Intrinsic value of Varian Medical Systems - VAR

Previous Close

$109.03

  Intrinsic Value

$70.92

stock screener

  Rating & Target

sell

-35%

Previous close

$109.03

 
Intrinsic value

$70.92

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of VAR 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 10.0

 

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, %
  3.84
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  3,218
  3,340
  3,471
  3,611
  3,760
  3,918
  4,087
  4,265
  4,454
  4,653
  4,864
  5,087
  5,322
  5,570
  5,832
  6,108
  6,398
  6,704
  7,025
  7,364
  7,720
  8,095
  8,489
  8,903
  9,339
  9,797
  10,279
  10,785
  11,316
  11,875
  12,462
Variable operating expenses, $m
 
  2,749
  2,857
  2,972
  3,094
  3,225
  3,363
  3,510
  3,665
  3,830
  4,003
  4,187
  4,380
  4,584
  4,800
  5,027
  5,265
  5,517
  5,782
  6,060
  6,354
  6,662
  6,986
  7,328
  7,686
  8,063
  8,459
  8,876
  9,313
  9,773
  10,256
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
  2,667
  2,749
  2,857
  2,972
  3,094
  3,225
  3,363
  3,510
  3,665
  3,830
  4,003
  4,187
  4,380
  4,584
  4,800
  5,027
  5,265
  5,517
  5,782
  6,060
  6,354
  6,662
  6,986
  7,328
  7,686
  8,063
  8,459
  8,876
  9,313
  9,773
  10,256
Operating income, $m
  551
  591
  614
  639
  666
  694
  723
  755
  788
  824
  861
  900
  942
  986
  1,032
  1,081
  1,132
  1,187
  1,243
  1,303
  1,366
  1,433
  1,503
  1,576
  1,653
  1,734
  1,819
  1,909
  2,003
  2,102
  2,206
EBITDA, $m
  631
  658
  684
  711
  741
  772
  805
  840
  877
  917
  958
  1,002
  1,049
  1,097
  1,149
  1,203
  1,260
  1,321
  1,384
  1,451
  1,521
  1,595
  1,672
  1,754
  1,840
  1,930
  2,025
  2,125
  2,229
  2,339
  2,455
Interest expense (income), $m
  11
  10
  12
  15
  17
  20
  23
  26
  29
  33
  36
  40
  44
  49
  53
  58
  63
  69
  74
  80
  86
  93
  100
  107
  115
  123
  131
  140
  149
  159
  169
Earnings before tax, $m
  556
  581
  602
  624
  648
  674
  700
  729
  759
  791
  825
  860
  898
  937
  979
  1,023
  1,069
  1,118
  1,169
  1,223
  1,280
  1,340
  1,403
  1,469
  1,538
  1,611
  1,688
  1,769
  1,854
  1,943
  2,036
Tax expense, $m
  153
  157
  163
  169
  175
  182
  189
  197
  205
  214
  223
  232
  242
  253
  264
  276
  289
  302
  316
  330
  346
  362
  379
  397
  415
  435
  456
  478
  500
  525
  550
Net income, $m
  402
  424
  440
  456
  473
  492
  511
  532
  554
  577
  602
  628
  655
  684
  715
  747
  781
  816
  854
  893
  934
  978
  1,024
  1,072
  1,123
  1,176
  1,232
  1,291
  1,353
  1,418
  1,486

