Intrinsic value of Boston Scientific - BSX

Previous Close

$27.82

  Intrinsic Value

$10.24

stock screener

  Rating & Target

str. sell

-63%

Previous close

$27.82

 
Intrinsic value

$10.24

 
Up/down potential

-63%

 
Rating

str. sell

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  12.16
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  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
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  8,386
  8,856
  9,346
  9,859
  10,395
  10,956
  11,542
  12,156
  12,799
  13,472
  14,177
  14,915
  15,689
  16,500
  17,350
  18,242
  19,176
  20,156
  21,184
  22,263
  23,394
  24,581
  25,826
  27,132
  28,504
  29,942
  31,452
  33,037
  34,701
  36,446
  38,279
Variable operating expenses, $m
 
  1,813
  1,877
  1,943
  2,013
  2,085
  2,161
  2,240
  2,324
  2,411
  2,502
  1,930
  2,030
  2,135
  2,245
  2,360
  2,481
  2,608
  2,741
  2,880
  3,026
  3,180
  3,341
  3,510
  3,687
  3,874
  4,069
  4,274
  4,489
  4,715
  4,952
Fixed operating expenses, $m
 
  6,559
  6,723
  6,891
  7,063
  7,240
  7,421
  7,606
  7,797
  7,991
  8,191
  8,396
  8,606
  8,821
  9,042
  9,268
  9,499
  9,737
  9,980
  10,230
  10,486
  10,748
  11,016
  11,292
  11,574
  11,863
  12,160
  12,464
  12,776
  13,095
  13,422
Total operating expenses, $m
  7,939
  8,372
  8,600
  8,834
  9,076
  9,325
  9,582
  9,846
  10,121
  10,402
  10,693
  10,326
  10,636
  10,956
  11,287
  11,628
  11,980
  12,345
  12,721
  13,110
  13,512
  13,928
  14,357
  14,802
  15,261
  15,737
  16,229
  16,738
  17,265
  17,810
  18,374
Operating income, $m
  447
  483
  746
  1,025
  1,319
  1,631
  1,960
  2,309
  2,679
  3,070
  3,484
  4,590
  5,054
  5,545
  6,064
  6,614
  7,196
  7,812
  8,464
  9,153
  9,882
  10,653
  11,469
  12,331
  13,242
  14,205
  15,223
  16,299
  17,436
  18,637
  19,905
EBITDA, $m
  1,262
  1,612
  1,901
  2,206
  2,528
  2,869
  3,229
  3,610
  4,013
  4,439
  4,890
  5,366
  5,870
  6,404
  6,968
  7,564
  8,195
  8,862
  9,567
  10,312
  11,100
  11,933
  12,813
  13,743
  14,726
  15,764
  16,861
  18,019
  19,243
  20,534
  21,898
Interest expense (income), $m
  233
  228
  255
  282
  311
  342
  373
  407
  441
  478
  516
  556
  598
  642
  687
  736
  786
  839
  895
  953
  1,014
  1,078
  1,145
  1,216
  1,290
  1,367
  1,449
  1,534
  1,624
  1,718
  1,817
Earnings before tax, $m
  177
  256
  492
  742
  1,008
  1,289
  1,587
  1,903
  2,237
  2,592
  2,968
  4,034
  4,456
  4,903
  5,377
  5,879
  6,410
  6,973
  7,569
  8,200
  8,868
  9,575
  10,323
  11,115
  11,953
  12,838
  13,775
  14,765
  15,812
  16,918
  18,088
Tax expense, $m
  -170
  69
  133
  200
  272
  348
  428
  514
  604
  700
  801
  1,089
  1,203
  1,324
  1,452
  1,587
  1,731
  1,883
  2,044
  2,214
  2,394
  2,585
  2,787
  3,001
  3,227
  3,466
  3,719
  3,987
  4,269
  4,568
  4,884
Net income, $m
  347
  187
  359
  542
  736
  941
  1,158
  1,389
  1,633
  1,892
  2,166
  2,945
  3,253
  3,579
  3,925
  4,291
  4,679
  5,090
  5,525
  5,986
  6,474
  6,990
  7,536
  8,114
  8,725
  9,372
  10,056
  10,779
  11,543
  12,350
  13,204

