Intrinsic value of Boston Scientific Corporation - BSX

Previous Close

$40.42

  Intrinsic Value

$14.20

stock screener

  Rating & Target

str. sell

-65%

Previous close

$40.42

 
Intrinsic value

$14.20

 
Up/down potential

-65%

 
Rating

str. sell

We calculate the intrinsic value of BSX 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 0001), $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 56.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  10,452
  11,106
  11,787
  12,497
  13,236
  14,008
  14,812
  15,652
  16,529
  17,445
  18,403
  19,404
  20,450
  21,546
  22,692
  23,892
  25,149
  26,465
  27,844
  29,288
  30,803
  32,390
  34,054
  35,799
  37,629
  39,548
  41,562
  43,674
  45,889
  48,214
Variable operating expenses, $m
  7,382
  7,754
  8,142
  8,546
  8,968
  9,407
  9,865
  10,344
  10,843
  11,365
  10,482
  11,052
  11,649
  12,272
  12,925
  13,609
  14,325
  15,074
  15,860
  16,683
  17,545
  18,449
  19,397
  20,391
  21,433
  22,527
  23,673
  24,876
  26,138
  27,462
Fixed operating expenses, $m
  1,352
  1,382
  1,412
  1,443
  1,475
  1,508
  1,541
  1,575
  1,609
  1,645
  1,681
  1,718
  1,756
  1,794
  1,834
  1,874
  1,915
  1,957
  2,000
  2,044
  2,089
  2,135
  2,182
  2,230
  2,279
  2,330
  2,381
  2,433
  2,487
  2,541
Total operating expenses, $m
  8,734
  9,136
  9,554
  9,989
  10,443
  10,915
  11,406
  11,919
  12,452
  13,010
  12,163
  12,770
  13,405
  14,066
  14,759
  15,483
  16,240
  17,031
  17,860
  18,727
  19,634
  20,584
  21,579
  22,621
  23,712
  24,857
  26,054
  27,309
  28,625
  30,003
Operating income, $m
  1,718
  1,970
  2,233
  2,507
  2,794
  3,093
  3,406
  3,734
  4,077
  4,436
  6,240
  6,634
  7,046
  7,479
  7,933
  8,409
  8,909
  9,433
  9,984
  10,561
  11,168
  11,805
  12,475
  13,178
  13,916
  14,692
  15,507
  16,364
  17,264
  18,210
EBITDA, $m
  3,676
  3,961
  4,259
  4,569
  4,893
  5,232
  5,586
  5,956
  6,343
  6,748
  7,173
  7,617
  8,083
  8,572
  9,084
  9,621
  10,184
  10,775
  11,395
  12,046
  12,730
  13,448
  14,201
  14,993
  15,824
  16,697
  17,615
  18,578
  19,591
  20,655
Interest expense (income), $m
  233
  381
  423
  467
  513
  560
  610
  662
  716
  773
  832
  894
  958
  1,026
  1,096
  1,170
  1,247
  1,328
  1,413
  1,502
  1,595
  1,692
  1,794
  1,901
  2,013
  2,131
  2,254
  2,383
  2,519
  2,661
  2,811
Earnings before tax, $m
  1,337
  1,547
  1,766
  1,995
  2,233
  2,483
  2,744
  3,017
  3,304
  3,603
  5,346
  5,675
  6,021
  6,383
  6,763
  7,162
  7,581
  8,020
  8,482
  8,967
  9,476
  10,012
  10,574
  11,165
  11,786
  12,438
  13,124
  13,845
  14,603
  15,399
Tax expense, $m
  361
  418
  477
  539
  603
  670
  741
  815
  892
  973
  1,443
  1,532
  1,626
  1,723
  1,826
  1,934
  2,047
  2,165
  2,290
  2,421
  2,559
  2,703
  2,855
  3,014
  3,182
  3,358
  3,544
  3,738
  3,943
  4,158
Net income, $m
  976
  1,130
  1,289
  1,456
  1,630
  1,813
  2,003
  2,203
  2,412
  2,631
  3,903
  4,143
  4,395
  4,659
  4,937
  5,228
  5,534
  5,855
  6,192
  6,546
  6,918
  7,308
  7,719
  8,150
  8,604
  9,080
  9,581
  10,107
  10,660
  11,242

