Intrinsic value of Evolent Health, Inc - EVH

Previous Close

$12.63

  Intrinsic Value

$17.14

stock screener

  Rating & Target

buy

+36%

Previous close

$12.63

 
Intrinsic value

$17.14

 
Up/down potential

+36%

 
Rating

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 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 1.0

 

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, %
  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
  1,003
  1,550
  2,318
  3,363
  4,745
  6,523
  8,756
  11,497
  14,794
  18,686
  23,204
  28,370
  34,195
  40,685
  47,839
  55,648
  64,101
  73,186
  82,887
  93,190
  104,081
  115,548
  127,584
  140,183
  153,342
  167,063
  181,353
  196,221
  211,680
  227,748
Variable operating expenses, $m
  805
  1,183
  1,715
  2,438
  3,394
  4,625
  6,170
  8,067
  10,349
  13,043
  16,059
  19,634
  23,666
  28,158
  33,108
  38,513
  44,364
  50,651
  57,365
  64,495
  72,032
  79,969
  88,299
  97,018
  106,125
  115,622
  125,512
  135,801
  146,500
  157,620
Fixed operating expenses, $m
  136
  139
  142
  145
  148
  152
  155
  158
  162
  165
  169
  173
  176
  180
  184
  188
  193
  197
  201
  206
  210
  215
  219
  224
  229
  234
  239
  245
  250
  255
Total operating expenses, $m
  941
  1,322
  1,857
  2,583
  3,542
  4,777
  6,325
  8,225
  10,511
  13,208
  16,228
  19,807
  23,842
  28,338
  33,292
  38,701
  44,557
  50,848
  57,566
  64,701
  72,242
  80,184
  88,518
  97,242
  106,354
  115,856
  125,751
  136,046
  146,750
  157,875
Operating income, $m
  63
  228
  461
  780
  1,202
  1,747
  2,431
  3,272
  4,283
  5,478
  6,976
  8,563
  10,353
  12,347
  14,546
  16,946
  19,545
  22,339
  25,321
  28,489
  31,838
  35,365
  39,066
  42,940
  46,987
  51,207
  55,602
  60,175
  64,930
  69,872
EBITDA, $m
  211
  397
  659
  1,017
  1,491
  2,102
  2,870
  3,814
  4,949
  6,290
  7,847
  9,628
  11,636
  13,875
  16,342
  19,036
  21,952
  25,086
  28,433
  31,988
  35,746
  39,703
  43,856
  48,203
  52,744
  57,479
  62,411
  67,542
  72,877
  78,422
Interest expense (income), $m
  0
  12
  31
  58
  96
  148
  217
  306
  417
  554
  718
  912
  1,137
  1,395
  1,685
  2,009
  2,365
  2,755
  3,176
  3,629
  4,112
  4,626
  5,169
  5,740
  6,340
  6,968
  7,624
  8,308
  9,020
  9,762
  10,532
Earnings before tax, $m
  51
  197
  404
  684
  1,054
  1,530
  2,125
  2,854
  3,730
  4,760
  6,064
  7,425
  8,958
  10,662
  12,537
  14,581
  16,791
  19,163
  21,693
  24,377
  27,212
  30,196
  33,326
  36,600
  40,019
  43,583
  47,294
  51,155
  55,168
  59,340
Tax expense, $m
  14
  53
  109
  185
  285
  413
  574
  771
  1,007
  1,285
  1,637
  2,005
  2,419
  2,879
  3,385
  3,937
  4,534
  5,174
  5,857
  6,582
  7,347
  8,153
  8,998
  9,882
  10,805
  11,767
  12,769
  13,812
  14,895
  16,022
Net income, $m
  37
  144
  295
  499
  770
  1,117
  1,551
  2,084
  2,723
  3,475
  4,427
  5,421
  6,539
  7,783
  9,152
  10,644
  12,257
  13,989
  15,836
  17,795
  19,865
  22,043
  24,328
  26,718
  29,214
  31,816
  34,525
  37,343
  40,273
  43,318

