Intrinsic value of Edwards Lifesciences - EW

Previous Close

$139.77

  Intrinsic Value

$160.31

stock screener

  Rating & Target

hold

+15%

Previous close

$139.77

 
Intrinsic value

$160.31

 
Up/down potential

+15%

 
Rating

hold

We calculate the intrinsic value of EW 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 29.5

 

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, %
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
Revenue, $m
  3,981
  4,571
  5,203
  5,876
  6,591
  7,344
  8,137
  8,968
  9,837
  10,744
  11,690
  12,674
  13,698
  14,763
  15,869
  17,018
  18,213
  19,455
  20,746
  22,089
  23,486
  24,940
  26,455
  28,033
  29,679
  31,395
  33,186
  35,055
  37,008
  39,048
Variable operating expenses, $m
  1,559
  1,766
  1,989
  2,225
  2,477
  2,741
  3,020
  3,312
  3,618
  3,937
  4,110
  4,456
  4,816
  5,190
  5,579
  5,983
  6,403
  6,840
  7,294
  7,766
  8,257
  8,768
  9,301
  9,856
  10,434
  11,037
  11,667
  12,324
  13,011
  13,728
Fixed operating expenses, $m
  1,077
  1,101
  1,125
  1,150
  1,175
  1,201
  1,227
  1,254
  1,282
  1,310
  1,339
  1,369
  1,399
  1,429
  1,461
  1,493
  1,526
  1,559
  1,594
  1,629
  1,665
  1,701
  1,739
  1,777
  1,816
  1,856
  1,897
  1,938
  1,981
  2,025
Total operating expenses, $m
  2,636
  2,867
  3,114
  3,375
  3,652
  3,942
  4,247
  4,566
  4,900
  5,247
  5,449
  5,825
  6,215
  6,619
  7,040
  7,476
  7,929
  8,399
  8,888
  9,395
  9,922
  10,469
  11,040
  11,633
  12,250
  12,893
  13,564
  14,262
  14,992
  15,753
Operating income, $m
  1,345
  1,703
  2,089
  2,501
  2,939
  3,402
  3,889
  4,401
  4,937
  5,497
  6,241
  6,850
  7,484
  8,143
  8,829
  9,542
  10,284
  11,056
  11,859
  12,694
  13,564
  14,471
  15,416
  16,401
  17,429
  18,501
  19,622
  20,792
  22,016
  23,296
EBITDA, $m
  1,718
  2,108
  2,527
  2,976
  3,452
  3,955
  4,485
  5,041
  5,624
  6,233
  6,868
  7,529
  8,218
  8,934
  9,680
  10,455
  11,260
  12,099
  12,971
  13,878
  14,823
  15,808
  16,834
  17,903
  19,019
  20,184
  21,401
  22,671
  24,000
  25,389
Interest expense (income), $m
  16
  56
  80
  105
  132
  161
  192
  224
  259
  294
  332
  371
  412
  454
  498
  544
  592
  641
  693
  746
  802
  859
  920
  982
  1,048
  1,116
  1,186
  1,260
  1,337
  1,418
  1,502
Earnings before tax, $m
  1,289
  1,624
  1,984
  2,369
  2,778
  3,210
  3,665
  4,143
  4,643
  5,166
  5,870
  6,438
  7,030
  7,645
  8,285
  8,951
  9,643
  10,363
  11,113
  11,893
  12,705
  13,551
  14,433
  15,353
  16,313
  17,315
  18,362
  19,455
  20,598
  21,793
Tax expense, $m
  348
  438
  536
  640
  750
  867
  990
  1,119
  1,254
  1,395
  1,585
  1,738
  1,898
  2,064
  2,237
  2,417
  2,604
  2,798
  3,000
  3,211
  3,430
  3,659
  3,897
  4,145
  4,405
  4,675
  4,958
  5,253
  5,561
  5,884
Net income, $m
  941
  1,185
  1,448
  1,729
  2,028
  2,343
  2,675
  3,024
  3,389
  3,771
  4,285
  4,700
  5,132
  5,581
  6,048
  6,534
  7,039
  7,565
  8,112
  8,682
  9,275
  9,892
  10,536
  11,208
  11,909
  12,640
  13,404
  14,202
  15,037
  15,909

