Intrinsic value of Sunlink Health Systems - SSY

Previous Close

$1.51

  Intrinsic Value

$0.60

stock screener

  Rating & Target

str. sell

-60%

Previous close

$1.51

 
Intrinsic value

$0.60

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of SSY 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 2017), $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 0.0

 

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, %
  -15.87
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  53
  85
  131
  196
  284
  401
  551
  740
  972
  1,251
  1,580
  1,961
  2,398
  2,890
  3,439
  4,044
  4,704
  5,418
  6,186
  7,006
  7,877
  8,798
  9,767
  10,785
  11,850
  12,962
  14,122
  15,330
  16,586
  17,893
  19,251
Variable operating expenses, $m
 
  94
  146
  218
  316
  446
  614
  824
  1,082
  1,392
  1,758
  2,183
  2,669
  3,217
  3,828
  4,501
  5,235
  6,031
  6,885
  7,798
  8,767
  9,792
  10,871
  12,003
  13,189
  14,427
  15,718
  17,062
  18,461
  19,915
  21,427
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
  58
  94
  146
  218
  316
  446
  614
  824
  1,082
  1,392
  1,758
  2,183
  2,669
  3,217
  3,828
  4,501
  5,235
  6,031
  6,885
  7,798
  8,767
  9,792
  10,871
  12,003
  13,189
  14,427
  15,718
  17,062
  18,461
  19,915
  21,427
Operating income, $m
  -5
  -10
  -15
  -22
  -32
  -45
  -62
  -84
  -110
  -141
  -178
  -222
  -271
  -327
  -389
  -457
  -532
  -612
  -699
  -792
  -890
  -994
  -1,104
  -1,219
  -1,339
  -1,465
  -1,596
  -1,732
  -1,874
  -2,022
  -2,175
EBITDA, $m
  -3
  -6
  -10
  -15
  -21
  -30
  -42
  -56
  -73
  -94
  -119
  -148
  -181
  -218
  -260
  -305
  -355
  -409
  -467
  -529
  -594
  -664
  -737
  -814
  -894
  -978
  -1,066
  -1,157
  -1,252
  -1,350
  -1,453
Interest expense (income), $m
  1
  0
  0
  1
  2
  3
  5
  7
  9
  12
  16
  20
  25
  31
  38
  45
  53
  62
  72
  82
  93
  105
  117
  130
  143
  158
  172
  188
  204
  221
  238
Earnings before tax, $m
  -2
  -10
  -15
  -23
  -34
  -48
  -67
  -90
  -119
  -154
  -194
  -242
  -296
  -358
  -427
  -502
  -585
  -674
  -771
  -874
  -983
  -1,099
  -1,221
  -1,348
  -1,482
  -1,622
  -1,768
  -1,920
  -2,078
  -2,243
  -2,414
Tax expense, $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
  0
Net income, $m
  3
  -10
  -15
  -23
  -34
  -48
  -67
  -90
  -119
  -154
  -194
  -242
  -296
  -358
  -427
  -502
  -585
  -674
  -771
  -874
  -983
  -1,099
  -1,221
  -1,348
  -1,482
  -1,622
  -1,768
  -1,920
  -2,078
  -2,243
  -2,414