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  196
  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
  18,096
  18,922
  19,971
  21,066
  22,212
  23,410
  24,663
  25,975
  27,348
  28,786
  30,292
  31,870
  33,524
  35,257
  37,073
  38,978
  40,975
  43,069
  45,266
  47,570
  49,987
  52,523
  55,184
  57,975
  60,905
  63,979
  67,206
  70,592
  74,146
  77,877
  81,793
Adjusted assets (=assets-cash), $m
  17,900
  18,922
  19,971
  21,066
  22,212
  23,410
  24,663
  25,975
  27,348
  28,786
  30,292
  31,870
  33,524
  35,257
  37,073
  38,978
  40,975
  43,069
  45,266
  47,570
  49,987
  52,523
  55,184
  57,975
  60,905
  63,979
  67,206
  70,592
  74,146
  77,877
  81,793
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
  0.468
Average production assets, $m
  7,599
  8,023
  8,468
  8,932
  9,418
  9,926
  10,457
  11,014
  11,596
  12,206
  12,844
  13,513
  14,214
  14,949
  15,719
  16,527
  17,374
  18,262
  19,193
  20,170
  21,195
  22,270
  23,398
  24,582
  25,824
  27,128
  28,496
  29,932
  31,439
  33,020
  34,681
Working capital, $m
  -348
  -505
  -533
  -562
  -593
  -624
  -658
  -693
  -730
  -768
  -808
  -850
  -894
  -941
  -989
  -1,040
  -1,093
  -1,149
  -1,208
  -1,269
  -1,333
  -1,401
  -1,472
  -1,547
  -1,625
  -1,707
  -1,793
  -1,883
  -1,978
  -2,077
  -2,182
Total debt, $m
  5,484
  6,061
  6,722
  7,414
  8,137
  8,892
  9,683
  10,511
  11,378
  12,285
  13,235
  14,231
  15,275
  16,368
  17,514
  18,716
  19,976
  21,298
  22,684
  24,138
  25,663
  27,263
  28,942
  30,703
  32,552
  34,492
  36,528
  38,665
  40,907
  43,261
  45,732
Total liabilities, $m
  11,363
  11,940
  12,601
  13,293
  14,016
  14,771
  15,562
  16,390
  17,257
  18,164
  19,114
  20,110
  21,154
  22,247
  23,393
  24,595
  25,855
  27,177
  28,563
  30,017
  31,542
  33,142
  34,821
  36,582
  38,431
  40,371
  42,407
  44,544
  46,786
  49,140
  51,611
Total equity, $m
  6,733
  6,982
  7,369
  7,773
  8,196
  8,638
  9,101
  9,585
  10,091
  10,622
  11,178
  11,760
  12,370
  13,010
  13,680
  14,383
  15,120
  15,893
  16,703
  17,553
  18,445
  19,381
  20,363
  21,393
  22,474
  23,608
  24,799
  26,049
  27,360
  28,737
  30,182
Total liabilities and equity, $m
  18,096
  18,922
  19,970
  21,066
  22,212
  23,409
  24,663
  25,975
  27,348
  28,786
  30,292
  31,870
  33,524
  35,257
  37,073
  38,978
  40,975
  43,070
  45,266
  47,570
  49,987
  52,523
  55,184
  57,975
  60,905
  63,979
  67,206
  70,593
  74,146
  77,877
  81,793
Debt-to-equity ratio
  0.814
  0.870
  0.910
  0.950
  0.990
  1.030
  1.060
  1.100
  1.130
  1.160
  1.180
  1.210
  1.230
  1.260
  1.280
  1.300
  1.320
  1.340
  1.360
  1.380
  1.390
  1.410
  1.420
  1.440
  1.450
  1.460
  1.470
  1.480
  1.500
  1.510
  1.520
Adjusted equity ratio
  0.365
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  347
  187
  359
  542
  736
  941
  1,158
  1,389
  1,633
  1,892
  2,166
  2,945
  3,253
  3,579
  3,925
  4,291
  4,679
  5,090
  5,525
  5,986
  6,474
  6,990
  7,536
  8,114
  8,725
  9,372
  10,056
  10,779
  11,543
  12,350
  13,204
Depreciation, amort., depletion, $m
