Intrinsic value of Universal Health Services Cl B - UHS

Previous Close

$97.22

  Intrinsic Value

$134.59

stock screener

  Rating & Target

buy

+38%

Previous close

$97.22

 
Intrinsic value

$134.59

 
Up/down potential

+38%

 
Rating

buy

We calculate the intrinsic value of UHS 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 9.3

 

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, %
  8.00
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  9,766
  10,489
  11,240
  12,020
  12,831
  13,675
  14,553
  15,466
  16,417
  17,407
  18,439
  19,516
  20,638
  21,810
  23,034
  24,312
  25,648
  27,044
  28,505
  30,032
  31,631
  33,305
  35,058
  36,894
  38,817
  40,832
  42,944
  45,158
  47,479
  49,912
  52,464
Variable operating expenses, $m
 
  9,003
  9,620
  10,262
  10,929
  11,623
  12,344
  13,095
  13,877
  14,691
  15,540
  16,047
  16,970
  17,934
  18,940
  19,991
  21,089
  22,237
  23,438
  24,694
  26,009
  27,385
  28,827
  30,336
  31,917
  33,574
  35,311
  37,131
  39,040
  41,041
  43,139
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
  8,485
  9,003
  9,620
  10,262
  10,929
  11,623
  12,344
  13,095
  13,877
  14,691
  15,540
  16,047
  16,970
  17,934
  18,940
  19,991
  21,089
  22,237
  23,438
  24,694
  26,009
  27,385
  28,827
  30,336
  31,917
  33,574
  35,311
  37,131
  39,040
  41,041
  43,139
Operating income, $m
  1,281
  1,486
  1,619
  1,758
  1,902
  2,052
  2,208
  2,371
  2,540
  2,716
  2,899
  3,469
  3,668
  3,877
  4,094
  4,321
  4,559
  4,807
  5,067
  5,338
  5,622
  5,920
  6,231
  6,558
  6,900
  7,258
  7,633
  8,027
  8,439
  8,872
  9,325
EBITDA, $m
  1,698
  2,100
  2,250
  2,407
  2,569
  2,738
  2,914
  3,097
  3,287
  3,485
  3,692
  3,907
  4,132
  4,367
  4,612
  4,868
  5,135
  5,415
  5,707
  6,013
  6,333
  6,668
  7,019
  7,387
  7,772
  8,175
  8,598
  9,042
  9,506
  9,993
  10,504
Interest expense (income), $m
  107
  144
  158
  174
  190
  207
  224
  242
  261
  280
  301
  322
  344
  367
  391
  417
  443
  470
  499
  529
  561
  594
  628
  664
  702
  742
  783
  827
  872
  920
  970
Earnings before tax, $m
  1,156
  1,342
  1,461
  1,584
  1,713
  1,846
  1,984
  2,129
  2,279
  2,435
  2,598
  3,147
  3,324
  3,509
  3,703
  3,905
  4,116
  4,337
  4,567
  4,809
  5,062
  5,326
  5,603
  5,893
  6,197
  6,516
  6,850
  7,200
  7,567
  7,952
  8,355
Tax expense, $m
  409
  362
  395
  428
  462
  498
  536
  575
  615
  658
  702
  850
  898
  948
  1,000
  1,054
  1,111
  1,171
  1,233
  1,298
  1,367
  1,438
  1,513
  1,591
  1,673
  1,759
  1,849
  1,944
  2,043
  2,147
  2,256
Net income, $m
  702
  980
  1,067
  1,157
  1,250
  1,347
  1,449
  1,554
  1,664
  1,778
  1,897
  2,297
  2,427
  2,562
  2,703
  2,850
  3,005
  3,166
  3,334
  3,510
  3,695
  3,888
  4,090
  4,302
  4,524
  4,757
  5,000
  5,256
  5,524
  5,805
  6,099

