Intrinsic value of Baxter International - BAX

Previous Close

$63.59

  Intrinsic Value

$11.18

stock screener

  Rating & Target

str. sell

-82%

Previous close

$63.59

 
Intrinsic value

$11.18

 
Up/down potential

-82%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 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, %
  1.96
  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
  10,163
  10,366
  10,605
  10,877
  11,183
  11,522
  11,894
  12,299
  12,738
  13,210
  13,717
  14,260
  14,838
  15,454
  16,109
  16,804
  17,541
  18,320
  19,145
  20,016
  20,935
  21,906
  22,929
  24,008
  25,144
  26,341
  27,602
  28,928
  30,324
  31,793
  33,337
Variable operating expenses, $m
 
  10,009
  10,233
  10,489
  10,777
  11,096
  11,446
  11,827
  12,239
  12,683
  13,160
  13,411
  13,955
  14,534
  15,150
  15,804
  16,496
  17,230
  18,005
  18,824
  19,689
  20,602
  21,564
  22,578
  23,647
  24,773
  25,958
  27,206
  28,519
  29,900
  31,353
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
  5,197
  10,009
  10,233
  10,489
  10,777
  11,096
  11,446
  11,827
  12,239
  12,683
  13,160
  13,411
  13,955
  14,534
  15,150
  15,804
  16,496
  17,230
  18,005
  18,824
  19,689
  20,602
  21,564
  22,578
  23,647
  24,773
  25,958
  27,206
  28,519
  29,900
  31,353
Operating income, $m
  4,966
  358
  372
  388
  406
  426
  449
  473
  499
  527
  557
  849
  883
  920
  959
  1,000
  1,044
  1,091
  1,140
  1,192
  1,246
  1,304
  1,365
  1,429
  1,497
  1,568
  1,643
  1,722
  1,805
  1,893
  1,985
EBITDA, $m
  5,766
  1,169
  1,196
  1,226
  1,261
  1,299
  1,341
  1,387
  1,436
  1,489
  1,546
  1,608
  1,673
  1,742
  1,816
  1,894
  1,977
  2,065
  2,158
  2,257
  2,360
  2,470
  2,585
  2,707
  2,835
  2,970
  3,112
  3,261
  3,419
  3,584
  3,758
Interest expense (income), $m
  99
  97
  102
  108
  115
  123
  131
  141
  151
  162
  173
  186
  200
  214
  230
  246
  263
  282
  301
  322
  344
  367
  391
  416
  443
  472
  502
  533
  566
  601
  638
Earnings before tax, $m
  4,954
  260
  269
  280
  291
  304
  317
  332
  348
  365
  384
  663
  684
  706
  729
  754
  781
  809
  839
  870
  903
  938
  974
  1,013
  1,054
  1,096
  1,142
  1,189
  1,239
  1,292
  1,347
Tax expense, $m
  -12
  70
  73
  76
  79
  82
  86
  90
  94
  99
  104
  179
  185
  191
  197
  204
  211
  218
  226
  235
  244
  253
  263
  273
  284
  296
  308
  321
  335
  349
  364
Net income, $m
  4,965
  190
  197
  204
  212
  222
  232
  242
  254
  267
  280
  484
  499
  515
  533
  551
  570
  591
  612
  635
  659
  684
  711
  739
  769
  800
  833
  868
  905
  943
  983

