Intrinsic value of Community Health Systems - CYH

Previous Close

$4.25

  Intrinsic Value

$39.53

stock screener

  Rating & Target

str. buy

+830%

Previous close

$4.25

 
Intrinsic value

$39.53

 
Up/down potential

+830%

 
Rating

str. buy

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

We calculate the intrinsic value of CYH 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 2016), $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 0.5

 

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, %
  -5.14
  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
  18,438
  18,807
  19,239
  19,734
  20,289
  20,904
  21,579
  22,314
  23,109
  23,966
  24,886
  25,870
  26,920
  28,038
  29,226
  30,487
  31,823
  33,237
  34,733
  36,313
  37,981
  39,742
  41,598
  43,555
  45,617
  47,789
  50,076
  52,482
  55,015
  57,679
  60,482
Variable operating expenses, $m
 
  17,515
  17,903
  18,346
  18,844
  19,395
  20,000
  20,659
  21,373
  22,141
  22,966
  23,196
  24,137
  25,140
  26,205
  27,335
  28,533
  29,801
  31,142
  32,559
  34,055
  35,634
  37,299
  39,053
  40,902
  42,849
  44,900
  47,057
  49,328
  51,717
  54,230
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
  19,328
  17,515
  17,903
  18,346
  18,844
  19,395
  20,000
  20,659
  21,373
  22,141
  22,966
  23,196
  24,137
  25,140
  26,205
  27,335
  28,533
  29,801
  31,142
  32,559
  34,055
  35,634
  37,299
  39,053
  40,902
  42,849
  44,900
  47,057
  49,328
  51,717
  54,230
Operating income, $m
  -890
  1,292
  1,337
  1,388
  1,445
  1,509
  1,578
  1,654
  1,737
  1,825
  1,920
  2,674
  2,783
  2,898
  3,021
  3,151
  3,289
  3,436
  3,590
  3,754
  3,926
  4,108
  4,300
  4,502
  4,715
  4,940
  5,176
  5,425
  5,687
  5,962
  6,252
EBITDA, $m
  210
  2,552
  2,611
  2,678
  2,754
  2,837
  2,929
  3,028
  3,136
  3,253
  3,378
  3,511
  3,654
  3,805
  3,967
  4,138
  4,319
  4,511
  4,714
  4,928
  5,155
  5,394
  5,646
  5,911
  6,191
  6,486
  6,796
  7,123
  7,467
  7,828
  8,209
Interest expense (income), $m
  930
  870
  861
  888
  918
  953
  990
  1,032
  1,077
  1,126
  1,179
  1,235
  1,296
  1,360
  1,429
  1,502
  1,580
  1,662
  1,749
  1,841
  1,938
  2,040
  2,149
  2,263
  2,383
  2,510
  2,643
  2,784
  2,932
  3,088
  3,251
Earnings before tax, $m
  -1,715
  422
  475
  500
  527
  556
  588
  623
  660
  699
  742
  1,439
  1,487
  1,538
  1,592
  1,649
  1,710
  1,774
  1,842
  1,913
  1,988
  2,068
  2,151
  2,239
  2,332
  2,430
  2,533
  2,641
  2,755
  2,875
  3,000
Tax expense, $m
  -104
  114
  128
  135
  142
  150
  159
  168
  178
  189
  200
  389
  401
  415
  430
  445
  462
  479
  497
  517
  537
  558
  581
  605
  630
  656
  684
  713
  744
  776
  810
Net income, $m
  -1,721
  308
  347
  365
  385
  406
  429
  454
  482
  510
  541
  1,050
  1,085
  1,123
  1,162
  1,204
  1,248
  1,295
  1,344
  1,396
  1,451
  1,509
  1,570
  1,635
  1,703
  1,774
  1,849
  1,928
  2,011
  2,098
  2,190

