Intrinsic value of Zoetis - ZTS

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$62.61

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$62.61

 
Intrinsic value

$11.63

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ZTS 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 31.2

 

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, %
  2.58
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  4,888
  5,176
  5,477
  5,791
  6,118
  6,461
  6,818
  7,191
  7,582
  7,990
  8,418
  8,865
  9,333
  9,824
  10,337
  10,876
  11,439
  12,031
  12,650
  13,300
  13,981
  14,695
  15,444
  16,230
  17,055
  17,920
  18,827
  19,780
  20,779
  21,828
  22,928
Variable operating expenses, $m
 
  4,578
  4,835
  5,103
  5,384
  5,676
  5,982
  6,302
  6,636
  6,985
  7,351
  7,586
  7,987
  8,406
  8,846
  9,306
  9,789
  10,295
  10,825
  11,381
  11,963
  12,575
  13,216
  13,888
  14,594
  15,334
  16,111
  16,926
  17,781
  18,678
  19,620
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
  3,660
  4,578
  4,835
  5,103
  5,384
  5,676
  5,982
  6,302
  6,636
  6,985
  7,351
  7,586
  7,987
  8,406
  8,846
  9,306
  9,789
  10,295
  10,825
  11,381
  11,963
  12,575
  13,216
  13,888
  14,594
  15,334
  16,111
  16,926
  17,781
  18,678
  19,620
Operating income, $m
  1,228
  599
  642
  688
  735
  784
  836
  890
  946
  1,005
  1,067
  1,279
  1,347
  1,418
  1,492
  1,569
  1,651
  1,736
  1,825
  1,919
  2,017
  2,121
  2,229
  2,342
  2,461
  2,586
  2,717
  2,854
  2,998
  3,150
  3,309
EBITDA, $m
  1,468
  908
  961
  1,016
  1,073
  1,133
  1,196
  1,261
  1,330
  1,401
  1,476
  1,555
  1,637
  1,723
  1,813
  1,907
  2,006
  2,110
  2,218
  2,332
  2,452
  2,577
  2,708
  2,846
  2,991
  3,143
  3,302
  3,469
  3,644
  3,828
  4,021
Interest expense (income), $m
  165
  156
  169
  182
  196
  211
  226
  242
  258
  275
  293
  312
  332
  353
  374
  397
  421
  445
  472
  499
  528
  558
  589
  622
  657
  693
  731
  771
  813
  858
  904
Earnings before tax, $m
  1,228
  442
  473
  505
  539
  573
  610
  648
  688
  730
  773
  967
  1,015
  1,065
  1,118
  1,173
  1,230
  1,291
  1,354
  1,420
  1,490
  1,563
  1,640
  1,720
  1,804
  1,893
  1,985
  2,083
  2,185
  2,292
  2,405
Tax expense, $m
  409
  119
  128
  136
  145
  155
  165
  175
  186
  197
  209
  261
  274
  288
  302
  317
  332
  348
  366
  383
  402
  422
  443
  464
  487
  511
  536
  562
  590
  619
  649
Net income, $m
  821
  323
  345
  369
  393
  419
  445
  473
  502
  533
  565
  706
  741
  777
  816
  856
  898
  942
  988
  1,037
  1,088
  1,141
  1,197
  1,256
  1,317
  1,382
  1,449
  1,520
  1,595
  1,673
  1,755

