Intrinsic value of Dentsply Sirona - XRAY

Previous Close

$65.02

  Intrinsic Value

$39.92

stock screener

  Rating & Target

sell

-39%

Previous close

$65.02

 
Intrinsic value

$39.92

 
Up/down potential

-39%

 
Rating

sell

We calculate the intrinsic value of XRAY 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 14.9

 

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, %
  40.05
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  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
Revenue, $m
  3,745
  3,820
  3,908
  4,008
  4,121
  4,246
  4,383
  4,532
  4,694
  4,868
  5,055
  5,255
  5,468
  5,695
  5,936
  6,192
  6,464
  6,751
  7,055
  7,376
  7,714
  8,072
  8,449
  8,847
  9,266
  9,707
  10,171
  10,660
  11,174
  11,715
  12,285
Variable operating expenses, $m
 
  3,273
  3,335
  3,405
  3,484
  3,572
  3,668
  3,773
  3,886
  4,008
  4,139
  3,684
  3,833
  3,992
  4,162
  4,341
  4,531
  4,733
  4,946
  5,171
  5,408
  5,659
  5,923
  6,202
  6,496
  6,805
  7,131
  7,473
  7,834
  8,213
  8,612
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
  3,291
  3,273
  3,335
  3,405
  3,484
  3,572
  3,668
  3,773
  3,886
  4,008
  4,139
  3,684
  3,833
  3,992
  4,162
  4,341
  4,531
  4,733
  4,946
  5,171
  5,408
  5,659
  5,923
  6,202
  6,496
  6,805
  7,131
  7,473
  7,834
  8,213
  8,612
Operating income, $m
  455
  547
  573
  603
  637
  674
  715
  760
  808
  860
  916
  1,571
  1,635
  1,702
  1,775
  1,851
  1,932
  2,018
  2,109
  2,205
  2,306
  2,413
  2,526
  2,645
  2,770
  2,902
  3,040
  3,187
  3,340
  3,502
  3,672
EBITDA, $m
  727
  1,237
  1,265
  1,297
  1,334
  1,374
  1,419
  1,467
  1,519
  1,576
  1,636
  1,701
  1,770
  1,843
  1,922
  2,004
  2,092
  2,185
  2,284
  2,388
  2,497
  2,613
  2,735
  2,864
  2,999
  3,142
  3,292
  3,451
  3,617
  3,792
  3,977
Interest expense (income), $m
  37
  53
  55
  58
  61
  65
  69
  73
  78
  83
  89
  95
  101
  108
  115
  123
  131
  140
  149
  159
  169
  180
  191
  203
  216
  229
  243
  258
  274
  290
  308
Earnings before tax, $m
  441
  494
  518
  545
  575
  609
  646
  686
  730
  777
  827
  1,476
  1,533
  1,594
  1,659
  1,728
  1,801
  1,878
  1,960
  2,046
  2,137
  2,233
  2,335
  2,441
  2,554
  2,672
  2,797
  2,928
  3,066
  3,212
  3,365
Tax expense, $m
  10
  133
  140
  147
  155
  164
  174
  185
  197
  210
  223
  399
  414
  430
  448
  467
  486
  507
  529
  552
  577
  603
  630
  659
  690
  722
  755
  791
  828
  867
  908
Net income, $m
  430
  360
  378
  398
  420
  445
  472
  501
  533
  567
  604
  1,077
  1,119
  1,164
  1,211
  1,262
  1,315
  1,371
  1,431
  1,494
  1,560
  1,630
  1,704
  1,782
  1,864
  1,951
  2,042
  2,138
  2,238
  2,345
  2,456

