Intrinsic value of Evolent Health Cl A - EVH

Previous Close

$23.70

  Intrinsic Value

$83.89

stock screener

  Rating & Target

str. buy

+254%

Previous close

$23.70

 
Intrinsic value

$83.89

 
Up/down potential

+254%

 
Rating

str. buy

We calculate the intrinsic value of EVH 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 2017), $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 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  696
  1,075
  1,608
  2,333
  3,292
  4,526
  6,075
  7,977
  10,264
  12,964
  16,099
  19,682
  23,724
  28,227
  33,189
  38,607
  44,472
  50,775
  57,505
  64,653
  72,209
  80,165
  88,515
  97,256
  106,385
  115,905
  125,819
  136,134
  146,859
  158,007
Variable operating expenses, $m
  219
  290
  391
  528
  710
  943
  1,236
  1,596
  2,029
  2,540
  3,046
  3,724
  4,489
  5,341
  6,280
  7,306
  8,415
  9,608
  10,882
  12,234
  13,664
  15,170
  16,750
  18,404
  20,131
  21,933
  23,809
  25,761
  27,790
  29,900
Fixed operating expenses, $m
  413
  422
  431
  441
  450
  460
  470
  481
  491
  502
  513
  525
  536
  548
  560
  572
  585
  598
  611
  624
  638
  652
  666
  681
  696
  711
  727
  743
  759
  776
Total operating expenses, $m
  632
  712
  822
  969
  1,160
  1,403
  1,706
  2,077
  2,520
  3,042
  3,559
  4,249
  5,025
  5,889
  6,840
  7,878
  9,000
  10,206
  11,493
  12,858
  14,302
  15,822
  17,416
  19,085
  20,827
  22,644
  24,536
  26,504
  28,549
  30,676
Operating income, $m
  65
  363
  786
  1,364
  2,132
  3,122
  4,368
  5,900
  7,743
  9,922
  12,539
  15,433
  18,698
  22,337
  26,349
  30,729
  35,472
  40,569
  46,013
  51,795
  57,907
  64,343
  71,099
  78,171
  85,558
  93,261
  101,283
  109,631
  118,310
  127,331
EBITDA, $m
  298
  677
  1,212
  1,944
  2,914
  4,165
  5,738
  7,671
  9,998
  12,747
  15,939
  19,590
  23,709
  28,299
  33,359
  38,883
  44,865
  51,293
  58,158
  65,449
  73,157
  81,274
  89,794
  98,711
  108,027
  117,740
  127,857
  138,382
  149,327
  160,702
Interest expense (income), $m
  0
  7
  15
  28
  45
  69
  101
  142
  193
  256
  332
  421
  525
  643
  777
  926
  1,090
  1,269
  1,463
  1,671
  1,894
  2,130
  2,380
  2,643
  2,919
  3,208
  3,510
  3,825
  4,153
  4,494
  4,849
Earnings before tax, $m
  58
  348
  758
  1,319
  2,062
  3,021
  4,226
  5,706
  7,488
  9,590
  12,118
  14,909
  18,055
  21,561
  25,423
  29,640
  34,203
  39,106
  44,342
  49,901
  55,777
  61,963
  68,456
  75,252
  82,350
  89,751
  97,458
  105,478
  113,816
  122,482
Tax expense, $m
  16
  94
  205
  356
  557
  816
  1,141
  1,541
  2,022
  2,589
  3,272
  4,025
  4,875
  5,821
  6,864
  8,003
  9,235
  10,559
  11,972
  13,473
  15,060
  16,730
  18,483
  20,318
  22,234
  24,233
  26,314
  28,479
  30,730
  33,070
Net income, $m
  42
  254
  553
  963
  1,506
  2,205
  3,085
  4,166
  5,466
  7,001
  8,846
  10,883
  13,180
  15,739
  18,559
  21,637
  24,968
  28,548
  32,369
  36,428
  40,717
  45,233
  49,973
  54,934
  60,115
  65,518
  71,145
  76,999
  83,086
  89,412

