Intrinsic value of C.R. Bard - BCR

Previous Close

$330.16

  Intrinsic Value

$110.81

stock screener

  Rating & Target

str. sell

-66%

Previous close

$330.16

 
Intrinsic value

$110.81

 
Up/down potential

-66%

 
Rating

str. sell

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

We calculate the intrinsic value of BCR 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 24.0

 

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, %
  8.72
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  3,714
  3,907
  4,110
  4,322
  4,544
  4,777
  5,022
  5,278
  5,547
  5,829
  6,125
  6,436
  6,762
  7,103
  7,462
  7,839
  8,234
  8,649
  9,084
  9,541
  10,021
  10,524
  11,052
  11,607
  12,190
  12,801
  13,443
  14,117
  14,824
  15,567
  16,347
Variable operating expenses, $m
 
  3,447
  3,619
  3,800
  3,989
  4,187
  4,395
  4,613
  4,841
  5,081
  5,333
  5,471
  5,748
  6,038
  6,343
  6,663
  6,999
  7,352
  7,722
  8,110
  8,518
  8,946
  9,395
  9,867
  10,362
  10,882
  11,427
  12,000
  12,601
  13,233
  13,896
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
  3,008
  3,447
  3,619
  3,800
  3,989
  4,187
  4,395
  4,613
  4,841
  5,081
  5,333
  5,471
  5,748
  6,038
  6,343
  6,663
  6,999
  7,352
  7,722
  8,110
  8,518
  8,946
  9,395
  9,867
  10,362
  10,882
  11,427
  12,000
  12,601
  13,233
  13,896
Operating income, $m
  707
  460
  490
  522
  555
  590
  627
  665
  706
  748
  792
  965
  1,014
  1,065
  1,119
  1,175
  1,235
  1,297
  1,362
  1,431
  1,503
  1,578
  1,657
  1,741
  1,828
  1,920
  2,016
  2,117
  2,223
  2,334
  2,451
EBITDA, $m
  920
  710
  747
  785
  826
  868
  912
  959
  1,008
  1,059
  1,113
  1,169
  1,228
  1,291
  1,356
  1,424
  1,496
  1,571
  1,650
  1,733
  1,821
  1,912
  2,008
  2,109
  2,215
  2,326
  2,442
  2,565
  2,693
  2,828
  2,970
Interest expense (income), $m
  50
  57
  64
  71
  78
  86
  94
  102
  111
  120
  130
  140
  151
  162
  173
  186
  199
  212
  226
  241
  257
  273
  290
  309
  327
  347
  368
  390
  413
  438
  463
Earnings before tax, $m
  664
  402
  426
  451
  477
  504
  533
  563
  595
  628
  663
  825
  863
  903
  946
  990
  1,036
  1,085
  1,136
  1,190
  1,246
  1,305
  1,367
  1,432
  1,500
  1,572
  1,647
  1,727
  1,810
  1,897
  1,988
Tax expense, $m
  133
  109
  115
  122
  129
  136
  144
  152
  161
  170
  179
  223
  233
  244
  255
  267
  280
  293
  307
  321
  336
  352
  369
  387
  405
  424
  445
  466
  489
  512
  537
Net income, $m
  531
  294
  311
  329
  348
  368
  389
  411
  434
  458
  484
  602
  630
  660
  690
  723
  756
  792
  829
  868
  909
  953
  998
  1,045
  1,095
  1,148
  1,203
  1,260
  1,321
  1,385
  1,451

