Intrinsic value of ResMed - RMD

Previous Close

$88.73

  Intrinsic Value

$68.27

stock screener

  Rating & Target

sell

-23%

Previous close

$88.73

 
Intrinsic value

$68.27

 
Up/down potential

-23%

 
Rating

sell

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

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, %
  12.40
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
Revenue, $m
  2,067
  2,330
  2,607
  2,900
  3,208
  3,531
  3,868
  4,219
  4,586
  4,967
  5,364
  5,776
  6,204
  6,649
  7,112
  7,593
  8,093
  8,613
  9,154
  9,718
  10,305
  10,916
  11,554
  12,220
  12,914
  13,639
  14,396
  15,188
  16,015
  16,880
  17,786
Variable operating expenses, $m
 
  1,773
  1,972
  2,182
  2,402
  2,633
  2,874
  3,125
  3,388
  3,660
  3,944
  4,132
  4,439
  4,757
  5,088
  5,432
  5,790
  6,162
  6,550
  6,953
  7,373
  7,810
  8,267
  8,743
  9,240
  9,758
  10,300
  10,866
  11,458
  12,077
  12,725
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
  1,643
  1,773
  1,972
  2,182
  2,402
  2,633
  2,874
  3,125
  3,388
  3,660
  3,944
  4,132
  4,439
  4,757
  5,088
  5,432
  5,790
  6,162
  6,550
  6,953
  7,373
  7,810
  8,267
  8,743
  9,240
  9,758
  10,300
  10,866
  11,458
  12,077
  12,725
Operating income, $m
  424
  556
  635
  719
  806
  898
  994
  1,094
  1,198
  1,307
  1,420
  1,643
  1,765
  1,892
  2,024
  2,160
  2,303
  2,451
  2,605
  2,765
  2,932
  3,106
  3,287
  3,477
  3,674
  3,881
  4,096
  4,321
  4,557
  4,803
  5,060
EBITDA, $m
  536
  712
  797
  886
  980
  1,079
  1,182
  1,289
  1,401
  1,517
  1,639
  1,764
  1,895
  2,031
  2,173
  2,320
  2,472
  2,631
  2,797
  2,969
  3,148
  3,335
  3,530
  3,733
  3,945
  4,167
  4,398
  4,640
  4,892
  5,157
  5,433
Interest expense (income), $m
  28
  38
  44
  52
  59
  67
  75
  84
  93
  102
  112
  122
  133
  143
  155
  167
  179
  192
  205
  219
  233
  248
  264
  280
  297
  315
  333
  353
  373
  394
  416
Earnings before tax, $m
  419
  519
  591
  667
  747
  831
  919
  1,010
  1,106
  1,205
  1,308
  1,521
  1,633
  1,748
  1,869
  1,994
  2,124
  2,259
  2,400
  2,546
  2,699
  2,858
  3,024
  3,197
  3,377
  3,566
  3,763
  3,969
  4,184
  4,409
  4,644
Tax expense, $m
  77
  140
  160
  180
  202
  224
  248
  273
  298
  325
  353
  411
  441
  472
  505
  538
  573
  610
  648
  687
  729
  772
  816
  863
  912
  963
  1,016
  1,072
  1,130
  1,190
  1,254
Net income, $m
  342
  379
  431
  487
  545
  607
  671
  737
  807
  879
  955
  1,111
  1,192
  1,276
  1,364
  1,455
  1,550
  1,649
  1,752
  1,859
  1,970
  2,086
  2,207
  2,334
  2,465
  2,603
  2,747
  2,897
  3,054
  3,218
  3,390