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  939
  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
  3,816
  2,985
  3,102
  3,227
  3,360
  3,502
  3,652
  3,811
  3,980
  4,158
  4,347
  4,546
  4,756
  4,978
  5,212
  5,458
  5,717
  5,991
  6,278
  6,581
  6,899
  7,234
  7,586
  7,957
  8,346
  8,755
  9,185
  9,638
  10,113
  10,612
  11,137
Adjusted assets (=assets-cash), $m
  2,877
  2,985
  3,102
  3,227
  3,360
  3,502
  3,652
  3,811
  3,980
  4,158
  4,347
  4,546
  4,756
  4,978
  5,212
  5,458
  5,717
  5,991
  6,278
  6,581
  6,899
  7,234
  7,586
  7,957
  8,346
  8,755
  9,185
  9,638
  10,113
  10,612
  11,137
Revenue / Adjusted assets
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
  1.119
Average production assets, $m
  591
  615
  639
  664
  692
  721
  752
  785
  819
  856
  895
  936
  979
  1,025
  1,073
  1,124
  1,177
  1,233
  1,293
  1,355
  1,421
  1,489
  1,562
  1,638
  1,718
  1,803
  1,891
  1,984
  2,082
  2,185
  2,293
Working capital, $m
  1,002
  461
  479
  498
  519
  541
  564
  589
  615
  642
  671
  702
  734
  769
  805
  843
  883
  925
  969
  1,016
  1,065
  1,117
  1,171
  1,229
  1,289
  1,352
  1,418
  1,488
  1,562
  1,639
  1,720
Total debt, $m
  667
  350
  419
  493
  571
  655
  743
  837
  936
  1,041
  1,152
  1,270
  1,393
  1,524
  1,662
  1,807
  1,960
  2,120
  2,290
  2,468
  2,656
  2,853
  3,060
  3,278
  3,508
  3,749
  4,002
  4,269
  4,548
  4,843
  5,152
Total liabilities, $m
  2,076
  1,758
  1,827
  1,901
  1,979
  2,063
  2,151
  2,245
  2,344
  2,449
  2,560
  2,678
  2,801
  2,932
  3,070
  3,215
  3,368
  3,528
  3,698
  3,876
  4,064
  4,261
  4,468
  4,686
  4,916
  5,157
  5,410
  5,677
  5,956
  6,251
  6,560
Total equity, $m
  1,741
  1,227
  1,275
  1,326
  1,381
  1,439
  1,501
  1,566
  1,636
  1,709
  1,787
  1,868
  1,955
  2,046
  2,142
  2,243
  2,350
  2,462
  2,580
  2,705
  2,836
  2,973
  3,118
  3,270
  3,430
  3,598
  3,775
  3,961
  4,156
  4,362
  4,577
Total liabilities and equity, $m
  3,817
  2,985
  3,102
  3,227
  3,360
  3,502
  3,652
  3,811
  3,980
  4,158
  4,347
  4,546
  4,756
  4,978
  5,212
  5,458
  5,718
  5,990
  6,278
  6,581
  6,900
  7,234
  7,586
  7,956
  8,346
  8,755
  9,185
  9,638
  10,112
  10,613
  11,137
Debt-to-equity ratio
  0.383
  0.290
  0.330
  0.370
  0.410
  0.450
  0.500
  0.530
  0.570
  0.610
  0.650
  0.680
  0.710
  0.740
  0.780
  0.810
  0.830
  0.860
  0.890
  0.910
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.060
  1.080
  1.090
  1.110
  1.130
Adjusted equity ratio
  0.393
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  402
  424
  440
  456
  473
  492
  511
  532
  554
  577
  602
  628
  655
  684
  715
  747
  781
  816
  854
  893
  934
  978
  1,024
  1,072
  1,123
  1,176
  1,232
  1,291
  1,353
  1,418
  1,486
Depreciation, amort., depletion, $m
  80
  67
  69
  72
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  147
  154
  162
  170
  178
  187
  196
  206
  216
  226
  237
  249
Funds from operations, $m
  198
  491
  509
  528
  548
  570
  593
  617
  643
  670
  699
  730
  762
  796
  831
  869
  908
  950
  994
  1,040
  1,089
  1,140
  1,194
  1,250
  1,310
  1,372
  1,438
  1,507
  1,579
  1,656
  1,736
Change in working capital, $m
  -158
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
Cash from operations, $m
  356
  474
  491
  509
  528
  548
  570
  593
  617
  643
  670
  699
  729
  761
  795
  831
  868
  908
  950
  994
  1,040
  1,088
  1,139
  1,193
  1,250
  1,309
  1,371
  1,437
  1,506
  1,579
  1,655
Maintenance CAPEX, $m
  0
  -64
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -226
  -237
New CAPEX, $m
  -80
  -24
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -108
Cash from investing activities, $m
  -109
  -88
  -91
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -168
  -175
  -184
  -193
  -203
  -213
  -223
  -235
  -246
  -258
  -271
  -285
  -299
  -314
  -329
  -345
Free cash flow, $m
  247
  386
  400
  414
  428
  444
  461
  478
  497
  517
  538
  561
  584
  609
  636
  663
  693
  724
  756
  791
  827
  865
  905
  947
  991
  1,038
  1,087
  1,138
  1,193
  1,249
  1,309
Issuance/(repayment) of debt, $m
  167
  63
  69
  74
  78
  83
  89
  94
  99
  105
  111
  117
  124
  131
  138
  145
  153
  161
  169
  178
  188
  197
  207
  218
  229
  241
  253
  266
  280
  294
  309
Issuance/(repurchase) of shares, $m
  -401
  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  
  -246
  63
  69
  74
  78
  83
  89
  94
  99
  105
  111
  117
  124
  131
  138
  145
  153
  161
  169
  178
  188
  197
  207
  218
  229
  241
  253
  266
  280
  294
  309
Total cash flow (excl. dividends), $m
  -2
  450
  469
  487
  507
  527
  549
  572
  596
  622
  649
  678
  708
  740
  773
  809
  846
  885
  926
  969
  1,014
  1,062
  1,112
  1,165
  1,221
  1,279
  1,340
  1,405
  1,472
  1,543
  1,618
Retained Cash Flow (-), $m
  -29
  -45
  -48
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -78
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -168
  -177
  -186
  -195
  -205
  -216
Prev. year cash balance distribution, $m
 
