Intrinsic value of Baxter International - BAX

Previous Close

$70.71

  Intrinsic Value

$14.17

stock screener

  Rating & Target

str. sell

-80%

Previous close

$70.71

 
Intrinsic value

$14.17

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of BAX 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 2017), $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 38.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  10,973
  11,413
  11,882
  12,381
  12,910
  13,472
  14,067
  14,696
  15,361
  16,064
  16,806
  17,588
  18,413
  19,282
  20,197
  21,161
  22,176
  23,245
  24,368
  25,551
  26,794
  28,101
  29,476
  30,921
  32,440
  34,036
  35,714
  37,477
  39,329
  41,275
Variable operating expenses, $m
  10,176
  10,566
  10,982
  11,425
  11,894
  12,392
  12,920
  13,478
  14,067
  14,690
  14,901
  15,594
  16,325
  17,096
  17,908
  18,763
  19,663
  20,610
  21,606
  22,654
  23,757
  24,916
  26,135
  27,416
  28,763
  30,178
  31,666
  33,229
  34,871
  36,597
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
  10,176
  10,566
  10,982
  11,425
  11,894
  12,392
  12,920
  13,478
  14,067
  14,690
  14,901
  15,594
  16,325
  17,096
  17,908
  18,763
  19,663
  20,610
  21,606
  22,654
  23,757
  24,916
  26,135
  27,416
  28,763
  30,178
  31,666
  33,229
  34,871
  36,597
Operating income, $m
  797
  846
  900
  956
  1,016
  1,080
  1,147
  1,219
  1,294
  1,374
  1,905
  1,994
  2,087
  2,186
  2,289
  2,399
  2,514
  2,635
  2,762
  2,896
  3,037
  3,185
  3,341
  3,505
  3,677
  3,858
  4,048
  4,248
  4,458
  4,679
EBITDA, $m
  2,129
  2,215
  2,306
  2,403
  2,505
  2,614
  2,730
  2,852
  2,981
  3,117
  3,261
  3,413
  3,573
  3,742
  3,919
  4,106
  4,303
  4,511
  4,729
  4,958
  5,199
  5,453
  5,720
  6,000
  6,295
  6,605
  6,930
  7,273
  7,632
  8,010
Interest expense (income), $m
  99
  189
  206
  224
  243
  264
  285
  308
  333
  358
  385
  414
  444
  476
  510
  545
  583
  622
  664
  707
  753
  801
  852
  905
  961
  1,020
  1,082
  1,148
  1,216
  1,288
  1,364
Earnings before tax, $m
  607
  640
  675
  713
  752
  794
  839
  886
  936
  988
  1,491
  1,549
  1,611
  1,676
  1,744
  1,816
  1,892
  1,971
  2,055
  2,143
  2,236
  2,333
  2,436
  2,544
  2,657
  2,776
  2,901
  3,032
  3,170
  3,315
Tax expense, $m
  164
  173
  182
  192
  203
  215
  227
  239
  253
  267
  403
  418
  435
  452
  471
  490
  511
  532
  555
  579
  604
  630
  658
  687
  717
  749
  783
  819
  856
  895
Net income, $m
  443
  467
  493
  520
  549
  580
  612
  647
  683
  721
  1,088
  1,131
  1,176
  1,223
  1,273
  1,326
  1,381
  1,439
  1,500
  1,565
  1,632
  1,703
  1,778
  1,857
  1,939
  2,026
  2,118
  2,213
  2,314
  2,420

