Intrinsic value of Edwards Lifesciences - EW

Previous Close

$113.08

  Intrinsic Value

$65.24

stock screener

  Rating & Target

sell

-42%

Previous close

$113.08

 
Intrinsic value

$65.24

 
Up/down potential

-42%

 
Rating

sell

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

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 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 23.9

 

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, %
  18.85
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  2,964
  3,287
  3,626
  3,981
  4,351
  4,737
  5,139
  5,557
  5,991
  6,443
  6,912
  7,400
  7,907
  8,434
  8,983
  9,553
  10,147
  10,765
  11,409
  12,081
  12,781
  13,512
  14,275
  15,071
  15,904
  16,774
  17,683
  18,635
  19,631
  20,673
  21,764
Variable operating expenses, $m
 
  2,458
  2,705
  2,964
  3,234
  3,515
  3,808
  4,113
  4,430
  4,759
  5,101
  5,394
  5,763
  6,148
  6,547
  6,963
  7,396
  7,846
  8,316
  8,805
  9,316
  9,848
  10,404
  10,985
  11,592
  12,226
  12,889
  13,583
  14,308
  15,068
  15,863
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
  2,226
  2,458
  2,705
  2,964
  3,234
  3,515
  3,808
  4,113
  4,430
  4,759
  5,101
  5,394
  5,763
  6,148
  6,547
  6,963
  7,396
  7,846
  8,316
  8,805
  9,316
  9,848
  10,404
  10,985
  11,592
  12,226
  12,889
  13,583
  14,308
  15,068
  15,863
Operating income, $m
  738
  829
  920
  1,017
  1,117
  1,222
  1,331
  1,444
  1,562
  1,684
  1,812
  2,006
  2,144
  2,287
  2,435
  2,590
  2,751
  2,919
  3,093
  3,275
  3,465
  3,663
  3,870
  4,086
  4,312
  4,548
  4,794
  5,052
  5,322
  5,605
  5,901
EBITDA, $m
  809
  924
  1,019
  1,119
  1,223
  1,331
  1,444
  1,562
  1,684
  1,811
  1,943
  2,080
  2,222
  2,371
  2,525
  2,685
  2,852
  3,026
  3,207
  3,395
  3,592
  3,798
  4,012
  4,236
  4,470
  4,714
  4,970
  5,237
  5,517
  5,810
  6,117
Interest expense (income), $m
  16
  29
  36
  44
  52
  60
  68
  77
  87
  96
  107
  117
  128
  139
  151
  163
  176
  189
  203
  217
  232
  248
  264
  281
  299
  318
  337
  358
  379
  401
  424
Earnings before tax, $m
  738
  800
  884
  973
  1,065
  1,162
  1,262
  1,367
  1,475
  1,588
  1,705
  1,889
  2,016
  2,148
  2,284
  2,427
  2,575
  2,729
  2,890
  3,058
  3,233
  3,415
  3,606
  3,805
  4,013
  4,230
  4,457
  4,695
  4,943
  5,204
  5,476
Tax expense, $m
  168
  216
  239
  263
  288
  314
  341
  369
  398
  429
  460
  510
  544
  580
  617
  655
  695
  737
  780
  826
  873
  922
  974
  1,027
  1,083
  1,142
  1,203
  1,268
  1,335
  1,405
  1,479
Net income, $m
  570
  584
  646
  710
  778
  848
  921
  998
  1,077
  1,159
  1,245
  1,379
  1,472
  1,568
  1,668
  1,772
  1,880
  1,992
  2,110
  2,232
  2,360
  2,493
  2,632
  2,777
  2,929
  3,088
  3,254
  3,427
  3,609
  3,799
  3,998