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  905
  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
  5,306
  4,629
  4,869
  5,120
  5,384
  5,660
  5,950
  6,254
  6,572
  6,907
  7,257
  7,625
  8,011
  8,416
  8,841
  9,288
  9,756
  10,247
  10,763
  11,304
  11,873
  12,469
  13,095
  13,753
  14,443
  15,167
  15,928
  16,726
  17,564
  18,445
  19,368
Adjusted assets (=assets-cash), $m
  4,401
  4,629
  4,869
  5,120
  5,384
  5,660
  5,950
  6,254
  6,572
  6,907
  7,257
  7,625
  8,011
  8,416
  8,841
  9,288
  9,756
  10,247
  10,763
  11,304
  11,873
  12,469
  13,095
  13,753
  14,443
  15,167
  15,928
  16,726
  17,564
  18,445
  19,368
Revenue / Adjusted assets
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
Average production assets, $m
  1,496
  1,575
  1,656
  1,742
  1,831
  1,925
  2,024
  2,127
  2,235
  2,349
  2,468
  2,594
  2,725
  2,863
  3,007
  3,159
  3,318
  3,485
  3,661
  3,845
  4,038
  4,241
  4,454
  4,678
  4,912
  5,159
  5,418
  5,689
  5,974
  6,274
  6,588
Working capital, $m
  1,207
  316
  333
  350
  368
  387
  407
  428
  449
  472
  496
  521
  548
  575
  604
  635
  667
  701
  736
  773
  812
  852
  895
  940
  987
  1,037
  1,089
  1,143
  1,201
  1,261
  1,324
Total debt, $m
  1,642
  1,830
  2,028
  2,235
  2,453
  2,681
  2,920
  3,170
  3,433
  3,709
  3,998
  4,302
  4,620
  4,955
  5,305
  5,673
  6,060
  6,465
  6,890
  7,337
  7,806
  8,298
  8,815
  9,357
  9,926
  10,524
  11,151
  11,810
  12,502
  13,228
  13,990
Total liabilities, $m
  3,631
  3,819
  4,017
  4,224
  4,442
  4,670
  4,909
  5,159
  5,422
  5,698
  5,987
  6,291
  6,609
  6,944
  7,294
  7,662
  8,049
  8,454
  8,879
  9,326
  9,795
  10,287
  10,804
  11,346
  11,915
  12,513
  13,140
  13,799
  14,491
  15,217
  15,979
Total equity, $m
  1,675
  810
  852
  896
  942
  991
  1,041
  1,094
  1,150
  1,209
  1,270
  1,334
  1,402
  1,473
  1,547
  1,625
  1,707
  1,793
  1,884
  1,978
  2,078
  2,182
  2,292
  2,407
  2,527
  2,654
  2,787
  2,927
  3,074
  3,228
  3,389
Total liabilities and equity, $m
  5,306
  4,629
  4,869
  5,120
  5,384
  5,661
  5,950
  6,253
  6,572
  6,907
  7,257
  7,625
  8,011
  8,417
  8,841
  9,287
  9,756
  10,247
  10,763
  11,304
  11,873
  12,469
  13,096
  13,753
  14,442
  15,167
  15,927
  16,726
  17,565
  18,445
  19,368
Debt-to-equity ratio
  0.980
  2.260
  2.380
  2.490
  2.600
  2.710
  2.800
  2.900
  2.980
  3.070
  3.150
  3.220
  3.300
  3.360
  3.430
  3.490
  3.550
  3.610
  3.660
  3.710
  3.760
  3.800
  3.850
  3.890
  3.930
  3.960
  4.000
  4.030
  4.070
  4.100
  4.130
Adjusted equity ratio
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  531
  294
