Intrinsic value of Zoetis - ZTS

Previous Close

$70.95

  Intrinsic Value

$11.21

stock screener

  Rating & Target

str. sell

-84%

Previous close

$70.95

 
Intrinsic value

$11.21

 
Up/down potential

-84%

 
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

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 34.7

 

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
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  4,888
  5,132
  5,389
  5,658
  5,941
  6,238
  6,550
  6,878
  7,222
  7,583
  7,962
  8,360
  8,778
  9,217
  9,678
  10,162
  10,670
  11,203
  11,764
  12,352
  12,969
  13,618
  14,299
  15,014
  15,764
  16,553
  17,380
  18,249
  19,162
  20,120
  21,126
Variable operating expenses, $m
 
  4,540
  4,759
  4,990
  5,232
  5,486
  5,753
  6,034
  6,328
  6,637
  6,961
  7,154
  7,511
  7,887
  8,281
  8,695
  9,130
  9,587
  10,066
  10,569
  11,098
  11,653
  12,235
  12,847
  13,490
  14,164
  14,872
  15,616
  16,397
  17,216
  18,077
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
  4,540
  4,759
  4,990
  5,232
  5,486
  5,753
  6,034
  6,328
  6,637
  6,961
  7,154
  7,511
  7,887
  8,281
  8,695
  9,130
  9,587
  10,066
  10,569
  11,098
  11,653
  12,235
  12,847
  13,490
  14,164
  14,872
  15,616
  16,397
  17,216
  18,077
Operating income, $m
  1,228
  592
  630
  668
  709
  752
  797
  844
  894
  946
  1,001
  1,206
  1,267
  1,330
  1,397
  1,466
  1,540
  1,617
  1,697
  1,782
  1,871
  1,965
  2,063
  2,166
  2,275
  2,389
  2,508
  2,633
  2,765
  2,903
  3,048
EBITDA, $m
  1,468
  900
  945
  992
  1,042
  1,094
  1,149
  1,206
  1,266
  1,330
  1,396
  1,466
  1,539
  1,616
  1,697
  1,782
  1,871
  1,965
  2,063
  2,166
  2,274
  2,388
  2,508
  2,633
  2,765
  2,903
  3,048
  3,200
  3,360
  3,528
  3,705
Interest expense (income), $m
  165
  156
  167
  178
  190
  203
  216
  230
  244
  259
  275
  292
  310
  328
  347
  368
  389
  411
  435
  460
  486
  513
  542
  572
  603
  636
  671
  708
  746
  786
  828
Earnings before tax, $m
  1,228
  436
  462
  490
  519
  549
  581
  615
  650
  687
  726
  914
  957
  1,002
  1,049
  1,099
  1,151
  1,205
  1,262
  1,323
  1,386
  1,452
  1,522
  1,595
  1,672
  1,752
  1,837
  1,926
  2,019
  2,117
  2,220
Tax expense, $m
  409
  118
  125
  132
  140
  148
  157
  166
  175
  185
  196
  247
  258
  271
  283
  297
  311
  325
  341
  357
  374
  392
  411
  431
  451
  473
  496
  520
  545
  572
  599
Net income, $m
  821
  318
  338
  358
  379
  401
  424
  449
  474
  501
  530
  667
  699
  731
  766
  802
  840
  880
  922
  965
  1,012
  1,060
  1,111
  1,164
  1,220
  1,279
  1,341
  1,406
  1,474
  1,545
  1,621

