Intrinsic value of Stericycle - SRCL

Previous Close

$66.88

  Intrinsic Value

$65.36

stock screener

  Rating & Target

hold

-2%

Previous close

$66.88

 
Intrinsic value

$65.36

 
Up/down potential

-2%

 
Rating

hold

We calculate the intrinsic value of SRCL 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 5.7

 

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, %
  19.29
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  3,562
  3,665
  3,779
  3,904
  4,039
  4,186
  4,343
  4,512
  4,692
  4,884
  5,089
  5,306
  5,536
  5,780
  6,038
  6,311
  6,600
  6,904
  7,225
  7,563
  7,920
  8,296
  8,692
  9,108
  9,547
  10,008
  10,493
  11,004
  11,540
  12,105
  12,698
Variable operating expenses, $m
 
  3,057
  3,141
  3,233
  3,333
  3,441
  3,556
  3,681
  3,813
  3,955
  4,105
  3,906
  4,076
  4,255
  4,445
  4,646
  4,858
  5,083
  5,319
  5,568
  5,831
  6,107
  6,399
  6,705
  7,028
  7,368
  7,725
  8,101
  8,496
  8,911
  9,348
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
  3,129
  3,057
  3,141
  3,233
  3,333
  3,441
  3,556
  3,681
  3,813
  3,955
  4,105
  3,906
  4,076
  4,255
  4,445
  4,646
  4,858
  5,083
  5,319
  5,568
  5,831
  6,107
  6,399
  6,705
  7,028
  7,368
  7,725
  8,101
  8,496
  8,911
  9,348
Operating income, $m
  434
  608
  638
  671
  707
  745
  787
  831
  879
  929
  983
  1,400
  1,461
  1,525
  1,593
  1,665
  1,741
  1,821
  1,906
  1,995
  2,089
  2,189
  2,293
  2,403
  2,519
  2,640
  2,768
  2,903
  3,045
  3,193
  3,350
EBITDA, $m
  686
  1,073
  1,106
  1,143
  1,183
  1,225
  1,271
  1,321
  1,374
  1,430
  1,490
  1,553
  1,621
  1,692
  1,768
  1,848
  1,932
  2,021
  2,115
  2,214
  2,319
  2,429
  2,545
  2,667
  2,795
  2,930
  3,072
  3,221
  3,379
  3,544
  3,717
Interest expense (income), $m
  89
  102
  106
  110
  115
  121
  127
  133
  140
  147
  155
  163
  172
  181
  191
  202
  213
  225
  237
  250
  264
  278
  293
  309
  326
  344
  363
  382
  403
  425
  448
Earnings before tax, $m
  328
  506
  532
  561
  591
  624
  660
  698
  739
  782
  828
  1,236
  1,288
  1,343
  1,402
  1,463
  1,528
  1,597
  1,669
  1,745
  1,826
  1,911
  2,000
  2,094
  2,192
  2,296
  2,406
  2,521
  2,642
  2,769
  2,902
Tax expense, $m
  120
  137
  144
  151
  160
  169
  178
  188
  199
  211
  224
  334
  348
  363
  378
  395
  413
  431
  451
  471
  493
  516
  540
  565
  592
  620
  650
  681
  713
  748
  784
Net income, $m
  206
  369
  389
  409
  432
  456
  482
  510
  539
  571
  605
  903
  941
  981
  1,023
  1,068
  1,116
  1,166
  1,218
  1,274
  1,333
  1,395
  1,460
  1,528
  1,600
  1,676
  1,756
  1,840
  1,928
  2,021
  2,119