  311
  329
  348
  368
  389
  411
  434
  458
  484
  602
  630
  660
  690
  723
  756
  792
  829
  868
  909
  953
  998
  1,045
  1,095
  1,148
  1,203
  1,260
  1,321
  1,385
  1,451
Depreciation, amort., depletion, $m
  213
  250
  257
  263
  270
  278
  285
  294
  302
  311
  320
  204
  215
  225
  237
  249
  261
  274
  288
  303
  318
  334
  351
  368
  387
  406
  427
  448
  470
  494
  519
Funds from operations, $m
  91
  544
  568
  592
  619
  646
  675
  705
  736
  769
  804
  807
  845
  885
  927
  971
  1,018
  1,066
  1,117
  1,171
  1,227
  1,287
  1,349
  1,414
  1,482
  1,554
  1,629
  1,708
  1,791
  1,879
  1,970
Change in working capital, $m
  -456
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
Cash from operations, $m
  547
  528
  551
  575
  601
  627
  655
  684
  714
  747
  780
  781
  818
  857
  898
  941
  986
  1,033
  1,082
  1,134
  1,189
  1,246
  1,306
  1,369
  1,435
  1,504
  1,577
  1,654
  1,734
  1,818
  1,907
Maintenance CAPEX, $m
  0
  -118
  -124
  -130
  -137
  -144
  -152
  -159
  -167
  -176
  -185
  -194
  -204
  -215
  -225
  -237
  -249
  -261
  -274
  -288
  -303
  -318
  -334
  -351
  -368
  -387
  -406
  -427
  -448
  -470
  -494
New CAPEX, $m
  -101
  -79
  -82
  -85
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -246
  -259
  -272
  -285
  -299
  -314
Cash from investing activities, $m
  -424
  -197
  -206
  -215
  -227
  -238
  -251
  -262
  -275
  -290
  -304
  -319
  -335
  -353
  -370
  -389
  -408
  -428
  -449
  -472
  -496
  -521
  -547
  -575
  -603
  -633
  -665
  -699
  -733
  -769
  -808
Free cash flow, $m
  123
  331
  346
  359
  374
  389
  405
  421
  439
  457
  476
  462
  483
  505
  528
  552
  578
  604
  632
  662
  693
  725
  759
  794
  832
  871
  912
  956
  1,001
  1,049
  1,099
Issuance/(repayment) of debt, $m
  246
  188
  198
  207
  217
  228
  239
  251
  263
  276
  289
  304
  318
  334
  351
  368
  386
  405
  426
  447
  469
  492
  517
  542
  569
  598
  627
  659
  692
  726
  762
Issuance/(repurchase) of shares, $m
  -356
  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  
  -75
  188
  198
  207
  217
  228
  239
  251
  263
  276
  289
  304
  318
  334
  351
  368
  386
  405
  426
  447
  469
  492
  517
  542
  569
  598
  627
  659
  692
  726
  762
Total cash flow (excl. dividends), $m
  29
  519
  543
  567
  591
  617
  644
  672
  702
  733
  765
  765
  801
  839
  879
  920
  964
  1,010
  1,058
  1,108
  1,161
  1,217
  1,275
  1,337
  1,401
  1,469
  1,540
  1,614
  1,693
  1,775
  1,861
Retained Cash Flow (-), $m
  -220
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
Prev. year cash balance distribution, $m
 
