Intrinsic value of WellCare Health Plans - WCG

Previous Close

$207.34

  Intrinsic Value

$187.43

stock screener

  Rating & Target

hold

-10%

Previous close

$207.34

 
Intrinsic value

$187.43

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of WCG 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 9.2

 

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, %
  2.50
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  0
  14,593
  14,994
  15,440
  15,931
  16,466
  17,046
  17,672
  18,345
  19,064
  19,833
  20,652
  21,522
  22,446
  23,426
  24,463
  25,561
  26,720
  27,945
  29,237
  30,600
  32,037
  33,552
  35,147
  36,826
  38,594
  40,454
  42,412
  44,471
  46,636
  48,913
Variable operating expenses, $m
 
  6,478
  6,655
  6,852
  7,069
  7,305
  7,561
  7,837
  8,134
  8,451
  8,790
  9,112
  9,496
  9,904
  10,337
  10,794
  11,278
  11,790
  12,330
  12,901
  13,502
  14,136
  14,804
  15,508
  16,249
  17,029
  17,850
  18,714
  19,622
  20,578
  21,582
Fixed operating expenses, $m
 
  7,764
  7,958
  8,157
  8,361
  8,570
  8,785
  9,004
  9,229
  9,460
  9,697
  9,939
  10,188
  10,442
  10,703
  10,971
  11,245
  11,526
  11,814
  12,110
  12,413
  12,723
  13,041
  13,367
  13,701
  14,044
  14,395
  14,755
  15,123
  15,502
  15,889
Total operating expenses, $m
  13,708
  14,242
  14,613
  15,009
  15,430
  15,875
  16,346
  16,841
  17,363
  17,911
  18,487
  19,051
  19,684
  20,346
  21,040
  21,765
  22,523
  23,316
  24,144
  25,011
  25,915
  26,859
  27,845
  28,875
  29,950
  31,073
  32,245
  33,469
  34,745
  36,080
  37,471
Operating income, $m
  530
  350
  380
  431
  501
  591
  701
  831
  981
  1,153
  1,346
  1,600
  1,838
  2,100
  2,386
  2,698
  3,037
  3,404
  3,800
  4,227
  4,686
  5,178
  5,706
  6,272
  6,876
  7,521
  8,210
  8,943
  9,725
  10,557
  11,442
EBITDA, $m
  618
  425
  456
  507
  579
  670
  781
  913
  1,065
  1,238
  1,433
  1,650
  1,890
  2,154
  2,443
  2,758
  3,099
  3,469
  3,868
  4,298
  4,760
  5,256
  5,788
  6,357
  6,965
  7,615
  8,307
  9,046
  9,833
  10,670
  11,560
Interest expense (income), $m
  57
  52
  57
  63
  70
  78
  86
  95
  104
  114
  125
  137
  149
  162
  176
  191
  207
  224
  241
  260
  279
  300
  322
  345
  369
  395
  421
  450
  479
  510
  543
Earnings before tax, $m
  530
  298
  323
  367
  431
  513
  615
  736
  877
  1,039
  1,221
  1,464
  1,689
  1,938
  2,210
  2,507
  2,830
  3,180
  3,559
  3,967
  4,406
  4,878
  5,385
  5,927
  6,507
  7,127
  7,788
  8,494
  9,246
  10,046
  10,898
Tax expense, $m
  288
  81
  87
  99
  116
  139
  166
  199
  237
  280
  330
  395
  456
  523
  597
  677
  764
  859
  961
  1,071
  1,190
  1,317
  1,454
  1,600
  1,757
  1,924
  2,103
  2,293
  2,496
  2,713
  2,943
Net income, $m
  242
  218
  236
  268
  314
  375
  449
  538
  641
  758
  891
  1,068
  1,233
  1,414
  1,613
  1,830
  2,066
  2,322
  2,598
  2,896
  3,217
  3,561
  3,931
  4,327
  4,750
  5,202
  5,685
  6,201
  6,749
  7,334
  7,956