  815
  1,129
  1,154
  1,181
  1,209
  1,238
  1,269
  1,301
  1,334
  1,369
  1,406
  777
  817
  859
  903
  950
  998
  1,050
  1,103
  1,159
  1,218
  1,280
  1,345
  1,413
  1,484
  1,559
  1,638
  1,720
  1,807
  1,898
  1,993
Funds from operations, $m
  968
  1,315
  1,513
  1,723
  1,945
  2,179
  2,427
  2,690
  2,967
  3,261
  3,572
  3,721
  4,070
  4,438
  4,828
  5,241
  5,678
  6,140
  6,629
  7,145
  7,692
  8,270
  8,881
  9,527
  10,209
  10,931
  11,693
  12,499
  13,350
  14,248
  15,197
Change in working capital, $m
  -4
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -104
Cash from operations, $m
  972
  1,342
  1,541
  1,752
  1,975
  2,211
  2,461
  2,725
  3,004
  3,300
  3,613
  3,763
  4,114
  4,485
  4,877
  5,292
  5,731
  6,196
  6,687
  7,207
  7,756
  8,338
  8,952
  9,601
  10,288
  11,013
  11,779
  12,589
  13,444
  14,348
  15,302
Maintenance CAPEX, $m
  0
  -437
  -461
  -487
  -513
  -541
  -570
  -601
  -633
  -666
  -701
  -738
  -777
  -817
  -859
  -903
  -950
  -998
  -1,050
  -1,103
  -1,159
  -1,218
  -1,280
  -1,345
  -1,413
  -1,484
  -1,559
  -1,638
  -1,720
  -1,807
  -1,898
New CAPEX, $m
  -508
  -425
  -444
  -465
  -486
  -508
  -531
  -556
  -582
  -610
  -639
  -669
  -701
  -735
  -770
  -808
  -847
  -888
  -931
  -977
  -1,025
  -1,075
  -1,128
  -1,184
  -1,242
  -1,304
  -1,368
  -1,436
  -1,507
  -1,582
  -1,660
Cash from investing activities, $m
  -887
  -862
  -905
  -952
  -999
  -1,049
  -1,101
  -1,157
  -1,215
  -1,276
  -1,340
  -1,407
  -1,478
  -1,552
  -1,629
  -1,711
  -1,797
  -1,886
  -1,981
  -2,080
  -2,184
  -2,293
  -2,408
  -2,529
  -2,655
  -2,788
  -2,927
  -3,074
  -3,227
  -3,389
  -3,558
Free cash flow, $m
  85
  481
  636
  801
  976
  1,162
  1,359
  1,568
  1,789
  2,024
  2,273
  2,356
  2,636
  2,933
  3,247
  3,581
  3,935
  4,309
  4,706
  5,127
  5,572
  6,044
  6,544
  7,073
  7,633
  8,225
  8,852
  9,516
  10,217
  10,959
  11,744
Issuance/(repayment) of debt, $m
  -190
  641
  661
  691
  723
  756
  791
  828
  867
  907
  950
  996
  1,043
  1,094
  1,146
  1,202
  1,260
  1,322
  1,386
  1,454
  1,525
  1,600
  1,679
  1,762
  1,849
  1,940
  2,036
  2,137
  2,243
  2,354
  2,471
Issuance/(repurchase) of shares, $m
  111
  195
  28
  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  
  -206
  836
  689
  691
  723
  756
  791
  828
  867
  907
  950
  996
  1,043
  1,094
  1,146
  1,202
  1,260
  1,322
  1,386
  1,454
  1,525
  1,600
  1,679
  1,762
  1,849
  1,940
  2,036
  2,137
  2,243
  2,354
  2,471
Total cash flow (excl. dividends), $m
  -123
  1,317
  1,325
  1,492
  1,699
  1,918
  2,150
  2,395
  2,655
  2,931
  3,223
  3,352
  3,679
  4,026
  4,394
  4,783
  5,195
  5,631
  6,092
  6,581
  7,098
  7,644
  8,223
  8,834
  9,481
  10,165
  10,888
  11,652
  12,460
  13,313
  14,214
Retained Cash Flow (-), $m
  -413
  -381
  -387
  -404
  -423
  -442
  -463
  -484
  -507
  -531
  -556
  -582
  -610
  -639
  -670
  -703
  -737
  -773
  -811
  -850
  -892
  -936
  -982
  -1,030
  -1,081
  -1,134
  -1,191
  -1,250
  -1,312
  -1,377
  -1,445
Prev. year cash balance distribution, $m
 
