Intrinsic value of Steris - STE

Previous Close

$82.01

  Intrinsic Value

$9.02

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

0%

Previous close

$82.01

 
Intrinsic value

$9.02

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of STE 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 6.9

 

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, %
  16.70
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,613
  2,665
  2,727
  2,797
  2,875
  2,962
  3,058
  3,162
  3,275
  3,396
  3,527
  3,666
  3,815
  3,973
  4,142
  4,321
  4,510
  4,710
  4,922
  5,146
  5,383
  5,632
  5,895
  6,173
  6,465
  6,773
  7,097
  7,438
  7,797
  8,174
  8,571
Variable operating expenses, $m
 
  2,412
  2,468
  2,531
  2,602
  2,681
  2,768
  2,862
  2,964
  3,074
  3,192
  3,318
  3,453
  3,596
  3,748
  3,910
  4,081
  4,263
  4,455
  4,657
  4,871
  5,097
  5,335
  5,586
  5,851
  6,129
  6,422
  6,731
  7,056
  7,398
  7,757
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
  2,385
  2,412
  2,468
  2,531
  2,602
  2,681
  2,768
  2,862
  2,964
  3,074
  3,192
  3,318
  3,453
  3,596
  3,748
  3,910
  4,081
  4,263
  4,455
  4,657
  4,871
  5,097
  5,335
  5,586
  5,851
  6,129
  6,422
  6,731
  7,056
  7,398
  7,757
Operating income, $m
  228
  253
  259
  266
  273
  281
  291
  300
  311
  323
  335
  348
  362
  377
  393
  410
  428
  447
  468
  489
  511
  535
  560
  586
  614
  643
  674
  707
  741
  777
  814
EBITDA, $m
  228
  515
  527
  541
  556
  573
  591
  612
  633
  657
  682
  709
  738
  768
  801
  836
  872
  911
  952
  995
  1,041
  1,089
  1,140
  1,194
  1,250
  1,310
  1,372
  1,438
  1,508
  1,581
  1,658
Interest expense (income), $m
  0
  52
  53
  55
  57
  59
  62
  64
  67
  71
  74
  78
  82
  86
  90
  95
  100
  106
  111
  117
  124
  130
  137
  145
  153
  161
  170
  179
  189
  199
  209
Earnings before tax, $m
  185
  201
  206
  211
  216
  222
  229
  236
  244
  252
  261
  271
  281
  292
  303
  315
  328
  342
  356
  372
  388
  405
  423
  442
  461
  482
  504
  528
  552
  578
  605
Tax expense, $m
  74
  54
  56
  57
  58
  60
  62
  64
  66
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  125
  130
  136
  142
  149
  156
  163
Net income, $m
  110
  147
  150
  154
  158
  162
  167
  172
  178
  184
  191
  198
  205
  213
  221
  230
  240
  250
  260
  271
  283
  295
  309
  322
  337
  352
  368
  385
  403
  422
  442