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  238
  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
  21,944
  22,152
  22,661
  23,244
  23,897
  24,622
  25,417
  26,282
  27,219
  28,229
  29,312
  30,471
  31,708
  33,025
  34,424
  35,909
  37,483
  39,148
  40,910
  42,771
  44,736
  46,810
  48,997
  51,302
  53,731
  56,289
  58,982
  61,817
  64,800
  67,938
  71,239
Adjusted assets (=assets-cash), $m
  21,706
  22,152
  22,661
  23,244
  23,897
  24,622
  25,417
  26,282
  27,219
  28,229
  29,312
  30,471
  31,708
  33,025
  34,424
  35,909
  37,483
  39,148
  40,910
  42,771
  44,736
  46,810
  48,997
  51,302
  53,731
  56,289
  58,982
  61,817
  64,800
  67,938
  71,239
Revenue / Adjusted assets
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
Average production assets, $m
  9,131
  9,309
  9,523
  9,768
  10,043
  10,347
  10,682
  11,045
  11,439
  11,863
  12,319
  12,806
  13,325
  13,879
  14,467
  15,091
  15,752
  16,452
  17,193
  17,975
  18,801
  19,672
  20,591
  21,560
  22,581
  23,656
  24,787
  25,979
  27,232
  28,551
  29,938
Working capital, $m
  1,779
  2,031
  2,078
  2,131
  2,191
  2,258
  2,331
  2,410
  2,496
  2,588
  2,688
  2,794
  2,907
  3,028
  3,156
  3,293
  3,437
  3,590
  3,751
  3,922
  4,102
  4,292
  4,493
  4,704
  4,927
  5,161
  5,408
  5,668
  5,942
  6,229
  6,532
Total debt, $m
  15,244
  14,851
  15,310
  15,834
  16,423
  17,075
  17,790
  18,569
  19,412
  20,321
  21,296
  22,339
  23,452
  24,637
  25,897
  27,233
  28,649
  30,149
  31,734
  33,409
  35,178
  37,044
  39,012
  41,087
  43,273
  45,575
  47,999
  50,550
  53,235
  56,059
  59,030
Total liabilities, $m
  20,329
  19,936
  20,395
  20,919
  21,508
  22,160
  22,875
  23,654
  24,497
  25,406
  26,381
  27,424
  28,537
  29,722
  30,982
  32,318
  33,734
  35,234
  36,819
  38,494
  40,263
  42,129
  44,097
  46,172
  48,358
  50,660
  53,084
  55,635
  58,320
  61,144
  64,115
Total equity, $m
  1,615
  2,215
  2,266
  2,324
  2,390
  2,462
  2,542
  2,628
  2,722
  2,823
  2,931
  3,047
  3,171
  3,302
  3,442
  3,591
  3,748
  3,915
  4,091
  4,277
  4,474
  4,681
  4,900
  5,130
  5,373
  5,629
  5,898
  6,182
  6,480
  6,794
  7,124
Total liabilities and equity, $m
  21,944
  22,151
  22,661
  23,243
  23,898
  24,622
  25,417
  26,282
  27,219
  28,229
  29,312
  30,471
  31,708
  33,024
  34,424
  35,909
  37,482
  39,149
  40,910
  42,771
  44,737
  46,810
  48,997
  51,302
  53,731
  56,289
  58,982
  61,817
  64,800
  67,938
  71,239
Debt-to-equity ratio
  9.439
  6.700
  6.760
  6.810
  6.870
  6.930
  7.000
  7.070
  7.130
  7.200
  7.270
  7.330
  7.400
  7.460
  7.520
  7.580
  7.640
  7.700
  7.760
  7.810
  7.860
  7.910
  7.960
  8.010
  8.050
  8.100
  8.140
  8.180
  8.220
  8.250
  8.290
Adjusted equity ratio
  0.063
  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
  -1,721
  308
  347
  365
  385
  406
  429
  454
  482
  510
  541
  1,050
  1,085
  1,123
  1,162
  1,204
  1,248
  1,295
  1,344
  1,396
  1,451
  1,509
  1,570
  1,635
  1,703
  1,774
  1,849
  1,928
  2,011
  2,098
  2,190
Depreciation, amort., depletion, $m
  1,100
  1,261