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
  7,270
  7,633
  8,015
  8,416
  8,836
  9,278
  9,742
  10,229
  10,741
  11,278
  11,842
  12,434
  13,055
  13,708
  14,393
  15,113
  15,869
  16,662
  17,495
  18,370
  19,289
  20,253
  21,266
  22,329
  23,445
  24,618
  25,849
  27,141
  28,498
  29,923
Adjusted assets (=assets-cash), $m
  6,922
  7,270
  7,633
  8,015
  8,416
  8,836
  9,278
  9,742
  10,229
  10,741
  11,278
  11,842
  12,434
  13,055
  13,708
  14,393
  15,113
  15,869
  16,662
  17,495
  18,370
  19,289
  20,253
  21,266
  22,329
  23,445
  24,618
  25,849
  27,141
  28,498
  29,923
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
  2,679
  2,813
  2,954
  3,101
  3,256
  3,419
  3,590
  3,770
  3,958
  4,156
  4,364
  4,582
  4,811
  5,052
  5,304
  5,570
  5,848
  6,141
  6,448
  6,770
  7,108
  7,464
  7,837
  8,229
  8,640
  9,072
  9,526
  10,002
  10,502
  11,028
Working capital, $m
  2,273
  1,622
  1,703
  1,788
  1,877
  1,971
  2,070
  2,173
  2,282
  2,396
  2,516
  2,642
  2,774
  2,913
  3,058
  3,211
  3,372
  3,540
  3,717
  3,903
  4,098
  4,303
  4,518
  4,744
  4,982
  5,231
  5,492
  5,767
  6,055
  6,358
  6,676
Total debt, $m
  4,468
  4,776
  5,100
  5,439
  5,796
  6,170
  6,564
  6,976
  7,410
  7,865
  8,343
  8,845
  9,372
  9,925
  10,506
  11,116
  11,757
  12,429
  13,135
  13,877
  14,655
  15,473
  16,331
  17,233
  18,179
  19,172
  20,216
  21,311
  22,462
  23,669
  24,937
Total liabilities, $m
  6,162
  6,470
  6,794
  7,133
  7,490
  7,864
  8,258
  8,670
  9,104
  9,559
  10,037
  10,539
  11,066
  11,619
  12,200
  12,810
  13,451
  14,123
  14,829
  15,571
  16,349
  17,167
  18,025
  18,927
  19,873
  20,866
  21,910
  23,005
  24,156
  25,363
  26,631
Total equity, $m
  1,487
  800
  840
  882
  926
  972
  1,021
  1,072
  1,125
  1,181
  1,241
  1,303
  1,368
  1,436
  1,508
  1,583
  1,662
  1,746
  1,833
  1,924
  2,021
  2,122
  2,228
  2,339
  2,456
  2,579
  2,708
  2,843
  2,986
  3,135
  3,292
Total liabilities and equity, $m
  7,649
  7,270
  7,634
  8,015
  8,416
  8,836
  9,279
  9,742
  10,229
  10,740
  11,278
  11,842
  12,434
  13,055
  13,708
  14,393
  15,113
  15,869
  16,662
  17,495
  18,370
  19,289
  20,253
  21,266
  22,329
  23,445
  24,618
  25,848
  27,142
  28,498
  29,923
Debt-to-equity ratio
  3.005
  5.970
  6.070
  6.170
  6.260
  6.350
  6.430
  6.510
  6.590
  6.660
  6.730
  6.790
  6.850
  6.910
  6.970
  7.020
  7.070
  7.120
  7.170
  7.210
  7.250
  7.290
  7.330
  7.370
  7.400
  7.430
  7.470
  7.500
  7.520
  7.550
  7.580
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
  318
  338
  358
  379
  401
  424
  449
  474
  501
  530
  667
  699
  731
  766
  802
  840
  880
  922
  965
  1,012
  1,060
  1,111
  1,164
  1,220
  1,279
  1,341
  1,406
  1,474
  1,545
  1,621
Depreciation, amort., depletion, $m
  240
  308
  316
  324
  333
  342
  352
  362
  372
  384
  395
  260
  273
  286
  301
  316
  332
  348
  366
  384
  403
  423
  444
  466
  490
  514
  540
  567
  595
  625
  656
Funds from operations, $m
  274
  626
  653
  682
  711
  743
  776
  810
  847
  885
  925
  927
  971
  1,018
  1,067
  1,118
  1,171
  1,228
  1,287
  1,349
  1,415
  1,483
  1,555
  1,631
  1,710
  1,793
  1,881
  1,973
  2,069
  2,171
  2,277
Change in working capital, $m
  -439
  77
  81
  85
  89
  94
  99
  103
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  226
  237
  249
  262
  275
  288
  303
  318
Cash from operations, $m
  713
  549
  572
  596
  622
  649
  677
  707
  738
  771
  805
  801
  839
  879
  921
  965
  1,011
  1,059
  1,110
  1,163
  1,219
  1,278
  1,340
  1,405
  1,473
  1,544
  1,619
  1,698
  1,781
  1,868
  1,959
Maintenance CAPEX, $m
  0
  -152
  -159
  -167
  -176
  -185
  -194
  -204
  -214
  -224
  -236
  -247
  -260
  -273
  -286
  -301
  -316
  -332
  -348
  -366
  -384
  -403
  -423
  -444
  -466
  -490
  -514
  -540
  -567
  -595
  -625
New CAPEX, $m
  -216
  -126
  -134
  -141
  -148
  -155
  -163
  -171
  -180
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -265
  -278
  -292
  -307
  -322
  -338
  -355
  -373
  -392
  -411
  -432
  -454
  -476
  -500
  -525
Cash from investing activities, $m
  -214
  -278
  -293
  -308
  -324
  -340
  -357
  -375
  -394
  -412
  -434
  -455
  -478
  -502
  -527
  -554
  -581
  -610
  -640
  -673
  -706
  -741
  -778
  -817
  -858
  -901
  -946
  -994
  -1,043
  -1,095
  -1,150
Free cash flow, $m
  499
  271
  279
  288
  299
  309
  321
  333
  345
  358
  372
  346
  361
  377
  394
  412
  430
  449
  470
  491
  513
  537
  561
  587
  615
  643
  673
  705
  738
  772
  809
Issuance/(repayment) of debt, $m
  -405
  308
  324
  340
  357
  374
  393
  413
  434
  455
  478
  502
  527
  553
  581
  610
  641
  673
  706
  741
  779
  817
  858
  901
  946
  994
  1,043
  1,095
  1,150
  1,208
  1,268
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
  308
  324
  340
  357
  374
  393
  413
  434
  455
  478
  502
  527
  553
  581
  610
  641
  673
  706
  741
  779
  817
  858
  901
  946
  994
  1,043
  1,095
  1,150
  1,208
  1,268
Total cash flow (excl. dividends), $m
  -239
  579
  602
  628
  655
  684
  714
  745
  778
  813
  850
  848
  888
  931
  975
  1,022
  1,070
  1,122
  1,176
  1,232
  1,292
  1,354
  1,420
  1,489
  1,561
  1,637
  1,716
  1,800
  1,888
  1,980
  2,077
Retained Cash Flow (-), $m
  -419
  -40
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -149
  -157
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
 