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,802
  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
  15,546
  13,007
  13,306
  13,648
  14,032
  14,457
  14,924
  15,432
  15,982
  16,575
  17,211
  17,892
  18,618
  19,391
  20,212
  21,084
  22,008
  22,986
  24,021
  25,114
  26,268
  27,485
  28,769
  30,123
  31,549
  33,051
  34,632
  36,296
  38,048
  39,891
  41,829
Adjusted assets (=assets-cash), $m
  12,744
  13,007
  13,306
  13,648
  14,032
  14,457
  14,924
  15,432
  15,982
  16,575
  17,211
  17,892
  18,618
  19,391
  20,212
  21,084
  22,008
  22,986
  24,021
  25,114
  26,268
  27,485
  28,769
  30,123
  31,549
  33,051
  34,632
  36,296
  38,048
  39,891
  41,829
Revenue / Adjusted assets
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
Average production assets, $m
  5,568
  5,681
  5,811
  5,961
  6,128
  6,314
  6,518
  6,740
  6,980
  7,239
  7,517
  7,814
  8,131
  8,469
  8,828
  9,209
  9,612
  10,039
  10,491
  10,969
  11,473
  12,004
  12,565
  13,156
  13,779
  14,435
  15,126
  15,853
  16,618
  17,422
  18,269
Working capital, $m
  3,830
  1,047
  1,071
  1,099
  1,130
  1,164
  1,201
  1,242
  1,287
  1,334
  1,385
  1,440
  1,499
  1,561
  1,627
  1,697
  1,772
  1,850
  1,934
  2,022
  2,114
  2,212
  2,316
  2,425
  2,540
  2,660
  2,788
  2,922
  3,063
  3,211
  3,367
Total debt, $m
  2,782
  2,927
  3,097
  3,292
  3,510
  3,752
  4,018
  4,307
  4,620
  4,957
  5,319
  5,706
  6,119
  6,559
  7,027
  7,523
  8,049
  8,605
  9,194
  9,816
  10,472
  11,165
  11,896
  12,666
  13,477
  14,332
  15,232
  16,179
  17,175
  18,224
  19,327
Total liabilities, $m
  7,256
  7,401
  7,571
  7,766
  7,984
  8,226
  8,492
  8,781
  9,094
  9,431
  9,793
  10,180
  10,593
  11,033
  11,501
  11,997
  12,523
  13,079
  13,668
  14,290
  14,946
  15,639
  16,370
  17,140
  17,951
  18,806
  19,706
  20,653
  21,649
  22,698
  23,801
Total equity, $m
  8,290
  5,606
  5,735
  5,882
  6,048
  6,231
  6,432
  6,651
  6,888
  7,144
  7,418
  7,711
  8,024
  8,357
  8,712
  9,087
  9,486
  9,907
  10,353
  10,824
  11,321
  11,846
  12,400
  12,983
  13,597
  14,245
  14,926
  15,644
  16,399
  17,193
  18,028
Total liabilities and equity, $m
  15,546
  13,007
  13,306
  13,648
  14,032
  14,457
  14,924
  15,432
  15,982
  16,575
  17,211
  17,891
  18,617
  19,390
  20,213
  21,084
  22,009
  22,986
  24,021
  25,114
  26,267
  27,485
  28,770
  30,123
  31,548
  33,051
  34,632
  36,297
  38,048
  39,891
  41,829
Debt-to-equity ratio
  0.336
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.650
  0.670
  0.690
  0.720
  0.740
  0.760
  0.780
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.940
  0.960
  0.980
  0.990
  1.010
  1.020
  1.030
  1.050
  1.060
  1.070
Adjusted equity ratio
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431
  0.431

