Intrinsic value of Zoetis - ZTS

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$54.19

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$54.19

 
Intrinsic value

$9.71

 
Up/down potential

-82%

 
Rating

str. sell

 
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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 26.6

 

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
  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
  4,888
  4,986
  5,100
  5,232
  5,379
  5,542
  5,721
  5,915
  6,126
  6,354
  6,597
  6,858
  7,137
  7,433
  7,748
  8,082
  8,436
  8,811
  9,208
  9,627
  10,069
  10,536
  11,028
  11,547
  12,093
  12,669
  13,275
  13,913
  14,585
  15,291
  16,034
Variable operating expenses, $m
 
  4,414
  4,513
  4,625
  4,751
  4,890
  5,043
  5,210
  5,390
  5,585
  5,794
  5,869
  6,107
  6,360
  6,630
  6,916
  7,219
  7,540
  7,879
  8,238
  8,616
  9,015
  9,437
  9,881
  10,348
  10,841
  11,360
  11,906
  12,480
  13,085
  13,720
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
  4,414
  4,513
  4,625
  4,751
  4,890
  5,043
  5,210
  5,390
  5,585
  5,794
  5,869
  6,107
  6,360
  6,630
  6,916
  7,219
  7,540
  7,879
  8,238
  8,616
  9,015
  9,437
  9,881
  10,348
  10,841
  11,360
  11,906
  12,480
  13,085
  13,720
Operating income, $m
  1,228
  571
  588
  607
  628
  652
  677
  705
  736
  769
  804
  990
  1,030
  1,073
  1,118
  1,166
  1,217
  1,271
  1,329
  1,389
  1,453
  1,520
  1,591
  1,666
  1,745
  1,828
  1,916
  2,008
  2,105
  2,206
  2,314
EBITDA, $m
  1,468
  874
  894
  917
  943
  972
  1,003
  1,037
  1,074
  1,114
  1,157
  1,203
  1,252
  1,304
  1,359
  1,417
  1,479
  1,545
  1,615
  1,688
  1,766
  1,848
  1,934
  2,025
  2,121
  2,222
  2,328
  2,440
  2,558
  2,682
  2,812
Interest expense (income), $m
  165
  156
  161
  166
  172
  178
  185
  193
  202
  211
  221
  232
  243
  256
  269
  283
  297
  313
  329
  347
  365
  385
  406
  427
  450
  474
  500
  526
  555
  584
  615
Earnings before tax, $m
  1,228
  415
  427
  441
  457
  474
  492
  512
  534
  558
  583
  758
  786
  817
  849
  884
  920
  959
  999
  1,042
  1,087
  1,135
  1,186
  1,239
  1,295
  1,354
  1,416
  1,481
  1,550
  1,622
  1,698
Tax expense, $m
  409
  112
  115
  119
  123
  128
  133
  138
  144
  151
  157
  205
  212
  221
  229
  239
  248
  259
  270
  281
  294
  307
  320
  335
  350
  366
  382
  400
  418
  438
  459
Net income, $m
  821
  303
  312
  322
  333
  346
  359
  374
  390
  407
  425
  553
  574
  596
  620
  645
  672
  700
  729
  761
  794
  829
  866
  904
  945
  988
  1,034
  1,081
  1,131
  1,184
  1,240