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  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
  6,980
  7,131
  7,353
  7,595
  7,859
  8,143
  8,450
  8,778
  9,129
  9,502
  9,900
  10,323
  10,771
  11,246
  11,748
  12,279
  12,840
  13,432
  14,056
  14,715
  15,409
  16,140
  16,910
  17,720
  18,573
  19,471
  20,415
  21,408
  22,452
  23,550
  24,704
Adjusted assets (=assets-cash), $m
  6,936
  7,131
  7,353
  7,595
  7,859
  8,143
  8,450
  8,778
  9,129
  9,502
  9,900
  10,323
  10,771
  11,246
  11,748
  12,279
  12,840
  13,432
  14,056
  14,715
  15,409
  16,140
  16,910
  17,720
  18,573
  19,471
  20,415
  21,408
  22,452
  23,550
  24,704
Revenue / Adjusted assets
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
Average production assets, $m
  2,548
  2,621
  2,702
  2,791
  2,888
  2,993
  3,105
  3,226
  3,355
  3,492
  3,638
  3,794
  3,958
  4,133
  4,317
  4,513
  4,719
  4,936
  5,166
  5,408
  5,663
  5,931
  6,214
  6,512
  6,826
  7,156
  7,503
  7,868
  8,251
  8,655
  9,079
Working capital, $m
  231
  268
  276
  285
  295
  306
  317
  329
  343
  357
  371
  387
  404
  422
  441
  461
  482
  504
  527
  552
  578
  606
  634
  665
  697
  731
  766
  803
  842
  884
  927
Total debt, $m
  2,950
  3,019
  3,151
  3,295
  3,452
  3,621
  3,804
  3,999
  4,207
  4,430
  4,667
  4,918
  5,185
  5,467
  5,766
  6,082
  6,416
  6,768
  7,139
  7,531
  7,944
  8,379
  8,837
  9,319
  9,827
  10,361
  10,923
  11,514
  12,135
  12,788
  13,475
Total liabilities, $m
  4,174
  4,243
  4,375
  4,519
  4,676
  4,845
  5,028
  5,223
  5,431
  5,654
  5,891
  6,142
  6,409
  6,691
  6,990
  7,306
  7,640
  7,992
  8,363
  8,755
  9,168
  9,603
  10,061
  10,543
  11,051
  11,585
  12,147
  12,738
  13,359
  14,012
  14,699
Total equity, $m
  2,806
  2,888
  2,978
  3,076
  3,183
  3,298
  3,422
  3,555
  3,697
  3,848
  4,010
  4,181
  4,362
  4,554
  4,758
  4,973
  5,200
  5,440
  5,693
  5,959
  6,240
  6,537
  6,848
  7,177
  7,522
  7,886
  8,268
  8,670
  9,093
  9,538
  10,005
Total liabilities and equity, $m
  6,980
  7,131
  7,353
  7,595
  7,859
  8,143
  8,450
  8,778
  9,128
  9,502
  9,901
  10,323
  10,771
  11,245
  11,748
  12,279
  12,840
  13,432
  14,056
  14,714
  15,408
  16,140
  16,909
  17,720
  18,573
  19,471
  20,415
  21,408
  22,452
  23,550
  24,704
Debt-to-equity ratio
  1.051
  1.050
  1.060
  1.070
  1.080
  1.100
  1.110
  1.120
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.310
  1.320
  1.330
  1.330
  1.340
  1.350
Adjusted equity ratio
  0.398
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  206
  369
  389
  409
  432
  456
  482
  510
  539
  571
  605
  903
  941
  981
  1,023
  1,068
  1,116
  1,166
  1,218
  1,274
  1,333
  1,395
  1,460
  1,528
  1,600
  1,676
  1,756
  1,840
  1,928
