Intrinsic value of Cantel Medical - CMD

Previous Close

$82.20

  Intrinsic Value

$38.37

stock screener

  Rating & Target

str. sell

-53%

Previous close

$82.20

 
Intrinsic value

$38.37

 
Up/down potential

-53%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as CMD.

We calculate the intrinsic value of CMD 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 3.4

 

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, %
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  871
  978
  1,091
  1,210
  1,335
  1,466
  1,602
  1,744
  1,892
  2,046
  2,206
  2,373
  2,546
  2,725
  2,912
  3,106
  3,308
  3,518
  3,737
  3,965
  4,202
  4,449
  4,707
  4,976
  5,257
  5,551
  5,857
  6,178
  6,513
  6,863
Variable operating expenses, $m
  737
  823
  913
  1,007
  1,107
  1,211
  1,319
  1,433
  1,550
  1,673
  1,757
  1,890
  2,027
  2,170
  2,319
  2,474
  2,635
  2,802
  2,976
  3,157
  3,346
  3,543
  3,749
  3,963
  4,187
  4,420
  4,665
  4,920
  5,187
  5,466
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
  737
  823
  913
  1,007
  1,107
  1,211
  1,319
  1,433
  1,550
  1,673
  1,757
  1,890
  2,027
  2,170
  2,319
  2,474
  2,635
  2,802
  2,976
  3,157
  3,346
  3,543
  3,749
  3,963
  4,187
  4,420
  4,665
  4,920
  5,187
  5,466
Operating income, $m
  134
  156
  179
  203
  228
  255
  283
  312
  342
  373
  449
  483
  518
  555
  593
  632
  674
  716
  761
  807
  856
  906
  958
  1,013
  1,070
  1,130
  1,193
  1,258
  1,326
  1,397
EBITDA, $m
  199
  224
  250
  277
  306
  336
  367
  399
  433
  468
  505
  543
  583
  624
  667
  711
  757
  805
  856
  908
  962
  1,019
  1,078
  1,139
  1,204
  1,271
  1,341
  1,414
  1,491
  1,571
Interest expense (income), $m
  3
  7
  9
  11
  13
  15
  17
  20
  22
  25
  27
  30
  33
  36
  40
  43
  46
  50
  54
  57
  61
  66
  70
  75
  79
  84
  89
  95
  101
  106
  113
Earnings before tax, $m
  127
  147
  168
  190
  213
  238
  263
  289
  317
  346
  419
  450
  482
  515
  550
  586
  624
  663
  703
  746
  790
  836
  884
  934
  986
  1,041
  1,098
  1,157
  1,220
  1,285
Tax expense, $m
  34
  40
  45
  51
  58
  64
  71
  78
  86
  93
  113
  121
  130
  139
  149
  158
  168
  179
  190
  201
  213
  226
  239
  252
  266
  281
  296
  312
  329
  347
Net income, $m
  93
  107
  123
  139
  156
  173
  192
  211
  231
  252
  306
  328
  352
  376
  402
  428
  455
  484
  513
  544
  577
  610
  645
  682
  720
  760
  801
  845
  890
  938