  1,275
  1,291
  1,309
  1,328
  1,350
  1,374
  1,400
  1,427
  1,457
  837
  871
  907
  946
  986
  1,030
  1,075
  1,124
  1,175
  1,229
  1,286
  1,346
  1,409
  1,476
  1,546
  1,620
  1,698
  1,780
  1,866
  1,957
Funds from operations, $m
  960
  1,568
  1,621
  1,655
  1,693
  1,734
  1,780
  1,829
  1,881
  1,938
  1,999
  1,887
  1,956
  2,030
  2,108
  2,190
  2,278
  2,370
  2,468
  2,571
  2,680
  2,795
  2,916
  3,044
  3,178
  3,320
  3,469
  3,626
  3,791
  3,965
  4,147
Change in working capital, $m
  -177
  40
  47
  53
  60
  66
  73
  79
  86
  93
  99
  106
  113
  121
  128
  136
  144
  153
  162
  171
  180
  190
  201
  211
  223
  235
  247
  260
  274
  288
  303
Cash from operations, $m
  1,137
  1,528
  1,575
  1,602
  1,633
  1,668
  1,707
  1,749
  1,795
  1,845
  1,899
  1,781
  1,843
  1,909
  1,979
  2,054
  2,134
  2,218
  2,307
  2,401
  2,500
  2,605
  2,716
  2,833
  2,956
  3,085
  3,222
  3,366
  3,517
  3,677
  3,844
Maintenance CAPEX, $m
  0
  -597
  -608
  -622
  -638
  -656
  -676
  -698
  -722
  -748
  -775
  -805
  -837
  -871
  -907
  -946
  -986
  -1,030
  -1,075
  -1,124
  -1,175
  -1,229
  -1,286
  -1,346
  -1,409
  -1,476
  -1,546
  -1,620
  -1,698
  -1,780
  -1,866
New CAPEX, $m
  -744
  -179
  -214
  -245
  -275
  -304
  -334
  -364
  -394
  -424
  -455
  -487
  -520
  -553
  -588
  -624
  -661
  -700
  -740
  -782
  -826
  -871
  -919
  -969
  -1,021
  -1,075
  -1,132
  -1,191
  -1,254
  -1,319
  -1,387
Cash from investing activities, $m
  630
  -776
  -822
  -867
  -913
  -960
  -1,010
  -1,062
  -1,116
  -1,172
  -1,230
  -1,292
  -1,357
  -1,424
  -1,495
  -1,570
  -1,647
  -1,730
  -1,815
  -1,906
  -2,001
  -2,100
  -2,205
  -2,315
  -2,430
  -2,551
  -2,678
  -2,811
  -2,952
  -3,099
  -3,253
Free cash flow, $m
  1,767
  753
  752
  735
  720
  707
  696
  687
  680
  674
  669
  489
  486
  485
  484
  485
  486
  488
  491
  495
  499
  505
  511
  518
  526
  535
  544
  555
  566
  578
  591
Issuance/(repayment) of debt, $m
  -1,836
  -155
  459
  524
  588
  652
  715
  779
  843
  909
  975
  1,043
  1,113
  1,185
  1,259
  1,336
  1,416
  1,499
  1,585
  1,675
  1,769
  1,866
  1,968
  2,075
  2,186
  2,302
  2,424
  2,551
  2,685
  2,824
  2,971
Issuance/(repurchase) of shares, $m
  0
  292
  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  
  -1,713
  137
  459
  524
  588
  652
  715
  779
  843
  909
  975
  1,043
  1,113
  1,185
  1,259
  1,336
  1,416
  1,499
  1,585
  1,675
  1,769
  1,866
  1,968
  2,075
  2,186
  2,302
  2,424
  2,551
  2,685
  2,824
  2,971
Total cash flow (excl. dividends), $m
  54
  891
  1,211
  1,259
  1,308
  1,359
  1,412
  1,466
  1,523
  1,582
  1,644
  1,532
  1,599
  1,670
  1,744
  1,821
  1,902
  1,987
  2,076
  2,170
  2,268
  2,371
  2,479
  2,593
  2,712
  2,837
  2,968
  3,106
  3,251
  3,402
  3,562
Retained Cash Flow (-), $m
  2,404
  -600
  -51
  -58
  -65
  -72
  -79
  -87
  -94
  -101
  -108
  -116
  -124
  -132
  -140
  -148
  -157
  -167
  -176
  -186
  -197
  -207
  -219
  -231
  -243
  -256
  -269
  -283
  -298
  -314
  -330
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
 