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  6,153
  6,306
  6,480
  6,673
  6,885
  7,116
  7,367
  7,637
  7,928
  8,239
  8,571
  8,925
  9,301
  9,700
  10,124
  10,572
  11,046
  11,547
  12,076
  12,635
  13,224
  13,845
  14,499
  15,189
  15,914
  16,678
  17,482
  18,328
  19,218
  20,154
  21,138
Adjusted assets (=assets-cash), $m
  6,153
  6,306
  6,480
  6,673
  6,885
  7,116
  7,367
  7,637
  7,928
  8,239
  8,571
  8,925
  9,301
  9,700
  10,124
  10,572
  11,046
  11,547
  12,076
  12,635
  13,224
  13,845
  14,499
  15,189
  15,914
  16,678
  17,482
  18,328
  19,218
  20,154
  21,138
Revenue / Adjusted assets
  0.000
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
  2.314
Average production assets, $m
  215
  219
  225
  232
  239
  247
  256
  265
  275
  286
  297
  310
  323
  337
  351
  367
  383
  401
  419
  439
  459
  481
  503
  527
  552
  579
  607
  636
  667
  700
  734
Working capital, $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
  0
Total debt, $m
  998
  1,102
  1,219
  1,349
  1,492
  1,648
  1,817
  2,000
  2,196
  2,406
  2,630
  2,869
  3,123
  3,393
  3,678
  3,981
  4,301
  4,639
  4,997
  5,374
  5,771
  6,190
  6,632
  7,097
  7,587
  8,103
  8,646
  9,217
  9,817
  10,449
  11,113
Total liabilities, $m
  4,153
  4,257
  4,374
  4,504
  4,647
  4,803
  4,972
  5,155
  5,351
  5,561
  5,785
  6,024
  6,278
  6,548
  6,833
  7,136
  7,456
  7,794
  8,152
  8,529
  8,926
  9,345
  9,787
  10,252
  10,742
  11,258
  11,801
  12,372
  12,972
  13,604
  14,268
Total equity, $m
  2,000
  2,050
  2,106
  2,169
  2,237
  2,313
  2,394
  2,482
  2,576
  2,678
  2,786
  2,901
  3,023
  3,153
  3,290
  3,436
  3,590
  3,753
  3,925
  4,106
  4,298
  4,500
  4,712
  4,936
  5,172
  5,420
  5,682
  5,957
  6,246
  6,550
  6,870
Total liabilities and equity, $m
  6,153
  6,307
  6,480
  6,673
  6,884
  7,116
  7,366
  7,637
  7,927
  8,239
  8,571
  8,925
  9,301
  9,701
  10,123
  10,572
  11,046
  11,547
  12,077
  12,635
  13,224
  13,845
  14,499
  15,188
  15,914
  16,678
  17,483
  18,329
  19,218
  20,154
  21,138
Debt-to-equity ratio
  0.499
  0.540
  0.580
  0.620
  0.670
  0.710
  0.760
  0.810
  0.850
  0.900
  0.940
  0.990
  1.030
  1.080
  1.120
  1.160
  1.200
  1.240
  1.270
  1.310
  1.340
  1.380
  1.410
  1.440
  1.470
  1.490
  1.520
  1.550
  1.570
  1.600
  1.620
Adjusted equity ratio
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  242
  218
  236
  268
  314
  375
  449
  538
  641
  758
  891
  1,068
  1,233
  1,414
  1,613
  1,830
  2,066
  2,322
  2,598
  2,896
  3,217
  3,561
  3,931
  4,327
  4,750
  5,202
  5,685
  6,201
  6,749
  7,334
  7,956
Depreciation, amort., depletion, $m
  88
  75
  76
  77
  78
  79
  81
  82
  84
  85
  87
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  103
  108
  113
  118
Funds from operations, $m
  1,103
  292
  311
  345
  392
  454
  530
  620
  724
  844
  978
  1,118
  1,285
  1,469
  1,670
  1,889
  2,128
  2,386
  2,666
  2,967
  3,291
  3,639
  4,012
  4,412
  4,839
  5,296
  5,783
  6,303
  6,857
  7,447
  8,074
Change in working capital, $m
  355
  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 operations, $m
  748
  292
  311
  345
  392
  454
  530
  620
  724
  844
  978
  1,118
  1,285
  1,469
  1,670
  1,889
  2,128
  2,386
  2,666
  2,967
  3,291
  3,639
  4,012
  4,412
  4,839
  5,296
  5,783
  6,303
  6,857
  7,447
  8,074
Maintenance CAPEX, $m
  0
  -35
  -35
  -36
  -37
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
New CAPEX, $m
  -105
  -4
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
Cash from investing activities, $m
  -27
  -39
  -41
  -43
  -44
  -47
  -49
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -147
Free cash flow, $m
  721
  253
  270
  302
  348
  407
  481
  569
  671
  789
  921
  1,058
  1,222
  1,403
  1,601
  1,817
  2,052
  2,307
  2,583
  2,880
  3,199
  3,543
  3,912
  4,306
  4,729
  5,180
  5,662
  6,176
  6,723
  7,307
  7,927
Issuance/(repayment) of debt, $m
  -203
  104
  117
  130
  143
  156
  169
  183
  196
  210
  224
  239
  254
  270
  286
  303
  320
  338
  357
  377
  398
  419
  442
  465
  490
  516
  543
  571
  601
  632
  664
Issuance/(repurchase) of shares, $m
  -7
  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  
  833
  104
  117
  130
  143
  156
  169
  183
  196
  210
  224
  239
  254
  270
  286
  303
  320
  338
  357
  377
  398
  419
  442
  465
  490
  516
  543
  571
  601
  632
  664
Total cash flow (excl. dividends), $m
  1,554
  357
  387
  432
  491
  563
  650
  752
  868
  999
  1,145
  1,297
  1,476
  1,672
  1,887
  2,120
  2,372
  2,645
  2,940
  3,257
  3,597
  3,962
  4,353
  4,772
  5,219
  5,696
  6,205
  6,747
  7,324
  7,938
  8,591
Retained Cash Flow (-), $m
  -272
  -50
  -56
  -63
  -69
  -75
  -81
  -88
  -94
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -154
  -163
  -172
  -182
  -191
  -202
  -213
  -224
  -236
  -248
  -261
  -275
  -289
  -304
  -320
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
 