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
  22,333
  23,731
  25,186
  26,703
  28,283
  29,931
  31,650
  33,445
  35,319
  37,276
  39,322
  41,461
  43,698
  46,038
  48,487
  51,051
  53,736
  56,549
  59,495
  62,582
  65,818
  69,210
  72,766
  76,494
  80,404
  84,505
  88,807
  93,320
  98,054
  103,021
Adjusted assets (=assets-cash), $m
  22,333
  23,731
  25,186
  26,703
  28,283
  29,931
  31,650
  33,445
  35,319
  37,276
  39,322
  41,461
  43,698
  46,038
  48,487
  51,051
  53,736
  56,549
  59,495
  62,582
  65,818
  69,210
  72,766
  76,494
  80,404
  84,505
  88,807
  93,320
  98,054
  103,021
Revenue / Adjusted assets
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
Average production assets, $m
  9,062
  9,629
  10,219
  10,835
  11,476
  12,145
  12,842
  13,570
  14,331
  15,125
  15,955
  16,823
  17,731
  18,680
  19,674
  20,714
  21,804
  22,945
  24,140
  25,393
  26,706
  28,082
  29,525
  31,038
  32,624
  34,289
  36,034
  37,865
  39,786
  41,802
Working capital, $m
  909
  966
  1,025
  1,087
  1,152
  1,219
  1,289
  1,362
  1,438
  1,518
  1,601
  1,688
  1,779
  1,874
  1,974
  2,079
  2,188
  2,302
  2,422
  2,548
  2,680
  2,818
  2,963
  3,115
  3,274
  3,441
  3,616
  3,800
  3,992
  4,195
Total debt, $m
  7,825
  8,642
  9,492
  10,377
  11,300
  12,263
  13,267
  14,315
  15,409
  16,552
  17,747
  18,996
  20,302
  21,669
  23,100
  24,597
  26,165
  27,807
  29,528
  31,331
  33,221
  35,201
  37,278
  39,456
  41,739
  44,134
  46,646
  49,282
  52,046
  54,947
Total liabilities, $m
  13,042
  13,859
  14,709
  15,594
  16,517
  17,480
  18,484
  19,532
  20,626
  21,769
  22,964
  24,213
  25,519
  26,886
  28,317
  29,814
  31,382
  33,024
  34,745
  36,548
  38,438
  40,418
  42,495
  44,673
  46,956
  49,351
  51,863
  54,499
  57,263
  60,164
Total equity, $m
  9,290
  9,872
  10,477
  11,108
  11,766
  12,451
  13,167
  13,913
  14,693
  15,507
  16,358
  17,248
  18,178
  19,152
  20,171
  21,237
  22,354
  23,524
  24,750
  26,034
  27,380
  28,791
  30,270
  31,822
  33,448
  35,154
  36,944
  38,821
  40,790
  42,857
Total liabilities and equity, $m
  22,332
  23,731
  25,186
  26,702
  28,283
  29,931
  31,651
  33,445
  35,319
  37,276
  39,322
  41,461
  43,697
  46,038
  48,488
  51,051
  53,736
  56,548
  59,495
  62,582
  65,818
  69,209
  72,765
  76,495
  80,404
  84,505
  88,807
  93,320
  98,053
  103,021
Debt-to-equity ratio
  0.840
  0.880
  0.910
  0.930
  0.960
  0.980
  1.010
  1.030
  1.050
  1.070
  1.080
  1.100
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.260
  1.270
  1.280
  1.280
Adjusted equity ratio
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  976
  1,130
  1,289
  1,456
  1,630
  1,813
  2,003
  2,203
  2,412
  2,631
  3,903
  4,143
  4,395
  4,659
  4,937
  5,228
  5,534
  5,855
  6,192
  6,546
  6,918
  7,308
  7,719
  8,150
  8,604
  9,080
  9,581
  10,107
  10,660
  11,242
Depreciation, amort., depletion, $m
  1,958
  1,991
  2,026
  2,062
  2,099
  2,139
  2,179
  2,222
  2,266
  2,313
  933
  984
  1,037
  1,092
  1,151
  1,211
  1,275
  1,342
  1,412
  1,485
  1,562
  1,642
  1,727
  1,815
  1,908
  2,005
  2,107
  2,214
  2,327
  2,445
Funds from operations, $m
  2,934
  3,121
  3,315
  3,518
  3,730
  3,951
  4,183
  4,425
  4,678
  4,943
  4,836
  5,127
  5,432
  5,752
  6,087