  291
  1,160
  1,201
  1,243
  1,287
  1,332
  1,380
  1,429
  1,481
  1,535
  1,416
  1,476
  1,538
  1,604
  1,673
  1,745
  1,821
  1,900
  1,984
  2,072
  2,164
  2,260
  2,362
  2,469
  2,581
  2,699
  2,822
  2,952
  3,089
  3,232
Discount rate, %
 
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
 
  256
  893
  796
  701
  608
  520
  438
  362
  295
  235
  164
  126
  95
  70
  50
  35
  24
  16
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4

Community Health Systems, Inc. is an operator of general acute care hospitals and outpatient facilities in communities across the country. The Company operates through hospital operations segment, which includes its general acute care hospitals and related healthcare entities that provide inpatient and outpatient healthcare services. The Company provides healthcare services through the hospitals that it owns and operates and affiliated businesses in non-urban and selected urban markets throughout the United States. The services provided through its hospitals and affiliated businesses include general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric and rehabilitation services. The Company also provides additional outpatient services at urgent care centers, occupational medicine clinics, imaging centers, cancer centers, ambulatory surgery centers, and home health and hospice agencies.

FINANCIAL RATIOS  of  Community Health Systems (CYH)

Valuation Ratios
P/E Ratio -0.3
Price to Sales 0
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 0.4
Price to Free Cash Flow 1.2
Growth Rates
Sales Growth Rate -5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.9%
Cap. Spend. - 3 Yr. Gr. Rate 3.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 915.7%
Total Debt to Equity 943.9%
Interest Coverage -1
Management Effectiveness
Return On Assets -3.5%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital -9.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.6%
Return On Equity -61.1%
Return On Equity - 3 Yr. Avg. -18.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 83.7%
Gross Margin - 3 Yr. Avg. 84.2%
EBITDA Margin 1.7%
EBITDA Margin - 3 Yr. Avg. 9.1%
Operating Margin -4.8%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin -9.3%
Pre-Tax Margin - 3 Yr. Avg. -1.8%
Net Profit Margin -9.3%
Net Profit Margin - 3 Yr. Avg. -2.7%
Effective Tax Rate 6.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 0%

CYH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYH stock intrinsic value calculation we used $18438 million for the last fiscal year's total revenue generated by Community Health Systems. The default revenue input number comes from 2016 income statement of Community Health Systems. 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 CYH 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 13.3%, whose default value for CYH is calculated based on our internal credit rating of Community Health Systems, 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 Community Health Systems.
    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 CYH stock the variable cost ratio is equal to 93.2%.

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 CYH 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 5.8% for Community Health Systems.

Corporate tax rate of 27% is the nominal tax rate for Community Health Systems. 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 CYH 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 CYH are equal to 49.5%.

Life of production assets of 15.3 years is the average useful life of capital assets used in Community Health Systems 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 CYH is equal to 10.8%. 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 - $1615 million for Community Health Systems - 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 114.759 million for Community Health Systems 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 Community Health Systems at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ St. Pete City Council pushes Bayfront Health debate to the deadline   [Dec-08-17 07:30AM  American City Business Journals]
▶ Florida Hospital strikes deal for Bayfront Health Dade City   [Dec-05-17 05:35PM  American City Business Journals]
▶ [$$] Community Health Systems in Talks to Extend Nearly $2 Billion in Debt   [Nov-18-17 01:56PM  The Wall Street Journal]
▶ Community Health Systems posts 3Q loss   [Nov-01-17 05:25PM  Associated Press]
▶ No Buyers for All of Tenet, Analysts Say   [Sep-14-17 02:55PM  TheStreet.com]
▶ The Biggest Loser: Envision Healthcare Tumbles 4.2%   [Sep-06-17 04:50PM  Barrons.com]
▶ Moodys downgrades CHS as struggles continue   [11:31AM  American City Business Journals]
▶ Hurricane Harvey Won't Hurt Healthcare Much   [Aug-30-17 09:10AM  Barrons.com]
▶ CHS investor calls for Wayne Smith's ouster   [02:10PM  American City Business Journals]
▶ Insiders Roundup: Facebook, PRA Health Sciences   [Aug-18-17 04:09PM  GuruFocus.com]
▶ [$$] Shanda Raises Community Health Systems Stake   [Aug-15-17 02:13PM  The Wall Street Journal]
▶ As struggles continue, CHS plans more hospital sales   [Aug-02-17 04:42PM  American City Business Journals]
▶ Community Health Systems posts 2Q loss   [Aug-01-17 09:35PM  Associated Press]
▶ Disgruntled doctors drop bid to buy Indiana hospital from CHS   [Jul-17-17 10:30AM  American City Business Journals]
Financial statements of CYH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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