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
  6,602
  7,580
  8,628
  9,745
  10,930
  12,179
  13,494
  14,872
  16,314
  17,818
  19,386
  21,019
  22,717
  24,482
  26,317
  28,223
  30,204
  32,263
  34,404
  36,631
  38,948
  41,360
  43,872
  46,490
  49,218
  52,064
  55,034
  58,135
  61,373
  64,757
Adjusted assets (=assets-cash), $m
  6,602
  7,580
  8,628
  9,745
  10,930
  12,179
  13,494
  14,872
  16,314
  17,818
  19,386
  21,019
  22,717
  24,482
  26,317
  28,223
  30,204
  32,263
  34,404
  36,631
  38,948
  41,360
  43,872
  46,490
  49,218
  52,064
  55,034
  58,135
  61,373
  64,757
Revenue / Adjusted assets
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
Average production assets, $m
  2,134
  2,450
  2,789
  3,150
  3,533
  3,937
  4,361
  4,807
  5,273
  5,759
  6,266
  6,793
  7,342
  7,913
  8,506
  9,122
  9,762
  10,428
  11,120
  11,839
  12,588
  13,368
  14,180
  15,026
  15,908
  16,828
  17,787
  18,790
  19,836
  20,930
Working capital, $m
  -231
  -265
  -302
  -341
  -382
  -426
  -472
  -520
  -571
  -623
  -678
  -735
  -794
  -856
  -920
  -987
  -1,056
  -1,128
  -1,203
  -1,281
  -1,362
  -1,447
  -1,534
  -1,626
  -1,721
  -1,821
  -1,925
  -2,033
  -2,146
  -2,265
Total debt, $m
  1,472
  1,943
  2,447
  2,984
  3,554
  4,155
  4,787
  5,450
  6,143
  6,867
  7,621
  8,407
  9,223
  10,072
  10,955
  11,872
  12,825
  13,815
  14,845
  15,916
  17,031
  18,191
  19,399
  20,658
  21,971
  23,340
  24,768
  26,259
  27,817
  29,445
Total liabilities, $m
  3,176
  3,646
  4,150
  4,688
  5,257
  5,858
  6,491
  7,154
  7,847
  8,571
  9,325
  10,110
  10,927
  11,776
  12,658
  13,575
  14,528
  15,519
  16,549
  17,620
  18,734
  19,894
  21,102
  22,361
  23,674
  25,043
  26,471
  27,963
  29,520
  31,148
Total equity, $m
  3,427
  3,934
  4,478
  5,058
  5,672
  6,321
  7,003
  7,719
  8,467
  9,248
  10,061
  10,909
  11,790
  12,706
  13,658
  14,648
  15,676
  16,745
  17,856
  19,012
  20,214
  21,466
  22,770
  24,128
  25,544
  27,021
  28,563
  30,172
  31,853
  33,609
Total liabilities and equity, $m
  6,603
  7,580
  8,628
  9,746
  10,929
  12,179
  13,494
  14,873
  16,314
  17,819
  19,386
  21,019
  22,717
  24,482
  26,316
  28,223
  30,204
  32,264
  34,405
  36,632
  38,948
  41,360
  43,872
  46,489
  49,218
  52,064
  55,034
  58,135
  61,373
  64,757
Debt-to-equity ratio
  0.430
  0.490
  0.550
  0.590
  0.630
  0.660
  0.680
  0.710
  0.730
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.880
Adjusted equity ratio
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519
  0.519