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  17,172
  17,861
  18,594
  19,375
  20,204
  21,083
  22,014
  22,999
  24,040
  25,139
  26,300
  27,524
  28,815
  30,175
  31,608
  33,117
  34,705
  36,376
  38,135
  39,985
  41,931
  43,977
  46,128
  48,390
  50,767
  53,265
  55,890
  58,649
  61,548
  64,593
Adjusted assets (=assets-cash), $m
  17,172
  17,861
  18,594
  19,375
  20,204
  21,083
  22,014
  22,999
  24,040
  25,139
  26,300
  27,524
  28,815
  30,175
  31,608
  33,117
  34,705
  36,376
  38,135
  39,985
  41,931
  43,977
  46,128
  48,390
  50,767
  53,265
  55,890
  58,649
  61,548
  64,593
Revenue / Adjusted assets
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
Average production assets, $m
  8,855
  9,210
  9,589
  9,991
  10,419
  10,872
  11,352
  11,860
  12,397
  12,964
  13,562
  14,193
  14,859
  15,560
  16,299
  17,077
  17,896
  18,758
  19,665
  20,619
  21,623
  22,678
  23,787
  24,953
  26,179
  27,467
  28,821
  30,244
  31,739
  33,309
Working capital, $m
  -1,306
  -1,358
  -1,414
  -1,473
  -1,536
  -1,603
  -1,674
  -1,749
  -1,828
  -1,912
  -2,000
  -2,093
  -2,191
  -2,295
  -2,403
  -2,518
  -2,639
  -2,766
  -2,900
  -3,041
  -3,188
  -3,344
  -3,508
  -3,680
  -3,860
  -4,050
  -4,250
  -4,460
  -4,680
  -4,912
Total debt, $m
  3,819
  4,152
  4,506
  4,883
  5,284
  5,708
  6,158
  6,633
  7,136
  7,667
  8,228
  8,819
  9,443
  10,099
  10,792
  11,520
  12,287
  13,095
  13,944
  14,838
  15,778
  16,766
  17,805
  18,897
  20,045
  21,252
  22,520
  23,853
  25,253
  26,724
Total liabilities, $m
  8,294
  8,627
  8,981
  9,358
  9,759
  10,183
  10,633
  11,108
  11,611
  12,142
  12,703
  13,294
  13,918
  14,574
  15,267
  15,995
  16,762
  17,570
  18,419
  19,313
  20,253
  21,241
  22,280
  23,372
  24,520
  25,727
  26,995
  28,328
  29,728
  31,199
Total equity, $m
  8,878
  9,234
  9,613
  10,017
  10,445
  10,900
  11,381
  11,890
  12,429
  12,997
  13,597
  14,230
  14,897
  15,600
  16,341
  17,121
  17,942
  18,807
  19,716
  20,672
  21,678
  22,736
  23,848
  25,018
  26,246
  27,538
  28,895
  30,322
  31,820
  33,395
Total liabilities and equity, $m
  17,172
  17,861
  18,594
  19,375
  20,204
  21,083
  22,014
  22,998
  24,040
  25,139
  26,300
  27,524
  28,815
  30,174
  31,608
  33,116
  34,704
  36,377
  38,135
  39,985
  41,931
  43,977
  46,128
  48,390
  50,766
  53,265
  55,890
  58,650
  61,548
  64,594
Debt-to-equity ratio
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.560
  0.570
  0.590
  0.610
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
Adjusted equity ratio
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  443
  467
  493
  520
  549
  580
  612
  647
  683
  721
  1,088
  1,131
  1,176
  1,223
  1,273
  1,326
  1,381
  1,439
  1,500
  1,565
  1,632
  1,703
  1,778
  1,857
  1,939
  2,026
  2,118
  2,213
  2,314
  2,420
Depreciation, amort., depletion, $m
  1,333
  1,368
  1,406
  1,446
  1,489
  1,534
  1,582
  1,633
  1,687
  1,744
  1,356
  1,419
  1,486
  1,556
  1,630
  1,708
  1,790
  1,876
  1,967
  2,062
  2,162
  2,268
  2,379
  2,495
  2,618
  2,747
  2,882
  3,024
  3,174
  3,331
Funds from operations, $m
  1,776
  1,836
  1,899
  1,967
  2,038
  2,114
  2,195
  2,280
  2,370
  2,465
  2,445
  2,550
  2,662
  2,779
  2,903
  3,033
  3,171
  3,315
  3,467
  3,627
  3,795
  3,971
  4,157
  4,352
  4,557
  4,773
  5,000
  5,238
  5,488
  5,751
Change in working capital, $m
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -232
Cash from operations, $m
  1,825
  1,888
  1,955
  2,026
  2,101
  2,181
  2,266
  2,355
  2,449
  2,549
  2,533
  2,643
  2,760
  2,883
  3,012
  3,148
  3,291
  3,442
  3,601
  3,767
  3,942
  4,127
  4,320
  4,524
  4,738
  4,963
  5,199
  5,448
  5,708
  5,982
Maintenance CAPEX, $m
  -853
  -886
  -921
  -959
  -999
  -1,042
  -1,087
  -1,135
  -1,186
  -1,240
  -1,296
  -1,356
  -1,419
  -1,486
  -1,556
  -1,630
  -1,708
  -1,790
  -1,876
  -1,967
  -2,062
  -2,162
  -2,268
  -2,379
  -2,495
  -2,618
  -2,747
  -2,882
  -3,024
  -3,174
New CAPEX, $m
  -327
  -355
  -378
  -403
  -427
  -453
  -480
  -508
  -537
  -567
  -598
  -631
  -666
  -701
  -739
  -778
  -819
  -862
  -907
  -954
  -1,003
  -1,055
  -1,109
  -1,166
  -1,226
  -1,288
  -1,354
  -1,423
  -1,495
  -1,570
Cash from investing activities, $m
  -1,180
  -1,241
  -1,299
  -1,362
  -1,426
  -1,495
  -1,567
  -1,643
  -1,723
  -1,807
  -1,894
  -1,987
  -2,085
  -2,187
  -2,295
  -2,408
  -2,527
  -2,652
  -2,783
  -2,921
  -3,065
  -3,217
  -3,377
  -3,545
  -3,721
  -3,906
  -4,101
  -4,305
  -4,519
  -4,744
Free cash flow, $m
  645
  647
  656
  665
  675
  686
  699
  712
  726
  742
  638
  656
  675
  695
  717
  740
  765
  790
  818
  847
  877
  909
  943
  979
  1,017
  1,057
  1,099
  1,143
  1,189
  1,238
Issuance/(repayment) of debt, $m
  310
  333
  354
  377
  400
  425
  450
  476
  503
  531
  561
  591
  623
  657
  692
  729
  767
  807
  849
  894
  940
  988
  1,039
  1,092
  1,148
  1,207
  1,268
  1,332
  1,400
  1,471
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  310
  333
  354
  377
  400
  425
  450
  476
  503
  531
  561
  591
  623
  657
  692
  729
  767
  807
  849
  894
  940
  988
  1,039
  1,092
  1,148
  1,207
  1,268
  1,332
  1,400
  1,471
Total cash flow (excl. dividends), $m
  955
  980
  1,010
  1,042
  1,075
  1,111
  1,148
  1,188
  1,229
  1,273
  1,199
  1,247
  1,298
  1,352
  1,409
  1,469
  1,532
  1,598
  1,667
  1,740
  1,817
  1,898
  1,982
  2,071
  2,165
  2,263
  2,367
  2,475
  2,589
  2,709
Retained Cash Flow (-), $m
  -324
  -356
  -379
  -404
  -429
  -454
  -481
  -509
  -538
  -568
  -600
  -633
  -667
  -703
  -741
  -780
  -821
  -864
  -909
  -956
  -1,006
  -1,058
  -1,112
  -1,169
  -1,229
  -1,292
  -1,357
  -1,426
  -1,499
  -1,575
Prev. year cash balance distribution, $m
  570
  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
  106
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
  232
  244
  256
  268
  281
  295
  309
  324
  340
  357
  375
  393
Cash available for distribution, $m
  1,201
  624
  631
  638
  647
  656
  667
  678
  691
  705
  599
  614
  631
  649
  668
  689
  711
  734
  758
  784
  811
  840
  870
  902
  936
  972
  1,009
  1,049
  1,091
  1,135
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,152
  571
  549
  525
  501
  476
  451
  424
  397
  369
  284
  262
  240
  218
  196
  175
  155
  135
  117
  100
  84
  70
  57
  46
  36
  28
  22
  16
  12
  9
Current shareholders' claim on cash, %
  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

