Intrinsic value of Zoetis - ZTS

Previous Close

$84.58

  Intrinsic Value

$56.32

stock screener

  Rating & Target

sell

-33%

Previous close

$84.58

 
Intrinsic value

$56.32

 
Up/down potential

-33%

 
Rating

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
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  4,888
  5,763
  6,238
  6,732
  7,245
  7,779
  8,333
  8,909
  9,508
  10,131
  10,779
  11,453
  12,155
  12,886
  13,648
  14,443
  15,273
  16,138
  17,042
  17,986
  18,973
  20,004
  21,083
  22,212
  23,394
  24,631
  25,926
  27,283
  28,704
  30,193
  31,754
Variable operating expenses, $m
 
  1,532
  1,636
  1,743
  1,855
  1,971
  2,091
  2,217
  2,347
  2,483
  2,624
  2,493
  2,645
  2,805
  2,970
  3,143
  3,324
  3,512
  3,709
  3,914
  4,129
  4,354
  4,589
  4,834
  5,091
  5,361
  5,642
  5,938
  6,247
  6,571
  6,911
Fixed operating expenses, $m
 
  2,272
  2,322
  2,373
  2,425
  2,479
  2,533
  2,589
  2,646
  2,704
  2,763
  2,824
  2,886
  2,950
  3,015
  3,081
  3,149
  3,218
  3,289
  3,361
  3,435
  3,511
  3,588
  3,667
  3,748
  3,830
  3,914
  4,000
  4,089
  4,178
  4,270
Total operating expenses, $m
  3,660
  3,804
  3,958
  4,116
  4,280
  4,450
  4,624
  4,806
  4,993
  5,187
  5,387
  5,317
  5,531
  5,755
  5,985
  6,224
  6,473
  6,730
  6,998
  7,275
  7,564
  7,865
  8,177
  8,501
  8,839
  9,191
  9,556
  9,938
  10,336
  10,749
  11,181
Operating income, $m
  1,228
  1,959
  2,281
  2,616
  2,965
  3,329
  3,709
  4,104
  4,515
  4,944
  5,392
  6,136
  6,623
  7,132
  7,663
  8,219
  8,800
  9,408
  10,044
  10,710
  11,408
  12,140
  12,907
  13,711
  14,555
  15,440
  16,369
  17,344
  18,368
  19,444
  20,573
EBITDA, $m
  1,468
  2,688
  3,047
  3,420
  3,810
  4,216
  4,638
  5,078
  5,537
  6,014
  6,512
  7,032
  7,574
  8,140
  8,731
  9,348
  9,994
  10,670
  11,377
  12,117
  12,892
  13,704
  14,556
  15,448
  16,384
  17,366
  18,397
  19,478
  20,613
  21,805
  23,056
Interest expense (income), $m
  165
  267
  299
  332
  366
  402
  439
  477
  517
  559
  602
  647
  694
  742
  793
  846
  901
  959
  1,019
  1,081
  1,147
  1,215
  1,287
  1,362
  1,440
  1,522
  1,608
  1,698
  1,792
  1,890
  1,994
Earnings before tax, $m
  1,228
  1,692
  1,982
  2,284
  2,599
  2,928
  3,270
  3,626
  3,998
  4,385
  4,789
  5,489
  5,929
  6,389
  6,870
  7,373
  7,899
  8,449
  9,025
  9,629
  10,262
  10,925
  11,620
  12,349
  13,115
  13,918
  14,761
  15,647
  16,577
  17,553
  18,579
Tax expense, $m
  409
  457
  535
  617
  702
  790
  883
  979
  1,079
  1,184
  1,293
  1,482
  1,601
  1,725
  1,855
  1,991
  2,133
  2,281
  2,437
  2,600
  2,771
  2,950
  3,137
  3,334
  3,541
  3,758
  3,986
  4,225
  4,476
  4,739
  5,016
Net income, $m
  821
  1,235
  1,447
  1,667
  1,897
  2,137
  2,387
  2,647
  2,918
  3,201
  3,496
  4,007
  4,329
  4,664
  5,015
  5,382
  5,766
  6,168
  6,588
  7,029
  7,491
  7,975
  8,483
  9,015
  9,574
  10,160
  10,776
  11,422
  12,101
  12,814
  13,563