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
  7,062
  7,224
  7,410
  7,619
  7,849
  8,103
  8,379
  8,678
  8,999
  9,345
  9,714
  10,109
  10,528
  10,974
  11,448
  11,950
  12,481
  13,042
  13,636
  14,262
  14,923
  15,620
  16,355
  17,129
  17,945
  18,804
  19,707
  20,658
  21,659
  22,711
Adjusted assets (=assets-cash), $m
  6,922
  7,062
  7,224
  7,410
  7,619
  7,849
  8,103
  8,379
  8,678
  8,999
  9,345
  9,714
  10,109
  10,528
  10,974
  11,448
  11,950
  12,481
  13,042
  13,636
  14,262
  14,923
  15,620
  16,355
  17,129
  17,945
  18,804
  19,707
  20,658
  21,659
  22,711
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
  2,603
  2,662
  2,731
  2,808
  2,893
  2,986
  3,088
  3,198
  3,317
  3,444
  3,580
  3,725
  3,880
  4,044
  4,219
  4,404
  4,599
  4,806
  5,025
  5,256
  5,500
  5,757
  6,027
  6,313
  6,613
  6,930
  7,263
  7,613
  7,982
  8,370
Working capital, $m
  2,273
  1,576
  1,612
  1,653
  1,700
  1,751
  1,808
  1,869
  1,936
  2,008
  2,085
  2,167
  2,255
  2,349
  2,448
  2,554
  2,666
  2,784
  2,910
  3,042
  3,182
  3,329
  3,485
  3,649
  3,822
  4,003
  4,195
  4,397
  4,609
  4,832
  5,067
Total debt, $m
  4,468
  4,591
  4,736
  4,901
  5,086
  5,292
  5,518
  5,763
  6,029
  6,315
  6,623
  6,952
  7,303
  7,676
  8,073
  8,495
  8,941
  9,414
  9,914
  10,442
  10,999
  11,588
  12,208
  12,862
  13,551
  14,277
  15,041
  15,845
  16,692
  17,582
  18,519
Total liabilities, $m
  6,162
  6,285
  6,430
  6,595
  6,780
  6,986
  7,212
  7,457
  7,723
  8,009
  8,317
  8,646
  8,997
  9,370
  9,767
  10,189
  10,635
  11,108
  11,608
  12,136
  12,693
  13,282
  13,902
  14,556
  15,245
  15,971
  16,735
  17,539
  18,386
  19,276
  20,213
Total equity, $m
  1,487
  777
  795
  815
  838
  863
  891
  922
  955
  990
  1,028
  1,069
  1,112
  1,158
  1,207
  1,259
  1,314
  1,373
  1,435
  1,500
  1,569
  1,642
  1,718
  1,799
  1,884
  1,974
  2,068
  2,168
  2,272
  2,382
  2,498
Total liabilities and equity, $m
  7,649
  7,062
  7,225
  7,410
  7,618
  7,849
  8,103
  8,379
  8,678
  8,999
  9,345
  9,715
  10,109
  10,528
  10,974
  11,448
  11,949
  12,481
  13,043
  13,636
  14,262
  14,924
  15,620
  16,355
  17,129
  17,945
  18,803
  19,707
  20,658
  21,658
  22,711
Debt-to-equity ratio
  3.005
  5.910
  5.960
  6.010
  6.070
  6.130
  6.190
  6.250
  6.320
  6.380
  6.440
  6.510
  6.570
  6.630
  6.690
  6.750
  6.800
  6.860
  6.910
  6.960
  7.010
  7.060
  7.110
  7.150
  7.190
  7.230
  7.270
  7.310
  7.350
  7.380
  7.410
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
  303
  312
  322
  333
  346
  359
  374
  390
  407
  425
  553
  574
  596
  620
  645
  672
  700
  729
  761
  794
  829
  866
  904
  945
  988
  1,034
  1,081
  1,131
  1,184
  1,240
Depreciation, amort., depletion, $m
  240
  303
  307
  311
  315
  320
  326
  332
  338
  346
  353
  213
  222
  231
  241
  251
  262
  274
  286
  299
  313
  327
  343
  359
  376
  394
  412
  432
  453
  475
  498
Funds from operations, $m
  274
  606
  618
  633
  648
  666
  685
  706
  728
  753
  779
  766
  796
  827
  861
  896
  934
  973
  1,016
  1,060
  1,107
  1,156
  1,208
  1,263
  1,321
  1,382
  1,446
  1,514
  1,585
  1,659
  1,738
Change in working capital, $m
  -439
  31
  36
  41
  47
  52
  57
  62
  67
  72
  77
  82
  88
  94
  100
  106
  112
  118
  125
  132
  140
  147
  156
  164
  173
  182
  192
  202
  212
  223
  235
Cash from operations, $m
  713
  631
  582
  591
  602
  614
  629
  644
  662
  681
  702
  684
  708
  734
  761
  791
  822
  855
  890
  928
  967
  1,009
  1,053
  1,099
  1,148
  1,200
  1,255
  1,312
  1,372
  1,436
  1,503
Maintenance CAPEX, $m
  0
  -152
  -155
  -158
  -163
  -167
  -172
  -178
  -184
  -190
  -197
  -205
  -213
  -222
  -231
  -241
  -251
  -262
  -274
  -286
  -299
  -313
  -327
  -343
  -359
  -376
  -394
  -412
  -432
  -453
  -475
New CAPEX, $m
  -216
  -50
  -60
  -68
  -77
  -85
  -93
  -102
  -110
  -119
  -127
  -136
  -145
  -155
  -164
  -174
  -185
  -196
  -207
  -219
  -231
  -244
  -257
  -271
  -285
  -301
  -316
  -333
  -350
  -369
  -388
Cash from investing activities, $m
  -214
  -202
  -215
  -226
  -240
  -252
  -265
  -280
  -294
  -309
  -324
  -341
  -358
  -377
  -395
  -415
  -436
  -458
  -481
  -505
  -530
  -557
  -584
  -614
  -644
  -677
  -710
  -745
  -782
  -822
  -863
Free cash flow, $m
  499
  430
  367
  364
  363
  362
  363
  365
  368
  372
  377
  343
  350
  357
  366
  375
  386
  397
  409
  423
  437
  452
  468
  486
  504
  524
  544
  566
  590
  614
  640
Issuance/(repayment) of debt, $m
  -405
  123
  145
  165
  186
  206
  226
  246
  266
  286
  307
  329
  351
  374
  397
  421
  446
  473
  500
  528
  558
  588
  620
  654
  689
  726
  764
  804
  846
  890
  937
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
  123
  145
  165
  186
  206
  226
  246
  266
  286
  307
  329
  351
  374
  397
  421
  446
  473
  500
  528
  558
  588
  620
  654
  689
  726
  764
  804
  846
  890
  937
Total cash flow (excl. dividends), $m
  -239
  553
  512
  530
  548
  568
  589
  611
  634
  658
  684
  672
  700
  731
  763
  797
  832
  870
  909
  951
  995
  1,041
  1,089
  1,140
  1,193
  1,250
  1,309
  1,371
  1,436
  1,505
  1,577
Retained Cash Flow (-), $m
  -419
  -17
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
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
 