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  727
  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
  7,649
  7,332
  7,758
  8,202
  8,666
  9,151
  9,657
  10,186
  10,739
  11,318
  11,923
  12,557
  13,220
  13,915
  14,642
  15,404
  16,203
  17,040
  17,918
  18,838
  19,803
  20,815
  21,876
  22,989
  24,157
  25,382
  26,668
  28,017
  29,432
  30,918
  32,476
Adjusted assets (=assets-cash), $m
  6,922
  7,332
  7,758
  8,202
  8,666
  9,151
  9,657
  10,186
  10,739
  11,318
  11,923
  12,557
  13,220
  13,915
  14,642
  15,404
  16,203
  17,040
  17,918
  18,838
  19,803
  20,815
  21,876
  22,989
  24,157
  25,382
  26,668
  28,017
  29,432
  30,918
  32,476
Revenue / Adjusted assets
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
Average production assets, $m
  2,553
  2,702
  2,859
  3,023
  3,194
  3,372
  3,559
  3,754
  3,958
  4,171
  4,394
  4,628
  4,872
  5,128
  5,396
  5,677
  5,971
  6,280
  6,603
  6,942
  7,298
  7,671
  8,062
  8,472
  8,903
  9,354
  9,828
  10,325
  10,847
  11,394
  11,969
Working capital, $m
  2,273
  1,636
  1,731
  1,830
  1,933
  2,042
  2,154
  2,272
  2,396
  2,525
  2,660
  2,801
  2,949
  3,104
  3,267
  3,437
  3,615
  3,802
  3,997
  4,203
  4,418
  4,644
  4,880
  5,129
  5,389
  5,663
  5,949
  6,250
  6,566
  6,898
  7,245
Total debt, $m
  4,468
  4,831
  5,211
  5,606
  6,019
  6,450
  6,901
  7,372
  7,864
  8,379
  8,918
  9,482
  10,072
  10,690
  11,338
  12,016
  12,727
  13,472
  14,253
  15,072
  15,931
  16,831
  17,776
  18,766
  19,806
  20,896
  22,040
  23,241
  24,501
  25,823
  27,210
Total liabilities, $m
  6,162
  6,525
  6,905
  7,300
  7,713
  8,144
  8,595
  9,066
  9,558
  10,073
  10,612
  11,176
  11,766
  12,384
  13,032
  13,710
  14,421
  15,166
  15,947
  16,766
  17,625
  18,525
  19,470
  20,460
  21,500
  22,590
  23,734
  24,935
  26,195
  27,517
  28,904
Total equity, $m
  1,487
  807
  853
  902
  953
  1,007
  1,062
  1,120
  1,181
  1,245
  1,312
  1,381
  1,454
  1,531
  1,611
  1,694
  1,782
  1,874
  1,971
  2,072
  2,178
  2,290
  2,406
  2,529
  2,657
  2,792
  2,933
  3,082
  3,238
  3,401
  3,572
Total liabilities and equity, $m
  7,649
  7,332
  7,758
  8,202
  8,666
  9,151
  9,657
  10,186
  10,739
  11,318
  11,924
  12,557
  13,220
  13,915
  14,643
  15,404
  16,203
  17,040
  17,918
  18,838
  19,803
  20,815
  21,876
  22,989
  24,157
  25,382
  26,667
  28,017
  29,433
  30,918
  32,476
Debt-to-equity ratio
  3.005
  5.990
  6.110
  6.210
  6.310
  6.410
  6.500
  6.580
  6.660
  6.730
  6.800
  6.860
  6.930
  6.980
  7.040
  7.090
  7.140
  7.190
  7.230
  7.270
  7.310
  7.350
  7.390
  7.420
  7.450
  7.480
  7.510
  7.540
  7.570
  7.590
  7.620
Adjusted equity ratio
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  821
  323
  345
  369
  393
  419
  445
  473
  502
  533
  565
  706
  741
  777
  816
  856
  898
  942
  988
  1,037
  1,088
  1,141
  1,197
  1,256
  1,317
  1,382
  1,449
  1,520
  1,595
  1,673
  1,755
Depreciation, amort., depletion, $m
  240
  309
  318
  328
  338
  349
  360
  372
  384
  396
  410
  275
  290
  305
  321
  338
  355
  374
  393
  413
  434
  457
  480
  504
  530
  557
  585
  615
  646
  678
  712
Funds from operations, $m
  274
  632
  664
  697
  731
  767
  805
  845
  886
  929
  974
  981
  1,031
  1,083
  1,137
  1,194
  1,253
  1,316
  1,381
  1,450
  1,522
  1,598
  1,677
  1,760
  1,847
  1,938
  2,034
  2,135
  2,241
  2,352
  2,468
Change in working capital, $m
  -439
  91
  95
  99
  104
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
  196
  205
  215
  226
  237
  248
  261
  273
  287
  301
  316
  331
  348
Cash from operations, $m
  713
  597
  569
  598
  628
  659
  692
  727
  762
  800
  839
  840
  883
  928
  975
  1,024
  1,075
  1,129
  1,186
  1,245
  1,307
  1,372
  1,440
  1,511
  1,586
  1,665
  1,748
  1,834
  1,925
  2,020
  2,120
Maintenance CAPEX, $m
  0
  -152
  -161
  -170
  -180
  -190
  -201
  -212
  -223
  -236
  -248
  -262
  -275
  -290
  -305
  -321
  -338
  -355
  -374
  -393
  -413
  -434
  -457
  -480
  -504
  -530
  -557
  -585
  -615
  -646
  -678
New CAPEX, $m
  -216
  -149
  -157
  -164
  -171
  -179
  -187
  -195
  -204
  -213
  -223
  -233
  -244
  -256
  -268
  -281
  -294
  -309
  -323
  -339
  -356
  -373
  -391
  -410
  -430
  -452
  -474
  -497
  -522
  -547
  -575
Cash from investing activities, $m
  -214
  -301
  -318
  -334
  -351
  -369
  -388
  -407
  -427
  -449
  -471
  -495
  -519
  -546
  -573
  -602
  -632
  -664
  -697
  -732
  -769
  -807
  -848
  -890
  -934
  -982
  -1,031
  -1,082
  -1,137
  -1,193
  -1,253
Free cash flow, $m
  499
  296
  251
  264
  277
  291
  305
  320
  335
  351
  368
  345
  363
  382
  401
  422
  443
  465
  488
  513
  538
  565
  592
  621
  652
  684
  717
  752
  789
  827
  867
Issuance/(repayment) of debt, $m
  -405
  363
  379
  396
  413
  431
  450
  471
  492
  515
  539
  564
  590
  618
  648
  678
  711
  745
  781
  819
  859
  901
  944
  991
  1,039
  1,090
  1,144
  1,201
  1,260
  1,322
  1,387
Issuance/(repurchase) of shares, $m
  -300
  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  
  -715
  363
  379
  396
  413
  431
  450
  471
  492
  515
  539
  564
  590
  618
  648
  678
  711
  745
  781
  819
  859
  901
  944
  991
  1,039
  1,090
  1,144
  1,201
  1,260
  1,322
  1,387
Total cash flow (excl. dividends), $m
  -239
  659
  630
  659
  690
  722
  755
  791
  827
  866
  907
  909
  953
  1,000
  1,049
  1,100
  1,154
  1,210
  1,269
  1,332
  1,397
  1,465
  1,537
  1,612
  1,691
  1,774
  1,861
  1,952
  2,048
  2,149
  2,255
Retained Cash Flow (-), $m
  -419
  -47
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -171
Prev. year cash balance distribution, $m
 