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  10,318
  11,041
  11,831
  12,653
  13,507
  14,395
  15,319
  16,280
  17,281
  18,323
  19,410
  20,543
  21,725
  22,958
  24,246
  25,592
  26,998
  28,467
  30,005
  31,613
  33,296
  35,058
  36,903
  38,836
  40,860
  42,981
  45,204
  47,535
  49,978
  52,539
  55,226
Adjusted assets (=assets-cash), $m
  10,284
  11,041
  11,831
  12,653
  13,507
  14,395
  15,319
  16,280
  17,281
  18,323
  19,410
  20,543
  21,725
  22,958
  24,246
  25,592
  26,998
  28,467
  30,005
  31,613
  33,296
  35,058
  36,903
  38,836
  40,860
  42,981
  45,204
  47,535
  49,978
  52,539
  55,226
Revenue / Adjusted assets
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
Average production assets, $m
  4,084
  4,384
  4,698
  5,024
  5,364
  5,716
  6,083
  6,465
  6,862
  7,276
  7,708
  8,158
  8,627
  9,117
  9,628
  10,162
  10,721
  11,304
  11,915
  12,554
  13,222
  13,922
  14,654
  15,422
  16,226
  17,068
  17,951
  18,876
  19,846
  20,863
  21,930
Working capital, $m
  364
  472
  506
  541
  577
  615
  655
  696
  739
  783
  830
  878
  929
  981
  1,037
  1,094
  1,154
  1,217
  1,283
  1,351
  1,423
  1,499
  1,578
  1,660
  1,747
  1,837
  1,932
  2,032
  2,137
  2,246
  2,361
Total debt, $m
  4,136
  4,523
  4,965
  5,424
  5,901
  6,398
  6,914
  7,451
  8,011
  8,594
  9,201
  9,834
  10,495
  11,185
  11,905
  12,657
  13,443
  14,264
  15,124
  16,023
  16,964
  17,949
  18,980
  20,060
  21,192
  22,378
  23,620
  24,923
  26,289
  27,721
  29,222
Total liabilities, $m
  5,785
  6,172
  6,614
  7,073
  7,550
  8,047
  8,563
  9,100
  9,660
  10,243
  10,850
  11,483
  12,144
  12,834
  13,554
  14,306
  15,092
  15,913
  16,773
  17,672
  18,613
  19,598
  20,629
  21,709
  22,841
  24,027
  25,269
  26,572
  27,938
  29,370
  30,871
Total equity, $m
  4,533
  4,869
  5,218
  5,580
  5,957
  6,348
  6,755
  7,179
  7,621
  8,081
  8,560
  9,059
  9,581
  10,125
  10,693
  11,286
  11,906
  12,554
  13,232
  13,941
  14,684
  15,461
  16,274
  17,127
  18,019
  18,955
  19,935
  20,963
  22,040
  23,170
  24,355
Total liabilities and equity, $m
  10,318
  11,041
  11,832
  12,653
  13,507
  14,395
  15,318
  16,279
  17,281
  18,324
  19,410
  20,542
  21,725
  22,959
  24,247
  25,592
  26,998
  28,467
  30,005
  31,613
  33,297
  35,059
  36,903
  38,836
  40,860
  42,982
  45,204
  47,535
  49,978
  52,540
  55,226
Debt-to-equity ratio
  0.912
  0.930
  0.950
  0.970
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.070
  1.090
  1.100
  1.100
  1.110
  1.120
  1.130
  1.140
  1.140
  1.150
  1.160
  1.160
  1.170
  1.170
  1.180
  1.180
  1.180
  1.190
  1.190
  1.200
  1.200
Adjusted equity ratio
  0.437
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  702
  980
  1,067
  1,157
  1,250
  1,347
  1,449
  1,554
  1,664
  1,778
  1,897
  2,297
  2,427
  2,562
  2,703
  2,850
  3,005
  3,166
  3,334
  3,510
  3,695
  3,888
  4,090
  4,302
  4,524
  4,757
  5,000
  5,256
  5,524
  5,805
  6,099
Depreciation, amort., depletion, $m