  2,021
  2,119
Depreciation, amort., depletion, $m
  252
  465
  469
  472
  476
  480
  485
  490
  495
  500
  506
  154
  160
  167
  175
  183
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  319
  334
  350
  368
Funds from operations, $m
  577
  835
  857
  881
  908
  936
  967
  999
  1,034
  1,071
  1,111
  1,056
  1,101
  1,148
  1,198
  1,251
  1,307
  1,365
  1,428
  1,493
  1,562
  1,635
  1,711
  1,792
  1,877
  1,966
  2,060
  2,159
  2,262
  2,372
  2,486
Change in working capital, $m
  30
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
Cash from operations, $m
  547
  827
  849
  872
  898
  925
  955
  987
  1,021
  1,057
  1,096
  1,040
  1,084
  1,130
  1,179
  1,231
  1,286
  1,343
  1,404
  1,468
  1,536
  1,607
  1,682
  1,762
  1,845
  1,932
  2,024
  2,121
  2,223
  2,330
  2,443
Maintenance CAPEX, $m
  0
  -103
  -106
  -109
  -113
  -117
  -121
  -126
  -131
  -136
  -141
  -147
  -154
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -229
  -240
  -252
  -264
  -276
  -290
  -304
  -319
  -334
  -350
New CAPEX, $m
  -136
  -73
  -82
  -89
  -97
  -105
  -113
  -121
  -129
  -137
  -146
  -155
  -165
  -174
  -185
  -195
  -206
  -218
  -230
  -242
  -255
  -269
  -283
  -298
  -313
  -330
  -347
  -365
  -384
  -404
  -424
Cash from investing activities, $m
  -196
  -176
  -188
  -198
  -210
  -222
  -234
  -247
  -260
  -273
  -287
  -302
  -319
  -334
  -352
  -370
  -389
  -409
  -430
  -451
  -474
  -498
  -523
  -550
  -577
  -606
  -637
  -669
  -703
  -738
  -774
Free cash flow, $m
  351
  651
  661
  674
  688
  704
  721
  741
  762
  784
  809
  738
  766
  796
  827
  861
  897
  935
  975
  1,017
  1,062
  1,109
  1,159
  1,212
  1,268
  1,326
  1,388
  1,453
  1,521
  1,593
  1,668
Issuance/(repayment) of debt, $m
  -281
  113
  132
  144
  157
  169
  182
  195
  209
  222
  237
  251
  267
  282
  299
  316
  334
  352
  372
  392
  413
  435
  458
  482
  508
  534
  562
  591
  621
  653
  687
Issuance/(repurchase) of shares, $m
  -34
  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  
  -324
  113
  132
  144
  157
  169
  182
  195
  209
  222
  237
  251
  267
  282
  299
  316
  334
  352
  372
  392
  413
  435
  458
  482
  508
  534
  562
  591
  621
  653
  687
Total cash flow (excl. dividends), $m
  28
  764
  793
  818
  845
  873
  904
  936
  970
  1,007
  1,045
  989
  1,032
  1,078
  1,126
  1,177
  1,230
  1,287
  1,346
  1,409
  1,475
  1,544
  1,617
  1,694
  1,775
  1,860
  1,950
  2,043
  2,142
  2,246
  2,355
Retained Cash Flow (-), $m
  -76
  -82
  -90
  -98
  -107
  -115
  -124
  -133
  -142
  -151
  -161
  -171
  -181
  -192
  -203
  -215
  -227
  -240
  -253
  -267
  -281
  -296
  -312
  -328
  -345
  -364
  -382
  -402
  -423
  -445
  -467
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
 