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
  2,572
  3,974
  5,943
  8,624
  12,167
  16,726
  22,452
  29,481
  37,934
  47,914
  59,498
  72,743
  87,679
  104,321
  122,663
  142,686
  164,363
  187,657
  212,531
  238,948
  266,873
  296,278
  327,139
  359,442
  393,184
  428,368
  465,009
  503,131
  542,770
  583,969
Adjusted assets (=assets-cash), $m
  2,572
  3,974
  5,943
  8,624
  12,167
  16,726
  22,452
  29,481
  37,934
  47,914
  59,498
  72,743
  87,679
  104,321
  122,663
  142,686
  164,363
  187,657
  212,531
  238,948
  266,873
  296,278
  327,139
  359,442
  393,184
  428,368
  465,009
  503,131
  542,770
  583,969
Revenue / Adjusted assets
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Average production assets, $m
  889
  1,373
  2,054
  2,980
  4,204
  5,780
  7,758
  10,187
  13,108
  16,556
  20,559
  25,135
  30,297
  36,047
  42,385
  49,304
  56,794
  64,843
  73,438
  82,566
  92,215
  102,376
  113,040
  124,202
  135,861
  148,018
  160,679
  173,852
  187,549
  201,785
Working capital, $m
  -263
  -406
  -607
  -881
  -1,243
  -1,709
  -2,294
  -3,012
  -3,876
  -4,896
  -6,080
  -7,433
  -8,959
  -10,660
  -12,534
  -14,580
  -16,795
  -19,175
  -21,716
  -24,416
  -27,269
  -30,274
  -33,427
  -36,728
  -40,176
  -43,771
  -47,515
  -51,410
  -55,460
  -59,670
Total debt, $m
  569
  1,073
  1,782
  2,747
  4,023
  5,664
  7,725
  10,256
  13,299
  16,892
  21,062
  25,830
  31,207
  37,198
  43,801
  51,010
  58,813
  67,199
  76,154
  85,664
  95,717
  106,303
  117,413
  129,042
  141,189
  153,855
  167,046
  180,770
  195,040
  209,871
Total liabilities, $m
  926
  1,431
  2,140
  3,105
  4,380
  6,022
  8,083
  10,613
  13,656
  17,249
  21,419
  26,187
  31,565
  37,556
  44,159
  51,367
  59,171
  67,557
  76,511
  86,021
  96,074
  106,660
  117,770
  129,399
  141,546
  154,212
  167,403
  181,127
  195,397
  210,229
Total equity, $m
  1,646
  2,543
  3,804
  5,519
  7,787
  10,705
  14,369
  18,868
  24,278
  30,665
  38,079
  46,555
  56,115
  66,765
  78,504
  91,319
  105,192
  120,100
  136,020
  152,927
  170,799
  189,618
  209,369
  230,043
  251,638
  274,155
  297,605
  322,004
  347,373
  373,740
Total liabilities and equity, $m
  2,572
  3,974
  5,944
  8,624
  12,167
  16,727
  22,452
  29,481
  37,934
  47,914
  59,498
  72,742
  87,680
  104,321
  122,663
  142,686
  164,363
  187,657
  212,531
  238,948
  266,873
  296,278
  327,139
  359,442
  393,184
  428,367
  465,008
  503,131
  542,770
  583,969
Debt-to-equity ratio
  0.350
  0.420
  0.470
  0.500
  0.520
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
Adjusted equity ratio
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  37
  144
  295
  499
  770
  1,117
  1,551
  2,084
  2,723
  3,475
  4,427
  5,421
  6,539
  7,783
  9,152
  10,644
  12,257
  13,989
  15,836
  17,795
  19,865
  22,043
  24,328
  26,718
  29,214
  31,816
  34,525
  37,343
  40,273
  43,318
Depreciation, amort., depletion, $m
  148
  168
  197
  237
  288
  355
  439
  542
  666
  812
  871
  1,065
  1,284
  1,527
  1,796
  2,089
  2,407
  2,748
  3,112
  3,499
  3,907
  4,338
  4,790
  5,263
  5,757
  6,272
  6,808
  7,367
  7,947
  8,550
Funds from operations, $m
  185
  313
  492
  736
  1,058
  1,472
  1,990
  2,626
  3,388
  4,287
  5,298
  6,486
  7,823
  9,311
  10,948
  12,733
  14,664
  16,736
  18,947
  21,294
  23,772
  26,381
  29,117
  31,981
  34,971
  38,088
  41,333
  44,710
  48,220
  51,868
Change in working capital, $m
  -99
  -143
  -201
  -274
  -362
  -466
  -585
  -718
  -864
  -1,020
  -1,184
  -1,353
  -1,526
  -1,700
  -1,874
  -2,046
  -2,215
  -2,380
  -2,542
  -2,699
  -2,853
  -3,005
  -3,153
  -3,301
  -3,448
  -3,595
  -3,744
  -3,895
  -4,050
  -4,210
Cash from operations, $m
  284
  456
  693
  1,010
  1,420
  1,938
  2,575
  3,344
  4,252
  5,306
  6,481
  7,839
  9,349
  11,011
  12,822
  14,779
  16,879
  19,116
  21,489
  23,993
  26,626
  29,385
  32,271
  35,282
  38,418
  41,683
  45,077
  48,605
  52,270
  56,078
Maintenance CAPEX, $m
  -24
  -38
  -58
  -87
  -126
  -178
  -245
  -329
  -432
  -555
  -702
  -871
  -1,065
  -1,284
  -1,527
  -1,796
  -2,089
  -2,407
  -2,748
  -3,112
  -3,499
  -3,907
  -4,338
  -4,790
  -5,263
  -5,757
  -6,272
  -6,808
  -7,367
  -7,947
New CAPEX, $m
  -333
  -484
  -680
  -926
  -1,224
  -1,576
  -1,978
  -2,429
  -2,921
  -3,448