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
  8,813
  9,539
  10,294
  11,079
  11,894
  12,742
  13,623
  14,538
  15,491
  16,481
  17,512
  18,585
  19,704
  20,869
  22,085
  23,352
  24,676
  26,058
  27,502
  29,010
  30,588
  32,238
  33,964
  35,770
  37,662
  39,642
  41,716
  43,890
  46,167
  48,553
Adjusted assets (=assets-cash), $m
  6,922
  8,813
  9,539
  10,294
  11,079
  11,894
  12,742
  13,623
  14,538
  15,491
  16,481
  17,512
  18,585
  19,704
  20,869
  22,085
  23,352
  24,676
  26,058
  27,502
  29,010
  30,588
  32,238
  33,964
  35,770
  37,662
  39,642
  41,716
  43,890
  46,167
  48,553
Revenue / Adjusted assets
  0.706
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
Average production assets, $m
  2,553
  4,507
  4,878
  5,265
  5,666
  6,083
  6,516
  6,967
  7,435
  7,922
  8,429
  8,956
  9,505
  10,077
  10,673
  11,295
  11,943
  12,620
  13,327
  14,065
  14,837
  15,643
  16,487
  17,370
  18,294
  19,261
  20,274
  21,335
  22,446
  23,611
  24,832
Working capital, $m
  2,273
  1,268
  1,372
  1,481
  1,594
  1,711
  1,833
  1,960
  2,092
  2,229
  2,371
  2,520
  2,674
  2,835
  3,003
  3,178
  3,360
  3,550
  3,749
  3,957
  4,174
  4,401
  4,638
  4,887
  5,147
  5,419
  5,704
  6,002
  6,315
  6,642
  6,986
Total debt, $m
  4,468
  5,540
  6,150
  6,784
  7,443
  8,128
  8,840
  9,580
  10,349
  11,149
  11,981
  12,847
  13,749
  14,688
  15,667
  16,688
  17,753
  18,865
  20,026
  21,238
  22,506
  23,831
  25,217
  26,667
  28,184
  29,773
  31,436
  33,179
  35,004
  36,917
  38,922
Total liabilities, $m
  6,162
  7,403
  8,013
  8,647
  9,306
  9,991
  10,703
  11,443
  12,212
  13,012
  13,844
  14,710
  15,612
  16,551
  17,530
  18,551
  19,616
  20,728
  21,889
  23,101
  24,369
  25,694
  27,080
  28,530
  30,047
  31,636
  33,299
  35,042
  36,867
  38,780
  40,785
Total equity, $m
  1,487
  1,410
  1,526
  1,647
  1,773
  1,903
  2,039
  2,180
  2,326
  2,478
  2,637
  2,802
  2,974
  3,153
  3,339
  3,534
  3,736
  3,948
  4,169
  4,400
  4,642
  4,894
  5,158
  5,434
  5,723
  6,026
  6,343
  6,675
  7,022
  7,387
  7,769
Total liabilities and equity, $m
  7,649
  8,813
  9,539
  10,294
  11,079
  11,894
  12,742
  13,623
  14,538
  15,490
  16,481
  17,512
  18,586
  19,704
  20,869
  22,085
  23,352
  24,676
  26,058
  27,501
  29,011
  30,588
  32,238
  33,964
  35,770
  37,662
  39,642
  41,717
  43,889
  46,167
  48,554
Debt-to-equity ratio
  3.005
  3.930
  4.030
  4.120
  4.200
  4.270
  4.340
  4.400
  4.450
  4.500
  4.540
  4.590
  4.620
  4.660
  4.690
  4.720
  4.750
  4.780
  4.800
  4.830
  4.850
  4.870
  4.890
  4.910
  4.920
  4.940
  4.960
  4.970
  4.980
  5.000
  5.010
Adjusted equity ratio
  0.110
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  821
  1,235
  1,447
  1,667
  1,897
  2,137
  2,387
  2,647
  2,918
  3,201
  3,496
  4,007
  4,329
  4,664
  5,015
  5,382
  5,766
  6,168
  6,588
  7,029
  7,491
  7,975
  8,483
  9,015
  9,574
  10,160
  10,776
  11,422
  12,101
  12,814
  13,563
Depreciation, amort., depletion, $m
  240
  729
  766
  804
  844
  886
  930
  975