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,271
  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
  4,510
  3,592
  3,963
  4,350
  4,755
  5,177
  5,616
  6,073
  6,548
  7,042
  7,555
  8,088
  8,642
  9,218
  9,817
  10,440
  11,089
  11,765
  12,469
  13,203
  13,968
  14,767
  15,601
  16,471
  17,381
  18,332
  19,326
  20,366
  21,454
  22,593
  23,786
Adjusted assets (=assets-cash), $m
  3,239
  3,592
  3,963
  4,350
  4,755
  5,177
  5,616
  6,073
  6,548
  7,042
  7,555
  8,088
  8,642
  9,218
  9,817
  10,440
  11,089
  11,765
  12,469
  13,203
  13,968
  14,767
  15,601
  16,471
  17,381
  18,332
  19,326
  20,366
  21,454
  22,593
  23,786
Revenue / Adjusted assets
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
  0.915
Average production assets, $m
  446
  493
  544
  597
  653
  711
  771
  833
  899
  966
  1,037
  1,110
  1,186
  1,265
  1,347
  1,433
  1,522
  1,615
  1,711
  1,812
  1,917
  2,027
  2,141
  2,261
  2,386
  2,516
  2,652
  2,795
  2,945
  3,101
  3,265
Working capital, $m
  1,707
  483
  533
  585
  640
  696
  755
  817
  881
  947
  1,016
  1,088
  1,162
  1,240
  1,320
  1,404
  1,492
  1,582
  1,677
  1,776
  1,879
  1,986
  2,098
  2,215
  2,338
  2,466
  2,599
  2,739
  2,886
  3,039
  3,199
Total debt, $m
  822
  1,029
  1,245
  1,472
  1,708
  1,954
  2,211
  2,478
  2,755
  3,043
  3,343
  3,654
  3,978
  4,314
  4,664
  5,028
  5,407
  5,802
  6,213
  6,641
  7,088
  7,555
  8,042
  8,550
  9,081
  9,637
  10,217
  10,825
  11,460
  12,125
  12,822
Total liabilities, $m
  1,891
  2,098
  2,314
  2,541
  2,777
  3,023
  3,280
  3,547
  3,824
  4,112
  4,412
  4,723
  5,047
  5,383
  5,733
  6,097
  6,476
  6,871
  7,282
  7,710
  8,157
  8,624
  9,111
  9,619
  10,150
  10,706
  11,286
  11,894
  12,529
  13,194
  13,891
Total equity, $m
  2,619
  1,494
  1,649
  1,810
  1,978
  2,154
  2,336
  2,526
  2,724
  2,929
  3,143
  3,365
  3,595
  3,835
  4,084
  4,343
  4,613
  4,894
  5,187
  5,492
  5,811
  6,143
  6,490
  6,852
  7,230
  7,626
  8,040
  8,472
  8,925
  9,399
  9,895
Total liabilities and equity, $m
  4,510
  3,592
  3,963
  4,351
  4,755
  5,177
  5,616
  6,073
  6,548
  7,041
  7,555
  8,088
  8,642
  9,218
  9,817
  10,440
  11,089
  11,765
  12,469
  13,202
  13,968
  14,767
  15,601
  16,471
  17,380
  18,332
  19,326
  20,366
  21,454
  22,593
  23,786
Debt-to-equity ratio
  0.314
  0.690
  0.760
  0.810
  0.860
  0.910
  0.950
  0.980
  1.010
  1.040
  1.060
  1.090
  1.110
  1.130
  1.140
  1.160
  1.170
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.260
  1.270
  1.280
  1.280
  1.290
  1.300
Adjusted equity ratio
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416
  0.416

