Intrinsic value of Boston Scientific - BSX

Previous Close

$36.54

  Intrinsic Value

$11.35

stock screener

  Rating & Target

str. sell

-69%

Previous close

$36.54

 
Intrinsic value

$11.35

 
Up/down potential

-69%

 
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 50.5

 

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, %
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  9,980
  10,955
  11,973
  13,034
  14,139
  15,289
  16,484
  17,726
  19,017
  20,358
  21,752
  23,201
  24,709
  26,277
  27,909
  29,609
  31,381
  33,227
  35,153
  37,162
  39,260
  41,450
  43,739
  46,132
  48,633
  51,250
  53,988
  56,854
  59,854
  62,996
Variable operating expenses, $m
  9,319
  10,104
  10,924
  11,778
  12,668
  13,593
  14,555
  15,555
  16,595
  17,675
  17,513
  18,680
  19,894
  21,157
  22,471
  23,840
  25,266
  26,753
  28,303
  29,921
  31,610
  33,374
  35,216
  37,143
  39,157
  41,264
  43,468
  45,775
  48,191
  50,721
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
  9,319
  10,104
  10,924
  11,778
  12,668
  13,593
  14,555
  15,555
  16,595
  17,675
  17,513
  18,680
  19,894
  21,157
  22,471
  23,840
  25,266
  26,753
  28,303
  29,921
  31,610
  33,374
  35,216
  37,143
  39,157
  41,264
  43,468
  45,775
  48,191
  50,721
Operating income, $m
  661
  851
  1,049
  1,256
  1,472
  1,696
  1,928
  2,170
  2,422
  2,683
  4,238
  4,521
  4,815
  5,120
  5,438
  5,770
  6,115
  6,474
  6,850
  7,241
  7,650
  8,077
  8,523
  8,989
  9,476
  9,986
  10,520
  11,078
  11,663
  12,275
EBITDA, $m
  2,465
  2,706
  2,957
  3,219
  3,492
  3,776
  4,071
  4,378
  4,697
  5,028
  5,372
  5,730
  6,102
  6,490
  6,893
  7,313
  7,750
  8,206
  8,682
  9,178
  9,696
  10,237
  10,802
  11,393
  12,011
  12,657
  13,334
  14,041
  14,782
  15,558
Interest expense (income), $m
  233
  303
  371
  441
  514
  590
  670
  752
  838
  927
  1,020
  1,116
  1,216
  1,321
  1,429
  1,542
  1,659
  1,781
  1,908
  2,041
  2,179
  2,324
  2,474
  2,632
  2,796
  2,968
  3,148
  3,336
  3,533
  3,738
  3,954
Earnings before tax, $m
  358
  480
  609
  742
  881
  1,026
  1,176
  1,332
  1,495
  1,663
  3,122
  3,304
  3,494
  3,691
  3,897
  4,111
  4,334
  4,566
  4,809
  5,062
  5,326
  5,602
  5,891
  6,193
  6,508
  6,838
  7,184
  7,546
  7,924
  8,321
Tax expense, $m
  97
  130
  164
  200
  238
  277
  318
  360
  404
  449
  843
  892
  943
  997
  1,052
  1,110
  1,170
  1,233
  1,298
  1,367
  1,438
  1,513
  1,591
  1,672
  1,757
  1,846
  1,940
  2,037
  2,140
  2,247
Net income, $m
  261
  351
  444
  542
  643
  749
  859
  973
  1,091
  1,214
  2,279
  2,412
  2,551
  2,695
  2,845
  3,001
  3,164
  3,333
  3,510
  3,695
  3,888
  4,090
  4,300
  4,521
  4,751
  4,992
  5,244
  5,508
  5,785
  6,074