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  822
  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
  3,468
  2,983
  3,339
  3,714
  4,108
  4,521
  4,952
  5,403
  5,872
  6,360
  6,868
  7,395
  7,944
  8,514
  9,106
  9,722
  10,362
  11,028
  11,721
  12,443
  13,194
  13,977
  14,794
  15,646
  16,535
  17,463
  18,433
  19,446
  20,506
  21,614
  22,773
Adjusted assets (=assets-cash), $m
  2,646
  2,983
  3,339
  3,714
  4,108
  4,521
  4,952
  5,403
  5,872
  6,360
  6,868
  7,395
  7,944
  8,514
  9,106
  9,722
  10,362
  11,028
  11,721
  12,443
  13,194
  13,977
  14,794
  15,646
  16,535
  17,463
  18,433
  19,446
  20,506
  21,614
  22,773
Revenue / Adjusted assets
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
Average production assets, $m
  671
  757
  847
  943
  1,043
  1,147
  1,257
  1,371
  1,490
  1,614
  1,743
  1,877
  2,016
  2,161
  2,311
  2,468
  2,630
  2,799
  2,975
  3,158
  3,349
  3,548
  3,755
  3,971
  4,197
  4,433
  4,679
  4,936
  5,205
  5,486
  5,780
Working capital, $m
  1,284
  522
  584
  650
  719
  791
  866
  945
  1,027
  1,113
  1,201
  1,294
  1,390
  1,489
  1,593
  1,701
  1,813
  1,929
  2,051
  2,177
  2,308
  2,445
  2,588
  2,737
  2,893
  3,055
  3,225
  3,402
  3,587
  3,781
  3,984
Total debt, $m
  1,079
  1,271
  1,474
  1,688
  1,912
  2,148
  2,394
  2,651
  2,918
  3,196
  3,486
  3,786
  4,099
  4,424
  4,762
  5,113
  5,477
  5,857
  6,252
  6,663
  7,092
  7,538
  8,004
  8,489
  8,996
  9,525
  10,078
  10,655
  11,259
  11,891
  12,552
Total liabilities, $m
  1,508
  1,700
  1,903
  2,117
  2,341
  2,577
  2,823
  3,080
  3,347
  3,625
  3,915
  4,215
  4,528
  4,853
  5,191
  5,542
  5,906
  6,286
  6,681
  7,092
  7,521
  7,967
  8,433
  8,918
  9,425
  9,954
  10,507
  11,084
  11,688
  12,320
  12,981
Total equity, $m
  1,960
  1,283
  1,436
  1,597
  1,766
  1,944
  2,130
  2,323
  2,525
  2,735
  2,953
  3,180
  3,416
  3,661
  3,916
  4,180
  4,456
  4,742
  5,040
  5,350
  5,674
  6,010
  6,361
  6,728
  7,110
  7,509
  7,926
  8,362
  8,818
  9,294
  9,792
Total liabilities and equity, $m
  3,468
  2,983
  3,339
  3,714
  4,107
  4,521
  4,953
  5,403
  5,872
  6,360
  6,868
  7,395
  7,944
  8,514
  9,107
  9,722
  10,362
  11,028
  11,721
  12,442
  13,195
  13,977
  14,794
  15,646
  16,535
  17,463
  18,433
  19,446
  20,506
  21,614
  22,773
Debt-to-equity ratio
  0.551
  0.990
  1.030
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.220
  1.230
  1.240
  1.240
  1.250
  1.250
  1.250
  1.260
  1.260
  1.270
  1.270
  1.270
  1.270
  1.280
  1.280
  1.280
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  342
  379
  431
  487
  545
  607
  671
  737
  807
  879
  955
  1,111
  1,192
  1,276
  1,364
  1,455
  1,550
  1,649
  1,752
  1,859
  1,970
  2,086
  2,207
  2,334
  2,465
  2,603
  2,747
  2,897
  3,054
  3,218
  3,390
Depreciation, amort., depletion, $m
  112
  155
  161
  167
  174
  181
  188
  195
  203
  211
  219
  121
  130
  139
  149
  159
  170
  181
  192
  204
  216
  229
  242
  256
  271
  286
  302
  318
  336
  354
  373
Funds from operations, $m
  324
  534
  593
  654
  719
  787
  858
  932
  1,010
  1,090
  1,174
  1,232
  1,322
  1,416
  1,513
  1,615
  1,720
  1,830
  1,944
  2,062
  2,186
  2,315
  2,450
  2,590
  2,736
  2,889
  3,049
  3,215
  3,390
  3,572
  3,763
Change in working capital, $m
  -90
  59
  62
  66
  69
  72
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  137
  143
  149
  156
  162
  170
  177
  185
  194
  203
Cash from operations, $m
  414
  475
  530
  589
  650
  715
  783
  854
  928
  1,005
  1,085
  1,139
  1,226
  1,316
  1,410
  1,507
  1,608
  1,713
  1,822
  1,936
  2,055
  2,178
  2,307
  2,441
  2,581
  2,727
  2,879
  3,038
  3,205
  3,379
  3,560
Maintenance CAPEX, $m
  0
  -43
  -49
  -55
  -61
  -67
  -74
  -81
  -88
  -96
  -104
  -112
  -121
  -130
  -139
  -149
  -159
  -170
  -181
  -192
  -204
  -216
  -229
  -242
  -256
  -271
  -286
  -302
  -318
  -336
  -354
New CAPEX, $m
  -71
  -86
  -90
  -95
  -100
  -105
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -150
  -156
  -163
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -226
  -236
  -246
  -257
  -269
  -281
  -294
Cash from investing activities, $m
  -82
  -129
  -139
  -150
  -161
  -172
  -184
  -195
  -207
  -220
  -233
  -246
  -260
  -275
  -289
  -305
  -322
  -339
  -357
  -375
  -395
  -415
  -436
  -458
  -482
  -507
  -532
  -559
  -587
  -617
  -648
Free cash flow, $m
  332
  346
  391
  439
  489
  543
  599
  658
  720
  785
  852
  893
  966
  1,041
  1,120
  1,201
  1,286
  1,374
  1,466
  1,561
  1,660
  1,763
  1,870
  1,982
  2,099
  2,220
  2,347
  2,479
  2,617
  2,762
  2,912
Issuance/(repayment) of debt, $m
  -95
  192
  203
  214
  225
  235
  246
  257
  267
  278
  289
  301
  313
  325
  338
  351
  365
  380
  395
  411
  428
  446
  465
  486
  507
  529
  553
  578
  604
  632
  661
Issuance/(repurchase) of shares, $m
  30
  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  
  -77
  192
  203
  214
  225
  235
  246
  257
  267
  278
  289
  301
  313
  325
  338
  351
  365
  380
  395
  411
  428
  446
  465
  486
  507
  529
  553
  578
  604
  632
  661
Total cash flow (excl. dividends), $m
  277
  538
  594
  653
  714
  778
  845
  915
  987
  1,063
  1,141
  1,194
  1,278
  1,366
  1,457
  1,552
  1,651
  1,754
  1,861
  1,972
  2,089
  2,210
  2,336
  2,468
  2,605
  2,749
  2,900
  3,057
  3,221
  3,393
  3,573
Retained Cash Flow (-), $m
  -265
  -145
  -153
  -161
  -169
  -178
  -186
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -255
  -265
  -275
  -286
  -298
  -310
  -323
  -337
  -351
  -366
  -382
  -399
  -417
  -436
  -456
  -476
  -498
Prev. year cash balance distribution, $m
 