  727
  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
 
  1,340
  583
  610
  639
  669
  700
  732
  767
  802
  840
  839
  880
  924
  969
  1,016
  1,066
  1,118
  1,173
  1,230
  1,291
  1,354
  1,420
  1,490
  1,563
  1,639
  1,720
  1,804
  1,893
  1,986
  2,083
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  1,238
  494
  471
  444
  416
  385
  353
  320
  287
  254
  211
  182
  155
  129
  106
  86
  68
  53
  40
  30
  22
  15
  11
  7
  5
  3
  2
  1
  1
  0
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

Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals in the United States and internationally. It offers anti-infectives that prevent, kill, or slow the growth of bacteria, fungi, or protozoa; vaccines, which are biological preparations to prevent diseases of the respiratory, gastrointestinal, and reproductive tracts or induce a specific immune response; and parasiticides that prevent or eliminate external and internal parasites, such as fleas, ticks, and worms. The company also provides medicated feed additives that offer medicines to livestock; and other pharmaceutical products, including pain and sedation, oncology, antiemetic, allergy and dermatology, and reproductive products. In addition, it offers other product categories comprising nutritionals and agribusiness services, as well as products and services in complementary areas consisting of biodevices, diagnostics, and genetics. The company markets its products to veterinarians and livestock producers through its sales representatives, and technical and veterinary operations specialists. Zoetis Inc. was founded in 1952 and is headquartered in Parsippany, New Jersey.