  559
  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
 
  964
  421
  436
  452
  469
  487
  507
  527
  549
  572
  596
  622
  649
  677
  707
  739
  772
  808
  845
  884
  925
  968
  1,013
  1,061
  1,111
  1,163
  1,219
  1,277
  1,338
  1,403
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
 
  924
  385
  379
  372
  364
  354
  342
  329
  315
  300
  283
  265
  247
  227
  208
  188
  168
  149
  130
  112
  96
  80
  66
  54
  43
  34
  26
  20
  15
  11
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

Varian Medical Systems, Inc. is a manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy. The Company also has Varian Particle Therapy (VPT) and the operations of the Ginzton Technology Center (GTC). Its VPT business develops, designs, manufactures, sells and services products and systems for delivering proton therapy, another form of external beam radiotherapy using proton beams for the treatment of cancer. Its ProBeam system is capable of delivering intensity modulated proton therapy (IMPT) using pencil beam scanning technology. Its ProBeam Compact is a single room proton therapy product.

FINANCIAL RATIOS  of  Varian Medical Systems (VAR)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 3.2
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 28.7
Price to Free Cash Flow 37
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.1%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 16.5%
Total Debt to Equity 38.3%
Interest Coverage 52
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 11.7%
Return On Total Capital 17.4%
Ret/ On T. Cap. - 3 Yr. Avg. 18.5%
Return On Equity 23.3%
Return On Equity - 3 Yr. Avg. 24.1%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 42.1%
EBITDA Margin 20.1%
EBITDA Margin - 3 Yr. Avg. 20.5%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 17.9%
Pre-Tax Margin 17.3%
Pre-Tax Margin - 3 Yr. Avg. 18%
Net Profit Margin 12.5%
Net Profit Margin - 3 Yr. Avg. 13%
Effective Tax Rate 27.5%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 0%

VAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VAR stock intrinsic value calculation we used $3218 million for the last fiscal year's total revenue generated by Varian Medical Systems. The default revenue input number comes from 2016 income statement of Varian Medical 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 VAR stock valuation model: a) initial revenue growth rate of 3.8% 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 VAR is calculated based on our internal credit rating of Varian Medical 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 Varian Medical 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 VAR stock the variable cost ratio is equal to 82.3%.

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 VAR 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 Varian Medical Systems.

Corporate tax rate of 27% is the nominal tax rate for Varian Medical 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 VAR 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 VAR are equal to 18.4%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Varian Medical 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 VAR is equal to 13.8%. 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 - $1741 million for Varian Medical 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 91.761 million for Varian Medical 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 Varian Medical Systems at the current share price and the inputted number of shares is $10.0 billion.

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COMPANY NEWS

▶ Varian Halcyon Treatment System Receives Shonin Approval   [Nov-16-17 08:15AM  PR Newswire]
▶ Varian Names New Chief People Officer, SVP HR   [Oct-30-17 08:15AM  PR Newswire]
▶ Mass confusion over Obamacare plans   [Oct-20-17 10:11AM  Yahoo Finance Video]
▶ Varian Publishes 2017 Sustainability Report   [Oct-02-17 08:15AM  PR Newswire]
▶ How Varian Medical Systems Is Advancing Cancer Care   [Sep-25-17 07:42AM  Market Realist]
▶ Varian Medical Systems Recent Stock Performance   [Aug-16-17 10:36AM  Market Realist]
▶ Varians Halcyon Treatment System Sees Emerging Market Demand   [Aug-15-17 10:36AM  Market Realist]
▶ A Look at Varian Medical Systems Long-Term Goals   [Aug-14-17 10:38AM  Market Realist]
▶ Key Highlights from Varian Medical Systems 3Q17 Earnings   [Aug-04-17 07:49AM  Market Realist]
▶ Varian tops 3Q profit forecasts   [Jul-26-17 10:23PM  Associated Press]
▶ Varian Medical Systems: Analyzing Its Stock Performance   [Jul-03-17 10:39AM  Market Realist]
Financial statements of VAR
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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