  822
  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
 
  1,215
  441
  491
  545
  601
  660
  721
  786
  853
  923
  967
  1,042
  1,121
  1,203
  1,288
  1,376
  1,468
  1,563
  1,662
  1,765
  1,873
  1,985
  2,101
  2,223
  2,350
  2,483
  2,621
  2,766
  2,917
  3,075
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
 
  1,165
  404
  428
  448
  466
  479
  487
  491
  490
  484
  459
  445
  426
  404
  378
  350
  319
  288
  256
  224
  194
  165
  138
  113
  91
  72
  56
  43
  32
  23
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. is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases. SDB includes obstructive sleep apnea (OSA) and other respiratory disorders that occur during sleep. Its cloud-based software digital health applications, along with its devices, are designed to provide connected care to improve patient outcomes. The Company's portfolio of products includes devices, diagnostic products, mask systems, headgear and other accessories, dental devices, portable oxygen concentrators (POCs) and cloud-based software informatics solutions. The Company produces Continuous Positive Airway Pressure (CPAP), Variable Positive Airway Pressure (VPAP) and AutoSet systems for the titration and treatment of SDB.

FINANCIAL RATIOS  of  ResMed (RMD)

Valuation Ratios
P/E Ratio 36.9
Price to Sales 6.1
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 30.5
Price to Free Cash Flow 36.8
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.4%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 55.1%
Total Debt to Equity 55.1%
Interest Coverage 16
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 13.3%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 18.7%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 58.2%
Gross Margin - 3 Yr. Avg. 58.8%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 29%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 22.7%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 23.4%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 18.9%
Effective Tax Rate 18.4%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
Payout Ratio 54.4%

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 $2067 million for the last fiscal year's total revenue generated by ResMed. The default revenue input number comes from 2017 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 12.7% 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 76.7%.

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 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 32.5%.

Life of production assets of 15.5 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 22.4%. 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 - $1960 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 144.527 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 $12.8 billion.

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COMPANY NEWS

▶ Resmed Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Dec-06-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to ResMed, Inc. : November 27, 2017   [Nov-27-17 03:35PM  Capital Cube]
▶ 3 Top Medical Device Stocks to Buy Now   [Nov-18-17 11:32AM  Motley Fool]
▶ ResMed Elects Karen Drexler to Its Board of Directors   [Nov-17-17 09:00AM  CNW Group]
▶ ETFs with exposure to ResMed, Inc. : November 13, 2017   [Nov-13-17 01:07PM  Capital Cube]
▶ ETFs with exposure to ResMed, Inc. : November 2, 2017   [Nov-02-17 12:31PM  Capital Cube]
▶ ResMed's Sales and Profits Rise   [Oct-30-17 08:23AM  Motley Fool]
▶ Resmed Meets 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ Here's Why ResMed Inc. Stock Spiked Today   [Oct-27-17 04:03PM  Motley Fool]
▶ ResMed beats 1Q profit forecasts   [Oct-26-17 04:51PM  Associated Press]
▶ ETFs with exposure to ResMed, Inc. : October 3, 2017   [Oct-03-17 11:33AM  Capital Cube]
▶ Resmed Meets 80-Plus Relative Strength Rating Benchmark   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to ResMed, Inc. : August 18, 2017   [Aug-18-17 05:57PM  Capital Cube]
▶ 3 Dividend Healthcare Stocks   [Aug-16-17 08:00AM  Motley Fool]
▶ ResMed Tops Expectations but Falls Anyway   [09:01AM  Motley Fool]
▶ ResMed beats 4Q profit forecasts   [Aug-01-17 09:55PM  Associated Press]
▶ 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]
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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