  132
  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
 
  1,067
  938
  1,088
  1,276
  1,476
  1,687
  1,911
  2,149
  2,400
  2,667
  2,770
  3,069
  3,387
  3,723
  4,080
  4,458
  4,858
  5,282
  5,730
  6,206
  6,709
  7,241
  7,804
  8,400
  9,031
  9,698
  10,403
  11,148
  11,936
  12,770
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  992
  805
  855
  911
  949
  968
  969
  953
  921
  875
  767
  708
  642
  571
  498
  426
  357
  293
  236
  185
  142
  106
  77
  55
  38
  25
  16
  10
  6
  4
Current shareholders' claim on cash, %
  100
  99.5
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

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 (BSX)

Valuation Ratios
P/E Ratio 109.2
Price to Sales 4.5
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 39
Price to Free Cash Flow 81.7
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 $8386 million for the last fiscal year's total revenue generated by Boston Scientific. The default revenue input number comes from 2016 income statement of Boston Scientific. 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 5.6% 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 7.6%, whose default value for BSX is calculated based on our internal credit rating of Boston Scientific, 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.
    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 20.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6399 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 4.2% for Boston Scientific.

Corporate tax rate of 27% is the nominal tax rate for Boston Scientific. 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 90.6%.

Life of production assets of 17.4 years is the average useful life of capital assets used in Boston Scientific 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 -5.7%. 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 - $6733 million for Boston Scientific - 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 1395.32 million for Boston Scientific 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 at the current share price and the inputted number of shares is $38.8 billion.

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COMPANY NEWS

▶ Will Varian Medical Systems Sales Decline Again in 1Q18?   [Jan-19-18 04:20PM  Market Realist]
▶ Boston Scientific scores FDA nod for personalized pain device   [Jan-11-18 11:10AM  American City Business Journals]
▶ The Hot Stock: Boston Scientific Pops 8.3%   [Jan-09-18 04:42PM  Barrons.com]
▶ Wall Street Shows Confidence in BAX Stock   [02:30PM  Market Realist]
▶ Boston Scientifics Latest Valuation Metrics   [Dec-21-17 10:30AM  Market Realist]
▶ Boston Scientific: Whats behind Needhams Recent Upgrade?   [Dec-20-17 03:20PM  Market Realist]
▶ Will Heart Valve Delay Impact Boston Scientific?   [Dec-14-17 04:55PM  Forbes]
▶ 6 Reasons Why Needham Upgraded Boston Scientific   [Dec-08-17 04:33PM  Benzinga]
▶ Boston Scientific Again Delays Heart Valve; Can It Catch Up To Rivals?   [Nov-29-17 05:18PM  Investor's Business Daily]
▶ Boston Scientific loses $3B in value prior to announcing product delay   [11:45AM  American City Business Journals]
▶ Biogen taps former Boston Scientific exec as next CFO   [Nov-21-17 10:00AM  American City Business Journals]
▶ Fitbit Inc Stock May Eventually Be a Buy After All   [Nov-20-17 06:24AM  InvestorPlace]
▶ In surprise, study finds heart stents don't solve chest pain   [Nov-03-17 08:25AM  American City Business Journals]
▶ Key Takeaways From Boston Scientific's Q3   [Nov-02-17 01:20PM  Forbes]
▶ Boston Scientific Improved Its 2017 Guidance   [07:31AM  Market Realist]
Financial statements of BSX
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