FINANCIAL RATIOS  of  Zoetis (ZTS)

Valuation Ratios
P/E Ratio 37.6
Price to Sales 6.3
Price to Book 20.8
Price to Tangible Book
Price to Cash Flow 43.3
Price to Free Cash Flow 62.1
Growth Rates
Sales Growth Rate 2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 300.5%
Total Debt to Equity 300.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 13.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.8%
Return On Equity 64.3%
Return On Equity - 3 Yr. Avg. 48.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 65.9%
Gross Margin - 3 Yr. Avg. 64.5%
EBITDA Margin 33.4%
EBITDA Margin - 3 Yr. Avg. 25.1%
Operating Margin 25.1%
Oper. Margin - 3 Yr. Avg. 17.9%
Pre-Tax Margin 25.1%
Pre-Tax Margin - 3 Yr. Avg. 17.9%
Net Profit Margin 16.8%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 22.9%

ZTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZTS stock intrinsic value calculation we used $4888 million for the last fiscal year's total revenue generated by Zoetis. The default revenue input number comes from 2016 income statement of Zoetis. 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 ZTS stock valuation model: a) initial revenue growth rate of 5.9% 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 8.2%, whose default value for ZTS is calculated based on our internal credit rating of Zoetis, 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 Zoetis.
    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 ZTS stock the variable cost ratio is equal to 88.6%.

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 ZTS 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 Zoetis.

Corporate tax rate of 27% is the nominal tax rate for Zoetis. 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 ZTS 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 ZTS are equal to 52.2%.

Life of production assets of 16.8 years is the average useful life of capital assets used in Zoetis 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 ZTS is equal to 31.6%. 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 - $1487 million for Zoetis - 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 497.763 million for Zoetis 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 Zoetis at the current share price and the inputted number of shares is $31.2 billion.


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COMPANY NEWS

▶ 3 Top Animal-Health Companies to Buy in 2017   [May-21-17 03:02PM  Motley Fool]
▶ Inside Zoetiss Growth Strategy in 2017   [May-18-17 10:36AM  Market Realist]
▶ Whats Really Driving Zoetiss Margins in 2017?   [09:06AM  Market Realist]
▶ Inside Zoetiss Key Revenue Drivers   [09:07AM  Market Realist]
▶ Inside the Analysts Recommendations for Zoetis in May 2017   [May-16-17 05:03PM  Market Realist]
▶ Zoetis: Cramer's Top Takeaways   [06:24AM  TheStreet.com]
▶ Cramer Remix: Why China may have just beaten Washington   [May-15-17 07:21PM  CNBC Videos]
▶ Zoetis Declares Third Quarter 2017 Dividend   [May-11-17 04:26PM  Business Wire]
▶ Zoetis Holds Annual Meeting of Shareholders   [12:00PM  Business Wire]
▶ Bill Ackman Comments on Zoetis   [May-08-17 04:56PM  GuruFocus.com]
▶ Zoetis beats Street 1Q forecasts   [07:17AM  Associated Press]
▶ Zoetis Announces First Quarter 2017 Results   [07:00AM  Business Wire]
▶ Zoetis, Inc. Value Analysis (NYSE:ZTS) : April 21, 2017   [Apr-21-17 03:58PM  Capital Cube]
▶ Zoetis to Participate in the Jefferies Animal Health Summit   [Mar-21-17 08:30AM  Business Wire]
▶ BMO Asset Management Opens the Market   [Feb-28-17 10:30AM  Business Wire]
▶ Zoetis Declares Second Quarter 2017 Dividend   [04:22PM  Business Wire]
▶ BMO Asset Management to Launch New ETFs on NEO   [Feb-07-17 09:00AM  Business Wire]
▶ Zoetis Stock Trades Ex-Dividend Wednesday   [Jan-15-17 02:10PM  at Investopedia]
▶ With Sanofi swap done, Boehringer Ingelheim leads U.S. pet health   [Jan-03-17 01:45PM  at bizjournals.com]
▶ Zoetis Receives USDA License for CYTOPOINT   [04:30PM  Business Wire]
▶ Avoid These Billionaire George Soros Stock Picks   [Dec-15-16 11:32AM  at Insider Monkey]
Stock chart of ZTS Financial statements of ZTS Annual reports of ZTS
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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