Intrinsic value of Cardinal Health - CAH

Previous Close

$73.51

  Intrinsic Value

$125.42

stock screener

  Rating & Target

str. buy

+71%

Previous close

$73.51

 
Intrinsic value

$125.42

 
Up/down potential

+71%

 
Rating

str. buy

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

We calculate the intrinsic value of CAH 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.94
  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
  129,976
  132,576
  135,625
  139,110
  143,023
  147,360
  152,117
  157,298
  162,906
  168,947
  175,431
  182,367
  189,769
  197,649
  206,025
  214,912
  224,330
  234,299
  244,842
  255,982
  267,743
  280,154
  293,242
  307,038
  321,574
  336,883
  353,001
  369,967
  387,820
  406,602
  426,358
Variable operating expenses, $m
 
  129,910
  132,881
  136,277
  140,091
  144,316
  148,952
  154,000
  159,464
  165,352
  171,670
  177,707
  184,919
  192,598
  200,759
  209,420
  218,597
  228,312
  238,585
  249,440
  260,901
  272,995
  285,748
  299,191
  313,355
  328,273
  343,980
  360,512
  377,909
  396,211
  415,462
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
  127,856
  129,910
  132,881
  136,277
  140,091
  144,316
  148,952
  154,000
  159,464
  165,352
  171,670
  177,707
  184,919
  192,598
  200,759
  209,420
  218,597
  228,312
  238,585
  249,440
  260,901
  272,995
  285,748
  299,191
  313,355
  328,273
  343,980
  360,512
  377,909
  396,211
  415,462
Operating income, $m
  2,120
  2,666
  2,744
  2,833
  2,933
  3,044
  3,165
  3,298
  3,441
  3,595
  3,761
  4,661
  4,850
  5,051
  5,265
  5,492
  5,733
  5,988
  6,257
  6,542
  6,842
  7,160
  7,494
  7,847
  8,218
  8,609
  9,021
  9,455
  9,911
  10,391
  10,896
EBITDA, $m
  2,837
  3,643
  3,727
  3,823
  3,930
  4,049
  4,180
  4,322
  4,476
  4,642
  4,821
  5,011
  5,215
  5,431
  5,661
  5,906
  6,164
  6,438
  6,728
  7,034
  7,357
  7,698
  8,058
  8,437
  8,836
  9,257
  9,700
  10,166
  10,657
  11,173
  11,716
Interest expense (income), $m
  200
  317
  266
  291
  319
  350
  385
  423
  465
  510
  559
  611
  667
  727
  790
  858
  929
  1,005
  1,085
  1,170
  1,260
  1,355
  1,455
  1,560
  1,671
  1,788
  1,912
  2,041
  2,178
  2,322
  2,473
Earnings before tax, $m
  1,924
  2,349
  2,478
  2,542
  2,614
  2,694
  2,780
  2,874
  2,976
  3,085
  3,202
  4,049
  4,183
  4,324
  4,475
  4,635
  4,804
  4,983
  5,172
  5,372
  5,582
  5,805
  6,039
  6,287
  6,547
  6,821
  7,110
  7,413
  7,733
  8,069
  8,423
Tax expense, $m
  630
  634
  669
  686
  706
  727
  751
  776
  804
  833
  865
  1,093
  1,129
  1,168
  1,208
  1,251
  1,297
  1,345
  1,396
  1,450
  1,507
  1,567
  1,631
  1,697
  1,768
  1,842
  1,920
  2,002
  2,088
  2,179
  2,274
Net income, $m
  1,288
  1,714
  1,809
  1,856
  1,908
  1,966
  2,030
  2,098
  2,172
  2,252
  2,338
  2,956
  3,053
  3,157
  3,267
  3,383
  3,507
  3,637
  3,775
  3,921
  4,075
  4,238
  4,409
  4,589
  4,779
  4,979
  5,190
  5,412
  5,645
  5,891
  6,149