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
  21,010
  23,063
  25,206
  27,441
  29,767
  32,187
  34,703
  37,318
  40,035
  42,859
  45,794
  48,845
  52,018
  55,320
  58,757
  62,336
  66,065
  69,952
  74,006
  78,236
  82,652
  87,264
  92,082
  97,119
  102,386
  107,895
  113,659
  119,692
  126,009
  132,624
Adjusted assets (=assets-cash), $m
  21,010
  23,063
  25,206
  27,441
  29,767
  32,187
  34,703
  37,318
  40,035
  42,859
  45,794
  48,845
  52,018
  55,320
  58,757
  62,336
  66,065
  69,952
  74,006
  78,236
  82,652
  87,264
  92,082
  97,119
  102,386
  107,895
  113,659
  119,692
  126,009
  132,624
Revenue / Adjusted assets
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
Average production assets, $m
  8,842
  9,706
  10,608
  11,548
  12,527
  13,546
  14,605
  15,705
  16,849
  18,037
  19,272
  20,556
  21,892
  23,281
  24,728
  26,234
  27,803
  29,439
  31,145
  32,926
  34,784
  36,725
  38,753
  40,873
  43,089
  45,407
  47,833
  50,372
  53,031
  55,815
Working capital, $m
  -240
  -263
  -287
  -313
  -339
  -367
  -396
  -425
  -456
  -489
  -522
  -557
  -593
  -631
  -670
  -711
  -753
  -797
  -844
  -892
  -942
  -995
  -1,050
  -1,107
  -1,167
  -1,230
  -1,296
  -1,364
  -1,436
  -1,512
Total debt, $m
  6,865
  8,162
  9,516
  10,928
  12,399
  13,928
  15,518
  17,171
  18,888
  20,673
  22,528
  24,456
  26,462
  28,548
  30,720
  32,982
  35,339
  37,796
  40,358
  43,031
  45,822
  48,737
  51,782
  54,965
  58,294
  61,775
  65,418
  69,231
  73,223
  77,404
Total liabilities, $m
  13,279
  14,576
  15,930
  17,342
  18,813
  20,342
  21,932
  23,585
  25,302
  27,087
  28,942
  30,870
  32,876
  34,962
  37,134
  39,396
  41,753
  44,210
  46,772
  49,445
  52,236
  55,151
  58,196
  61,379
  64,708
  68,189
  71,832
  75,645
  79,637
  83,818
Total equity, $m
  7,732
  8,487
  9,276
  10,098
  10,954
  11,845
  12,771
  13,733
  14,733
  15,772
  16,852
  17,975
  19,143
  20,358
  21,622
  22,940
  24,312
  25,742
  27,234
  28,791
  30,416
  32,113
  33,886
  35,740
  37,678
  39,705
  41,826
  44,047
  46,371
  48,805
Total liabilities and equity, $m
  21,011
  23,063
  25,206
  27,440
  29,767
  32,187
  34,703
  37,318
  40,035
  42,859
  45,794
  48,845
  52,019
  55,320
  58,756
  62,336
  66,065
  69,952
  74,006
  78,236
  82,652
  87,264
  92,082
  97,119
  102,386
  107,894
  113,658
  119,692
  126,008
  132,623
Debt-to-equity ratio
  0.890
  0.960
  1.030
  1.080
  1.130
  1.180
  1.220
  1.250
  1.280
  1.310
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.450
  1.470
  1.480
  1.490
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.560
  1.570
  1.580
  1.590
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  261
  351
  444
  542
  643
  749
  859
  973
  1,091
  1,214
  2,279
  2,412
  2,551
  2,695
  2,845
  3,001
  3,164
  3,333
  3,510
  3,695
  3,888
  4,090
  4,300
  4,521
  4,751
  4,992
  5,244
  5,508
  5,785
  6,074
Depreciation, amort., depletion, $m
  1,804
  1,854
  1,908
  1,963
  2,020
  2,080
  2,143
  2,207
  2,275
  2,345
  1,134
  1,209
  1,288
  1,369
  1,455
  1,543
  1,635
  1,732
  1,832
  1,937
  2,046
  2,160
  2,280
  2,404
  2,535
  2,671
  2,814
  2,963
  3,119
  3,283
Funds from operations, $m
  2,065
  2,205
  2,352
  2,505
  2,664
  2,829
  3,001
  3,180
  3,366
  3,559
  3,413
  3,621
  3,838
  4,064
  4,299
  4,544
  4,799
  5,065
  5,342
  5,632
  5,934
  6,250
  6,580
  6,925
  7,286
  7,663
  8,058
  8,471
  8,904
  9,358
Change in working capital, $m
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
Cash from operations, $m
  2,087
  2,229
  2,376
  2,530
  2,690
  2,857
  3,030
  3,210
  3,397
  3,591
  3,446
  3,656
  3,875
  4,102
  4,338
  4,585
  4,842
  5,109
  5,389
  5,680
  5,985
  6,303
  6,635
  6,982
  7,346
  7,726
  8,124
  8,540
  8,976
  9,433
Maintenance CAPEX, $m
  -471
  -520
  -571
  -624
  -679
  -737
  -797
  -859
  -924