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  941
  1,185
  1,448
  1,729
  2,028
  2,343
  2,675
  3,024
  3,389
  3,771
  4,285
  4,700
  5,132
  5,581
  6,048
  6,534
  7,039
  7,565
  8,112
  8,682
  9,275
  9,892
  10,536
  11,208
  11,909
  12,640
  13,404
  14,202
  15,037
  15,909
Depreciation, amort., depletion, $m
  373
  404
  438
  474
  513
  553
  596
  640
  687
  735
  627
  679
  734
  791
  851
  912
  976
  1,043
  1,112
  1,184
  1,259
  1,337
  1,418
  1,503
  1,591
  1,683
  1,779
  1,879
  1,984
  2,093
Funds from operations, $m
  1,314
  1,590
  1,887
  2,204
  2,540
  2,896
  3,271
  3,664
  4,076
  4,506
  4,912
  5,379
  5,866
  6,372
  6,899
  7,446
  8,016
  8,608
  9,224
  9,866
  10,533
  11,229
  11,954
  12,710
  13,499
  14,323
  15,183
  16,081
  17,020
  18,002
Change in working capital, $m
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -95
  -100
  -104
  -108
  -113
  -118
Cash from operations, $m
  1,345
  1,624
  1,924
  2,243
  2,582
  2,940
  3,317
  3,713
  4,126
  4,559
  4,967
  5,436
  5,925
  6,434
  6,963
  7,513
  8,085
  8,680
  9,299
  9,943
  10,614
  11,313
  12,042
  12,802
  13,595
  14,422
  15,287
  16,190
  17,133
  18,121
Maintenance CAPEX, $m
  -184
  -213
  -245
  -279
  -315
  -353
  -394
  -436
  -481
  -527
  -576
  -627
  -679
  -734
  -791
  -851
  -912
  -976
  -1,043
  -1,112
  -1,184
  -1,259
  -1,337
  -1,418
  -1,503
  -1,591
  -1,683
  -1,779
  -1,879
  -1,984
New CAPEX, $m
  -291
  -316
  -339
  -361
  -383
  -404
  -425
  -445
  -466
  -486
  -507
  -528
  -549
  -571
  -593
  -616
  -640
  -666
  -692
  -720
  -749
  -780
  -812
  -846
  -882
  -920
  -960
  -1,002
  -1,047
  -1,094
Cash from investing activities, $m
  -475
  -529
  -584
  -640
  -698
  -757
  -819
  -881
  -947
  -1,013
  -1,083
  -1,155
  -1,228
  -1,305
  -1,384
  -1,467
  -1,552
  -1,642
  -1,735
  -1,832
  -1,933
  -2,039
  -2,149
  -2,264
  -2,385
  -2,511
  -2,643
  -2,781
  -2,926
  -3,078
Free cash flow, $m
  870
  1,095
  1,340
  1,603
  1,884
  2,183
  2,498
  2,831
  3,180
  3,545
  3,884
  4,282
  4,697
  5,129
  5,579
  6,046
  6,532
  7,038
  7,564
  8,112
  8,682
  9,275
  9,893
  10,538
  11,210
  11,912
  12,644
  13,409
  14,208
  15,043
Issuance/(repayment) of debt, $m
  436
  470
  504
  537
  570
  601
  632
  663
  693
  724
  754
  785
  817
  849
  882
  917
  953
  991
  1,030
  1,071
  1,114
  1,160
  1,208
  1,259
  1,312
  1,369
  1,429
  1,491
  1,558
  1,628
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  
  436
  470
  504
  537
  570
  601
  632
  663
  693
  724
  754
  785
  817
  849
  882
  917
  953
  991
  1,030
  1,071
  1,114
  1,160
  1,208
  1,259
  1,312
  1,369
  1,429
  1,491
  1,558
  1,628
Total cash flow (excl. dividends), $m
  1,306
  1,565
  1,844
  2,140
  2,454
  2,784
  3,131
  3,494
  3,873
  4,269
  4,638
  5,067
  5,514
  5,978
  6,461
  6,963
  7,485
  8,029
  8,594
  9,183
  9,796
  10,435
  11,102
  11,797
  12,523
  13,281
  14,072
  14,900
  15,765
  16,671
Retained Cash Flow (-), $m
  -471
  -507
  -544
  -580
  -615
  -649
  -682
  -715
  -748
  -781
  -814
  -847
  -881
  -916
  -952
  -989
  -1,028
  -1,069
  -1,111
  -1,156
  -1,203
  -1,252
  -1,304
  -1,358
  -1,416
  -1,477
  -1,541
  -1,609
  -1,681
  -1,756
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
  62
  72
  82
  94
  106
  119
  132
  146
  161
  177
  193
  210
  228
  247
  266
  286
  306
  328
  350
  373
  398
  423
  449
  476
  505
  534
  565
  597
  631
  666
Cash available for distribution, $m
  835
  1,058
  1,300
  1,561
  1,839
  2,135
  2,449
  2,779
  3,125
  3,488
  3,824
  4,220
  4,633
  5,062
  5,509
  5,974
  6,457
  6,960
  7,483
  8,027
  8,594
  9,183
  9,798
  10,439
  11,107
  11,804
  12,531
  13,291
  14,085
  14,915
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
  801
  968
  1,131
  1,285
  1,426
  1,550
  1,654
  1,737
  1,795
  1,829
  1,816
  1,801
  1,761
  1,699
  1,617
  1,518
  1,405
  1,282
  1,152
  1,020
  889
  762
  642
  532
  432
  344
  269
  206
  154
  112
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