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
  1,798
  2,779
  4,155
  6,029
  8,506
  11,694
  15,697
  20,612
  26,522
  33,500
  41,599
  50,859
  61,302
  72,937
  85,761
  99,760
  114,916
  131,202
  148,593
  167,063
  186,587
  207,145
  228,722
  251,307
  274,898
  299,497
  325,114
  351,768
  379,482
  408,287
Adjusted assets (=assets-cash), $m
  1,798
  2,779
  4,155
  6,029
  8,506
  11,694
  15,697
  20,612
  26,522
  33,500
  41,599
  50,859
  61,302
  72,937
  85,761
  99,760
  114,916
  131,202
  148,593
  167,063
  186,587
  207,145
  228,722
  251,307
  274,898
  299,497
  325,114
  351,768
  379,482
  408,287
Revenue / Adjusted assets
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
Average production assets, $m
  1,470
  2,271
  3,396
  4,928
  6,953
  9,558
  12,830
  16,847
  21,678
  27,381
  34,001
  41,569
  50,105
  59,614
  70,096
  81,539
  93,926
  107,237
  121,452
  136,548
  152,506
  169,309
  186,944
  205,404
  224,686
  244,792
  265,730
  287,516
  310,167
  333,711
Working capital, $m
  -69
  -106
  -159
  -231
  -326
  -448
  -601
  -790
  -1,016
  -1,283
  -1,594
  -1,949
  -2,349
  -2,794
  -3,286
  -3,822
  -4,403
  -5,027
  -5,693
  -6,401
  -7,149
  -7,936
  -8,763
  -9,628
  -10,532
  -11,475
  -12,456
  -13,477
  -14,539
  -15,643
Total debt, $m
  281
  513
  840
  1,284
  1,871
  2,626
  3,575
  4,740
  6,140
  7,794
  9,714
  11,908
  14,383
  17,141
  20,180
  23,498
  27,090
  30,950
  35,071
  39,449
  44,076
  48,948
  54,062
  59,414
  65,005
  70,835
  76,907
  83,224
  89,792
  96,619
Total liabilities, $m
  426
  659
  985
  1,429
  2,016
  2,772
  3,720
  4,885
  6,286
  7,939
  9,859
  12,053
  14,528
  17,286
  20,325
  23,643
  27,235
  31,095
  35,217
  39,594
  44,221
  49,093
  54,207
  59,560
  65,151
  70,981
  77,052
  83,369
  89,937
  96,764
Total equity, $m
  1,372
  2,120
  3,171
  4,600
  6,490
  8,923
  11,977
  15,727
  20,236
  25,560
  31,740
  38,805
  46,773
  55,651
  65,435
  76,117
  87,681
  100,107
  113,376
  127,469
  142,366
  158,052
  174,515
  191,747
  209,747
  228,516
  248,062
  268,399
  289,545
  311,523
Total liabilities and equity, $m
  1,798
  2,779
  4,156
  6,029
  8,506
  11,695
  15,697
  20,612
  26,522
  33,499
  41,599
  50,858
  61,301
  72,937
  85,760
  99,760
  114,916
  131,202
  148,593
  167,063
  186,587
  207,145
  228,722
  251,307
  274,898
  299,497
  325,114
  351,768
  379,482
  408,287
Debt-to-equity ratio
  0.200
  0.240
  0.260
  0.280
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  254
  553
  963
  1,506
  2,205
  3,085
  4,166
  5,466
  7,001
  8,846
  10,883
  13,180
  15,739
  18,559
  21,637
  24,968
  28,548
  32,369
  36,428
  40,717
  45,233
  49,973
  54,934
  60,115
  65,518
  71,145
  76,999
  83,086
  89,412
Depreciation, amort., depletion, $m
  234
  314
  427
  580
  782
  1,043
  1,370
  1,772
  2,255
  2,825
  3,400
  4,157
  5,010
  5,961
  7,010
  8,154
  9,393
  10,724
  12,145
  13,655
  15,251
  16,931
  18,694
  20,540
  22,469
  24,479
  26,573
  28,752
  31,017
  33,371
Funds from operations, $m
  276
  568
  980
  1,542
  2,288
  3,248
  4,455
  5,937
  7,721
  9,826
  12,246
  15,040
  18,191
  21,701
  25,569
  29,791
  34,361
  39,271
  44,515
  50,082
  55,968
  62,164
  68,667
  75,474
  82,584
  89,997
  97,718
  105,750
  114,102
  122,783
Change in working capital, $m
  -26
  -38
  -53
  -72
  -95
  -122
  -153
  -188
  -226
  -267
  -310
  -355
  -400
  -446
  -491
  -536
  -581
  -624
  -666
  -708
  -748
  -788
  -827
  -865
  -904
  -942
  -981
  -1,021
  -1,062
  -1,104
Cash from operations, $m
