Intrinsic value of Stryker - SYK

Previous Close

$153.31

  Intrinsic Value

$99.83

stock screener

  Rating & Target

sell

-35%

Previous close

$153.31

 
Intrinsic value

$99.83

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of SYK 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 57.3

 

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, %
  13.86
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  11,325
  12,016
  12,736
  13,486
  14,268
  15,085
  15,937
  16,827
  17,757
  18,729
  19,745
  20,808
  21,920
  23,084
  24,303
  25,579
  26,916
  28,317
  29,785
  31,323
  32,936
  34,627
  36,400
  38,259
  40,209
  42,255
  44,401
  46,653
  49,015
  51,494
  54,096
Variable operating expenses, $m
 
  9,322
  9,842
  10,384
  10,950
  11,540
  12,156
  12,799
  13,472
  14,174
  14,909
  15,042
  15,846
  16,687
  17,568
  18,491
  19,457
  20,470
  21,531
  22,643
  23,808
  25,031
  26,312
  27,657
  29,066
  30,545
  32,096
  33,724
  35,432
  37,224
  39,104
Fixed operating expenses, $m
 
  356
  365
  374
  383
  393
  402
  412
  423
  433
  444
  455
  467
  478
  490
  503
  515
  528
  541
  555
  569
  583
  597
  612
  628
  643
  659
  676
  693
  710
  728
Total operating expenses, $m
  9,159
  9,678
  10,207
  10,758
  11,333
  11,933
  12,558
  13,211
  13,895
  14,607
  15,353
  15,497
  16,313
  17,165
  18,058
  18,994
  19,972
  20,998
  22,072
  23,198
  24,377
  25,614
  26,909
  28,269
  29,694
  31,188
  32,755
  34,400
  36,125
  37,934
  39,832
Operating income, $m
  2,166
  2,339
  2,529
  2,728
  2,935
  3,152
  3,378
  3,615
  3,862
  4,121
  4,392
  5,311
  5,608
  5,919
  6,245
  6,586
  6,944
  7,319
  7,713
  8,126
  8,559
  9,013
  9,490
  9,990
  10,515
  11,067
  11,645
  12,253
  12,890
  13,560
  14,263
EBITDA, $m
  2,712
  3,226
  3,431
  3,646
  3,870
  4,104
  4,348
  4,603
  4,870
  5,149
  5,441
  5,747
  6,067
  6,402
  6,754
  7,122
  7,508
  7,912
  8,337
  8,782
  9,248
  9,738
  10,252
  10,791
  11,357
  11,951
  12,575
  13,230
  13,917
  14,638
  15,396
Interest expense (income), $m
  180
  234
  257
  281
  305
  331
  358
  386
  415
  446
  478
  511
  547
  583
  622
  662
  704
  748
  794
  842
  893
  946
  1,002
  1,060
  1,121
  1,186
  1,253
  1,324
  1,398
  1,476
  1,557
Earnings before tax, $m
  1,921
  2,105
  2,272
  2,447
  2,630
  2,821
  3,020
  3,229
  3,447
  3,675
  3,914
  4,800
  5,061
  5,336
  5,623
  5,924
  6,240
  6,572
  6,919
  7,283
  7,666
  8,067
  8,488
  8,930
  9,394
  9,881
  10,392
  10,929
  11,493
  12,084
  12,706
Tax expense, $m
  274
  568
  614
  661
  710
  762
  816
  872
  931
  992
  1,057
  1,296
  1,367
  1,441
  1,518
  1,600
  1,685
  1,774
  1,868
  1,967
  2,070
  2,178
  2,292
  2,411
  2,536
  2,668
  2,806
  2,951
  3,103
  3,263
  3,431
Net income, $m
  1,647
  1,536
  1,659
  1,787
  1,920
  2,059
  2,205
  2,357
  2,516
  2,683
  2,857
  3,504
  3,695
  3,895
  4,105
  4,325
  4,555
  4,797
  5,051
  5,317
  5,596
  5,889
  6,196
  6,519
  6,858
  7,213
  7,586
  7,978
  8,390
  8,822
  9,275

