Intrinsic value of Zoetis - ZTS

Previous Close

$80.76

  Intrinsic Value

$13.36

stock screener

  Rating & Target

str. sell

-83%

Previous close

$80.76

 
Intrinsic value

$13.36

 
Up/down potential

-83%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  4,888
  5,303
  5,736
  6,185
  6,652
  7,138
  7,642
  8,166
  8,711
  9,278
  9,868
  10,482
  11,121
  11,787
  12,481
  13,205
  13,960
  14,749
  15,572
  16,433
  17,332
  18,272
  19,256
  20,285
  21,362
  22,490
  23,671
  24,908
  26,204
  27,563
  28,986
Variable operating expenses, $m
 
  4,686
  5,056
  5,441
  5,840
  6,256
  6,687
  7,136
  7,602
  8,087
  8,592
  8,969
  9,516
  10,086
  10,680
  11,299
  11,946
  12,621
  13,325
  14,062
  14,831
  15,636
  16,477
  17,358
  18,280
  19,245
  20,255
  21,314
  22,423
  23,585
  24,803
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
  4,686
  5,056
  5,441
  5,840
  6,256
  6,687
  7,136
  7,602
  8,087
  8,592
  8,969
  9,516
  10,086
  10,680
  11,299
  11,946
  12,621
  13,325
  14,062
  14,831
  15,636
  16,477
  17,358
  18,280
  19,245
  20,255
  21,314
  22,423
  23,585
  24,803
Operating income, $m
  1,228
  617
  680
  744
  812
  882
  955
  1,030
  1,109
  1,191
  1,276
  1,512
  1,605
  1,701
  1,801
  1,905
  2,014
  2,128
  2,247
  2,371
  2,501
  2,637
  2,779
  2,927
  3,083
  3,245
  3,416
  3,594
  3,781
  3,977
  4,183
EBITDA, $m
  1,468
  930
  1,006
  1,085
  1,167
  1,252
  1,340
  1,432
  1,528
  1,627
  1,730
  1,838
  1,950
  2,067
  2,189
  2,316
  2,448
  2,586
  2,731
  2,882
  3,040
  3,204
  3,377
  3,557
  3,746
  3,944
  4,151
  4,368
  4,595
  4,834
  5,083
Interest expense (income), $m
  165
  156
  175
  194
  214
  234
  256
  278
  301
  325
  350
  376
  403
  431
  461
  491
  523
  557
  591
  628
  666
  705
  747
  790
  836
  883
  933
  985
  1,040
  1,097
  1,157
Earnings before tax, $m
  1,228
  461
  505
  551
  598
  648
  699
  752
  808
  866
  926
  1,136
  1,202
  1,269
  1,340
  1,414
  1,491
  1,572
  1,656
  1,743
  1,835
  1,931
  2,032
  2,137
  2,247
  2,362
  2,483
  2,609
  2,742
  2,880
  3,026
Tax expense, $m
  409
  124
  136
  149
  162
  175
  189
  203
  218
  234
  250
  307
  324
  343
  362
  382
  403
  424
  447
  471
  496
  521
  549
  577
  607
  638
  670
  704
  740
  778
  817
Net income, $m
  821
  336
  369
  402
  437
  473
  510
  549
  590
  632
  676
  830
  877
  927
  978
  1,032
  1,089
  1,147
  1,209
  1,273
  1,340
  1,410
  1,483
  1,560
  1,640
  1,724
  1,812
  1,905
  2,001
  2,103
  2,209