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6,879
  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
  40,112
  33,898
  34,678
  35,569
  36,570
  37,678
  38,895
  40,219
  41,653
  43,198
  44,856
  46,629
  48,522
  50,537
  52,678
  54,951
  57,359
  59,908
  62,603
  65,452
  68,459
  71,632
  74,979
  78,506
  82,223
  86,137
  90,259
  94,597
  99,161
  103,964
  109,015
Adjusted assets (=assets-cash), $m
  33,233
  33,898
  34,678
  35,569
  36,570
  37,678
  38,895
  40,219
  41,653
  43,198
  44,856
  46,629
  48,522
  50,537
  52,678
  54,951
  57,359
  59,908
  62,603
  65,452
  68,459
  71,632
  74,979
  78,506
  82,223
  86,137
  90,259
  94,597
  99,161
  103,964
  109,015
Revenue / Adjusted assets
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
  3.911
Average production assets, $m
  3,960
  3,977
  4,069
  4,173
  4,291
  4,421
  4,564
  4,719
  4,887
  5,068
  5,263
  5,471
  5,693
  5,929
  6,181
  6,447
  6,730
  7,029
  7,345
  7,679
  8,032
  8,405
  8,797
  9,211
  9,647
  10,106
  10,590
  11,099
  11,635
  12,198
  12,791
Working capital, $m
  7,124
  1,591
  1,627
  1,669
  1,716
  1,768
  1,825
  1,888
  1,955
  2,027
  2,105
  2,188
  2,277
  2,372
  2,472
  2,579
  2,692
  2,812
  2,938
  3,072
  3,213
  3,362
  3,519
  3,684
  3,859
  4,043
  4,236
  4,440
  4,654
  4,879
  5,116
Total debt, $m
  10,395
  7,599
  8,301
  9,103
  10,004
  11,001
  12,096
  13,288
  14,579
  15,969
  17,461
  19,057
  20,761
  22,574
  24,501
  26,547
  28,714
  31,008
  33,434
  35,998
  38,704
  41,560
  44,572
  47,747
  51,092
  54,614
  58,324
  62,228
  66,336
  70,658
  75,205
Total liabilities, $m
  33,304
  30,508
  31,210
  32,012
  32,913
  33,910
  35,005
  36,197
  37,488
  38,878
  40,370
  41,966
  43,670
  45,483
  47,410
  49,456
  51,623
  53,917
  56,343
  58,907
  61,613
  64,469
  67,481
  70,656
  74,001
  77,523
  81,233
  85,137
  89,245
  93,567
  98,114
Total equity, $m
  6,808
  3,390
  3,468
  3,557
  3,657
  3,768
  3,889
  4,022
  4,165
  4,320
  4,486
  4,663
  4,852
  5,054
  5,268
  5,495
  5,736
  5,991
  6,260
  6,545
  6,846
  7,163
  7,498
  7,851
  8,222
  8,614
  9,026
  9,460
  9,916
  10,396
  10,902
Total liabilities and equity, $m
  40,112
  33,898
  34,678
  35,569
  36,570
  37,678
  38,894
  40,219
  41,653
  43,198
  44,856
  46,629
  48,522
  50,537
  52,678
  54,951
  57,359
  59,908
  62,603
  65,452
  68,459
  71,632
  74,979
  78,507
  82,223
  86,137
  90,259
  94,597
  99,161
  103,963
  109,016
Debt-to-equity ratio
  1.527
  2.240
  2.390
  2.560
  2.740
  2.920
  3.110
  3.300
  3.500
  3.700
  3.890
  4.090
  4.280
  4.470
  4.650
  4.830
  5.010
  5.180
  5.340
  5.500
  5.650
  5.800
  5.940
  6.080
  6.210
  6.340
  6.460
  6.580
  6.690
  6.800
  6.900
Adjusted equity ratio
  -0.002
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,288
  1,714
  1,809
  1,856
  1,908
  1,966
  2,030
  2,098
  2,172
  2,252
  2,338
  2,956
  3,053
  3,157
  3,267
  3,383
  3,507
  3,637
  3,775
  3,921
  4,075
  4,238
  4,409
  4,589
  4,779
  4,979
  5,190
  5,412
  5,645
  5,891
  6,149
Depreciation, amort., depletion, $m