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,384
  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
  20,435
  18,096
  19,180
  20,310
  21,488
  22,718
  24,001
  25,342
  26,742
  28,206
  29,736
  31,337
  33,012
  34,765
  36,601
  38,523
  40,536
  42,646
  44,856
  47,173
  49,602
  52,148
  54,819
  57,619
  60,556
  63,637
  66,869
  70,260
  73,818
  77,551
  81,469
Adjusted assets (=assets-cash), $m
  17,051
  18,096
  19,180
  20,310
  21,488
  22,718
  24,001
  25,342
  26,742
  28,206
  29,736
  31,337
  33,012
  34,765
  36,601
  38,523
  40,536
  42,646
  44,856
  47,173
  49,602
  52,148
  54,819
  57,619
  60,556
  63,637
  66,869
  70,260
  73,818
  77,551
  81,469
Revenue / Adjusted assets
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
Average production assets, $m
  4,035
  4,278
  4,534
  4,801
  5,080
  5,370
  5,674
  5,990
  6,321
  6,667
  7,029
  7,408
  7,804
  8,218
  8,652
  9,106
  9,582
  10,081
  10,603
  11,151
  11,725
  12,327
  12,958
  13,620
  14,314
  15,043
  15,807
  16,608
  17,449
  18,332
  19,258
Working capital, $m
  4,713
  1,646
  1,745
  1,848
  1,955
  2,067
  2,183
  2,305
  2,433
  2,566
  2,705
  2,851
  3,003
  3,163
  3,330
  3,504
  3,688
  3,879
  4,080
  4,291
  4,512
  4,744
  4,987
  5,241
  5,509
  5,789
  6,083
  6,391
  6,715
  7,055
  7,411
Total debt, $m
  6,914
  7,339
  8,017
  8,723
  9,459
  10,228
  11,030
  11,868
  12,743
  13,658
  14,614
  15,615
  16,662
  17,757
  18,905
  20,106
  21,364
  22,683
  24,064
  25,512
  27,030
  28,622
  30,291
  32,041
  33,877
  35,802
  37,822
  39,942
  42,165
  44,499
  46,947
Total liabilities, $m
  10,885
  11,310
  11,988
  12,694
  13,430
  14,199
  15,001
  15,839
  16,714
  17,629
  18,585
  19,586
  20,633
  21,728
  22,876
  24,077
  25,335
  26,654
  28,035
  29,483
  31,001
  32,593
  34,262
  36,012
  37,848
  39,773
  41,793
  43,913
  46,136
  48,470
  50,918
Total equity, $m
  9,550
  6,786
  7,193
  7,616
  8,058
  8,519
  9,000
  9,503
  10,028
  10,577
  11,151
  11,751
  12,380
  13,037
  13,725
  14,446
  15,201
  15,992
  16,821
  17,690
  18,601
  19,556
  20,557
  21,607
  22,709
  23,864
  25,076
  26,348
  27,682
  29,082
  30,551
Total liabilities and equity, $m
  20,435
  18,096
  19,181
  20,310
  21,488
  22,718
  24,001
  25,342
  26,742
  28,206
  29,736
  31,337
  33,013
  34,765
  36,601
  38,523
  40,536
  42,646
  44,856
  47,173
  49,602
  52,149
  54,819
  57,619
  60,557
  63,637
  66,869
  70,261
  73,818
  77,552
  81,469
Debt-to-equity ratio
  0.724
  1.080
  1.110
  1.150
  1.170
  1.200
  1.230
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.360
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
  1.540
Adjusted equity ratio
  0.362
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,647
  1,536
  1,659
  1,787
  1,920
  2,059
  2,205
  2,357
  2,516
  2,683
  2,857
  3,504
  3,695
  3,895
  4,105
  4,325
  4,555
  4,797
  5,051
  5,317
  5,596
  5,889
  6,196
  6,519
  6,858
  7,213
  7,586
  7,978
  8,390
  8,822
  9,275
Depreciation, amort., depletion, $m
  546
  887
  902
  918
  934
  951
  969
  988
  1,007
  1,028
  1,049
  436
  459
  483
  509
  536
  564
  593
  624
  656
  690
  725
  762
  801
  842
  885
  930
  977
  1,026
  1,078
  1,133
Funds from operations, $m
  1,429
  2,424
  2,561
  2,705
  2,854
  3,011
  3,174
  3,345
  3,524
  3,711
  3,906
  3,939
  4,154
  4,378
  4,614
  4,860
  5,119
  5,390
  5,675
  5,973
  6,286
  6,614
  6,959
  7,320
  7,700
  8,098
  8,516
  8,955
  9,416
  9,900
  10,408
Change in working capital, $m
  -383
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  146
  152
  159
  167
  175
  183
  192
  201
  211
  221
  232
  243
  255
  267
  280
  294
  308
  324
  340
  356
Cash from operations, $m
  1,812
  2,329
  2,462
  2,602
  2,747
  2,899
  3,058
  3,223
  3,396
  3,578
  3,767
  3,794
  4,001
  4,219
  4,447
  4,686
  4,936
  5,198
  5,473
  5,762
  6,065
  6,382
  6,716
  7,065
  7,432
  7,818
  8,222
  8,647
  9,092
  9,560
  10,052
Maintenance CAPEX, $m
  0
  -237
  -252
  -267
  -282
  -299
  -316
  -334
  -352
  -372
  -392
  -413
  -436
  -459
  -483
  -509
  -536
  -564
  -593
  -624
  -656
  -690
  -725
  -762
  -801
  -842
  -885
  -930
  -977
  -1,026
  -1,078
New CAPEX, $m
  -490
  -243
  -256
  -267
  -279
  -291
  -303
  -317
  -331
  -346
  -362
  -378
  -396
  -414
  -434
  -454
  -476
  -499
  -523
  -548
  -574
  -602
  -631
  -662
  -694
  -728
  -764
  -802
  -841
  -883
  -926
Cash from investing activities, $m
  -4,191
  -480
  -508
  -534
  -561
  -590
  -619
  -651
  -683
  -718
  -754
  -791
  -832
  -873
  -917
  -963
  -1,012
  -1,063
  -1,116
  -1,172
  -1,230
  -1,292
  -1,356
  -1,424
  -1,495
  -1,570
  -1,649
  -1,732
  -1,818
  -1,909
  -2,004
Free cash flow, $m
  -2,379
  1,849
  1,955
  2,068
  2,186
  2,310
  2,438
  2,573
  2,713
  2,860
  3,013
  3,002
  3,170
  3,346
  3,530
  3,722
  3,924
  4,136
  4,358
  4,591
  4,835
  5,091
  5,359
  5,641
  5,937
  6,247
  6,573
  6,915
  7,274
  7,651
  8,047
Issuance/(repayment) of debt, $m
  2,912
  653
  677
  706
  736
  768
  802
  838
  875
  915
  957
  1,001
  1,047
  1,096
  1,147
  1,201
  1,258
  1,318
  1,382
  1,448
  1,518
  1,592
  1,669
  1,750
  1,836
  1,926
  2,020
  2,119
  2,224
  2,333
  2,449
Issuance/(repurchase) of shares, $m
  -13
  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  
  2,929
  653
  677
  706
  736
  768
  802
  838
  875
  915
  957
  1,001
  1,047
  1,096
  1,147
  1,201
  1,258
  1,318
  1,382
  1,448
  1,518
  1,592
  1,669
  1,750
  1,836
  1,926
  2,020
  2,119
  2,224
  2,333
  2,449
Total cash flow (excl. dividends), $m
  505
  2,502
  2,632
  2,774
  2,923
  3,078
  3,240
  3,410
  3,588
  3,775
  3,970
  4,002
  4,217
  4,441
  4,677
  4,924
  5,183
  5,454
  5,740
  6,039
  6,353
  6,682
  7,028
  7,391
  7,773
  8,173
  8,593
  9,035
  9,498
  9,985
  10,496
Retained Cash Flow (-), $m
  -1,039
  -392
  -406
  -424
  -442
  -461
  -481
  -503
  -525
  -549
  -574
  -600
  -628
  -657
  -688
  -721
  -755
  -791
  -829
  -869
  -911
  -955
  -1,001
  -1,050
  -1,101
  -1,155
  -1,212
  -1,272
  -1,334
  -1,400
  -1,469
Prev. year cash balance distribution, $m
 