Baxter International Inc., through its subsidiaries, provides renal and hospital products. The Company operates through two segments: Hospital Products and Renal. Its Hospital Products business manufactures sterile intravenous (IV) solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, parenteral nutrition therapies, infusion pumps, inhalation anesthetics and biosurgery products. The Renal business offers a portfolio to meet the needs of patients with end-stage renal disease, or irreversible kidney disease and acute kidney injuries, including technologies and therapies for peritoneal dialysis (PD), hemodialysis (HD), continuous renal replacement therapy (CRRT) and additional dialysis services. Its products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices and by patients at home under physician supervision.

FINANCIAL RATIOS  of  Baxter International (BAX)

Valuation Ratios
P/E Ratio 7.7
Price to Sales 3.8
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 23.1
Price to Free Cash Flow 40.8
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.1%
Cap. Spend. - 3 Yr. Gr. Rate -14%
Financial Strength
Quick Ratio 934
Current Ratio 0
LT Debt to Equity 33.5%
Total Debt to Equity 33.6%
Interest Coverage 51
Management Effectiveness
Return On Assets 27.7%
Ret/ On Assets - 3 Yr. Avg. 14.3%
Return On Total Capital 37.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 57.9%
Return On Equity - 3 Yr. Avg. 33.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 42%
EBITDA Margin 57.6%
EBITDA Margin - 3 Yr. Avg. 29.1%
Operating Margin 48.9%
Oper. Margin - 3 Yr. Avg. 19.4%
Pre-Tax Margin 48.7%
Pre-Tax Margin - 3 Yr. Avg. 19.2%
Net Profit Margin 48.9%
Net Profit Margin - 3 Yr. Avg. 27.3%
Effective Tax Rate -0.2%
Eff/ Tax Rate - 3 Yr. Avg. 4.9%
Payout Ratio 5.4%

BAX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BAX stock intrinsic value calculation we used $10561 million for the last fiscal year's total revenue generated by Baxter International. The default revenue input number comes from 2017 income statement of Baxter International. 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 BAX stock valuation model: a) initial revenue growth rate of 3.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BAX is calculated based on our internal credit rating of Baxter International, 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 Baxter International.
    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 BAX stock the variable cost ratio is equal to 92.9%.

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 BAX 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 Baxter International.

Corporate tax rate of 27% is the nominal tax rate for Baxter International. 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 BAX stock is equal to 1%.

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 BAX are equal to 80.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Baxter International 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 BAX is equal to -11.9%. 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 - $9124 million for Baxter International - 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 543 million for Baxter International 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 Baxter International at the current share price and the inputted number of shares is $38.4 billion.

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COMPANY NEWS

▶ Baxter: 2Q Earnings Snapshot   [07:27AM  Associated Press]
▶ 7 Healthcare Stocks That Are Coming to Life   [Jul-23-18 03:05PM  InvestorPlace]
▶ Baxter Declares Quarterly Dividend   [Jul-17-18 09:15AM  Business Wire]
▶ Baxter CEO Sees New Products, Expansion Driving Growth   [May-22-18 11:15AM  Bloomberg Video]
▶ Baxter to Host 2018 Investor Conference   [04:15PM  Business Wire]
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