  302
  605
  1,033
  1,614
  2,383
  3,370
  4,608
  6,126
  7,947
  10,093
  12,557
  15,395
  18,591
  22,147
  26,060
  30,327
  34,941
  39,895
  45,181
  50,790
  56,716
  62,952
  69,494
  76,339
  83,488
  90,940
  98,699
  106,771
  115,164
  123,887
Maintenance CAPEX, $m
  -92
  -147
  -227
  -340
  -493
  -695
  -956
  -1,283
  -1,685
  -2,168
  -2,738
  -3,400
  -4,157
  -5,010
  -5,961
  -7,010
  -8,154
  -9,393
  -10,724
  -12,145
  -13,655
  -15,251
  -16,931
  -18,694
  -20,540
  -22,469
  -24,479
  -26,573
  -28,752
  -31,017
New CAPEX, $m
  -551
  -801
  -1,125
  -1,532
  -2,025
  -2,606
  -3,272
  -4,017
  -4,831
  -5,703
  -6,620
  -7,568
  -8,536
  -9,510
  -10,482
  -11,442
  -12,387
  -13,312
  -14,214
  -15,096
  -15,958
  -16,803
  -17,636
  -18,460
  -19,282
  -20,106
  -20,939
  -21,785
  -22,652
  -23,543
Cash from investing activities, $m
  -643
  -948
  -1,352
  -1,872
  -2,518
  -3,301
  -4,228
  -5,300
  -6,516
  -7,871
  -9,358
  -10,968
  -12,693
  -14,520
  -16,443
  -18,452
  -20,541
  -22,705
  -24,938
  -27,241
  -29,613
  -32,054
  -34,567
  -37,154
  -39,822
  -42,575
  -45,418
  -48,358
  -51,404
  -54,560
Free cash flow, $m
  -341
  -343
  -320
  -257
  -135
  69
  381
  826
  1,431
  2,223
  3,199
  4,427
  5,898
  7,626
  9,617
  11,875
  14,401
  17,191
  20,243
  23,549
  27,103
  30,898
  34,927
  39,185
  43,666
  48,365
  53,281
  58,413
  63,761
  69,327
Issuance/(repayment) of debt, $m
  160
  232
  326
  444
  587
  756
  949
  1,165
  1,401
  1,654
  1,920
  2,195
  2,475
  2,758
  3,039
  3,318
  3,592
  3,860
  4,122
  4,377
  4,627
  4,872
  5,114
  5,353
  5,591
  5,830
  6,071
  6,317
  6,568
  6,827
Issuance/(repurchase) of shares, $m
  472
  494
  497
  467
  385
  227
  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  
  632
  726
  823
  911
  972
  983
  949
  1,165
  1,401
  1,654
  1,920
  2,195
  2,475
  2,758
  3,039
  3,318
  3,592
  3,860
  4,122
  4,377
  4,627
  4,872
  5,114
  5,353
  5,591
  5,830
  6,071
  6,317
  6,568
  6,827
Total cash flow (excl. dividends), $m
  290
  384
  504
  654
  837
  1,052
  1,329
  1,991
  2,832
  3,876
  5,118
  6,621
  8,373
  10,384
  12,656
  15,193
  17,992
  21,051
  24,364
  27,926
  31,730
  35,770
  40,041
  44,538
  49,257
  54,195
  59,353
  64,730
  70,329
  76,153
Retained Cash Flow (-), $m
  -514
  -748
  -1,050
  -1,430
  -1,890
  -2,432
  -3,054
  -3,750
  -4,510
  -5,324
  -6,180
  -7,065
  -7,968
  -8,878
  -9,785
  -10,682
  -11,563
  -12,426
  -13,269
  -14,092
  -14,897
  -15,686
  -16,463
  -17,233
  -18,000
  -18,769
  -19,546
  -20,337
  -21,146
  -21,978
Prev. year cash balance distribution, $m
  188
  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
  20
  33
  51
  76
  110
  155
  213
  286
  375
  482
  609
  757
  925
  1,115
  1,327
  1,560
  1,815
  2,090
  2,386
  2,703
  3,039
  3,394
  3,768
  4,160
  4,571
  5,000
  5,448
  5,914
  6,398
  6,902
Cash available for distribution, $m
  -36
  -364
  -547
  -776
  -1,053
  -1,381
  -1,725
  -1,759
  -1,678
  -1,448
  -1,062
  -444
  405
  1,506
  2,872
  4,511
  6,429
  8,625
  11,095
  13,834
  16,833
  20,084
  23,578
  27,305
  31,257
  35,426
  39,807
  44,393
  49,183
  54,175
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
  -34
  -333
  -476
  -639
  -816
  -1,002
  -1,165
  -1,099
  -964
  -759
  -504
  -189
  154
  506
  843
  1,146
  1,399
  1,588
  1,708
  1,758
  1,741
  1,666
  1,545
  1,391
  1,216
  1,034
  854
  687
  537
  408
Current shareholders' claim on cash, %
  72.5
  58.1
  50.0
  45.4
  42.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9