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
  890
  999
  1,115
  1,236
  1,364
  1,497
  1,636
  1,782
  1,933
  2,090
  2,254
  2,424
  2,600
  2,784
  2,974
  3,173
  3,379
  3,594
  3,817
  4,050
  4,292
  4,545
  4,808
  5,083
  5,370
  5,670
  5,983
  6,310
  6,652
  7,010
Adjusted assets (=assets-cash), $m
  890
  999
  1,115
  1,236
  1,364
  1,497
  1,636
  1,782
  1,933
  2,090
  2,254
  2,424
  2,600
  2,784
  2,974
  3,173
  3,379
  3,594
  3,817
  4,050
  4,292
  4,545
  4,808
  5,083
  5,370
  5,670
  5,983
  6,310
  6,652
  7,010
Revenue / Adjusted assets
  0.979
  0.979
  0.978
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
Average production assets, $m
  327
  367
  409
  454
  501
  550
  601
  654
  710
  767
  827
  890
  955
  1,022
  1,092
  1,165
  1,241
  1,319
  1,401
  1,487
  1,576
  1,668
  1,765
  1,866
  1,971
  2,081
  2,196
  2,317
  2,442
  2,574
Working capital, $m
  129
  145
  161
  179
  198
  217
  237
  258
  280
  303
  327
  351
  377
  403
  431
  460
  490
  521
  553
  587
  622
  658
  697
  736
  778
  821
  867
  914
  964
  1,016
Total debt, $m
  161
  197
  236
  276
  319
  364
  410
  459
  509
  562
  616
  673
  732
  793
  857
  923
  992
  1,064
  1,138
  1,216
  1,297
  1,381
  1,469
  1,561
  1,657
  1,757
  1,862
  1,971
  2,085
  2,205
Total liabilities, $m
  297
  334
  372
  413
  455
  500
  547
  595
  646
  698
  753
  809
  868
  930
  993
  1,060
  1,129
  1,200
  1,275
  1,353
  1,434
  1,518
  1,606
  1,698
  1,794
  1,894
  1,998
  2,108
  2,222
  2,341
Total equity, $m
  593
  665
  742
  823
  908
  997
  1,090
  1,187
  1,287
  1,392
  1,501
  1,614
  1,732
  1,854
  1,981
  2,113
  2,250
  2,393
  2,542
  2,697
  2,858
  3,027
  3,202
  3,385
  3,576
  3,776
  3,985
  4,203
  4,431
  4,669
Total liabilities and equity, $m
  890
  999
  1,114
  1,236
  1,363
  1,497
  1,637
  1,782
  1,933
  2,090
  2,254
  2,423
  2,600
  2,784
  2,974
  3,173
  3,379
  3,593
  3,817
  4,050
  4,292
  4,545
  4,808
  5,083
  5,370
  5,670
  5,983
  6,311
  6,653
  7,010
Debt-to-equity ratio
  0.270
  0.300
  0.320
  0.340
  0.350
  0.360
  0.380
  0.390
  0.400
  0.400
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.470
Adjusted equity ratio
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  93
  107
  123
  139
  156
  173
  192
  211
  231
  252
  306
  328
  352
  376
  402
  428
  455
  484
  513
  544
  577
  610
  645
  682
  720
  760
  801
  845
  890
  938
Depreciation, amort., depletion, $m
  66
  68
  71
  74
  77
  81
  84
  88
  92
  95
  56
  60
  64
  69
  74
  79
  84
  89
  95
  100
  106
  113
  119
  126
  133
  141
  148
  157
  165
  174
Funds from operations, $m
  158
  176
  194
  213
  233
  254
  276
  299
  323
  348
  362
  388
  416
  445
  475
  507
  539
  573
  608
  645
  683
  723
  764
  808
  853
  900
  950
  1,001
  1,055
  1,112
Change in working capital, $m
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  50
  52
Cash from operations, $m
  143
  160
  177
  195
  215
  235
  256
  278
  301
  325
  338
  364
  391
  419
  448
  478
  509
  542
  576
  611
  648
  686
  726
  768
  811
  857
  904
  954
  1,006
  1,060
Maintenance CAPEX, $m
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -74
  -79
  -84
  -89
  -95
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -148
  -157
  -165
New CAPEX, $m
  -38
  -40
  -42
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -131
Cash from investing activities, $m
  -57
  -62
  -67
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -112
  -118
  -125
  -131
  -139
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -210
  -220
  -231
  -243
  -256
  -268
  -283
  -296
Free cash flow, $m
  86
  98
  110
  123
  137
  152
  168
  184
  201
  219
  226
  246
  266
  287
  309
  331
  355
  379
  405
  431
  459
  487
  517
  548
  580
  614
  649
  685
  724
  763
Issuance/(repayment) of debt, $m
  35
  37
  39
  41
  43
  45
  47
  49
  50
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  109
  114
  120
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  
  35
  37
  39
  41
  43
  45
  47
  49
  50
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  109
  114
  120
Total cash flow (excl. dividends), $m
  120
  134
  148
  164
  180
  197
  214
  233
  252
  272
  281
  302
  325
  348
  372
  398
  424
  451
  479
  509
  539
  571
  605
  640
  676
  714
  753
  795
  838
  883
Retained Cash Flow (-), $m
  -69
  -73
  -77
  -81
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -218
  -228
  -238
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
  52
  61
  72
  83
  95
  108
  121
  136
  151
  167
  172
  189
  207
  226
  245
  265
  286
  308
  330
  354
  378
  403
  429
  456
  485
  514
  545
  577
  610
  645
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
  50
  56
  62
  68
  74
  78
  82
  85
  87
  88
  82
  81
  79
  76
  72
  67
  62
  57
  51
  45
  39
  33
  28
  23
  19
  15
  12
  9
  7
  5
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

Cantel Medical Corp. is a provider of infection prevention products and services in the healthcare market. The Company's operating segments include Endoscopy; Water Purification and Filtration; Healthcare Disposables, and Dialysis. Its Endoscopy segment includes medical device reprocessing systems, disinfectants, detergents and other supplies. The Company's Water Purification and Filtration segment includes water purification equipment and services, filtration and separation products, and disinfectant, sterilization and decontamination products and services. Its Healthcare Disposables segment includes single-use, infection prevention and control healthcare products. The Company's Dialysis segment includes medical device reprocessing systems, sterilants/disinfectants, dialysate concentrates and other supplies for renal dialysis. The Company offers a range of filters utilizing hollow fiber membrane technology.