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  385
  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
  11,556
  11,403
  11,665
  11,965
  12,301
  12,674
  13,083
  13,529
  14,011
  14,531
  15,089
  15,685
  16,322
  17,000
  17,720
  18,484
  19,294
  20,152
  21,059
  22,017
  23,028
  24,096
  25,221
  26,408
  27,658
  28,975
  30,361
  31,820
  33,356
  34,971
  36,671
Adjusted assets (=assets-cash), $m
  11,171
  11,403
  11,665
  11,965
  12,301
  12,674
  13,083
  13,529
  14,011
  14,531
  15,089
  15,685
  16,322
  17,000
  17,720
  18,484
  19,294
  20,152
  21,059
  22,017
  23,028
  24,096
  25,221
  26,408
  27,658
  28,975
  30,361
  31,820
  33,356
  34,971
  36,671
Revenue / Adjusted assets
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
Average production assets, $m
  2,059
  2,101
  2,149
  2,205
  2,267
  2,335
  2,411
  2,493
  2,582
  2,677
  2,780
  2,890
  3,007
  3,132
  3,265
  3,406
  3,555
  3,713
  3,880
  4,057
  4,243
  4,440
  4,647
  4,866
  5,096
  5,339
  5,594
  5,863
  6,146
  6,443
  6,757
Working capital, $m
  976
  623
  637
  653
  672
  692
  714
  739
  765
  793
  824
  856
  891
  928
  968
  1,009
  1,054
  1,100
  1,150
  1,202
  1,257
  1,316
  1,377
  1,442
  1,510
  1,582
  1,658
  1,738
  1,821
  1,910
  2,002
Total debt, $m
  1,532
  1,579
  1,659
  1,751
  1,854
  1,968
  2,094
  2,230
  2,377
  2,536
  2,707
  2,890
  3,084
  3,292
  3,512
  3,746
  3,994
  4,256
  4,534
  4,827
  5,137
  5,463
  5,808
  6,171
  6,553
  6,956
  7,381
  7,827
  8,297
  8,791
  9,311
Total liabilities, $m
  3,442
  3,489
  3,569
  3,661
  3,764
  3,878
  4,004
  4,140
  4,287
  4,446
  4,617
  4,800
  4,994
  5,202
  5,422
  5,656
  5,904
  6,166
  6,444
  6,737
  7,047
  7,373
  7,718
  8,081
  8,463
  8,866
  9,291
  9,737
  10,207
  10,701
  11,221
Total equity, $m
  8,114
  7,913
  8,095
  8,304
  8,537
  8,796
  9,080
  9,389
  9,724
  10,084
  10,472
  10,886
  11,327
  11,798
  12,298
  12,828
  13,390
  13,985
  14,615
  15,280
  15,982
  16,722
  17,504
  18,327
  19,195
  20,109
  21,071
  22,083
  23,149
  24,270
  25,449
Total liabilities and equity, $m
  11,556
  11,402
  11,664
  11,965
  12,301
  12,674
  13,084
  13,529
  14,011
  14,530
  15,089
  15,686
  16,321
  17,000
  17,720
  18,484
  19,294
  20,151
  21,059
  22,017
  23,029
  24,095
  25,222
  26,408
  27,658
  28,975
  30,362
  31,820
  33,356
  34,971
  36,670
Debt-to-equity ratio
  0.189
  0.200
  0.200
  0.210
  0.220
  0.220
  0.230
  0.240
  0.240
  0.250
  0.260
  0.270
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.370
Adjusted equity ratio
  0.692
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694
  0.694