  308
  331
  369
  422
  488
  569
  664
  773
  897
  1,037
  1,182
  1,354
  1,543
  1,749
  1,974
  2,218
  2,482
  2,768
  3,075
  3,406
  3,760
  4,141
  4,548
  4,983
  5,448
  5,943
  6,472
  7,035
  7,634
  8,271
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  291
  295
  309
  328
  351
  376
  400
  421
  439
  451
  452
  452
  444
  429
  408
  381
  349
  315
  278
  241
  205
  171
  139
  110
  86
  65
  48
  35
  24
  16
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

WellCare Health Plans, Inc. is a managed care company. The Company focuses on government-sponsored managed care services, primarily through Medicaid, Medicare Advantage (MA) and Medicare Prescription Drug Plans (PDPs), to families, children, seniors and individuals with medical needs. The Company operates through three segments: Medicaid Health Plans, Medicare Health Plans and Medicare PDPs. As of December 31, 2016, it served approximately 3.9 million members in 50 states and the District of Columbia. As of December 31, 2016, it operated Medicaid health plans in Arizona, Florida, Georgia, Hawaii, Illinois, Kentucky, Missouri, New Jersey, New York and South Carolina. As of December 31, 2016, it offered MA coordinated care plans (CCPs) in certain counties in Arizona, Arkansas, California, Connecticut, Florida, Georgia, Hawaii, Illinois, Kentucky, Louisiana, Mississippi, New Jersey, New York, South Carolina, Tennessee and Texas.

FINANCIAL RATIOS  of  WellCare Health Plans (WCG)

Valuation Ratios
P/E Ratio 37.9
Price to Sales 0.6
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 14.3
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.4%
Cap. Spend. - 3 Yr. Gr. Rate 11.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 49.9%
Total Debt to Equity 49.9%
Interest Coverage 10
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 1%
Effective Tax Rate 54.3%
Eff/ Tax Rate - 3 Yr. Avg. 61%
Payout Ratio 0%

WCG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WCG stock intrinsic value calculation we used $14237 million for the last fiscal year's total revenue generated by WellCare Health Plans. The default revenue input number comes from 2016 income statement of WellCare Health Plans. 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 WCG stock valuation model: a) initial revenue growth rate of 2.5% 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 5.6%, whose default value for WCG is calculated based on our internal credit rating of WellCare Health Plans, 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 WellCare Health Plans.
    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 WCG stock the variable cost ratio is equal to 44.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7575 million in the base year in the intrinsic value calculation for WCG 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 5.2% for WellCare Health Plans.

Corporate tax rate of 27% is the nominal tax rate for WellCare Health Plans. 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 WCG 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 WCG are equal to 1.5%.

Life of production assets of 6.2 years is the average useful life of capital assets used in WellCare Health Plans 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 WCG is equal to 0%. 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 - $2000 million for WellCare Health Plans - 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 44.483 million for WellCare Health Plans 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 WellCare Health Plans at the current share price and the inputted number of shares is $9.2 billion.

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COMPANY NEWS

▶ Judge sentences former WellCare top lawyer on false statements charge   [Nov-22-17 02:40PM  American City Business Journals]
▶ Harmony Health Plan Names Patrick Burke COO   [Nov-20-17 08:30AM  PR Newswire]
▶ New Strong Buy Stocks for November 6th   [Nov-06-17 08:51AM  Zacks]
▶ No tricks, all treats for WellCare, MarineMax stocks on Halloween   [08:33AM  American City Business Journals]
▶ Heres why health care premiums could jump 30%   [Oct-31-17 12:40PM  Yahoo Finance Video]
▶ WellCare tops 3Q profit forecasts   [05:57AM  Associated Press]
▶ Nasdaq Leaps 2.2% To Record High As Technology Darlings Rally   [Oct-27-17 04:18PM  Investor's Business Daily]
▶ Why Kiran Patel is selling his health insurance companies to Anthem   [07:15AM  American City Business Journals]
▶ Trump to unwind Obamacare with new exec. order   [Oct-12-17 01:18PM  Yahoo Finance Video]
▶ Here are the new public faces of Tech Data, WellCare   [01:25PM  American City Business Journals]
▶ Why the Republicans bomb on health care   [11:24AM  Yahoo Finance]
▶ WellCare Weathers Hurricane Irma   [Sep-11-17 01:19PM  PR Newswire]
Financial statements of WCG
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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