  1,021
  1,070
  1,121
  896
  951
  1,008
  1,067
  1,129
  1,194
  1,262
  1,333
  1,407
  1,484
  1,564
  1,649
  1,737
  1,829
  1,926
  2,027
  2,133
  2,245
  2,361
  2,483
Funds from operations, $m
  274
  1,964
  2,212
  2,472
  2,742
  3,023
  3,316
  3,622
  3,940
  4,271
  4,617
  4,903
  5,279
  5,672
  6,083
  6,512
  6,960
  7,430
  7,921
  8,436
  8,975
  9,539
  10,131
  10,752
  11,403
  12,086
  12,803
  13,556
  14,346
  15,175
  16,046
Change in working capital, $m
  -439
  100
  104
  109
  113
  117
  122
  127
  132
  137
  143
  148
  154
  161
  168
  175
  182
  190
  199
  208
  217
  227
  237
  248
  260
  272
  285
  298
  313
  328
  343
Cash from operations, $m
  713
  1,863
  2,108
  2,363
  2,629
  2,906
  3,194
  3,495
  3,808
  4,134
  4,475
  4,754
  5,125
  5,511
  5,915
  6,337
  6,778
  7,239
  7,722
  8,228
  8,757
  9,312
  9,894
  10,504
  11,143
  11,814
  12,518
  13,257
  14,033
  14,847
  15,703
Maintenance CAPEX, $m
  0
  -415
  -451
  -488
  -526
  -567
  -608
  -652
  -697
  -744
  -792
  -843
  -896
  -951
  -1,008
  -1,067
  -1,129
  -1,194
  -1,262
  -1,333
  -1,407
  -1,484
  -1,564
  -1,649
  -1,737
  -1,829
  -1,926
  -2,027
  -2,133
  -2,245
  -2,361
New CAPEX, $m
  -216
  -355
  -371
  -386
  -401
  -417
  -433
  -450
  -468
  -487
  -507
  -527
  -549
  -572
  -596
  -622
  -648
  -677
  -707
  -738
  -772
  -807
  -844
  -883
  -924
  -967
  -1,013
  -1,061
  -1,111
  -1,165
  -1,221
Cash from investing activities, $m
  -214
  -770
  -822
  -874
  -927
  -984
  -1,041
  -1,102
  -1,165
  -1,231
  -1,299
  -1,370
  -1,445
  -1,523
  -1,604
  -1,689
  -1,777
  -1,871
  -1,969
  -2,071
  -2,179
  -2,291
  -2,408
  -2,532
  -2,661
  -2,796
  -2,939
  -3,088
  -3,244
  -3,410
  -3,582
Free cash flow, $m
  499
  1,093
  1,286
  1,489
  1,701
  1,922
  2,153
  2,393
  2,643
  2,904
  3,176
  3,384
  3,680
  3,989
  4,311
  4,648
  5,000
  5,368
  5,754
  6,157
  6,579
  7,022
  7,486
  7,972
  8,482
  9,018
  9,579
  10,169
  10,788
  11,438
  12,121
Issuance/(repayment) of debt, $m
  -405
  587
  610
  634
  659
  685
  712
  740
  769
  800
  832
  866
  902
  939
  979
  1,021
  1,065
  1,112
  1,161
  1,213
  1,267
  1,325
  1,386
  1,450
  1,518
  1,589
  1,664
  1,742
  1,825
  1,913
  2,005
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
  587
  610
  634
  659
  685
  712
  740
  769
  800
  832
  866
  902
  939
  979
  1,021
  1,065
  1,112
  1,161
  1,213
  1,267
  1,325
  1,386
  1,450
  1,518
  1,589
  1,664
  1,742
  1,825
  1,913
  2,005
Total cash flow (excl. dividends), $m
  -239
  1,680
  1,896
  2,123
  2,360
  2,607
  2,865
  3,133
  3,412
  3,704
  4,008
  4,250
  4,582
  4,928
  5,290
  5,669
  6,065
  6,480
  6,914
  7,370
  7,847
  8,347
  8,872
  9,422
  10,000
  10,606
  11,243
  11,911
  12,613
  13,351
  14,126
Retained Cash Flow (-), $m
  -419
  -110
  -116
  -121
  -126
  -130
  -136
  -141
  -147
  -152
  -158
  -165
  -172
  -179
  -186
  -194
  -203
  -212
  -221
  -231
  -241
  -252
  -264
  -276
  -289
  -303
  -317
  -332
  -348
  -364
  -382
Prev. year cash balance distribution, $m
 