  -4,003
  -4,576
  -5,161
  -5,750
  -6,338
  -6,919
  -7,490
  -8,049
  -8,595
  -9,128
  -9,649
  -10,160
  -10,664
  -11,162
  -11,659
  -12,157
  -12,661
  -13,173
  -13,697
  -14,236
Cash from investing activities, $m
  -357
  -522
  -738
  -1,013
  -1,350
  -1,754
  -2,223
  -2,758
  -3,353
  -4,003
  -4,705
  -5,447
  -6,226
  -7,034
  -7,865
  -8,715
  -9,579
  -10,456
  -11,343
  -12,240
  -13,148
  -14,067
  -15,002
  -15,952
  -16,922
  -17,914
  -18,933
  -19,981
  -21,064
  -22,183
Free cash flow, $m
  -73
  -66
  -46
  -3
  69
  184
  352
  586
  899
  1,303
  1,777
  2,391
  3,123
  3,977
  4,957
  6,065
  7,300
  8,661
  10,146
  11,753
  13,478
  15,318
  17,269
  19,330
  21,497
  23,769
  26,144
  28,624
  31,207
  33,895
Issuance/(repayment) of debt, $m
  348
  505
  709
  965
  1,276
  1,641
  2,061
  2,530
  3,043
  3,593
  4,170
  4,768
  5,377
  5,991
  6,603
  7,208
  7,803
  8,386
  8,955
  9,510
  10,053
  10,586
  11,110
  11,629
  12,147
  12,666
  13,191
  13,724
  14,270
  14,832
Issuance/(repurchase) of shares, $m
  579
  753
  966
  1,216
  1,498
  1,802
  2,113
  2,415
  2,688
  2,912
  2,987
  3,056
  3,020
  2,867
  2,587
  2,171
  1,616
  920
  84
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  927
  1,258
  1,675
  2,181
  2,774
  3,443
  4,174
  4,945
  5,731
  6,505
  7,157
  7,824
  8,397
  8,858
  9,190
  9,379
  9,419
  9,306
  9,039
  9,510
  10,053
  10,586
  11,110
  11,629
  12,147
  12,666
  13,191
  13,724
  14,270
  14,832
Total cash flow (excl. dividends), $m
  853
  1,192
  1,629
  2,177
  2,843
  3,627
  4,526
  5,531
  6,631
  7,808
  8,935
  10,215
  11,520
  12,835
  14,147
  15,444
  16,719
  17,966
  19,185
  21,263
  23,531
  25,903
  28,379
  30,959
  33,644
  36,435
  39,335
  42,348
  45,477
  48,727
Retained Cash Flow (-), $m
  -616
  -897
  -1,260
  -1,715
  -2,268
  -2,918
  -3,664
  -4,498
  -5,410
  -6,387
  -7,414
  -8,476
  -9,559
  -10,651
  -11,739
  -12,815
  -13,873
  -14,908
  -15,920
  -16,907
  -17,872
  -18,819
  -19,751
  -20,674
  -21,595
  -22,518
  -23,450
  -24,398
  -25,369
  -26,368
Prev. year cash balance distribution, $m
  114
  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
  351
  294
  369
  462
  575
  709
  862
  1,033
  1,220
  1,420
  1,521
  1,739
  1,961
  2,185
  2,408
  2,629
  2,846
  3,058
  3,266
  4,356
  5,659
  7,085
  8,628
  10,285
  12,049
  13,917
  15,885
  17,949
  20,108
  22,359
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
  336
  269
  321
  381
  446
  514
  582
  646
  701
  745
  722
  742
  746
  733
  707
  668
  619
  563
  503
  554
  585
  588
  565
  524
  469
  406
  341
  278
  219
  168
Current shareholders' claim on cash, %
  61.8
  41.1
  29.0
  21.5
  16.5
  13.2
  10.8
  9.1
  7.9
  7.0
  6.3
  5.8
  5.4
  5.1
  4.9
  4.8
  4.7
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6
  4.6

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, Inc (EVH)

Valuation Ratios
P/E Ratio -5.4
Price to Sales 3.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -23.8
Price to Free Cash Flow -16.5
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 $627 million for the last fiscal year's total revenue generated by Evolent Health, Inc. The default revenue input number comes from 0001 income statement of Evolent Health, Inc. 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, Inc, 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, Inc.
    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 86.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $133 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, Inc.

Corporate tax rate of 27% is the nominal tax rate for Evolent Health, Inc. 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 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 EVH are equal to 88.6%.

Life of production assets of 23.6 years is the average useful life of capital assets used in Evolent Health, Inc 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 -26.2%. 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 - $1143.824 million for Evolent Health, Inc - 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 82.380 million for Evolent Health, Inc 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, Inc at the current share price and the inputted number of shares is $1.0 billion.

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