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
  7,512
  8,124
  8,761
  9,422
  10,110
  10,824
  11,567
  12,339
  13,142
  13,977
  14,846
  15,752
  16,695
  17,678
  18,704
  19,774
  20,891
  22,057
  23,276
  24,550
  25,882
  27,275
  28,733
  30,258
  31,856
  33,529
  35,281
  37,117
  39,040
  41,057
Adjusted assets (=assets-cash), $m
  6,922
  7,512
  8,124
  8,761
  9,422
  10,110
  10,824
  11,567
  12,339
  13,142
  13,977
  14,846
  15,752
  16,695
  17,678
  18,704
  19,774
  20,891
  22,057
  23,276
  24,550
  25,882
  27,275
  28,733
  30,258
  31,856
  33,529
  35,281
  37,117
  39,040
  41,057
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
  2,768
  2,994
  3,229
  3,472
  3,726
  3,989
  4,263
  4,547
  4,843
  5,151
  5,471
  5,805
  6,153
  6,515
  6,893
  7,287
  7,699
  8,129
  8,578
  9,047
  9,538
  10,052
  10,589
  11,151
  11,740
  12,356
  13,002
  13,679
  14,388
  15,131
Working capital, $m
  2,273
  1,676
  1,812
  1,954
  2,102
  2,255
  2,415
  2,581
  2,753
  2,932
  3,118
  3,312
  3,514
  3,725
  3,944
  4,173
  4,411
  4,661
  4,921
  5,193
  5,477
  5,774
  6,085
  6,410
  6,751
  7,107
  7,480
  7,871
  8,281
  8,710
  9,160
Total debt, $m
  4,468
  4,992
  5,537
  6,103
  6,692
  7,304
  7,940
  8,600
  9,288
  10,002
  10,745
  11,519
  12,325
  13,165
  14,040
  14,952
  15,905
  16,899
  17,937
  19,021
  20,155
  21,341
  22,581
  23,878
  25,236
  26,658
  28,146
  29,706
  31,340
  33,052
  34,847
Total liabilities, $m
  6,162
  6,686
  7,231
  7,797
  8,386
  8,998
  9,634
  10,294
  10,982
  11,696
  12,439
  13,213
  14,019
  14,859
  15,734
  16,646
  17,599
  18,593
  19,631
  20,715
  21,849
  23,035
  24,275
  25,572
  26,930
  28,352
  29,840
  31,400
  33,034
  34,746
  36,541
Total equity, $m
  1,487
  826
  894
  964
  1,036
  1,112
  1,191
  1,272
  1,357
  1,446
  1,537
  1,633
  1,733
  1,836
  1,945
  2,057
  2,175
  2,298
  2,426
  2,560
  2,700
  2,847
  3,000
  3,161
  3,328
  3,504
  3,688
  3,881
  4,083
  4,294
  4,516
Total liabilities and equity, $m
  7,649
  7,512
  8,125
  8,761
  9,422
  10,110
  10,825
  11,566
  12,339
  13,142
  13,976
  14,846
  15,752
  16,695
  17,679
  18,703
  19,774
  20,891
  22,057
  23,275
  24,549
  25,882
  27,275
  28,733
  30,258
  31,856
  33,528
  35,281
  37,117
  39,040
  41,057
Debt-to-equity ratio
  3.005
  6.040
  6.200
  6.330
  6.460
  6.570
  6.670
  6.760
  6.840
  6.920
  6.990
  7.050
  7.110
  7.170
  7.220
  7.270
  7.310
  7.350
  7.390
  7.430
  7.460
  7.500
  7.530
  7.550
  7.580
  7.610
  7.630
  7.650
  7.680
  7.700
  7.720
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
  336
  369
  402
  437
  473
  510
  549
  590
  632
  676
  830
  877
  927
  978
  1,032
  1,089
  1,147
  1,209
  1,273
  1,340
  1,410
  1,483
  1,560
  1,640
  1,724
  1,812
  1,905
  2,001
  2,103
  2,209
Depreciation, amort., depletion, $m
  240
  313
  326
  340
  355
  370
  386
  402
  419
  436
  455
  326
  346
  366
  388
  410
  434
  458
  484
  511
  539
  568
  598
  630
  664
  699
  735
  774
  814
  856
  901
Funds from operations, $m
  274
  649
  695
  742
  791
  843
  896
  951
  1,009
  1,068
  1,130
  1,155
  1,223
  1,293
  1,366
  1,443
  1,522
  1,606
  1,692
  1,783
  1,878
  1,978
  2,081
  2,190
  2,304
  2,423
  2,548
  2,679
  2,816
  2,959
  3,110
Change in working capital, $m
  -439
  131
  137
  142
  148
  153
  159
  166
  172
  179
  186
  194
  202
  210
  219
  229
  239
  249
  260
  272
  284
  297
  311
  325
  340
  356
  373
  391
  410
  429
  450
Cash from operations, $m
  713
  518
  558
  600
  644
  689
  736
  785
  836
  889
  944
  961
  1,021
  1,082
  1,147
  1,214
  1,284
  1,356
  1,432
  1,511
  1,594
  1,680
  1,771
  1,865
  1,964
  2,067
  2,175
  2,288
  2,406
  2,530
  2,660
Maintenance CAPEX, $m
  0
  -152
  -165
  -178
  -192
  -207
  -222
  -237
  -254
  -271
  -288
  -307
  -326
  -346
  -366
  -388
  -410
  -434
  -458
  -484
  -511
  -539
  -568
  -598
  -630
  -664
  -699
  -735
  -774
  -814
  -856
New CAPEX, $m
  -216
  -215
  -226
  -235
  -244
  -253
  -263
  -274
  -284
  -296
  -308
  -320
  -334
  -348
  -362
  -378
  -394
  -412
  -430
  -449
  -469
  -491
  -513
  -537
  -562
  -589
  -616
  -646
  -677
  -709
  -743
Cash from investing activities, $m
  -214
  -367
  -391
  -413
  -436
  -460
  -485
  -511
  -538
  -567
  -596
  -627
  -660
  -694
  -728
  -766
  -804
  -846
  -888
  -933
  -980
  -1,030
  -1,081
  -1,135
  -1,192
  -1,253
  -1,315
  -1,381
  -1,451
  -1,523
  -1,599
Free cash flow, $m
  499
  151
  168
  187
  208
  229
  251
  274
  298
  323
  348
  334
  361
  389
  418
  448
  479
  511
  544
  578
  614
  651
  689
  729
  771
  814
  859
  906
  955
  1,007
  1,060
Issuance/(repayment) of debt, $m
  -405
  524
  545
  567
  589
  612
  636
  661
  687
  715
  743
  774
  806
  840
  875
  913
  952
  994
  1,038
  1,085
  1,134
  1,185
  1,240
  1,297
  1,358
  1,422
  1,489
  1,560
  1,634
  1,712
  1,795
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
  524
  545
  567
  589
  612
  636
  661
  687
  715
  743
  774
  806
  840
  875
  913
  952
  994
  1,038
  1,085
  1,134
  1,185
  1,240
  1,297
  1,358
  1,422
  1,489
  1,560
  1,634
  1,712
  1,795
Total cash flow (excl. dividends), $m
  -239
  674
  713
  754
  797
  841
  887
  935
  985
  1,037
  1,091
  1,108
  1,167
  1,229
  1,293
  1,361
  1,431
  1,505
  1,582
  1,663
  1,748
  1,836
  1,929
  2,027
  2,129
  2,236
  2,348
  2,466
  2,589
  2,719
  2,855
Retained Cash Flow (-), $m
  -419
  -66
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
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
 