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  35
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Adjusted assets (=assets-cash), $m
  25
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Revenue / Adjusted assets
  2.120
  2.125
  2.113
  2.130
  2.119
  2.122
  2.119
  2.120
  2.122
  2.120
  2.121
  2.120
  2.120
  2.120
  2.120
  2.121
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
  2.120
Average production assets, $m
  15
  23
  36
  54
  78
  110
  151
  203
  266
  343
  433
  537
  657
  792
  942
  1,108
  1,289
  1,485
  1,695
  1,920
  2,158
  2,411
  2,676
  2,955
  3,247
  3,552
  3,869
  4,200
  4,545
  4,903
  5,275
Working capital, $m
  11
  13
  20
  30
  43
  61
  83
  112
  147
  189
  239
  296
  362
  436
  519
  611
  710
  818
  934
  1,058
  1,189
  1,328
  1,475
  1,628
  1,789
  1,957
  2,132
  2,315
  2,505
  2,702
  2,907
Total debt, $m
  7
  4
  9
  16
  26
  39
  56
  78
  104
  136
  173
  216
  265
  321
  383
  452
  527
  607
  694
  787
  886
  990
  1,100
  1,215
  1,335
  1,461
  1,593
  1,729
  1,872
  2,020
  2,173
Total liabilities, $m
  14
  10
  15
  22
  32
  45
  62
  84
  110
  142
  179
  222
  271
  327
  389
  458
  533
  613
  700
  793
  892
  996
  1,106
  1,221
  1,341
  1,467
  1,599
  1,735
  1,878
  2,026
  2,179
Total equity, $m
  22
  30
  47
  70
  102
  144
  198
  265
  348
  448
  566
  703
  860
  1,036
  1,233
  1,450
  1,686
  1,942
  2,218
  2,512
  2,824
  3,154
  3,501
  3,866
  4,248
  4,647
  5,063
  5,496
  5,946
  6,415
  6,901
Total liabilities and equity, $m
  36
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,908
  2,219
  2,555
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,662
  7,231
  7,824
  8,441
  9,080
Debt-to-equity ratio
  0.318
  0.120
  0.190
  0.230
  0.260
  0.270
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.480
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  -10
  -15
  -23
  -34
  -48
  -67
  -90
  -119
  -154
  -194
  -242
  -296
  -358
  -427
  -502
  -585
  -674
  -771
  -874
  -983
  -1,099
  -1,221
  -1,348
  -1,482
  -1,622
  -1,768
  -1,920
  -2,078
  -2,243
  -2,414
Depreciation, amort., depletion, $m
  2
  3
  5
  7
  11
  15
  21
  28
  36
  47
  59
  74
  90
  108
  129
  152
  177
  203
  232
  263
  296
  330
  367
  405
  445
  487
  530
  575
  623
  672
  723
Funds from operations, $m
  -10
  -6
  -10
  -16
  -23
  -33
  -46
  -63
  -83
  -107
  -135
  -168
  -206
  -249
  -297
  -350
  -408
  -471
  -539
  -611
  -687
  -768
  -854
  -944
  -1,038
  -1,136
  -1,238
  -1,345
  -1,456
  -1,571
  -1,691
Change in working capital, $m
  -4
  5
  7
  10
  13
  18
  23
  29
  35
  42
  50
  58
  66
  74
  83
  91
  100
  108
  116
  124
  132
  139
  146
  154
  161
  168
  175
  182
  190
  197
  205
Cash from operations, $m
  -6
  -11
  -17
  -26
  -37
  -51
  -69
  -91
  -118
  -149
  -185
  -226
  -272
  -324
  -380
  -442
  -508
  -579
  -654
  -735
  -819
  -907
  -1,000
  -1,097
  -1,198
  -1,304
  -1,413
  -1,527
  -1,646
  -1,769
  -1,896
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -36
  -47
  -59
  -74
  -90
  -108
  -129
  -152
  -177
  -203
  -232
  -263
  -296
  -330
  -367
  -405
  -445
  -487
  -530
  -575
  -623
  -672
New CAPEX, $m
  -2
  -9
  -13
  -18
  -24
  -32
  -41
  -52
  -63
  -76
  -90
  -105
  -120
  -135
  -150
  -166
  -181
  -196
  -210
  -225
  -239
  -252
  -266
  -279
  -292
  -305
  -318
  -331
  -344
  -358
  -372
Cash from investing activities, $m
  18
  -11
  -16
  -23
  -31
  -43
  -56
  -73
  -91
  -112
  -137
  -164
  -194
  -225
  -258
  -295
  -333
  -373
  -413
  -457
  -502
  -548
  -596
  -646
  -697
  -750
  -805
  -861
  -919
  -981
  -1,044
Free cash flow, $m
  12
  -22
  -33
  -48
  -68
  -94
  -125
  -163
  -209
  -262
  -322
  -390
  -466
  -549
  -639
  -736
  -841
  -951
  -1,068
  -1,191
  -1,320
  -1,455
  -1,596
  -1,743
  -1,895
  -2,053
  -2,218
  -2,388
  -2,565
  -2,749
  -2,940
Issuance/(repayment) of debt, $m
  -4
  4
  5
  7
  10
  13
  17
  21
  26
  32
  37
  43
  49
  56
  62
  68
  75
  81
  87
  93
  99
  104
  110
  115
  121
  126
  131
  137
  142
  148
  154
Issuance/(repurchase) of shares, $m
  -1
  21
  32
  46
  66
  90
  121
  158
  202
  253
  312
  379
  453
  534
  623
  719
  821
  931
  1,046
  1,168
  1,295
  1,429
  1,568
  1,713
  1,864
  2,021
  2,184
  2,353
  2,529
  2,711
  2,901
Cash from financing (excl. dividends), $m  
  -6
  25
  37
  53
  76
  103
  138
  179
  228
  285
  349
  422
  502
  590
  685
  787
  896
  1,012
  1,133
  1,261
  1,394
  1,533
  1,678
  1,828
  1,985
  2,147
  2,315
  2,490
  2,671
  2,859
  3,055
Total cash flow (excl. dividends), $m
  7
  3
  4
  5
  7
  10
  13
  16
  20
  23
  28
  32
  37
  41
  46
  51
  56
  60
  65
  69
  73
  78
  82
  86
  90
  94
  98
  102
  106
  110
  114
Retained Cash Flow (-), $m
  -3
  -21
  -32
  -46
  -66
  -90
  -121
  -158
  -202
  -253
  -312
  -379
  -453
  -534
  -623
  -719
  -821
  -931
  -1,046
  -1,168
  -1,295
  -1,429
  -1,568
  -1,713
  -1,864
  -2,021
  -2,184
  -2,353
  -2,529
  -2,711
  -2,901
Prev. year cash balance distribution, $m
 
