Intrinsic value of Select Medical Holdings - SEM

Previous Close

$17.05

  Intrinsic Value

$51.69

stock screener

  Rating & Target

str. buy

+203%

Previous close

$17.05

 
Intrinsic value

$51.69

 
Up/down potential

+203%

 
Rating

str. buy

We calculate the intrinsic value of SEM 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 2.3

 

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, %
  14.51
  14.50
  13.55
  12.70
  11.93
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.96
  6.76
  6.58
  6.43
  6.28
  6.15
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
Revenue, $m
  4,286
  4,907
  5,572
  6,280
  7,029
  7,818
  8,648
  9,517
  10,425
  11,373
  12,360
  13,387
  14,456
  15,566
  16,721
  17,920
  19,166
  20,462
  21,809
  23,211
  24,669
  26,188
  27,769
  29,418
  31,136
  32,929
  34,800
  36,754
  38,794
  40,927
  43,156
Variable operating expenses, $m
 
  4,509
  5,083
  5,693
  6,340
  7,021
  7,737
  8,486
  9,270
  10,088
  10,939
  11,551
  12,473
  13,431
  14,427
  15,462
  16,537
  17,655
  18,818
  20,027
  21,285
  22,595
  23,960
  25,382
  26,865
  28,412
  30,026
  31,711
  33,472
  35,312
  37,236
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
  3,998
  4,509
  5,083
  5,693
  6,340
  7,021
  7,737
  8,486
  9,270
  10,088
  10,939
  11,551
  12,473
  13,431
  14,427
  15,462
  16,537
  17,655
  18,818
  20,027
  21,285
  22,595
  23,960
  25,382
  26,865
  28,412
  30,026
  31,711
  33,472
  35,312
  37,236
Operating income, $m
  288
  398
  489
  586
  689
  797
  911
  1,030
  1,155
  1,285
  1,420
  1,837
  1,983
  2,135
  2,294
  2,458
  2,629
  2,807
  2,992
  3,184
  3,384
  3,593
  3,810
  4,036
  4,271
  4,517
  4,774
  5,042
  5,322
  5,615
  5,920
EBITDA, $m
  433
  692
  786
  886
  992
  1,103
  1,220
  1,343
  1,471
  1,605
  1,744
  1,889
  2,040
  2,196
  2,359
  2,528
  2,704
  2,887
  3,077
  3,275
  3,481
  3,695
  3,918
  4,151
  4,393
  4,646
  4,910
  5,186
  5,474
  5,775
  6,089
Interest expense (income), $m
  143
  150
  183
  218
  256
  295
  337
  381
  427
  475
  525
  577
  632
  688
  747
  808
  872
  938
  1,006
  1,077
  1,152
  1,229
  1,309
  1,393
  1,480
  1,571
  1,666
  1,765
  1,868
  1,976
  2,089
Earnings before tax, $m
  181
  248
  306
  368
  433
  502
  574
  649
  728
  810
  895
  1,259
  1,351
  1,447
  1,547
  1,650
  1,758
  1,870
  1,986
  2,107
  2,233
  2,364
  2,500
  2,643
  2,791
  2,946
  3,108
  3,277
  3,454
  3,638
  3,831
Tax expense, $m
  56
  67
  83
  99
  117
  136
  155
  175
  197
  219
  242
  340
  365
  391
  418
  446
  475
  505
  536
  569
  603
  638
  675
  714
  754
  796
  839
  885
  933
  982
  1,034
Net income, $m
  115
  181
  224
  269
  316
  367
  419
  474
  531
  591
  654
  919
  986
  1,056
  1,129
  1,205
  1,283
  1,365
  1,450
  1,538
  1,630
  1,726
  1,825
  1,929
  2,038
  2,151
  2,269
  2,392
  2,521
  2,656
  2,797

