Intrinsic value of Steris - STE

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$70.44

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$70.44

 
Intrinsic value

$40.77

 
Up/down potential

-42%

 
Rating

sell

 
Value-price divergence* premium content

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*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 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 6.0

 

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, %
  21.03
  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
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  2,239
  2,340
  2,446
  2,559
  2,677
  2,802
  2,934
  3,073
  3,219
  3,373
  3,536
  3,706
  3,886
  4,074
  4,273
  4,482
  4,701
  4,932
  5,174
  5,429
  5,697
  5,978
  6,274
  6,585
  6,911
  7,254
  7,614
  7,992
  8,389
  8,807
  9,245
Variable operating expenses, $m
 
  2,042
  2,125
  2,213
  2,306
  2,403
  2,506
  2,615
  2,729
  2,849
  2,976
  2,893
  3,033
  3,181
  3,336
  3,499
  3,670
  3,850
  4,039
  4,238
  4,447
  4,667
  4,898
  5,140
  5,395
  5,663
  5,944
  6,239
  6,549
  6,875
  7,217
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
  2,026
  2,042
  2,125
  2,213
  2,306
  2,403
  2,506
  2,615
  2,729
  2,849
  2,976
  2,893
  3,033
  3,181
  3,336
  3,499
  3,670
  3,850
  4,039
  4,238
  4,447
  4,667
  4,898
  5,140
  5,395
  5,663
  5,944
  6,239
  6,549
  6,875
  7,217
Operating income, $m
  213
  297
  321
  346
  372
  399
  428
  458
  490
  524
  560
  813
  852
  894
  937
  983
  1,031
  1,082
  1,135
  1,191
  1,250
  1,311
  1,376
  1,444
  1,516
  1,591
  1,670
  1,753
  1,840
  1,932
  2,028
EBITDA, $m
  357
  607
  634
  663
  694
  727
  761
  797
  835
  875
  917
  961
  1,007
  1,056
  1,108
  1,162
  1,219
  1,279
  1,342
  1,408
  1,477
  1,550
  1,627
  1,707
  1,792
  1,881
  1,974
  2,072
  2,175
  2,283
  2,397
Interest expense (income), $m
  37
  55
  59
  63
  67
  71
  75
  80
  85
  91
  96
  102
  108
  115
  122
  129
  137
  144
  153
  162
  171
  181
  191
  202
  213
  225
  237
  250
  264
  279
  294
Earnings before tax, $m
  172
  243
  262
  283
  305
  328
  352
  378
  405
  434
  464
  711
  744
  779
  816
  854
  895
  937
  982
  1,029
  1,079
  1,131
  1,185
  1,243
  1,303
  1,366
  1,433
  1,503
  1,576
  1,653
  1,734
Tax expense, $m
  60
  66
  71
  76
  82
  89
  95
  102
  109
  117
  125
  192
  201
  210
  220
  231
  242
  253
  265
  278
  291
  305
  320
  336
  352
  369
  387
  406
  426
  446
  468
Net income, $m
  111
  177
  191
  207
  223
  239
  257
  276
  296
  317
  338
  519
  543
  569
  595
  623
  653
  684
  717
  751
  787
  825
  865
  907
  951
  997
  1,046
  1,097
  1,150
  1,207
  1,266