  6,440
  6,809
  7,197
  7,604
  8,031
  8,479
  8,951
  9,446
  9,965
  10,511
  11,085
  11,688
  12,321
  12,987
  13,686
Change in working capital, $m
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
  202
Cash from operations, $m
  2,880
  3,064
  3,256
  3,456
  3,665
  3,884
  4,113
  4,352
  4,602
  4,864
  4,752
  5,040
  5,341
  5,657
  5,988
  6,335
  6,700
  7,082
  7,484
  7,905
  8,348
  8,813
  9,301
  9,814
  10,352
  10,918
  11,513
  12,138
  12,794
  13,484
Maintenance CAPEX, $m
  -498
  -530
  -563
  -598
  -634
  -671
  -710
  -751
  -794
  -838
  -885
  -933
  -984
  -1,037
  -1,092
  -1,151
  -1,211
  -1,275
  -1,342
  -1,412
  -1,485
  -1,562
  -1,642
  -1,727
  -1,815
  -1,908
  -2,005
  -2,107
  -2,214
  -2,327
New CAPEX, $m
  -543
  -567
  -591
  -615
  -641
  -669
  -698
  -728
  -760
  -794
  -830
  -868
  -908
  -950
  -994
  -1,040
  -1,089
  -1,141
  -1,195
  -1,253
  -1,313
  -1,376
  -1,443
  -1,513
  -1,587
  -1,664
  -1,745
  -1,831
  -1,921
  -2,016
Cash from investing activities, $m
  -1,041
  -1,097
  -1,154
  -1,213
  -1,275
  -1,340
  -1,408
  -1,479
  -1,554
  -1,632
  -1,715
  -1,801
  -1,892
  -1,987
  -2,086
  -2,191
  -2,300
  -2,416
  -2,537
  -2,665
  -2,798
  -2,938
  -3,085
  -3,240
  -3,402
  -3,572
  -3,750
  -3,938
  -4,135
  -4,343
Free cash flow, $m
  1,839
  1,967
  2,102
  2,243
  2,390
  2,544
  2,705
  2,872
  3,048
  3,231
  3,038
  3,239
  3,449
  3,670
  3,901
  4,144
  4,399
  4,666
  4,946
  5,241
  5,550
  5,875
  6,216
  6,574
  6,951
  7,346
  7,762
  8,199
  8,659
  9,142
Issuance/(repayment) of debt, $m
  769
  816
  850
  886
  923
  962
  1,004
  1,048
  1,094
  1,143
  1,195
  1,249
  1,306
  1,367
  1,430
  1,497
  1,568
  1,642
  1,721
  1,803
  1,890
  1,981
  2,077
  2,177
  2,284
  2,395
  2,512
  2,635
  2,765
  2,901
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  
  769
  816
  850
  886
  923
  962
  1,004
  1,048
  1,094
  1,143
  1,195
  1,249
  1,306
  1,367
  1,430
  1,497
  1,568
  1,642
  1,721
  1,803
  1,890
  1,981
  2,077
  2,177
  2,284
  2,395
  2,512
  2,635
  2,765
  2,901
Total cash flow (excl. dividends), $m
  2,608
  2,783
  2,952
  3,129
  3,313
  3,507
  3,709
  3,920
  4,142
  4,374
  4,232
  4,488
  4,756
  5,037
  5,332
  5,642
  5,967
  6,308
  6,667
  7,044
  7,439
  7,855
  8,292
  8,751
  9,234
  9,741
  10,274
  10,835
  11,424
  12,043
Retained Cash Flow (-), $m
  -564
  -582
  -606
  -631
  -657
  -686
  -715
  -746
  -779
  -814
  -851
  -890
  -931
  -974
  -1,019
  -1,067
  -1,117
  -1,170
  -1,226
  -1,284
  -1,346
  -1,411
  -1,479
  -1,551
  -1,627
  -1,706
  -1,790
  -1,877
  -1,969
  -2,066
Prev. year cash balance distribution, $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 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
  2,044
  2,202
  2,347
  2,498
  2,656
  2,821
  2,994
  3,174
  3,363
  3,560
  3,381
  3,598
  3,825
  4,063
  4,313
  4,575
  4,850
  5,138
  5,441
  5,759
  6,093
  6,444
  6,813
  7,200
  7,607
  8,035
  8,485
  8,957
  9,454
  9,976
Discount rate, %
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
  1,884
  1,856
  1,794
  1,716
  1,625
  1,521
  1,407
  1,286
  1,160
  1,032
  812
  706
  603
  507
  418
  339
  269
  209
  158
  118
  85
  60
  41
  28
  18
  11
  7
  4
  2
  1
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

Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology. It operates in three segments: Cardiovascular, Rhythm Management and MedSurg. Its Cardiovascular segment consists of Interventional Cardiology and Peripheral Interventions businesses. Rhythm Management consists of Cardiac Rhythm Management and Electrophysiology businesses. MedSurg consists of Endoscopy, Urology and Pelvic Health, and Neuromodulation businesses. Its Interventional Cardiology product offerings include balloon catheters, rotational atherectomy systems, guide wires, guide catheters and embolic protection devices and diagnostic catheters used in percutaneous transluminal coronary angioplasty (PTCA) procedures.

FINANCIAL RATIOS  of  Boston Scientific Corporation (BSX)

Valuation Ratios
P/E Ratio 158.7
Price to Sales 6.6
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 56.6
Price to Free Cash Flow 118.7
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1%
Cap. Spend. - 3 Yr. Gr. Rate 11.9%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 80.5%
Total Debt to Equity 81.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. -0.1%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. -0.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71.5%
Gross Margin - 3 Yr. Avg. 71.1%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 8.6%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. -1%
Pre-Tax Margin 2.1%
Pre-Tax Margin - 3 Yr. Avg. -4.5%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate -96%
Eff/ Tax Rate - 3 Yr. Avg. 14.6%
Payout Ratio 0%

BSX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BSX stock intrinsic value calculation we used $9823 million for the last fiscal year's total revenue generated by Boston Scientific Corporation. The default revenue input number comes from 0001 income statement of Boston Scientific Corporation. 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 BSX stock valuation model: a) initial revenue growth rate of 6.4% 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 8.5%, whose default value for BSX is calculated based on our internal credit rating of Boston Scientific Corporation, 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 Boston Scientific Corporation.
    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 BSX stock the variable cost ratio is equal to 71.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1323 million in the base year in the intrinsic value calculation for BSX 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 Boston Scientific Corporation.

Corporate tax rate of 27% is the nominal tax rate for Boston Scientific Corporation. 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 BSX 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 BSX are equal to 86.7%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Boston Scientific Corporation 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 BSX is equal to 8.7%. 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 - $8726 million for Boston Scientific Corporation - 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 1385.974 million for Boston Scientific Corporation 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 Boston Scientific Corporation at the current share price and the inputted number of shares is $56.0 billion.

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