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  430
  360
  378
  398
  420
  445
  472
  501
  533
  567
  604
  1,077
  1,119
  1,164
  1,211
  1,262
  1,315
  1,371
  1,431
  1,494
  1,560
  1,630
  1,704
  1,782
  1,864
  1,951
  2,042
  2,138
  2,238
  2,345
  2,456
Depreciation, amort., depletion, $m
  272
  690
  692
  695
  697
  700
  704
  707
  711
  716
  720
  130
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  209
  219
  230
  240
  252
  264
  277
  290
  304
Funds from operations, $m
  520
  1,050
  1,070
  1,092
  1,117
  1,145
  1,175
  1,209
  1,244
  1,283
  1,324
  1,208
  1,255
  1,305
  1,358
  1,415
  1,475
  1,538
  1,605
  1,676
  1,751
  1,830
  1,914
  2,001
  2,094
  2,191
  2,294
  2,402
  2,515
  2,635
  2,760
Change in working capital, $m
  -43
  12
  14
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  37
  39
  42
  44
  47
  50
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
Cash from operations, $m
  563
  1,038
  1,056
  1,076
  1,099
  1,125
  1,153
  1,184
  1,218
  1,254
  1,294
  1,175
  1,220
  1,268
  1,319
  1,373
  1,431
  1,492
  1,556
  1,624
  1,696
  1,772
  1,852
  1,937
  2,026
  2,119
  2,218
  2,322
  2,431
  2,547
  2,668
Maintenance CAPEX, $m
  0
  -93
  -95
  -97
  -99
  -102
  -105
  -109
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -230
  -240
  -252
  -264
  -277
  -290
New CAPEX, $m
  -126
  -42
  -48
  -55
  -62
  -69
  -75
  -82
  -89
  -96
  -103
  -110
  -117
  -125
  -133
  -141
  -149
  -158
  -167
  -177
  -186
  -197
  -207
  -219
  -230
  -243
  -255
  -269
  -283
  -298
  -313
Cash from investing activities, $m
  60
  -135
  -143
  -152
  -161
  -171
  -180
  -191
  -201
  -212
  -224
  -235
  -247
  -260
  -274
  -288
  -302
  -318
  -334
  -352
  -369
  -388
  -407
  -428
  -449
  -473
  -495
  -521
  -547
  -575
  -603
Free cash flow, $m
  623
  903
  913
  924
  938
  954
  973
  994
  1,017
  1,042
  1,070
  940
  973
  1,008
  1,045
  1,085
  1,128
  1,173
  1,222
  1,273
  1,327
  1,384
  1,445
  1,509
  1,576
  1,647
  1,722
  1,801
  1,884
  1,972
  2,064
Issuance/(repayment) of debt, $m
  299
  68
  80
  92
  103
  114
  125
  136
  148
  159
  171
  183
  195
  207
  220
  234
  248
  262
  277
  293
  310
  327
  344
  363
  383
  403
  424
  447
  470
  494
  520
Issuance/(repurchase) of shares, $m
  -773
  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  
  -461
  68
  80
  92
  103
  114
  125
  136
  148
  159
  171
  183
  195
  207
  220
  234
  248
  262
  277
  293
  310
  327
  344
  363
  383
  403
  424
  447
  470
  494
  520
Total cash flow (excl. dividends), $m
  164
  972
  993
  1,016
  1,041
  1,068
  1,098
  1,130
  1,164
  1,201
  1,241
  1,122
  1,167
  1,215
  1,266
  1,319
  1,376
  1,436
  1,499
  1,566
  1,636
  1,711
  1,789
  1,872
  1,959
  2,050
  2,146
  2,248
  2,354
  2,466
  2,584
Retained Cash Flow (-), $m
  -5,776
  -163
  -182
  -208
  -234
  -259
  -284
  -309
  -335
  -361
  -387
  -414
  -442
  -470
  -500
  -530
  -562
  -595
  -629
  -665
  -702
  -741
  -781
  -823
  -868
  -914
  -962
  -1,013
  -1,066
  -1,121
  -1,179
Prev. year cash balance distribution, $m
 
  364
  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
 
  1,172
  811
  808
  807
  809
  814
  821
  830
  841
  854
  708
  726
  745
  766
  789
  814
  841
  870
  901
  934
  970
  1,008
  1,048
  1,091
  1,136
  1,184
  1,235
  1,289
  1,345
  1,405
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
 
  1,124
  742
  703
  665
  627
  591
  554
  519
  483
  448
  336
  310
  283
  257
  232
  207
  183
  160
  139
  119
  100
  84
  69
  56
  44
  35
  27
  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

DENTSPLY SIRONA Inc. is a manufacturer of professional dental products and technologies. The Company develops, manufactures, and markets solutions offering, including dental and oral health products, as well as other consumable medical devices. It operates through two segments: Dental and Healthcare Consumables, and Technologies. The dental industry encompasses the diagnosis, treatment and prevention of disease and ailments of the teeth, gums and supporting bone. Its principal dental product categories are dental consumable products, dental laboratory products, dental specialty products and dental equipment. Additionally, its consumable medical device products are used for urological and surgical applications. These products are produced by the Company in the United States and internationally and are distributed throughout the world under various brand names, including ANKYLOS, AQUASIL ULTRA, ARTICADENT, ATLANTIS, CALIBRA, CAULK, CAVITRON, CELTRA, DELTON, DENTSPLY, DETREY and DYRACT.