  1,335
  645
  684
  724
  765
  809
  854
  900
  949
  1,000
  1,012
  1,068
  1,125
  1,185
  1,248
  1,314
  1,382
  1,454
  1,529
  1,608
  1,690
  1,776
  1,866
  1,961
  2,060
  2,164
  2,273
  2,387
  2,507
  2,633
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
 
  1,234
  547
  528
  504
  476
  445
  411
  376
  339
  302
  255
  221
  189
  158
  131
  106
  84
  65
  50
  37
  27
  19
  13
  9
  6
  4
  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. is engaged in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. The Company has a business, commercializing products across eight core species: cattle, swine, poultry, sheep and fish (collectively, livestock) and dogs, cats and horses (collectively, companion animals), and within five product categories: anti-infectives, vaccines, parasiticides, medicated feed additives and other pharmaceuticals. The Company's segments include the United States and International. Within each of these operating segments, it offers a product portfolio for both livestock and companion animal customers. Its livestock products include Ceftiofur injectable line, Draxxin, Spectramast, Bovi-Shield line, Rispoval line, Suvaxyn/Fostera, Embrex devices and Lutalyse. Its companion animal products include Clavamox/Synulox, Convenia, ProHeart, Revolution/Stronghold, Apoquel, Cerenia and Rimadyl.