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  99
  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
  4,921
  5,520
  6,268
  7,064
  7,906
  8,794
  9,728
  10,705
  11,727
  12,793
  13,903
  15,059
  16,261
  17,510
  18,808
  20,157
  21,560
  23,017
  24,533
  26,109
  27,750
  29,458
  31,237
  33,091
  35,024
  37,040
  39,145
  41,343
  43,638
  46,037
  48,545
Adjusted assets (=assets-cash), $m
  4,822
  5,520
  6,268
  7,064
  7,906
  8,794
  9,728
  10,705
  11,727
  12,793
  13,903
  15,059
  16,261
  17,510
  18,808
  20,157
  21,560
  23,017
  24,533
  26,109
  27,750
  29,458
  31,237
  33,091
  35,024
  37,040
  39,145
  41,343
  43,638
  46,037
  48,545
Revenue / Adjusted assets
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
  0.889
Average production assets, $m
  330
  378
  429
  484
  541
  602
  666
  733
  803
  876
  952
  1,031
  1,113
  1,199
  1,287
  1,380
  1,476
  1,576
  1,679
  1,787
  1,900
  2,016
  2,138
  2,265
  2,397
  2,536
  2,680
  2,830
  2,987
  3,151
  3,323
Working capital, $m
  191
  167
  189
  214
  239
  266
  294
  324
  354
  387
  420
  455
  491
  529
  568
  609
  652
  696
  742
  789
  839
  890
  944
  1,000
  1,059
  1,120
  1,183
  1,250
  1,319
  1,392
  1,467
Total debt, $m
  2,738
  3,270
  3,898
  4,567
  5,274
  6,020
  6,804
  7,625
  8,483
  9,379
  10,312
  11,282
  12,292
  13,341
  14,432
  15,565
  16,743
  17,967
  19,240
  20,565
  21,943
  23,377
  24,872
  26,429
  28,053
  29,747
  31,515
  33,361
  35,289
  37,304
  39,411
Total liabilities, $m
  4,105
  4,637
  5,265
  5,934
  6,641
  7,387
  8,171
  8,992
  9,850
  10,746
  11,679
  12,649
  13,659
  14,708
  15,799
  16,932
  18,110
  19,334
  20,607
  21,932
  23,310
  24,744
  26,239
  27,796
  29,420
  31,114
  32,882
  34,728
  36,656
  38,671
  40,778
Total equity, $m
  816
  883
  1,003
  1,130
  1,265
  1,407
  1,556
  1,713
  1,876
  2,047
  2,224
  2,409
  2,602
  2,802
  3,009
  3,225
  3,450
  3,683
  3,925
  4,177
  4,440
  4,713
  4,998
  5,295
  5,604
  5,926
  6,263
  6,615
  6,982
  7,366
  7,767
Total liabilities and equity, $m
  4,921
  5,520
  6,268
  7,064
  7,906
  8,794
  9,727
  10,705
  11,726
  12,793
  13,903
  15,058
  16,261
  17,510
  18,808
  20,157
  21,560
  23,017
  24,532
  26,109
  27,750
  29,457
  31,237
  33,091
  35,024
  37,040
  39,145
  41,343
  43,638
  46,037
  48,545
Debt-to-equity ratio
  3.355
  3.700
  3.890
  4.040
  4.170
  4.280
  4.370
  4.450
  4.520
  4.580
  4.640
  4.680
  4.720
  4.760
  4.800
  4.830
  4.850
  4.880
  4.900
  4.920
  4.940
  4.960
  4.980
  4.990
  5.010
  5.020
  5.030
  5.040
  5.050
  5.060
  5.070
Adjusted equity ratio
  0.157
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  115
  181
  224
  269
  316
  367
  419
  474
  531
  591
  654
  919
  986
  1,056
  1,129
  1,205
  1,283
  1,365
  1,450
  1,538
  1,630
  1,726
  1,825
  1,929
  2,038
  2,151
  2,269
  2,392
  2,521
  2,656
  2,797
Depreciation, amort., depletion, $m
  145
  294
  297
  300
  303
  306
  309
  312
  316
  320
  323
  52
  57
  61
  65
  70
  75
  80
  85
  91
  96
  102
  109
  115
  122
  129
  136
  144
  152
  160
  169
Funds from operations, $m
  365
  475
  520
  568
  619
  672
  728
  786
  847
  911
  977
  971
  1,043
  1,117
  1,194
  1,275
  1,358
  1,445
  1,535
  1,629
  1,726
  1,828
  1,934
  2,044
  2,159
  2,280
  2,405
  2,536
  2,673
  2,816
  2,966
Change in working capital, $m
  18
  21
  23
  24
  25
  27
  28
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  64
  66
  69
  73
  76
Cash from operations, $m
  347
  454
  498
  544
  593
  645
  700
  757
  816
  879
  943
  937
  1,007
  1,079
  1,155
  1,234
  1,316
  1,401
  1,489
  1,581
  1,677
  1,776
  1,880
  1,988
  2,101
  2,219
  2,341
  2,470
  2,604
  2,743
  2,890
Maintenance CAPEX, $m
  0
  -17
  -19
  -22
  -25
  -27
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -109
  -115
  -122
  -129
  -136
  -144
  -152
  -160
New CAPEX, $m
  -162
  -48
  -51
  -54
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -172
Cash from investing activities, $m
  -554
  -65
  -70
  -76
  -83
  -88
  -95
  -101
  -107
  -114
  -120
  -127
  -134
  -143
  -150
  -157
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -236
  -247
  -260
  -273
  -286
  -301
  -316
  -332
Free cash flow, $m
  -207
  389
  427
  468
  511
  557
  605
  656
  709
  765
  823
  809
  872
  937
  1,005
  1,076
  1,150
  1,226
  1,305
  1,388
  1,474
  1,563
  1,656
  1,753
  1,854
  1,959
  2,069
  2,183
  2,303
  2,428
  2,558
Issuance/(repayment) of debt, $m
  294
  585
  628
  668
  708
  746
  784
  821
  858
  895
  933
  971
  1,010
  1,049
  1,091
  1,133
  1,178
  1,224
  1,273
  1,324
  1,378
  1,435
  1,494
  1,557
  1,624
  1,694
  1,768
  1,846
  1,928
  2,015
  2,107
Issuance/(repurchase) of shares, $m
  -1
  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  
  292
  585
  628
  668
  708
  746
  784
  821
  858
  895
  933
  971
  1,010
  1,049
  1,091
  1,133
  1,178
  1,224
  1,273
  1,324
  1,378
  1,435
  1,494
  1,557
  1,624
  1,694
  1,768
  1,846
  1,928
  2,015
  2,107
Total cash flow (excl. dividends), $m
  85
  974
  1,056
  1,136
  1,219
  1,303
  1,389
  1,477
  1,568
  1,660
  1,756
  1,780
  1,882
  1,987
  2,096
  2,209
  2,327
  2,450
  2,578
  2,712
  2,852
  2,998
  3,150
  3,310
  3,478
  3,653
  3,837
  4,029
  4,231
  4,443
  4,665
Retained Cash Flow (-), $m
  43
  -113
  -120
  -127
  -135
  -142
  -149
  -156
  -163
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -224
  -233
  -242
  -252
  -262
  -273
  -285
  -297
  -309
  -323
  -337
  -352
  -367
  -384
  -401
Prev. year cash balance distribution, $m
 