  3,156
  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
 
  5,266
  2,226
  2,350
  2,481
  2,617
  2,759
  2,908
  3,063
  3,226
  3,396
  3,402
  3,589
  3,784
  3,988
  4,203
  4,428
  4,663
  4,911
  5,170
  5,442
  5,727
  6,027
  6,341
  6,671
  7,018
  7,381
  7,763
  8,164
  8,585
  9,027
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
 
  5,049
  2,037
  2,046
  2,043
  2,028
  2,002
  1,964
  1,915
  1,853
  1,780
  1,616
  1,531
  1,439
  1,339
  1,234
  1,125
  1,015
  904
  796
  691
  592
  500
  416
  340
  273
  215
  167
  126
  94
  68
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

Stryker Corporation is a medical technology company. The Company offers a range of medical technologies, including orthopedic, medical and surgical, and neurotechnology and spine products. The Company's segments include Orthopaedics; MedSurg; Neurotechnology and Spine, and Corporate and Other. The Orthopaedics segment includes reconstructive (hip and knee) and trauma implant systems and other related products. The MedSurg segment includes surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling, emergency medical equipment, intensive care disposable products; reprocessed and remanufactured medical devices, and other related products. The Neurotechnology and Spine segment includes neurovascular products, spinal implant systems and other related products. The Company's products include implants, which are used in joint replacement and trauma surgeries, and other products that are used in a range of medical specialties.