  3
  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
 
  -15
  -28
  -41
  -58
  -80
  -108
  -142
  -183
  -230
  -285
  -347
  -416
  -493
  -577
  -668
  -766
  -870
  -981
  -1,099
  -1,222
  -1,351
  -1,486
  -1,627
  -1,774
  -1,927
  -2,086
  -2,251
  -2,423
  -2,601
  -2,786
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
 
  -15
  -26
  -36
  -48
  -62
  -79
  -96
  -114
  -132
  -149
  -165
  -178
  -187
  -194
  -196
  -195
  -189
  -181
  -169
  -155
  -140
  -123
  -107
  -90
  -75
  -61
  -48
  -37
  -28
  -21
Current shareholders' claim on cash, %
  100
  38.8
  15.6
  6.4
  2.8
  1.2
  0.6
  0.3
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

SunLink Health Systems, Inc., through its subsidiaries, owns businesses, which provide healthcare services in various markets in the United States. The Company's segments include Healthcare Facilities, Specialty Pharmacy, and Corporate and Other. Its Specialty Pharmacy segment is operated through its subsidiary, SunLink ScriptsRx, LLC (Scripts). As of June 30, 2016, its Healthcare Facilities segment subsidiaries owned and operated Trace Regional Hospital, which is a 84 bed community hospital and Floy Dyer Manor Nursing Home, which is a 66 bed nursing home in Mississippi, and Gilmer Nursing Home, which is a 100 bed nursing home in Georgia. As of June 30, 2016, the Specialty Pharmacy Segment subsidiary operated a specialty pharmacy business in Louisiana with four service lines. Its Specialty Pharmacy segment operates service lines, including retail pharmacy products and services; institutional pharmacy services; specialty pharmacy services, and durable medical equipment services.

FINANCIAL RATIOS  of  Sunlink Health Systems (SSY)

Valuation Ratios
P/E Ratio 4.6
Price to Sales 0.3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow -2.3
Price to Free Cash Flow -1.7
Growth Rates
Sales Growth Rate -15.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 31.8%
Interest Coverage -1
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. -4.7%
Return On Total Capital 10.3%
Ret/ On T. Cap. - 3 Yr. Avg. -9%
Return On Equity 14.6%
Return On Equity - 3 Yr. Avg. -12.7%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 62.3%
Gross Margin - 3 Yr. Avg. 67.4%
EBITDA Margin 1.9%
EBITDA Margin - 3 Yr. Avg. 0.8%
Operating Margin -9.4%
Oper. Margin - 3 Yr. Avg. -5.9%
Pre-Tax Margin -3.8%
Pre-Tax Margin - 3 Yr. Avg. -4.5%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. -5.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 9.5%
Payout Ratio 0%

SSY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSY stock intrinsic value calculation we used $53 million for the last fiscal year's total revenue generated by Sunlink Health Systems. The default revenue input number comes from 2017 income statement of Sunlink Health Systems. 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 SSY stock valuation model: a) initial revenue growth rate of 60% 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 SSY is calculated based on our internal credit rating of Sunlink Health Systems, 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 Sunlink Health Systems.
    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 SSY stock the variable cost ratio is equal to 111.3%.

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 SSY 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 11.8% for Sunlink Health Systems.

Corporate tax rate of 27% is the nominal tax rate for Sunlink Health Systems. 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 SSY 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 SSY are equal to 27.4%.

Life of production assets of 7.3 years is the average useful life of capital assets used in Sunlink Health Systems 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 SSY is equal to 15.1%. 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 - $22 million for Sunlink Health Systems - 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 9.159 million for Sunlink Health Systems 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 Sunlink Health Systems at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Food Distributors to Outperform Despite Amazon   [Aug-09-17 05:09PM  Investopedia]
▶ 10-Q for SunLink Health Systems, Inc.   [May-18  08:12PM  at Company Spotlight]
▶ 10-Q for SunLink Health Systems, Inc.   [Feb-20  07:07PM  at Company Spotlight]
▶ 10-Q for SunLink Health Systems, Inc.   [Nov-16  07:08PM  Company Spotlight]
▶ Sunlink Health Systems (SSY) Upgraded From Sell to Hold   [Sep-30  09:09AM  at TheStreet]
▶ 10-K for SunLink Health Systems, Inc.   [Sep-28  08:09PM  Company Spotlight]
▶ SunLink Announces Final Results for Odd Lot Tender Offer   [Mar-27  08:30AM  Business Wire]
▶ 5 Profitable Small Cap Hospital Stocks   [Dec-13-12 07:43AM  at Seeking Alpha]
Financial statements of SSY
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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