  1,266
  562
  586
  611
  638
  665
  694
  725
  757
  791
  786
  823
  862
  903
  946
  991
  1,039
  1,088
  1,141
  1,196
  1,253
  1,314
  1,377
  1,444
  1,514
  1,587
  1,665
  1,746
  1,831
  1,920
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
 
  1,170
  476
  452
  425
  396
  366
  335
  303
  270
  239
  198
  170
  145
  121
  99
  80
  63
  49
  37
  28
  20
  14
  10
  7
  4
  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. 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 42.6
Price to Sales 7.2
Price to Book 23.5
Price to Tangible Book
Price to Cash Flow 49
Price to Free Cash Flow 70.4
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% 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 489.081 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 $34.7 billion.

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COMPANY NEWS

▶ 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]
▶ Zoetis Appoints Dr. Linda Rhodes to Board of Directors   [Aug-03-17 04:30PM  Business Wire]
▶ ETFs with exposure to Zoetis, Inc. : August 1, 2017   [Aug-01-17 05:34PM  Capital Cube]
▶ Zoetis Completes Acquisition of Nexvet Biopharma   [Jul-31-17 08:00AM  Business Wire]
▶ [$$] "A Great Time" to Invest in the Health-Care Sector   [Jul-15-17 12:01AM  Barrons.com]
▶ ETFs with exposure to Zoetis, Inc. : July 13, 2017   [Jul-13-17 04:57PM  Capital Cube]
▶ Performance of Zoetis Stock in 2Q17   [Jul-10-17 12:45PM  Market Realist]
▶ ETFs with exposure to Zoetis, Inc. : June 30, 2017   [Jun-30-17 03:39PM  Capital Cube]
▶ ETFs with exposure to Zoetis, Inc. : June 20, 2017   [Jun-20-17 03:26PM  Capital Cube]
▶ 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]
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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