FINANCIAL RATIOS  of  Dentsply Sirona (XRAY)

Valuation Ratios
P/E Ratio 34.8
Price to Sales 4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 26.6
Price to Free Cash Flow 34.2
Growth Rates
Sales Growth Rate 40.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 4.5%
Financial Strength
Quick Ratio 18
Current Ratio 0
LT Debt to Equity 18.6%
Total Debt to Equity 18.9%
Interest Coverage 13
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 53.4%
Gross Margin - 3 Yr. Avg. 55%
EBITDA Margin 20%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 12.6%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 2.3%
Eff/ Tax Rate - 3 Yr. Avg. 15.2%
Payout Ratio 15.1%

XRAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XRAY stock intrinsic value calculation we used $3745 million for the last fiscal year's total revenue generated by Dentsply Sirona. The default revenue input number comes from 2016 income statement of Dentsply Sirona. 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 XRAY stock valuation model: a) initial revenue growth rate of 2% 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 XRAY is calculated based on our internal credit rating of Dentsply Sirona, 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 Dentsply Sirona.
    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 XRAY stock the variable cost ratio is equal to 86%.

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 XRAY 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 Dentsply Sirona.

Corporate tax rate of 27% is the nominal tax rate for Dentsply Sirona. 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 XRAY 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 XRAY are equal to 55%.

Life of production assets of 22.2 years is the average useful life of capital assets used in Dentsply Sirona 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 XRAY is equal to 16.3%. 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 - $8114 million for Dentsply Sirona - 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 229.463 million for Dentsply Sirona 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 Dentsply Sirona at the current share price and the inputted number of shares is $14.9 billion.

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COMPANY NEWS

▶ With Innovation Booming, Dental Stocks Will Make You Smile   [Dec-05-17 02:18PM  GuruFocus.com]
▶ Weekly CFO Buys Highlight   [Nov-25-17 03:34PM  GuruFocus.com]
▶ Dentsply Sirona Sees Relative Strength Rating Rise To 72   [03:00AM  Investor's Business Daily]
▶ Stock Market News For Nov 6, 2017   [Nov-06-17 10:02AM  Zacks]
▶ AIG and Pandora skid while Apple and Dentsply rise   [Nov-03-17 04:52PM  Associated Press]
▶ Dentsply tops Street 3Q forecasts   [07:20AM  Associated Press]
▶ Mass confusion over Obamacare plans   [Oct-20-17 10:11AM  Yahoo Finance Video]
▶ [$$] Behind Unusual Ouster of Company's Top Three Leaders: A Soured Merger   [Oct-03-17 01:10PM  The Wall Street Journal]
▶ A Kick in the Teeth from Dentsply   [12:44PM  The Wall Street Journal]
▶ Dentsply Sirona Announces Leadership Changes   [07:30AM  GlobeNewswire]
▶ Dentsply Sirona Stock Recovering from Recent 52-Week Low   [Sep-25-17 10:39AM  Market Realist]
▶ New Strong Sell Stocks for September 12th   [Sep-12-17 08:22AM  Zacks]
▶ Discussing Dentsply Sironas Recent Stock Performance   [Aug-17-17 10:37AM  Market Realist]
▶ Dentsply Sironas Technologies Segment Sales Declined in 2Q17   [Aug-16-17 10:37AM  Market Realist]
▶ Dentsply Sironas 2Q17 Results: Key Highlights   [07:37AM  Market Realist]
▶ The Biggest Loser: Dentsply Sirona Drops 8.4%   [Aug-09-17 04:27PM  Barrons.com]
▶ Dentsply reports 2Q loss   [11:41AM  Associated Press]
Financial statements of XRAY
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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