  417
  614
  631
  649
  667
  686
  705
  726
  747
  770
  793
  439
  464
  490
  518
  546
  576
  608
  641
  675
  711
  748
  788
  829
  872
  918
  965
  1,015
  1,067
  1,122
  1,179
Funds from operations, $m
  1,365
  1,594
  1,698
  1,805
  1,917
  2,033
  2,154
  2,280
  2,411
  2,547
  2,690
  2,736
  2,890
  3,052
  3,221
  3,397
  3,581
  3,773
  3,975
  4,185
  4,406
  4,637
  4,878
  5,131
  5,397
  5,674
  5,966
  6,271
  6,591
  6,926
  7,278
Change in working capital, $m
  77
  33
  34
  35
  37
  38
  39
  41
  43
  45
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  104
  110
  115
Cash from operations, $m
  1,288
  1,562
  1,664
  1,770
  1,880
  1,995
  2,115
  2,239
  2,368
  2,503
  2,643
  2,687
  2,840
  2,999
  3,166
  3,339
  3,521
  3,711
  3,909
  4,117
  4,334
  4,561
  4,799
  5,049
  5,310
  5,584
  5,871
  6,171
  6,486
  6,817
  7,163
Maintenance CAPEX, $m
  0
  -220
  -236
  -253
  -270
  -288
  -307
  -327
  -348
  -369
  -391
  -414
  -439
  -464
  -490
  -518
  -546
  -576
  -608
  -641
  -675
  -711
  -748
  -788
  -829
  -872
  -918
  -965
  -1,015
  -1,067
  -1,122
New CAPEX, $m
  -541
  -301
  -314
  -326
  -339
  -353
  -367
  -382
  -397
  -414
  -431
  -450
  -469
  -490
  -511
  -534
  -558
  -584
  -610
  -639
  -668
  -700
  -733
  -767
  -804
  -842
  -883
  -925
  -970
  -1,017
  -1,067
Cash from investing activities, $m
  -1,187
  -521
  -550
  -579
  -609
  -641
  -674
  -709
  -745
  -783
  -822
  -864
  -908
  -954
  -1,001
  -1,052
  -1,104
  -1,160
  -1,218
  -1,280
  -1,343
  -1,411
  -1,481
  -1,555
  -1,633
  -1,714
  -1,801
  -1,890
  -1,985
  -2,084
  -2,189
Free cash flow, $m
  101
  1,041
  1,114
  1,191
  1,271
  1,354
  1,440
  1,530
  1,623
  1,720
  1,820
  1,823
  1,932
  2,046
  2,164
  2,287
  2,416
  2,550
  2,691
  2,837
  2,991
  3,151
  3,318
  3,494
  3,677
  3,869
  4,070
  4,281
  4,501
  4,733
  4,975
Issuance/(repayment) of debt, $m
  712
  421
  442
  459
  477
  496
  516
  537
  559
  583
  607
  633
  661
  690
  720
  752
  786
  822
  859
  899
  941
  985
  1,031
  1,080
  1,132
  1,186
  1,243
  1,303
  1,366
  1,432
  1,502
Issuance/(repurchase) of shares, $m
  -344
  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  
  -87
  421
  442
  459
  477
  496
  516
  537
  559
  583
  607
  633
  661
  690
  720
  752
  786
  822
  859
  899
  941
  985
  1,031
  1,080
  1,132
  1,186
  1,243
  1,303
  1,366
  1,432
  1,502
Total cash flow (excl. dividends), $m
  12
  1,462
  1,556
  1,650
  1,749
  1,851
  1,957
  2,067
  2,183
  2,303
  2,428
  2,456
  2,593
  2,735
  2,884
  3,039
  3,202
  3,372
  3,550
  3,736
  3,931
  4,136
  4,350
  4,574
  4,809
  5,055
  5,313
  5,583
  5,867
  6,165
  6,477
Retained Cash Flow (-), $m
  -283
  -336
  -349
  -362
  -377
  -392
  -407
  -424
  -441
  -460
  -479
  -500
  -521
  -544
  -568
  -593
  -620
  -648
  -678
  -709
  -742
  -777
  -814
  -852
  -893
  -935
  -980
  -1,028
  -1,077
  -1,130
  -1,185
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
 