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  283
  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
  4,924
  4,734
  4,843
  4,967
  5,107
  5,262
  5,432
  5,617
  5,817
  6,033
  6,264
  6,512
  6,776
  7,058
  7,357
  7,674
  8,010
  8,366
  8,743
  9,141
  9,561
  10,004
  10,471
  10,964
  11,483
  12,029
  12,605
  13,211
  13,848
  14,519
  15,224
Adjusted assets (=assets-cash), $m
  4,641
  4,734
  4,843
  4,967
  5,107
  5,262
  5,432
  5,617
  5,817
  6,033
  6,264
  6,512
  6,776
  7,058
  7,357
  7,674
  8,010
  8,366
  8,743
  9,141
  9,561
  10,004
  10,471
  10,964
  11,483
  12,029
  12,605
  13,211
  13,848
  14,519
  15,224
Revenue / Adjusted assets
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
Average production assets, $m
  2,572
  2,623
  2,683
  2,752
  2,829
  2,915
  3,009
  3,112
  3,223
  3,342
  3,470
  3,608
  3,754
  3,910
  4,076
  4,251
  4,438
  4,635
  4,843
  5,064
  5,297
  5,542
  5,801
  6,074
  6,361
  6,664
  6,983
  7,319
  7,672
  8,043
  8,434
Working capital, $m
  636
  360
  368
  378
  388
  400
  413
  427
  442
  459
  476
  495
  515
  536
  559
  583
  609
  636
  665
  695
  727
  760
  796
  833
  873
  914
  958
  1,004
  1,053
  1,104
  1,157
Total debt, $m
  1,478
  1,523
  1,572
  1,629
  1,693
  1,763
  1,841
  1,925
  2,017
  2,115
  2,221
  2,333
  2,454
  2,582
  2,719
  2,863
  3,017
  3,179
  3,351
  3,532
  3,724
  3,926
  4,139
  4,363
  4,600
  4,849
  5,112
  5,388
  5,679
  5,985
  6,306
Total liabilities, $m
  2,114
  2,159
  2,208
  2,265
  2,329
  2,399
  2,477
  2,561
  2,653
  2,751
  2,857
  2,969
  3,090
  3,218
  3,355
  3,499
  3,653
  3,815
  3,987
  4,168
  4,360
  4,562
  4,775
  4,999
  5,236
  5,485
  5,748
  6,024
  6,315
  6,621
  6,942
Total equity, $m
  2,810
  2,575
  2,635
  2,702
  2,778
  2,862
  2,955
  3,056
  3,164
  3,282
  3,408
  3,543
  3,686
  3,839
  4,002
  4,175
  4,358
  4,551
  4,756
  4,973
  5,201
  5,442
  5,696
  5,964
  6,247
  6,544
  6,857
  7,187
  7,534
  7,898
  8,282
Total liabilities and equity, $m
  4,924
  4,734
  4,843
  4,967
  5,107
  5,261
  5,432
  5,617
  5,817
  6,033
  6,265
  6,512
  6,776
  7,057
  7,357
  7,674
  8,011
  8,366
  8,743
  9,141
  9,561
  10,004
  10,471
  10,963
  11,483
  12,029
  12,605
  13,211
  13,849
  14,519
  15,224
Debt-to-equity ratio
  0.526
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
  0.750
  0.750
  0.760
  0.760
Adjusted equity ratio
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  110
  147
  150
  154
  158
  162
  167
  172
  178
  184
  191
  198
  205
  213
  221
  230
  240
  250
  260
  271
  283
  295
  309
  322
  337
  352
  368
  385
  403
  422
  442
Depreciation, amort., depletion, $m
  0
  262
  268
  275
  283
  292
  301
  311
  322
  334
  347
  361
  375
  391
  408
  425
  444
  463
  484
  506
  530
  554
  580
  607
  636
  666
  698
  732
  767
  804
  843
Funds from operations, $m
  367
  409
  418
  429
  441
  454
  468
  483
  500
  518
  538
  558
  580
  604
  629
  655
  683
  713
  744
  778
  813
  850
  889
  930
  973
  1,019
  1,067
  1,117
  1,170
  1,226
  1,285
Change in working capital, $m
  -57
  7
  8
  9
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  37
  39
  42
  44
  46
  48
  51
  54
Cash from operations, $m
  424
  402
  410
  420
  430
  442
  455
  469
  485
  502
  520
  539
  560
  582
  606
  631
  658
  686
  716
  747
  781
  816
  853
  892
  934
  977
  1,023
  1,071
  1,122
  1,175
  1,231
Maintenance CAPEX, $m
  0
  -257
  -262
  -268
  -275
  -283
  -292
  -301
  -311
  -322
  -334
  -347
  -361
  -375
  -391
  -408
  -425
  -444
  -463
  -484
  -506
  -530
  -554
  -580
  -607
  -636
  -666
  -698
  -732
  -767
  -804
New CAPEX, $m
  -173
  -51
  -60
  -69
  -77
  -86
  -94
  -102
  -111
  -120
  -128
  -137
  -146
  -156
  -166
  -176
  -186
  -197
  -209
  -220
  -233
  -246
  -259
  -273
  -288
  -303
  -319
  -336
  -353
  -372
  -391
Cash from investing activities, $m
  -104
  -308
  -322
  -337
  -352
  -369
  -386
  -403
  -422
  -442
  -462
  -484
  -507
  -531
  -557
  -584
  -611
  -641
  -672
  -704
  -739
  -776
  -813
  -853
  -895
  -939
  -985
  -1,034
  -1,085
  -1,139
  -1,195
Free cash flow, $m
  320
  94
  88
  82
  77
  73
  69
  66
  63
  60
  58
  55
  53
  51
  49
  48
  46
  45
  44
  43
  42
  41
  40
  39
  39
  38
  38
  37
  37
  36
  36
Issuance/(repayment) of debt, $m
  -75
  45
  50
  57
  64
  71
  77
  84
  91
  98
  106
  113
  121
  128
  136
  145
  153
  162
  172
  181
  192
  202
  213
  225
  237
  249
  262
  276
  291
  306
  322
Issuance/(repurchase) of shares, $m
  -93
  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  
  -174
  45
  50
  57
  64
  71
  77
  84
  91
  98
  106
  113
  121
  128
  136
  145
  153
  162
  172
  181
  192
  202
  213
  225
  237
  249
  262
  276
  291
  306
  322
Total cash flow (excl. dividends), $m
  127
  139
  137
  139
  141
  144
  147
  150
  154
  158
  163
  168
  174
  179
  186
  193
  200
  207
  215
  224
  233
  243
  253
  264
  275
  287
  300
  313
  327
  342
  358
Retained Cash Flow (-), $m
  213
  -48
  -59
  -68
  -76
  -84
  -92
  -101
  -109
  -117
  -126
  -135
  -144
  -153
  -163
  -173
  -183
  -194
  -205
  -216
  -228
  -241
  -254
  -268
  -282
  -297
  -313
  -330
  -347
  -365
  -384
Prev. year cash balance distribution, $m
 