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  249
  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
  5,346
  5,330
  5,572
  5,828
  6,098
  6,383
  6,684
  7,000
  7,333
  7,684
  8,054
  8,442
  8,851
  9,281
  9,733
  10,209
  10,709
  11,234
  11,787
  12,367
  12,977
  13,618
  14,292
  14,999
  15,743
  16,523
  17,344
  18,205
  19,110
  20,061
  21,059
Adjusted assets (=assets-cash), $m
  5,097
  5,330
  5,572
  5,828
  6,098
  6,383
  6,684
  7,000
  7,333
  7,684
  8,054
  8,442
  8,851
  9,281
  9,733
  10,209
  10,709
  11,234
  11,787
  12,367
  12,977
  13,618
  14,292
  14,999
  15,743
  16,523
  17,344
  18,205
  19,110
  20,061
  21,059
Revenue / Adjusted assets
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
Average production assets, $m
  1,771
  1,851
  1,935
  2,024
  2,118
  2,217
  2,321
  2,431
  2,547
  2,668
  2,797
  2,932
  3,074
  3,223
  3,380
  3,545
  3,719
  3,901
  4,093
  4,295
  4,506
  4,729
  4,963
  5,208
  5,467
  5,738
  6,023
  6,322
  6,636
  6,966
  7,313
Working capital, $m
  572
  337
  352
  368
  386
  404
  423
  443
  464
  486
  509
  534
  560
  587
  615
  645
  677
  710
  745
  782
  820
  861
  903
  948
  995
  1,045
  1,096
  1,151
  1,208
  1,268
  1,331
Total debt, $m
  1,568
  1,675
  1,786
  1,903
  2,026
  2,156
  2,293
  2,437
  2,589
  2,749
  2,917
  3,095
  3,281
  3,477
  3,683
  3,900
  4,128
  4,368
  4,620
  4,884
  5,163
  5,455
  5,762
  6,085
  6,424
  6,780
  7,154
  7,547
  7,959
  8,393
  8,848
Total liabilities, $m
  2,323
  2,430
  2,541
  2,658
  2,781
  2,911
  3,048
  3,192
  3,344
  3,504
  3,672
  3,850
  4,036
  4,232
  4,438
  4,655
  4,883
  5,123
  5,375
  5,639
  5,918
  6,210
  6,517
  6,840
  7,179
  7,535
  7,909
  8,302
  8,714
  9,148
  9,603
Total equity, $m
  3,023
  2,899
  3,031
  3,171
  3,318
  3,473
  3,636
  3,808
  3,989
  4,180
  4,381
  4,593
  4,815
  5,049
  5,295
  5,554
  5,826
  6,112
  6,412
  6,728
  7,060
  7,408
  7,775
  8,160
  8,564
  8,989
  9,435
  9,904
  10,396
  10,913
  11,456
Total liabilities and equity, $m
  5,346
  5,329
  5,572
  5,829
  6,099
  6,384
  6,684
  7,000
  7,333
  7,684
  8,053
  8,443
  8,851
  9,281
  9,733
  10,209
  10,709
  11,235
  11,787
  12,367
  12,978
  13,618
  14,292
  15,000
  15,743
  16,524
  17,344
  18,206
  19,110
  20,061
  21,059
Debt-to-equity ratio
  0.519
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
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
  111
  177
  191
  207
  223
  239
  257
  276
  296
  317
  338
  519
  543
  569
  595
  623
  653
  684
  717
  751
  787
  825
  865
  907
  951
  997
  1,046
  1,097
  1,150
  1,207
  1,266
Depreciation, amort., depletion, $m
  144
  309
  313
  318
  323
  328
  333
  338
  344
  350
  357
  148
  155
  163
  171
  179
  188
  197
  207
  217
  228
  239
  251
  263
  276
  290
  304
  319
  335
  352
  369
Funds from operations, $m
  230
  486
  505
  525
  545
  567
  590
  614
  640
  667
  695
  667
  698
  731
  766
  803
  841
  881
  924
  968
  1,015
  1,064
  1,116
  1,170
  1,227
  1,287
  1,350
  1,416
  1,486
  1,559
  1,635
Change in working capital, $m
  -25
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
Cash from operations, $m
  255
  888
  490
  508
  528
  549
  571
  594
  619
  645
  672
  642
  672
  704
  737
  772
  809
  848
  889
  931
  976
  1,024
  1,073
  1,125
  1,180
  1,238
  1,298
  1,362
  1,428
  1,498
  1,572
Maintenance CAPEX, $m
  0
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -263
  -276
  -290
  -304
  -319
  -335
  -352
New CAPEX, $m
  -126
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -182
  -192
  -202
  -212
  -223
  -234
  -246
  -258
  -271
  -285
  -299
  -314
  -330
  -347
Cash from investing activities, $m
  -730
  -169
  -177
  -187
  -196
  -206
  -216
  -227
  -239
  -251
  -263
  -276
  -290
  -304
  -320
  -336
  -353
  -370
  -389
  -409
  -429
  -451
  -473
  -497
  -521
  -547
  -575
  -603
  -633
  -665
  -699
Free cash flow, $m
  -475
  719
  312
  322
  332
  343
  355
  367
  380
  394
  409
  366
  382
  400
  418
  437
  457
  478
  500
  523
  548
  573
  601
  629
  659
  691
  724
  758
  795
  833
  874
Issuance/(repayment) of debt, $m
  627
  107
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  217
  228
  240
  252
  265
  278
  292
  307
  323
  339
  356
  374
  393
  413
  433
  455
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  625
  107
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  217
  228
  240
  252
  265
  278
  292
  307
  323
  339
  356
  374
  393
  413
  433
  455
Total cash flow (excl. dividends), $m
  146
  826
  422
  438
  455
  473
  492
  512
  532
  554
  577
  543
  569
  596
  624
  653
  685
  717
  752
  788
  826
  866
  908
  952
  998
  1,047
  1,098
  1,151
  1,208
  1,267
  1,329
Retained Cash Flow (-), $m
  -1,951
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -211
  -222
  -234
  -246
  -259
  -272
  -286
  -300
  -316
  -332
  -349
  -366
  -385
  -404
  -425
  -446
  -469
  -492
  -517
  -543
Prev. year cash balance distribution, $m
 
  249
  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
 
  950
  290
  299
  308
  318
  329
  340
  351
  363
  376
  332
  346
  362
  378
  395
  413
  431
  451
  472
  494
  517
  541
  567
  594
  622
  651
  683
  715
  750
  786
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  893
  256
  245
  233
  220
  207
  193
  178
  163
  148
  113
  101
  90
  78
  68
  58
  48
  40
  32
  26
  20
  15
  12
  9
  6
  4
  3
  2
  1
  1
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 54.5
Price to Sales 2.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 46.9
Growth Rates
Sales Growth Rate 21%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 48.2%
Cap. Spend. - 3 Yr. Gr. Rate 7.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 51.9%
Total Debt to Equity 51.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 40%
Gross Margin - 3 Yr. Avg. 40.6%
EBITDA Margin 15.8%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 11.5%
Pre-Tax Margin 7.7%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 5%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 58.6%

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 $2239 million for the last fiscal year's total revenue generated by Steris. The default revenue input number comes from 2016 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 4.5% 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 6.3%, 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 87.7%.

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 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 79.1%.

Life of production assets of 19.8 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 14.4%. 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 - $3023 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 84.941 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 $6.0 billion.


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COMPANY NEWS

▶ 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]
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▶ Steris (STE) Stock Slumps as Q4 Results Miss Estimates   [May-18-16 02:38PM  at TheStreet]
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Stock chart of STE Financial statements 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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