  -991
  -1,061
  -1,134
  -1,209
  -1,288
  -1,369
  -1,455
  -1,543
  -1,635
  -1,732
  -1,832
  -1,937
  -2,046
  -2,160
  -2,280
  -2,404
  -2,535
  -2,671
  -2,814
  -2,963
  -3,119
New CAPEX, $m
  -830
  -864
  -902
  -940
  -979
  -1,018
  -1,059
  -1,100
  -1,144
  -1,188
  -1,235
  -1,284
  -1,336
  -1,390
  -1,446
  -1,506
  -1,569
  -1,636
  -1,706
  -1,780
  -1,858
  -1,941
  -2,028
  -2,120
  -2,216
  -2,318
  -2,426
  -2,539
  -2,658
  -2,784
Cash from investing activities, $m
  -1,301
  -1,384
  -1,473
  -1,564
  -1,658
  -1,755
  -1,856
  -1,959
  -2,068
  -2,179
  -2,296
  -2,418
  -2,545
  -2,678
  -2,815
  -2,961
  -3,112
  -3,271
  -3,438
  -3,612
  -3,795
  -3,987
  -4,188
  -4,400
  -4,620
  -4,853
  -5,097
  -5,353
  -5,621
  -5,903
Free cash flow, $m
  786
  845
  903
  966
  1,032
  1,102
  1,174
  1,250
  1,329
  1,411
  1,150
  1,238
  1,330
  1,424
  1,522
  1,624
  1,729
  1,838
  1,951
  2,068
  2,189
  2,316
  2,447
  2,583
  2,725
  2,873
  3,027
  3,187
  3,355
  3,530
Issuance/(repayment) of debt, $m
  1,249
  1,297
  1,355
  1,412
  1,470
  1,529
  1,590
  1,653
  1,717
  1,785
  1,855
  1,928
  2,006
  2,087
  2,172
  2,262
  2,357
  2,457
  2,562
  2,673
  2,791
  2,915
  3,045
  3,183
  3,328
  3,482
  3,643
  3,813
  3,992
  4,181
Issuance/(repurchase) of shares, $m
  459
  405
  344
  280
  213
  142
  67
  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  
  1,708
  1,702
  1,699
  1,692
  1,683
  1,671
  1,657
  1,653
  1,717
  1,785
  1,855
  1,928
  2,006
  2,087
  2,172
  2,262
  2,357
  2,457
  2,562
  2,673
  2,791
  2,915
  3,045
  3,183
  3,328
  3,482
  3,643
  3,813
  3,992
  4,181
Total cash flow (excl. dividends), $m
  2,493
  2,547
  2,602
  2,658
  2,715
  2,772
  2,832
  2,903
  3,047
  3,196
  3,005
  3,167
  3,335
  3,511
  3,694
  3,886
  4,086
  4,295
  4,513
  4,741
  4,980
  5,230
  5,492
  5,766
  6,053
  6,354
  6,670
  7,000
  7,347
  7,710
Retained Cash Flow (-), $m
  -720
  -755
  -789
  -822
  -856
  -891
  -926
  -962
  -1,000
  -1,039
  -1,080
  -1,123
  -1,168
  -1,215
  -1,265
  -1,317
  -1,372
  -1,430
  -1,492
  -1,557
  -1,625
  -1,697
  -1,773
  -1,853
  -1,938
  -2,027
  -2,121
  -2,220
  -2,325
  -2,434
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
  1,774
  1,791
  1,814
  1,836
  1,859
  1,882
  1,906
  1,941
  2,047
  2,157
  1,925
  2,044
  2,168
  2,296
  2,430
  2,569
  2,713
  2,864
  3,021
  3,185
  3,355
  3,533
  3,719
  3,913
  4,115
  4,327
  4,549
  4,780
  5,022
  5,276
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  1,662
  1,563
  1,464
  1,362
  1,257
  1,150
  1,044
  944
  875
  802
  616
  556
  495
  434
  375
  319
  267
  219
  176
  139
  108
  82
  61
  44
  31
  21
  14
  9
  6
  4
Current shareholders' claim on cash, %
  99.1
  98.4
  97.8
  97.4
  97.1
  97.0
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9
  96.9

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 143.4
Price to Sales 5.9
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 51.2
Price to Free Cash Flow 107.3
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 $9048 million for the last fiscal year's total revenue generated by Boston Scientific. The default revenue input number comes from 0001 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 10.3% 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 6.7%, 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 94.7%.

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 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.

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 88.6%.

Life of production assets of 17 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 -2.4%. 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 - $7012 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 1382.93 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 $50.5 billion.

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