  46
  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
 
  907
  936
  1,009
  1,084
  1,161
  1,240
  1,321
  1,404
  1,490
  1,578
  1,595
  1,689
  1,787
  1,888
  1,994
  2,103
  2,217
  2,336
  2,460
  2,589
  2,724
  2,866
  3,014
  3,168
  3,330
  3,500
  3,677
  3,864
  4,059
  4,264
Discount rate, %
 
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
 
  817
  751
  714
  668
  617
  560
  500
  440
  380
  322
  256
  210
  168
  132
  101
  76
  55
  39
  27
  18
  12
  8
  5
  3
  2
  1
  0
  0
  0
  0
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

Select Medical Holdings Corporation is an operator of specialty hospitals, outpatient rehabilitation clinics and occupational medicine centers in the United States. The Company's segments include specialty hospitals, outpatient rehabilitation, Concentra and Other. The specialty hospitals segment consists of hospitals designed to serve the needs of long term acute patients and hospitals designed to serve patients that require intensive medical rehabilitation care. The outpatient rehabilitation segment consists of clinics that provide physical, occupational, and speech rehabilitation services. The Concentra segment consists of medical centers and contract services provided at employer worksites and Department of Veterans Affairs community-based outpatient clinics (CBOCs) that deliver occupational medicine, physical therapy, veteran's healthcare, and consumer health services. As of December 31, 2016, the Company had operations in 46 states and the District of Columbia.

FINANCIAL RATIOS  of  Select Medical Holdings (SEM)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 0.5
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 12.2
Growth Rates
Sales Growth Rate 14.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.5%
Cap. Spend. - 3 Yr. Gr. Rate 17%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 329%
Total Debt to Equity 335.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 14.5%
Gross Margin - 3 Yr. Avg. 14.8%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 11.2%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 30.9%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 0%

SEM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEM stock intrinsic value calculation we used $4286 million for the last fiscal year's total revenue generated by Select Medical Holdings. The default revenue input number comes from 2016 income statement of Select Medical Holdings. 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 SEM stock valuation model: a) initial revenue growth rate of 14.5% 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 11.1%, whose default value for SEM is calculated based on our internal credit rating of Select Medical Holdings, 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 Select Medical Holdings.
    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 SEM stock the variable cost ratio is equal to 92.7%.

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 SEM 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 5.6% for Select Medical Holdings.

Corporate tax rate of 27% is the nominal tax rate for Select Medical Holdings. 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 SEM 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 SEM are equal to 7.7%.

Life of production assets of 19.7 years is the average useful life of capital assets used in Select Medical Holdings 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 SEM is equal to 3.4%. 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 - $816 million for Select Medical Holdings - 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 133.146 million for Select Medical Holdings 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 Select Medical Holdings at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Select Medical misses 3Q profit forecasts   [05:39AM  Associated Press]
▶ Select Medical beats 2Q profit forecasts   [Aug-05-17 01:13AM  Associated Press]
▶ The 3 Best Hospital Stocks to Buy in 2017   [May-17-17 04:42PM  Motley Fool]
▶ Select Medical beats 1Q profit forecasts   [May-05-17 05:03AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 19th   [Apr-19-17 07:52AM  Zacks]
Financial statements of SEM
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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