  905
  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
 
  1,384
  501
  523
  545
  568
  593
  619
  646
  674
  704
  701
  734
  768
  804
  842
  882
  924
  968
  1,014
  1,062
  1,113
  1,166
  1,222
  1,280
  1,342
  1,407
  1,475
  1,546
  1,621
  1,699
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
 
  1,327
  459
  455
  449
  441
  430
  418
  404
  387
  369
  333
  313
  292
  270
  247
  224
  201
  178
  156
  135
  115
  97
  80
  65
  52
  41
  32
  24
  18
  13
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

C. R. Bard, Inc. (Bard) is engaged in designing, manufacturing, packaging, distribution and sale of medical, surgical, diagnostic and patient care devices. The Company operates through the manufacture and sale of medical devices segment. It sells a range of products to hospitals, individual healthcare professionals, extended care facilities and alternate site facilities on a global basis. Its vascular products cover a range of minimally invasive devices for the treatment of peripheral vascular disease and end-stage renal disease. Its urology products include basic urology drainage products, fecal and urinary continence products, urological specialty products and Targeted Temperature Management products. Its oncology products cover a range of devices used in the treatment and management of various cancers, and other diseases and disorders. Its surgical specialty products include implanted patches and fixation devices for hernia and soft tissue repairs.

FINANCIAL RATIOS  of  C.R. Bard (BCR)

Valuation Ratios
P/E Ratio 45.3
Price to Sales 6.5
Price to Book 14.4
Price to Tangible Book
Price to Cash Flow 44
Price to Free Cash Flow 54
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 98%
Total Debt to Equity 98%
Interest Coverage 14
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 17.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 33.9%
Return On Equity - 3 Yr. Avg. 19.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 62.9%
Gross Margin - 3 Yr. Avg. 62.3%
EBITDA Margin 25%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 14.3%
Net Profit Margin - 3 Yr. Avg. 9%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 38.4%
Payout Ratio 14.1%

BCR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCR stock intrinsic value calculation we used $3714 million for the last fiscal year's total revenue generated by C.R. Bard. The default revenue input number comes from 2016 income statement of C.R. Bard. 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 BCR stock valuation model: a) initial revenue growth rate of 5.2% 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 BCR is calculated based on our internal credit rating of C.R. Bard, 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 C.R. Bard.
    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 BCR stock the variable cost ratio is equal to 88.4%.

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 BCR 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 C.R. Bard.

Corporate tax rate of 27% is the nominal tax rate for C.R. Bard. 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 BCR 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 BCR are equal to 40.3%.

Life of production assets of 12.7 years is the average useful life of capital assets used in C.R. Bard 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 BCR is equal to 8.1%. 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 - $1675 million for C.R. Bard - 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 72.662 million for C.R. Bard 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 C.R. Bard at the current share price and the inputted number of shares is $24.0 billion.

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COMPANY NEWS

▶ EU mergers and takeovers (Oct 16)   [Oct-16-17 11:06AM  Reuters]
▶ Bard Declares Quarterly Dividend   [Oct-11-17 04:15PM  Business Wire]
▶ BD Stock Fell 2.7% on September 13: Should Investors Worry?   [Sep-15-17 12:35PM  Market Realist]
▶ C.R. Bard tops Street 2Q forecasts   [Jul-27-17 09:54PM  Associated Press]
▶ Bard Announces Second Quarter Results   [04:15PM  Business Wire]
▶ Bard Declares Quarterly Dividend   [Jun-14-17 04:15PM  Business Wire]
▶ Seven iQ100 members hit all-time highs   [03:48PM  CNBC Videos]
▶ Nine members of iQ100 hit all time highs   [Jun-01-17 03:14PM  CNBC Videos]
▶ Albany public company files lawsuit alleging competitor violated antitrust laws   [May-31-17 03:48PM  American City Business Journals]
▶ Seven iQ 100 members hit all-time highs   [01:59PM  CNBC Videos]
▶ Five CNBC IQ 100 components are hitting lifetime highs   [Apr-28-17 12:40PM  CNBC Videos]
▶ 3 Best Performing Stocks of April   [09:04AM  Motley Fool]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [11:13AM  Investor's Business Daily]
▶ C. R. Bard Stock Trades Ex-Dividend Thursday   [Apr-25-17 01:10PM  Investopedia]
▶ [$$] Dont Succumb to Sticker Shock on Becton Dickinson Deal   [12:36AM  The Wall Street Journal]
▶ Tax cuts not driving this rally   [Apr-24-17 06:44PM  CNBC Videos]
▶ Story Stocks from Briefing.com   [12:03PM  Briefing.com]
▶ A $24 Billion Megadeal to Cheer About   [09:19AM  Bloomberg]
▶ C.R. Bard tops Street 1Q forecasts   [05:01AM  Associated Press]
▶ Becton Dickinson to Acquire C.R. Bard for $24 Billion   [12:01AM  The Wall Street Journal]
▶ Becton Dickinson to Buy C.R. Bard for $24 Billion   [07:47PM  The Wall Street Journal]
▶ Bard Announces First Quarter Results   [05:07PM  Business Wire]
▶ BD To Acquire Bard For $24 Billion   [05:04PM  PR Newswire]
▶ Bard Declares Quarterly Dividend   [Apr-19-17 04:15PM  Business Wire]
▶ C.R. Bard Just Keeps Going and Going...   [Apr-10-17 02:28PM  TheStreet.com]
▶ Bard to Host Earnings Conference Call on April 26, 2017   [Apr-03-17 12:15PM  Business Wire]
Financial statements of BCR
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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