FINANCIAL RATIOS  of  Stryker (SYK)

Valuation Ratios
P/E Ratio 34.9
Price to Sales 5.1
Price to Book 6
Price to Tangible Book
Price to Cash Flow 31.7
Price to Free Cash Flow 43.5
Growth Rates
Sales Growth Rate 13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.2%
Financial Strength
Quick Ratio 15
Current Ratio 0
LT Debt to Equity 70%
Total Debt to Equity 72.4%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.6%
Gross Margin - 3 Yr. Avg. 66.2%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin 19.1%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 17%
Pre-Tax Margin - 3 Yr. Avg. 15.5%
Net Profit Margin 14.5%
Net Profit Margin - 3 Yr. Avg. 11.4%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 29%
Payout Ratio 34.5%

SYK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYK stock intrinsic value calculation we used $11325 million for the last fiscal year's total revenue generated by Stryker. The default revenue input number comes from 2016 income statement of Stryker. 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 SYK stock valuation model: a) initial revenue growth rate of 6.1% 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 SYK is calculated based on our internal credit rating of Stryker, 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 Stryker.
    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 SYK stock the variable cost ratio is equal to 77.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $347 million in the base year in the intrinsic value calculation for SYK 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 Stryker.

Corporate tax rate of 27% is the nominal tax rate for Stryker. 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 SYK 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 SYK are equal to 35.6%.

Life of production assets of 17 years is the average useful life of capital assets used in Stryker 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 SYK is equal to 13.7%. 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 - $9550 million for Stryker - 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 374.045 million for Stryker 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 Stryker at the current share price and the inputted number of shares is $57.3 billion.

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COMPANY NEWS

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▶ Entellus Medical to be sold to Stryker for $622M   [01:00PM  American City Business Journals]
▶ Strykers FDA Approval Accelerates Neck Aneurysm Treatments   [Dec-05-17 10:33AM  Market Realist]
▶ Stryker: Most Analysts Recommend a Strong Buy   [07:35AM  Market Realist]
▶ ETFs with exposure to Stryker Corp. : November 24, 2017   [Nov-24-17 10:54AM  Capital Cube]
▶ Trades to be thankful for   [Nov-22-17 02:20PM  CNBC Videos]
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▶ Stryker Reaches 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Stryker Corp. : November 2, 2017   [Nov-02-17 12:36PM  Capital Cube]
▶ Stryker Acquires Vexim: Whats the Deal?   [07:30AM  Market Realist]
▶ How Stryker Plans to Integrate Novadaq   [Nov-01-17 10:31AM  Market Realist]
▶ Stryker Meets Earnings Expectations in 3Q17   [07:32AM  Market Realist]
▶ This Stryker Segment Saw the Highest Sales Growth in 3Q17   [Oct-31-17 01:45PM  Market Realist]
▶ Stryker (SYK) Catches Eye: Stock Jumps 7.3%   [Oct-30-17 08:37AM  Zacks]
▶ Stryker tops Street 3Q forecasts   [Oct-26-17 04:09PM  Associated Press]
▶ Strykers 3Q17 Revenue Estimates: Hit or Miss?   [09:11AM  Market Realist]
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▶ IQ100 index beating market by 25%   [01:09PM  CNBC Videos]
▶ [$$] Smith & Nephew: hippy hippy shake-up   [11:19AM  Financial Times]
▶ Elliott's Deal Magic Is Put to the Test   [Oct-10-17 02:59PM  Bloomberg]
▶ Stryker Shows Improved Relative Strength; Still Shy Of Benchmark   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Is Stryker Corporation (SYK) Undervalued?   [Sep-22-17 07:11AM  Simply Wall St.]
▶ Taking a Look at Strykers Recent Stock Price Performance   [Sep-01-17 09:08AM  Market Realist]
Financial statements of SYK
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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