  1,126
  1,207
  1,288
  1,372
  1,459
  1,549
  1,643
  1,741
  1,843
  1,949
  1,957
  2,072
  2,191
  2,316
  2,446
  2,582
  2,724
  2,872
  3,027
  3,189
  3,359
  3,536
  3,722
  3,916
  4,119
  4,332
  4,556
  4,790
  5,035
  5,292
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  1,052
  1,048
  1,031
  1,005
  970
  927
  877
  821
  760
  695
  597
  533
  470
  408
  349
  294
  243
  197
  157
  123
  94
  70
  51
  37
  25
  17
  11
  7
  4
  3
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

Universal Health Services, Inc. is a holding company. The Company's principal business is owning and operating, through its subsidiaries, acute care hospitals and outpatient facilities, and behavioral healthcare facilities. The Company's segments include Acute Care Hospital Services, Behavioral Health Services and Other. As of February 28, 2017, the Company owned and/or operated 319 inpatient facilities, and 33 outpatient and other facilities, located in 37 states, Washington, District of Columbia, the United Kingdom, Puerto Rico and the United States Virgin Islands. The Company's hospitals provide a range of services, such as oncology, diagnostic care, coronary care, pediatric services, pharmacy services and/or behavioral health services. As of February 28, 2017, its acute care facilities located in the United States included 26 inpatient acute care hospitals; four free-standing emergency departments, and four outpatient surgery/cancer care centers and one surgical hospital.

FINANCIAL RATIOS  of  Universal Health Services Cl B (UHS)

Valuation Ratios
P/E Ratio 13.4
Price to Sales 1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 12.6
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 88.9%
Total Debt to Equity 91.2%
Interest Coverage 12
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 16%
Return On Equity - 3 Yr. Avg. 16.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 17.2%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 35.4%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 5.6%

UHS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UHS stock intrinsic value calculation we used $9766 million for the last fiscal year's total revenue generated by Universal Health Services Cl B. The default revenue input number comes from 2016 income statement of Universal Health Services Cl B. 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 UHS stock valuation model: a) initial revenue growth rate of 7.4% 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 7%, whose default value for UHS is calculated based on our internal credit rating of Universal Health Services Cl B, 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 Universal Health Services Cl B.
    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 UHS stock the variable cost ratio is equal to 86.1%.

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 UHS 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 Universal Health Services Cl B.

Corporate tax rate of 27% is the nominal tax rate for Universal Health Services Cl B. 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 UHS 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 UHS are equal to 41.8%.

Life of production assets of 18.6 years is the average useful life of capital assets used in Universal Health Services Cl B 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 UHS is equal to 4.5%. 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 - $4533 million for Universal Health Services Cl B - 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 95.702 million for Universal Health Services Cl B 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 Universal Health Services Cl B at the current share price and the inputted number of shares is $9.3 billion.

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▶ Universal Health Services posts 2Q profit   [Jul-25-17 09:32PM  Associated Press]
▶ Universal Health Services, Inc. Announces Dividend   [Jul-19-17 05:00PM  PR Newswire]
▶ OHA issues final denial of Wilsonville psychiatric proposal; UHS to appeal   [Jul-14-17 11:15AM  American City Business Journals]
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▶ UHS faults Oregon's reasoning behind delay of psychiatric hospital decision   [Jun-13-17 06:14PM  American City Business Journals]
▶ State approves for-profit firms new hospital in partnership with University of Miami   [Jun-05-17 03:15PM  American City Business Journals]
▶ Universal Health Services, Inc. Announces Dividend   [May-17-17 05:12PM  PR Newswire]
▶ Home Depot, Walmart What to watch in the markets this week   [May-14-17 04:32PM  Yahoo Finance]
▶ Controversial psychiatric chain still seeking to build Wilsonville hospital   [May-03-17 05:30PM  American City Business Journals]
▶ Universal Health Services posts 1Q profit   [05:08PM  Associated Press]
Financial statements of UHS
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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