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,965
  190
  197
  204
  212
  222
  232
  242
  254
  267
  280
  484
  499
  515
  533
  551
  570
  591
  612
  635
  659
  684
  711
  739
  769
  800
  833
  868
  905
  943
  983
Depreciation, amort., depletion, $m
  800
  811
  824
  838
  854
  873
  892
  914
  937
  962
  989
  759
  789
  822
  857
  894
  933
  975
  1,019
  1,065
  1,114
  1,165
  1,220
  1,277
  1,338
  1,401
  1,469
  1,539
  1,613
  1,691
  1,774
Funds from operations, $m
  1,627
  1,001
  1,020
  1,042
  1,067
  1,094
  1,124
  1,156
  1,191
  1,229
  1,269
  1,242
  1,289
  1,338
  1,390
  1,445
  1,503
  1,565
  1,631
  1,700
  1,773
  1,850
  1,931
  2,017
  2,107
  2,202
  2,302
  2,407
  2,518
  2,634
  2,757
Change in working capital, $m
  -27
  21
  24
  28
  31
  34
  38
  41
  44
  48
  51
  55
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
Cash from operations, $m
  1,654
  981
  996
  1,015
  1,036
  1,060
  1,086
  1,115
  1,147
  1,181
  1,218
  1,188
  1,230
  1,275
  1,323
  1,375
  1,429
  1,487
  1,547
  1,612
  1,680
  1,752
  1,828
  1,908
  1,992
  2,081
  2,175
  2,273
  2,377
  2,486
  2,601
Maintenance CAPEX, $m
  0
  -541
  -552
  -564
  -579
  -595
  -613
  -633
  -654
  -678
  -703
  -730
  -759
  -789
  -822
  -857
  -894
  -933
  -975
  -1,019
  -1,065
  -1,114
  -1,165
  -1,220
  -1,277
  -1,338
  -1,401
  -1,469
  -1,539
  -1,613
  -1,691
New CAPEX, $m
  -719
  -113
  -131
  -149
  -168
  -186
  -204
  -222
  -240
  -259
  -278
  -297
  -317
  -338
  -359
  -381
  -404
  -427
  -452
  -477
  -504
  -532
  -561
  -591
  -623
  -656
  -691
  -727
  -765
  -805
  -847
Cash from investing activities, $m
  -715
  -654
  -683
  -713
  -747
  -781
  -817
  -855
  -894
  -937
  -981
  -1,027
  -1,076
  -1,127
  -1,181
  -1,238
  -1,298
  -1,360
  -1,427
  -1,496
  -1,569
  -1,646
  -1,726
  -1,811
  -1,900
  -1,994
  -2,092
  -2,196
  -2,304
  -2,418
  -2,538
Free cash flow, $m
  939
  327
  314
  301
  290
  279
  269
  261
  252
  245
  238
  161
  154
  148
  142
  137
  131
  126
  121
  116
  111
  106
  101
  97
  92
  87
  82
  78
  73
  68
  63
Issuance/(repayment) of debt, $m
  -40
  148
  170
  195
  218
  242
  266
  289
  313
  337
  362
  387
  413
  440
  468
  496
  526
  557
  589
  622
  657
  693
  731
  770
  811
  855
  900
  947
  997
  1,048
  1,103
Issuance/(repurchase) of shares, $m
  33
  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  
  -56
  148
  170
  195
  218
  242
  266
  289
  313
  337
  362
  387
  413
  440
  468
  496
  526
  557
  589
  622
  657
  693
  731
  770
  811
  855
  900
  947
  997
  1,048
  1,103
Total cash flow (excl. dividends), $m
  856
  475
  484
  496
  508
  521
  535
  550
  565
  582
  599
  548
  567
  588
  610
  633
  657
  683
  710
  738
  768
  799
  832
  867
  903
  942
  982
  1,025
  1,069
  1,116
  1,166
Retained Cash Flow (-), $m
  556
  -115
  -129
  -147
  -165
  -183
  -201
  -219
  -237
  -255
  -274
  -293
  -313
  -333
  -354
  -376
  -398
  -422
  -446
  -471
  -497
  -525
  -553
  -583
  -615
  -647
  -682
  -717
  -755
  -794
  -835
Prev. year cash balance distribution, $m
 
  2,799
  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
 
  3,159
  355
  348
  343
  338
  334
  331
  328
  326
  325
  255
  254
  255
  256
  257
  259
  261
  264
  267
  270
  274
  279
  284
  289
  295
  301
  307
  315
  322
  330
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
 
  3,029
  325
  303
  282
  262
  242
  223
  205
  188
  171
  121
  109
  97
  86
  75
  66
  57
  49
  41
  34
  28
  23
  19
  15
  11
  9
  7
  5
  4
  2
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

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 6.9
Price to Sales 3.4
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow 36.7
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 $10163 million for the last fiscal year's total revenue generated by Baxter International. The default revenue input number comes from 2016 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 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 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 96.6%.

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 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 3.5% 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 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 BAX are equal to 54.8%.

Life of production assets of 10.3 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 10.1%. 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 - $8290 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 544.897 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 $34.7 billion.

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COMPANY NEWS

▶ Baxter says minimal damage at three Puerto Rico sites   [Oct-12-17 04:18PM  CNBC Videos]
▶ The stock market rally isn't about tax cuts   [11:50AM  Yahoo Finance]
▶ Baxter Saline Shipments Disrupted in Puerto Rico   [Sep-27-17 09:22PM  The Wall Street Journal]
▶ The Baxter International 2Q17 Story: Key Highlights   [Sep-11-17 10:37AM  Market Realist]
▶ Baxter beats Street 2Q forecasts   [Jul-26-17 09:54PM  Associated Press]
▶ What to Expect from Baxter Internationals 2Q17 Earnings   [Jul-24-17 10:40AM  Market Realist]
▶ Abiomed in 2017: The Analysts View   [Jul-20-17 05:47PM  Market Realist]
▶ Baxter Declares Quarterly Dividend   [Jul-18-17 08:55AM  Business Wire]
▶ Baxter Appoints Cathy R. Smith to Its Board   [Jul-17-17 04:30PM  Business Wire]
▶ Baxter Is Focusing on Inorganic Growth Opportunities in 2017   [Jun-28-17 10:36AM  Market Realist]
Financial statements of BAX
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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