  1,263
  494
  509
  525
  542
  561
  580
  601
  623
  646
  631
  657
  685
  714
  745
  777
  811
  848
  886
  926
  968
  1,012
  1,059
  1,108
  1,160
  1,214
  1,271
  1,331
  1,395
  1,461
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
 
  1,167
  419
  393
  365
  337
  309
  280
  251
  223
  195
  159
  136
  115
  95
  78
  63
  49
  38
  29
  21
  16
  11
  8
  5
  3
  2
  1
  1
  0
  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 32.5
Price to Sales 5.5
Price to Book 18
Price to Tangible Book
Price to Cash Flow 37.5
Price to Free Cash Flow 53.7
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 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 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 491.1 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 $26.6 billion.


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COMPANY NEWS

▶ 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]
▶ Bill Ackmans Biggest Q3 Moves As He Seeks Elusive Turnaround   [Dec-02-16 11:00AM  at Insider Monkey]
▶ Is Valero Energy Corporation (VLO) a Good Stock To Buy?   [Nov-28-16 04:54PM  at Insider Monkey]
▶ Is Zoetis Inc (ZTS) A Good Stock To Buy?   [08:18AM  at Insider Monkey]
▶ 3 Top Recession-Proof Stocks to Buy   [Nov-25-16 11:46AM  at Motley Fool]
▶ Hedge Funds Bought Apple, P&G in Q3; Dumped Allergan, Charter   [Nov-17-16 12:50PM  at 24/7 Wall St.]
▶ 5 Stocks Bill Ackman Is Buying and Selling   [Nov-16-16 08:43AM  at Motley Fool]
▶ [$$] Zoetis rises after it boosts earnings outlook   [04:49PM  at Financial Times]
▶ Zoetis Reports Third Quarter 2016 Results   [07:00AM  Business Wire]
Stock chart of ZTS 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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