  682
  703
  720
  738
  758
  780
  803
  828
  855
  884
  818
  851
  886
  923
  962
  1,003
  1,047
  1,093
  1,142
  1,194
  1,248
  1,306
  1,366
  1,430
  1,497
  1,567
  1,641
  1,719
  1,801
  1,888
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  630
  596
  555
  513
  471
  429
  387
  346
  306
  267
  206
  176
  148
  123
  101
  81
  64
  49
  37
  28
  20
  14
  10
  7
  4
  3
  2
  1
  1
  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

Stericycle, Inc. is a business-to-business services provider. The Company focuses on regulated and compliance solutions for healthcare, retail, and commercial businesses. The Company's segments include Domestic and Canada Regulated Waste and Compliance Services (RCS), Domestic Communication and Related Services (CRS), International RCS and All other. The Domestic and Canada RCS and International RCS segments include medical waste disposal, pharmaceutical waste disposal, hazardous waste management, sustainability solutions for expired or unused inventory, secure information destruction of documents and e-media, training and consulting through its Steri-Safe and Clinical Services programs, and other regulatory compliance services. The Domestic CRS segment consists of inbound/outbound communication, automated patient reminders, online scheduling, notifications, product retrievals, product returns and quality audits.

FINANCIAL RATIOS  of  Stericycle (SRCL)

Valuation Ratios
P/E Ratio 27.6
Price to Sales 1.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 13.9
Growth Rates
Sales Growth Rate 19.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.3%
Cap. Spend. - 3 Yr. Gr. Rate 13.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 102.5%
Total Debt to Equity 105.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 42.2%
Gross Margin - 3 Yr. Avg. 42.5%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 21.5%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 16.8%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 14%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 36.6%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 18.9%

SRCL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SRCL stock intrinsic value calculation we used $3562 million for the last fiscal year's total revenue generated by Stericycle. The default revenue input number comes from 2016 income statement of Stericycle. 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 SRCL stock valuation model: a) initial revenue growth rate of 2.9% 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 8.2%, whose default value for SRCL is calculated based on our internal credit rating of Stericycle, 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 Stericycle.
    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 SRCL stock the variable cost ratio is equal to 83.7%.

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 SRCL 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 Stericycle.

Corporate tax rate of 27% is the nominal tax rate for Stericycle. 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 SRCL 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 SRCL are equal to 71.5%.

Life of production assets of 24.7 years is the average useful life of capital assets used in Stericycle 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 SRCL is equal to 7.3%. 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 - $2806 million for Stericycle - 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 85.294 million for Stericycle 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 Stericycle at the current share price and the inputted number of shares is $5.7 billion.

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COMPANY NEWS

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▶ Stericycle Sell-Off Overdone   [07:00AM  Morningstar]
▶ Stericycle Inc. Stumbled Backwards in Q3   [10:00AM  Motley Fool]
▶ Stericycle shares down 9% after quarterly sales miss   [Nov-08-17 04:55PM  MarketWatch]
▶ Stericycle misses Street 3Q forecasts   [04:17PM  Associated Press]
▶ Stericycle, Inc. to Host Earnings Call   [03:20PM  ACCESSWIRE]
▶ ETFs with exposure to Stericycle, Inc. : November 3, 2017   [Nov-03-17 12:34PM  Capital Cube]
▶ Stericycle to Present at NASDAQ Conference in December   [Nov-02-17 04:02PM  GlobeNewswire]
▶ ETFs with exposure to Stericycle, Inc. : October 24, 2017   [Oct-24-17 09:43AM  Capital Cube]
▶ ETFs with exposure to Stericycle, Inc. : October 13, 2017   [Oct-13-17 11:16AM  Capital Cube]
▶ ETFs with exposure to Stericycle, Inc. : October 2, 2017   [Oct-02-17 11:06AM  Capital Cube]
▶ [$$] Firm Discloses SEC Subpoena in Bribery Probe   [10:39AM  The Wall Street Journal]
▶ Stericycle subpoenaed in federal anti-corruption probes   [Aug-09-17 06:14PM  MarketWatch]
▶ Stericycle Was the S&P 500s Top Gainer on August 3   [Aug-07-17 09:11AM  Market Realist]
▶ Organic Growth Pushes Stericycle Inc's Revenue Higher   [Aug-04-17 12:08PM  Motley Fool]
▶ ETFs with exposure to Stericycle, Inc. : August 4, 2017   [Aug-03-17 09:28PM  Capital Cube]
▶ The Hot Stock: Stericycle Jumps 8.9%   [06:09PM  Barrons.com]
▶ Stericycle Inc: Buy the Dip?   [Jul-20-17 07:34PM  Motley Fool]
▶ ETFs with exposure to Stericycle, Inc. : July 7, 2017   [Jul-07-17 03:31PM  Capital Cube]
▶ ETFs with exposure to Stericycle, Inc. : June 26, 2017   [Jun-26-17 04:57PM  Capital Cube]
▶ ETFs with exposure to Stericycle, Inc. : June 15, 2017   [Jun-15-17 03:22PM  Capital Cube]
▶ Stericycle to Present at Investor Conference in June   [May-23-17 05:30PM  GlobeNewswire]
Financial statements of SRCL
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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