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  570
  584
  646
  710
  778
  848
  921
  998
  1,077
  1,159
  1,245
  1,379
  1,472
  1,568
  1,668
  1,772
  1,880
  1,992
  2,110
  2,232
  2,360
  2,493
  2,632
  2,777
  2,929
  3,088
  3,254
  3,427
  3,609
  3,799
  3,998
Depreciation, amort., depletion, $m
  71
  95
  99
  102
  106
  110
  114
  118
  122
  127
  131
  74
  79
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  150
  158
  167
  176
  185
  195
  205
  216
Funds from operations, $m
  770
  679
  744
  812
  884
  958
  1,035
  1,115
  1,199
  1,286
  1,376
  1,453
  1,550
  1,651
  1,757
  1,866
  1,981
  2,099
  2,223
  2,352
  2,487
  2,627
  2,774
  2,927
  3,087
  3,254
  3,429
  3,612
  3,804
  4,004
  4,214
Change in working capital, $m
  66
  47
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  77
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
Cash from operations, $m
  704
  632
  694
  760
  829
  901
  976
  1,054
  1,135
  1,219
  1,307
  1,381
  1,476
  1,574
  1,676
  1,783
  1,893
  2,008
  2,128
  2,254
  2,384
  2,520
  2,662
  2,810
  2,965
  3,126
  3,296
  3,472
  3,657
  3,851
  4,053
Maintenance CAPEX, $m
  0
  -30
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -60
  -64
  -69
  -74
  -79
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
New CAPEX, $m
  -217
  -47
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -125
  -131
  -136
  -143
  -149
  -156
  -164
Cash from investing activities, $m
  -212
  -77
  -84
  -89
  -96
  -101
  -107
  -114
  -120
  -128
  -134
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -214
  -225
  -237
  -248
  -261
  -275
  -289
  -303
  -319
  -334
  -351
  -369
Free cash flow, $m
  492
  555
  611
  671
  734
  800
  869
  940
  1,015
  1,092
  1,172
  1,239
  1,326
  1,416
  1,510
  1,608
  1,709
  1,815
  1,925
  2,039
  2,159
  2,283
  2,413
  2,549
  2,690
  2,838
  2,992
  3,154
  3,323
  3,500
  3,684
Issuance/(repayment) of debt, $m
  222
  207
  216
  226
  236
  246
  256
  267
  277
  288
  300
  311
  324
  336
  350
  364
  379
  395
  411
  429
  447
  466
  487
  508
  531
  555
  581
  607
  635
  665
  696
Issuance/(repurchase) of shares, $m
  -559
  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  
  -269
  207
  216
  226
  236
  246
  256
  267
  277
  288
  300
  311
  324
  336
  350
  364
  379
  395
  411
  429
  447
  466
  487
  508
  531
  555
  581
  607
  635
  665
  696
Total cash flow (excl. dividends), $m
  212
  762
  827
  897
  970
  1,046
  1,125
  1,207
  1,292
  1,380
  1,472
  1,551
  1,650
  1,753
  1,860
  1,972
  2,088
  2,210
  2,336
  2,468
  2,606
  2,750
  2,900
  3,057
  3,221
  3,393
  3,573
  3,761
  3,958
  4,165
  4,381
Retained Cash Flow (-), $m
  -116
  -146
  -154
  -161
  -168
  -175
  -183
  -190
  -198
  -205
  -213
  -222
  -231
  -240
  -249
  -259
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -362
  -378
  -396
  -414
  -433
  -453
  -474
  -496
Prev. year cash balance distribution, $m
 
  1,271
  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
 
  1,887
  673
  736
  802
  871
  942
  1,017
  1,094
  1,175
  1,259
  1,329
  1,419
  1,513
  1,611
  1,713
  1,818
  1,928
  2,043
  2,163
  2,287
  2,417
  2,553
  2,695
  2,843
  2,998
  3,159
  3,329
  3,506
  3,691
  3,885
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
 
  1,809
  616
  641
  660
  675
  684
  687
  684
  675
  660
  631
  606
  575
  541
  503
  462
  420
  376
  333
  291
  250
  212
  177
  145
  117
  92
  71
  54
  40
  29
Current shareholders' claim on cash, %
  100
  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 42
Price to Sales 8.1
Price to Book 9.1
Price to Tangible Book
Price to Cash Flow 34
Price to Free Cash Flow 49.1
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 $2964 million for the last fiscal year's total revenue generated by Edwards Lifesciences. The default revenue input number comes from 2016 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 10.9% 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 75%.

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 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 3.5% 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 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 EW are equal to 15%.

Life of production assets of 15.1 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 14.7%. 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 - $2619 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 211.178 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 $23.9 billion.

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COMPANY NEWS

▶ Nike among today's IQ100 leaders   [Oct-17-17 01:17PM  CNBC Videos]
▶ Edwards Lifesciences Stock Gaining Momentum: Whats Next?   [Oct-16-17 09:09AM  Market Realist]
▶ Edwards Lifesciences Earnings Forecast for 3Q17   [Oct-13-17 04:36PM  Market Realist]
▶ 3 Top Med-Tech Stocks You Can Buy Right Now   [Oct-08-17 08:19AM  Motley Fool]
▶ Edwards Announces Key Events For PCR London Valves 2017   [Sep-24-17 02:00AM  PR Newswire]
▶ Top Medical Stock Trying To Pump Up New Breakout   [Sep-12-17 10:29AM  Investor's Business Daily]
▶ FDA Approvals Could Drive Edwards Lifesciences Growth   [Sep-05-17 01:35PM  Market Realist]
Financial statements of EW
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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