  283
  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
 
  373
  78
  71
  65
  60
  54
  50
  45
  41
  37
  33
  30
  26
  23
  20
  17
  14
  11
  8
  5
  2
  -1
  -4
  -7
  -10
  -13
  -16
  -19
  -23
  -26
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  355
  70
  60
  52
  44
  37
  31
  26
  21
  17
  14
  11
  8
  6
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  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

STERIS plc develops, manufactures, and markets infection prevention, contamination control, microbial reduction, and surgical and gastrointestinal support products and services for healthcare, pharmaceutical, scientific, research, industrial, and governmental customers worldwide. Its Healthcare Products segment offers steam, vaporized hydrogen peroxide, and ethylene oxide sterilizers, as well as liquid chemical sterilant processing systems; automated washer/disinfector systems; general and specialty surgical tables, surgical and examination lights, equipment management systems, operating room storage cabinets, warming cabinets, scrub sinks, and other accessories; and gastrointestinal devices and accessories. This segment also provides OR integration, OR and sterile processing department, workflow, patient tracking, and instrument management solutions; cleaning chemistries and sterility assurance products; and hard surface disinfectants, skin care, and hand hygiene solutions. In addition, it offers preventive maintenance and repair, sterilization and surgical management consulting, and remote equipment monitoring services, as well as other support services. The company’s Healthcare Specialty Services segment offers instrument and endoscope repair and maintenance solutions; on site and off site reprocessing surgical instruments, as well as custom process consulting; and outsourced linen rental, reprocessing, and managed supply chain solutions. Its Life Sciences segment offers formulated cleaning chemistries, vaporized hydrogen peroxide generators, high-purity water equipment, steam sterilizers, and washers/disinfectors. The company’s Applied Sterilization Technologies segment provides contract sterilization services using gamma, electron beam, and X-ray technologies, as well as ethylene oxide gas; and laboratory testing and validation services. It operates a network of 59 facilities. STERIS plc was founded in 1985 and is headquartered in Leicester, the United Kingdom.

FINANCIAL RATIOS  of  Steris (STE)

Valuation Ratios
P/E Ratio 63.7
Price to Sales 2.7
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 16.5
Price to Free Cash Flow 27.9
Growth Rates
Sales Growth Rate 16.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.3%
Cap. Spend. - 3 Yr. Gr. Rate 15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 52.6%
Total Debt to Equity 52.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 3.8%
Return On Equity - 3 Yr. Avg. 7.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 39.3%
Gross Margin - 3 Yr. Avg. 40.4%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 8.7%
Oper. Margin - 3 Yr. Avg. 10.2%
Pre-Tax Margin 7.1%
Pre-Tax Margin - 3 Yr. Avg. 8.7%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 40%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 84.5%

STE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STE stock intrinsic value calculation we used $2613 million for the last fiscal year's total revenue generated by Steris. The default revenue input number comes from 2017 income statement of Steris. 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 STE stock valuation model: a) initial revenue growth rate of 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 5.2%, whose default value for STE is calculated based on our internal credit rating of Steris, 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 Steris.
    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 STE stock the variable cost ratio is equal to 90.5%.

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 STE 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 Steris.

Corporate tax rate of 27% is the nominal tax rate for Steris. 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 STE 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 STE are equal to 98.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Steris 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 STE is equal to 13.5%. 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 - $2810 million for Steris - 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 84.61 million for Steris 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 Steris at the current share price and the inputted number of shares is $6.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to STERIS Plc : July 13, 2017   [Jul-13-17 04:37PM  Capital Cube]
▶ ETFs with exposure to STERIS Plc : June 20, 2017   [Jun-20-17 03:15PM  Capital Cube]
▶ UFP Technologies Elects Cynthia Feldmann to its Board   [Jun-09-17 11:29AM  GlobeNewswire]
▶ ETFs with exposure to STERIS Plc : June 5, 2017   [Jun-05-17 02:48PM  Capital Cube]
▶ Steris tops Street 4Q forecasts   [May-09-17 06:26AM  Associated Press]
▶ U.S. FTC Chairwoman Ramirez to step down   [Jan-13-17 11:31AM  Reuters]
▶ Is STERIS Plc (STE) A Good Stock To Buy?   [Dec-12-16 09:42AM  at Insider Monkey]
▶ Welch Capitals Must-Buy Healthcare Stocks   [Nov-02-16 05:22PM  at Insider Monkey]
▶ 4 Mid-Cap Stocks to Maximize Your Profits   [Oct-07-16 09:36AM  at TheStreet]
▶ Huge Jumps In Hedge Fund Popularity For These 5 Healthcare Stocks   [Aug-27-16 12:50AM  at Insider Monkey]
▶ [$$] 3 Small-Cap Stocks Worth Buying Now   [Aug-26-16 01:23PM  at Barrons.com]
Stock chart of STE Financial statements of STE Annual reports of STE
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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