Evolent Health, Inc. is engaged in healthcare delivery and payment. The Company supports health systems and physician organizations in their migration toward value-based care and population health management. The Company provides an end-to-end, technology-enabled services platform for providers. The Company's platform, powered by its technology, processes and integrated services, enables providers to migrate their economic orientation from fee-for-service (FFS) reimbursement to payment models that reward value-based payment models. The Company's services include providing its customers, with a population management platform, integrated data and analytics capabilities, pharmacy benefit management (PBM) services and comprehensive health plan administration services. Its value-based operations are empowered and supported by Identifi. Identifi is the Company's technology platform that aggregates and analyzes data, manages care workflows and engages patients.

FINANCIAL RATIOS  of  Evolent Health Cl A (EVH)

Valuation Ratios
P/E Ratio -10.1
Price to Sales 6.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow -44.7
Price to Free Cash Flow -31
Growth Rates
Sales Growth Rate 161.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 128.6%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 17.1%
Total Debt to Equity 17.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.4%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital -21.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity -23.7%
Return On Equity - 3 Yr. Avg. 8.7%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 39%
Gross Margin - 3 Yr. Avg. 26.4%
EBITDA Margin -87%
EBITDA Margin - 3 Yr. Avg. 91.3%
Operating Margin -93.7%
Oper. Margin - 3 Yr. Avg. 96.3%
Pre-Tax Margin -93.7%
Pre-Tax Margin - 3 Yr. Avg. 86.6%
Net Profit Margin -63%
Net Profit Margin - 3 Yr. Avg. 93.1%
Effective Tax Rate 4.6%
Eff/ Tax Rate - 3 Yr. Avg. 3.8%
Payout Ratio 0%

EVH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EVH stock intrinsic value calculation we used $435 million for the last fiscal year's total revenue generated by Evolent Health Cl A. The default revenue input number comes from 2017 income statement of Evolent Health Cl A. 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 EVH stock valuation model: a) initial revenue growth rate of 60% 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 EVH is calculated based on our internal credit rating of Evolent Health Cl A, 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 Evolent Health Cl A.
    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 EVH stock the variable cost ratio is equal to 38.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $404 million in the base year in the intrinsic value calculation for EVH 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 Evolent Health Cl A.

Corporate tax rate of 27% is the nominal tax rate for Evolent Health Cl A. 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 EVH stock is equal to 4.7%.

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 EVH are equal to 211.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Evolent Health Cl A 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 EVH is equal to -9.9%. 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 - $1046 million for Evolent Health Cl A - 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 64 million for Evolent Health Cl A 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 Evolent Health Cl A at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Is Evolent Health Incs (NYSE:EVH) CEO Pay Justified?   [Aug-14-18 08:52AM  Simply Wall St.]
▶ Evolent Health: 2Q Earnings Snapshot   [05:20PM  Associated Press]
▶ Markets Are Weak So Far, and So Is Fiat Chrysler   [Jul-23-18 12:37PM  TheStreet.com]
▶ What Is Evolent Health Incs (NYSE:EVH) Share Price Doing?   [Jun-26-18 12:40PM  Simply Wall St.]
▶ Medical Software Rallies As Health Care's Tech Conversion Accelerates   [Jun-08-18 12:06PM  Investor's Business Daily]
▶ One of the remaining co-op insurers in the country is a Top 100   [Jun-04-18 04:16PM  American City Business Journals]
▶ Evolent Health: 1Q Earnings Snapshot   [May-09-18 06:09PM  Associated Press]
▶ Evolent Health reports 4Q loss   [Feb-27-18 05:57PM  Associated Press]
▶ Premier Health, Virginia company terminate sale of insurance business   [Dec-11-17 01:55PM  American City Business Journals]
▶ Evolent Health drops acquisition deal with Ohio company   [Dec-08-17 03:00PM  American City Business Journals]
▶ Alan Fournier"s 8 Largest Sales of the 3rd Quarter   [Nov-22-17 03:04PM  GuruFocus.com]
▶ Evolent Health reports 3Q loss   [Nov-02-17 06:19PM  Associated Press]
▶ Advisory Board reaches $2.58B deal to sell education, health care businesses   [Aug-30-17 01:51PM  American City Business Journals]
▶ Evolent Health stock falls on bigger loss, new stock offering   [05:25PM  American City Business Journals]
▶ Evolent Health reports 2Q loss   [Aug-07-17 11:56PM  Associated Press]
▶ Analysts: Advisory Board acquisition by UnitedHealthcare, Vista would make sense   [Jul-10-17 05:24PM  American City Business Journals]
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