FINANCIAL RATIOS  of  Cantel Medical (CMD)

Valuation Ratios
P/E Ratio 48.3
Price to Sales 4.5
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 31.8
Price to Free Cash Flow 42.3
Growth Rates
Sales Growth Rate 15.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.1%
Cap. Spend. - 3 Yr. Gr. Rate 14%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 24%
Total Debt to Equity 24%
Interest Coverage 36
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 11.1%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 47.8%
Gross Margin - 3 Yr. Avg. 46.5%
EBITDA Margin 18.4%
EBITDA Margin - 3 Yr. Avg. 18.3%
Operating Margin 14.3%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 13.8%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate 33%
Eff/ Tax Rate - 3 Yr. Avg. 35.3%
Payout Ratio 8.5%

CMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMD stock intrinsic value calculation we used $770.157 million for the last fiscal year's total revenue generated by Cantel Medical. The default revenue input number comes from 0001 income statement of Cantel Medical. 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 CMD stock valuation model: a) initial revenue growth rate of 13.1% 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 CMD is calculated based on our internal credit rating of Cantel Medical, 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 Cantel Medical.
    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 CMD stock the variable cost ratio is equal to 85.3%.

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 CMD 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 Cantel Medical.

Corporate tax rate of 27% is the nominal tax rate for Cantel Medical. 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 CMD 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 CMD are equal to 37.5%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Cantel Medical 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 CMD is equal to 14.8%. 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 - $523.932 million for Cantel Medical - 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 41.709 million for Cantel Medical 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 Cantel Medical at the current share price and the inputted number of shares is $3.4 billion.

COMPANY NEWS

▶ Cantel to Acquire Omnia S.p.A   [Nov-12-18 09:28AM  PR Newswire]
▶ Is Cantel Medical Corp (NYSE:CMD) A Cash Cow?   [Oct-29-18 12:40PM  Simply Wall St.]
▶ Cantel: Fiscal 4Q Earnings Snapshot   [08:20AM  Associated Press]
▶ Why Stericycle Inc Stock Is Sinking Today   [Aug-03-18 11:39AM  Motley Fool]
▶ Cantel Medical Takes Its Foot off the Gas   [Jun-01-18 04:12PM  Motley Fool]
▶ Cantel: Fiscal 3Q Earnings Snapshot   [08:10AM  Associated Press]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [May-24-18 10:05AM  Investor's Business Daily]
▶ Earnings Season Watch List: Cantel Medical   [03:00AM  Investor's Business Daily]
▶ Cantel Medical leases Sleep Numbers former headquarters   [May-17-18 01:44PM  American City Business Journals]
▶ Cantel Medical Acquires Aexis Medical   [Mar-21-18 08:30AM  PR Newswire]
▶ Cantel Medical Acquires Aexis Medical   [08:30AM  CNW Group]
▶ Cantel posts 2Q profit   [08:27AM  Associated Press]
▶ Cantel Medical Corp. Keeps Pace on Its Goal   [Dec-08-17 04:15PM  Motley Fool]
▶ Cantel posts 1Q profit   [Dec-07-17 08:23AM  Associated Press]
▶ Cantel Medical Just Within Buy Range As Earnings Approach   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ No. 1-Ranked Medical Stock In Buy Zone With Earnings Due   [Nov-20-17 04:08PM  Investor's Business Daily]
▶ These 4 Stocks Hit Buy Points; This New IPO Soars Late: S&P 500 Futures   [Nov-15-17 12:25AM  Investor's Business Daily]
▶ Cantel posts 4Q profit   [Sep-28-17 09:41PM  Associated Press]
▶ Stocks Showing Improved Relative Strength: Cantel Medical   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Cantel Medical   [Sep-20-17 03:00AM  Investor's Business Daily]
▶ This Medical Device Maker Is Now Outperforming 96% Of All Stocks   [Sep-18-17 10:49AM  Investor's Business Daily]

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