FINANCIAL RATIOS  of  Zoetis (ZTS)

Valuation Ratios
P/E Ratio 48.5
Price to Sales 8.1
Price to Book 26.8
Price to Tangible Book
Price to Cash Flow 55.8
Price to Free Cash Flow 80.1
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 8.5% 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 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 489.589 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 $39.5 billion.

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COMPANY NEWS

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▶ Zoetis tops Street 4Q forecasts   [07:09AM  Associated Press]
▶ Zoetis Declares Second Quarter 2018 Dividend   [Feb-13-18 04:35PM  Business Wire]
▶ 7 GARP Stocks That Should Feature in Your Portfolio   [Jan-22-18 02:10PM  InvestorPlace]
▶ 3 Charts That Suggest Pharma Stocks Are a Buy in 2018   [Jan-10-18 08:16AM  Investopedia]
▶ ETFs with exposure to Zoetis, Inc. : December 26, 2017   [Dec-26-17 12:25PM  Capital Cube]
▶ 7 A-Rated Healthcare Stocks to Buy   [Dec-15-17 12:09PM  InvestorPlace]
▶ ETFs with exposure to Zoetis, Inc. : December 13, 2017   [Dec-13-17 02:09PM  Capital Cube]
▶ Zoetis raises dividend by 20%   [Dec-11-17 04:26PM  CNBC Videos]
▶ Analyst: Zoetis Deserves To Trade At A Premium   [Nov-29-17 10:52AM  Benzinga]
▶ Five Companies Hit 52-Week Highs   [10:35AM  GuruFocus.com]
▶ Top Stock Reports for Apple, Facebook & MetLife   [Nov-09-17 04:52PM  Zacks]
▶ Stocks To Watch: Zoetis Sees RS Rating Rise To 82   [Nov-07-17 03:00AM  Investor's Business Daily]
▶ Is It Time To Buy Zoetis Inc (ZTS)?   [Nov-02-17 06:32PM  Simply Wall St.]
▶ Zoetis beats Street 3Q forecasts   [07:13AM  Associated Press]
▶ Zoetis Announces Third Quarter 2017 Results   [07:00AM  Business Wire]
▶ Zoetis, Inc. Value Analysis (NYSE:ZTS) : October 30, 2017   [Oct-30-17 12:53PM  Capital Cube]
▶ Firestone: Likes Zoetis into earnings   [12:50PM  CNBC Videos]
▶ ETFs with exposure to Zoetis, Inc. : October 23, 2017   [Oct-23-17 11:19AM  Capital Cube]
▶ Zoetis Stock: Performance in 3Q17   [07:42AM  Market Realist]
▶ Pres Trump believes he has the cure for Obamacare   [Oct-12-17 10:31AM  Yahoo Finance Video]
▶ ETFs with exposure to Zoetis, Inc. : October 10, 2017   [Oct-10-17 11:57AM  Capital Cube]
▶ Zoetis Declares Fourth Quarter 2017 Dividend   [Oct-05-17 04:30PM  Business Wire]
▶ What is Behind Zoetis Incs (ZTS) Superior ROE?   [Sep-29-17 09:17AM  Simply Wall St.]
▶ ETFs with exposure to Zoetis, Inc. : September 28, 2017   [Sep-28-17 10:22AM  Capital Cube]
▶ Zoetis Named a Top Ten Company for Working Mothers   [Sep-26-17 10:00AM  Business Wire]
▶ Feds want to deny Martin Shkreli bail   [Sep-08-17 01:17PM  Yahoo Finance Video]
▶ Zoetis Shows Market Leadership With Jump To 82 RS Rating   [03:00AM  Investor's Business Daily]
▶ Zoetis Announces Pricing of $1.25 Billion of Senior Notes   [Sep-05-17 05:15PM  Business Wire]
▶ Zoetis meets 2Q profit forecasts   [Aug-08-17 05:13PM  Associated Press]
▶ Zoetis Announces Second Quarter 2017 Results   [07:00AM  Business Wire]
▶ Zoetis, Inc. Value Analysis (NYSE:ZTS) : August 7, 2017   [Aug-07-17 07:09PM  Capital Cube]
Financial statements 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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