Edwards Lifesciences Corporation is a manufacturer of heart valve systems and repair products used to replace or repair a patient's diseased or defective heart valve. The Company is engaged in patient-focused innovations for structural heart disease and critical care monitoring. Its segments include United States, Europe, Japan and Rest of World. Its products are categorized into three areas: Transcatheter Heart Valve Therapy, Surgical Heart Valve Therapy and Critical Care. It also develops hemodynamic monitoring systems that are used to measure a patient's cardiovascular function in the hospital setting. It is developing products, such as the Edwards SAPIEN 3 Ultra System and Edwards SAPIEN XT transcatheter heart valve, among others. Its Transcatheter Heart Valve Therapy and Surgical Heart Valve Therapy products are manufactured in the United States, Singapore and Switzerland. Critical Care products are manufactured in its facilities located in Puerto Rico and the Dominican Republic.

FINANCIAL RATIOS  of  Edwards Lifesciences (EW)

Valuation Ratios
P/E Ratio 51.9
Price to Sales 10
Price to Book 11.3
Price to Tangible Book
Price to Cash Flow 42
Price to Free Cash Flow 60.7
Growth Rates
Sales Growth Rate 18.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 102.8%
Cap. Spend. - 3 Yr. Gr. Rate 14.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 31.4%
Total Debt to Equity 31.4%
Interest Coverage 47
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 17.4%
Ret/ On T. Cap. - 3 Yr. Avg. 22.4%
Return On Equity 22.3%
Return On Equity - 3 Yr. Avg. 28.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 73.1%
Gross Margin - 3 Yr. Avg. 73.8%
EBITDA Margin 27.8%
EBITDA Margin - 3 Yr. Avg. 36.3%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 33%
Pre-Tax Margin 24.9%
Pre-Tax Margin - 3 Yr. Avg. 33%
Net Profit Margin 19.2%
Net Profit Margin - 3 Yr. Avg. 24.7%
Effective Tax Rate 22.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.1%
Payout Ratio 0%

EW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EW stock intrinsic value calculation we used $3435 million for the last fiscal year's total revenue generated by Edwards Lifesciences. The default revenue input number comes from 2017 income statement of Edwards Lifesciences. 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 EW stock valuation model: a) initial revenue growth rate of 15.9% 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 EW is calculated based on our internal credit rating of Edwards Lifesciences, 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 Edwards Lifesciences.
    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 EW stock the variable cost ratio is equal to 39.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1054 million in the base year in the intrinsic value calculation for EW 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 Edwards Lifesciences.

Corporate tax rate of 27% is the nominal tax rate for Edwards Lifesciences. 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 EW stock is equal to 1.8%.

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 EW are equal to 53.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Edwards Lifesciences 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 EW is equal to -5.8%. 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 - $2956 million for Edwards Lifesciences - 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 211 million for Edwards Lifesciences 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 Edwards Lifesciences at the current share price and the inputted number of shares is $29.5 billion.

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COMPANY NEWS

▶ Edwards Lifesciences: 2Q Earnings Snapshot   [Jul-26-18 04:53PM  Associated Press]
▶ Edwards Comments On CMS Advisory Panel   [Jul-25-18 06:19PM  PR Newswire]
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▶ [$$] The AI Doctor Will See You Now   [May-21-18 09:46AM  The Wall Street Journal]
▶ Edwards Lifesciences: 1Q Earnings Snapshot   [04:30PM  Associated Press]
▶ Aortic Stenosis, And The Race To Catch Edwards Lifesciences' Heart Valves   [Apr-19-18 05:02PM  Investor's Business Daily]
▶ March Growth Stock Picks   [Mar-14-18 12:02PM  Simply Wall St.]
▶ Top Growth Stocks To Buy Today   [Feb-11-18 11:02AM  Simply Wall St.]
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