  470
  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
 
  42
  46
  50
  54
  58
  62
  67
  71
  76
  81
  86
  92
  97
  103
  109
  116
  122
  129
  136
  144
  152
  160
  169
  178
  187
  197
  207
  218
  230
  242
Cash available for distribution, $m
 
  2,040
  1,780
  2,003
  2,235
  2,477
  2,729
  2,992
  3,266
  3,551
  3,849
  4,085
  4,410
  4,749
  5,104
  5,474
  5,862
  6,268
  6,693
  7,139
  7,605
  8,095
  8,608
  9,146
  9,711
  10,304
  10,926
  11,579
  12,266
  12,987
  13,744
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  1,922
  1,572
  1,647
  1,701
  1,732
  1,740
  1,726
  1,690
  1,633
  1,559
  1,441
  1,340
  1,229
  1,111
  990
  868
  749
  635
  529
  432
  347
  272
  209
  157
  116
  83
  58
  39
  26
  17
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 50.8
Price to Sales 8.5
Price to Book 28
Price to Tangible Book
Price to Cash Flow 58.5
Price to Free Cash Flow 83.9
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 $5307 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 8.6% 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 6.1%, 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 27%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2223 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 5.4% 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 0.8%.

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 78.2%.

Life of production assets of 10 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 22%. 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 - $1770 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 490 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 $41.4 billion.

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COMPANY NEWS

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▶ Company News For May 17, 2018   [10:23AM  Zacks]
▶ [$$] Zoetis to Buy Veterinary-Diagnostics Company Abaxis for $2 Billion   [May-16-18 07:42PM  The Wall Street Journal]
▶ Zoetis to Buy Abaxis for $2 Billion   [11:32AM  Investopedia]
▶ [$$] Zoetis to Buy Abaxis for $2 Billion   [08:41AM  The Wall Street Journal]
▶ Zoetis Declares Third Quarter 2018 Dividend   [May-15-18 04:25PM  Business Wire]
▶ Zoetis Holds Annual Meeting of Shareholders   [12:00PM  Business Wire]
▶ Why Fido's Drugmaker Hit A 3-Month Low Despite Topping Quarterly Views   [May-02-18 04:15PM  Investor's Business Daily]
▶ Zoetis: 1Q Earnings Snapshot   [07:30AM  Associated Press]
▶ Zoetis Announces First Quarter 2018 Results   [07:00AM  Business Wire]
▶ Trade-War Olive Branch Fuels Rise By Stocks In 'Best Mutual Funds'   [Apr-10-18 08:39AM  Investor's Business Daily]
▶ Zoetis Is Expanding Healthcare Products for Pets, Livestock   [Mar-28-18 06:33AM  TheStreet.com]
▶ Cramer Remix: Hold the obitsthe mall is alive and well   [Mar-27-18 07:21PM  CNBC Videos]
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▶ Chart of the Day: Is Campbell Soup in a Death Spiral?   [Feb-16-18 09:19AM  TheStreet.com]
▶ Cisco Systems and Teva jump while NetApp slumps   [Feb-15-18 04:39PM  Associated Press]
▶ 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]
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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