  717
  977
  983
  990
  997
  1,005
  1,015
  1,025
  1,035
  1,047
  1,059
  351
  365
  380
  396
  413
  431
  451
  471
  492
  515
  539
  564
  590
  618
  648
  679
  711
  746
  782
  820
Funds from operations, $m
  -110
  2,692
  2,792
  2,846
  2,906
  2,972
  3,044
  3,123
  3,208
  3,299
  3,397
  3,307
  3,418
  3,537
  3,663
  3,797
  3,938
  4,088
  4,246
  4,414
  4,590
  4,776
  4,973
  5,180
  5,398
  5,627
  5,869
  6,123
  6,391
  6,672
  6,969
Change in working capital, $m
  -1,294
  31
  37
  42
  47
  52
  57
  62
  67
  72
  78
  83
  89
  95
  101
  107
  113
  120
  127
  134
  141
  149
  157
  166
  174
  184
  193
  204
  214
  225
  237
Cash from operations, $m
  1,184
  2,660
  2,755
  2,804
  2,859
  2,920
  2,987
  3,061
  3,141
  3,227
  3,319
  3,224
  3,329
  3,442
  3,562
  3,690
  3,825
  3,968
  4,120
  4,280
  4,449
  4,627
  4,816
  5,014
  5,223
  5,444
  5,675
  5,920
  6,177
  6,447
  6,731
Maintenance CAPEX, $m
  0
  -254
  -255
  -261
  -268
  -275
  -283
  -293
  -302
  -313
  -325
  -337
  -351
  -365
  -380
  -396
  -413
  -431
  -451
  -471
  -492
  -515
  -539
  -564
  -590
  -618
  -648
  -679
  -711
  -746
  -782
New CAPEX, $m
  -387
  -17
  -91
  -105
  -117
  -130
  -143
  -155
  -168
  -181
  -195
  -208
  -222
  -236
  -251
  -267
  -283
  -299
  -316
  -334
  -353
  -372
  -393
  -414
  -436
  -459
  -484
  -509
  -536
  -563
  -593
Cash from investing activities, $m
  -405
  -271
  -346
  -366
  -385
  -405
  -426
  -448
  -470
  -494
  -520
  -545
  -573
  -601
  -631
  -663
  -696
  -730
  -767
  -805
  -845
  -887
  -932
  -978
  -1,026
  -1,077
  -1,132
  -1,188
  -1,247
  -1,309
  -1,375
Free cash flow, $m
  779
  2,389
  2,409
  2,438
  2,474
  2,515
  2,561
  2,613
  2,670
  2,732
  2,800
  2,678
  2,757
  2,841
  2,931
  3,027
  3,129
  3,238
  3,353
  3,475
  3,604
  3,740
  3,884
  4,036
  4,197
  4,366
  4,544
  4,732
  4,930
  5,138
  5,357
Issuance/(repayment) of debt, $m
  4,864
  -1,469
  702
  802
  901
  998
  1,095
  1,192
  1,290
  1,390
  1,492
  1,596
  1,703
  1,813
  1,927
  2,045
  2,167
  2,294
  2,426
  2,563
  2,707
  2,856
  3,012
  3,175
  3,345
  3,523
  3,709
  3,904
  4,108
  4,322
  4,546
Issuance/(repurchase) of shares, $m
  -600
  419
  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  
  4,323
  -1,050
  702
  802
  901
  998
  1,095
  1,192
  1,290
  1,390
  1,492
  1,596
  1,703
  1,813
  1,927
  2,045
  2,167
  2,294
  2,426
  2,563
  2,707
  2,856
  3,012
  3,175
  3,345
  3,523
  3,709
  3,904
  4,108
  4,322
  4,546
Total cash flow (excl. dividends), $m
  5,100
  1,340
  3,110
  3,240
  3,374
  3,512
  3,656
  3,805
  3,960
  4,122
  4,292
  4,274
  4,460
  4,654
  4,858
  5,072
  5,297
  5,532
  5,779
  6,038
  6,310
  6,596
  6,896
  7,211
  7,542
  7,889
  8,253
  8,636
  9,038
  9,460
  9,903
Retained Cash Flow (-), $m
  -254
  -2,134
  -78
  -89
  -100
  -111
  -122
  -132
  -143
  -154
  -166
  -177
  -189
  -201
  -214
  -227
  -241
  -255
  -270
  -285
  -301
  -317
  -335
  -353
  -372
  -391
  -412
  -434
  -456
  -480
  -505
Prev. year cash balance distribution, $m
 
  5,552
  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
 
  4,758
  3,032
  3,151
  3,274
  3,402
  3,534
  3,672
  3,817
  3,968
  4,126
  4,097
  4,271
  4,453
  4,644
  4,845
  5,056
  5,277
  5,509
  5,753
  6,010
  6,279
  6,561
  6,858
  7,170
  7,497
  7,841
  8,202
  8,581
  8,980
  9,398
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
 
  4,562
  2,776
  2,743
  2,696
  2,637
  2,565
  2,481
  2,386
  2,279
  2,163
  1,946
  1,822
  1,693
  1,559
  1,422
  1,285
  1,148
  1,015
  886
  764
  649
  544
  449
  365
  292
  229
  176
  133
  98
  71
Current shareholders' claim on cash, %
  100
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2
  91.2

Cardinal Health, Inc. is a healthcare services and products company. The Company operates through two segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare and consumer products. This segment also operates nuclear pharmacies and cyclotron facilities; provides pharmacy management services to hospitals, as well as medication therapy management and patient outcomes services to hospitals, other healthcare providers and payers, and provides services to healthcare companies. The Medical segment distributes a range of medical, surgical and laboratory products, and provides services to hospitals, ambulatory surgery centers, clinical laboratories and other healthcare providers. This segment also manufactures, sources and develops its own Cardinal Health brand medical and surgical products. It provides post-acute care management and transition services, and software to hospitals.

FINANCIAL RATIOS  of  Cardinal Health (CAH)

Valuation Ratios
P/E Ratio 18
Price to Sales 0.2
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow 29.1
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.8%
Cap. Spend. - 3 Yr. Gr. Rate 9.2%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 133.2%
Total Debt to Equity 152.7%
Interest Coverage 11
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 8.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.6%
Return On Equity 19.3%
Return On Equity - 3 Yr. Avg. 20.3%
Asset Turnover 3.5
Profitability Ratios
Gross Margin 5%
Gross Margin - 3 Yr. Avg. 5.3%
EBITDA Margin 2.2%
EBITDA Margin - 3 Yr. Avg. 2.4%
Operating Margin 1.6%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin 1.5%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.1%
Payout Ratio 44.8%

CAH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAH stock intrinsic value calculation we used $129976 million for the last fiscal year's total revenue generated by Cardinal Health. The default revenue input number comes from 2017 income statement of Cardinal Health. 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 CAH 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 CAH is calculated based on our internal credit rating of Cardinal Health, 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 Cardinal Health.
    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 CAH stock the variable cost ratio is equal to 98%.

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 CAH 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 Cardinal Health.

Corporate tax rate of 27% is the nominal tax rate for Cardinal Health. 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 CAH 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 CAH are equal to 3%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Cardinal Health 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 CAH is equal to 1.2%. 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 - $6808 million for Cardinal Health - 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 319.732 million for Cardinal Health 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 Cardinal Health at the current share price and the inputted number of shares is $23.5 billion.

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COMPANY NEWS

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▶ Teva Pharma continues to lead the IQ100   [Dec-11-17 01:43PM  CNBC Videos]
▶ APNewsBreak: Doctor: Lack of drugs led to new execution plan   [Nov-29-17 06:53PM  Associated Press]
▶ Merck, Cardinal Health Drop into Mondays 52-Week Low Club   [Nov-20-17 04:04PM  24/7 Wall St.]
▶ Cardinal Health sells China business for $1.2B   [11:55AM  American City Business Journals]
▶ [$$] Cardinal Health Pulls Back From China   [02:29AM  The Wall Street Journal]
▶ 2 Dividend Aristocrats To Buy, And 2 To Sell Now   [Nov-11-17 08:11AM  Forbes]
▶ The Quiet Dividend Aristocrats: 2 Winners, 2 Losers   [Nov-10-17 03:56AM  Harvest Exchange]
▶ Cardinal Health shareholders grill CEO George Barrett on opioids   [Nov-08-17 09:10PM  American City Business Journals]
▶ [$$] Cardinal Health Chief Executive George Barrett Stepping Down   [Nov-07-17 12:30AM  The Wall Street Journal]
▶ [$$] Cardinal Health Names New CEO   [08:30AM  The Wall Street Journal]
▶ November Top Dividend Stock   [08:03AM  Simply Wall St.]
▶ Cardinal beats 1Q profit forecasts   [06:55AM  Associated Press]
▶ Missouri attorney general demands opioid distributor records   [Oct-31-17 07:45PM  Associated Press]
▶ New Mexico sues pharma companies & drug distributors   [Oct-26-17 03:30PM  CNBC Videos]
▶ Trump to scrap a crucial part of Obamacare   [Oct-13-17 10:38AM  Yahoo Finance Video]
Financial statements of CAH
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