Intrinsic value of Fresenius Medical Care ADR - FMS

Previous Close

$39.25

  Intrinsic Value

$1,359

stock screener

  Rating & Target

str. buy

+999%

Previous close

$39.25

 
Intrinsic value

$1,359

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of FMS 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 0.9

 

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, %
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  19,082
  20,431
  21,833
  23,291
  24,807
  26,384
  28,026
  29,735
  31,516
  33,373
  35,309
  37,330
  39,439
  41,641
  43,942
  46,348
  48,862
  51,493
  54,245
  57,126
  60,142
  63,301
  66,609
  70,075
  73,708
  77,515
  81,506
  85,690
  90,078
  94,679
Variable operating expenses, $m
  16,279
  17,339
  18,442
  19,587
  20,779
  22,019
  23,310
  24,654
  26,054
  27,513
  27,757
  29,345
  31,003
  32,734
  34,543
  36,434
  38,411
  40,478
  42,642
  44,907
  47,278
  49,761
  52,361
  55,086
  57,941
  60,934
  64,071
  67,361
  70,810
  74,427
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
  16,279
  17,339
  18,442
  19,587
  20,779
  22,019
  23,310
  24,654
  26,054
  27,513
  27,757
  29,345
  31,003
  32,734
  34,543
  36,434
  38,411
  40,478
  42,642
  44,907
  47,278
  49,761
  52,361
  55,086
  57,941
  60,934
  64,071
  67,361
  70,810
  74,427
Operating income, $m
  2,803
  3,092
  3,391
  3,703
  4,028
  4,365
  4,716
  5,082
  5,463
  5,860
  7,553
  7,985
  8,436
  8,907
  9,399
  9,914
  10,452
  11,015
  11,603
  12,219
  12,865
  13,540
  14,248
  14,989
  15,766
  16,581
  17,434
  18,329
  19,268
  20,252
EBITDA, $m
  4,558
  4,881
  5,216
  5,564
  5,926
  6,303
  6,695
  7,103
  7,529
  7,972
  8,435
  8,917
  9,421
  9,947
  10,497
  11,072
  11,672
  12,301
  12,958
  13,646
  14,367
  15,121
  15,912
  16,740
  17,607
  18,517
  19,470
  20,470
  21,518
  22,617
Interest expense (income), $m
  351
  402
  458
  516
  577
  640
  705
  773
  844
  917
  994
  1,074
  1,158
  1,245
  1,336
  1,431
  1,530
  1,634
  1,742
  1,856
  1,975
  2,099
  2,229
  2,365
  2,508
  2,657
  2,814
  2,978
  3,150
  3,331
  3,520
Earnings before tax, $m
  2,401
  2,633
  2,875
  3,127
  3,388
  3,660
  3,943
  4,238
  4,545
  4,866
  6,478
  6,827
  7,191
  7,571
  7,968
  8,384
  8,818
  9,272
  9,747
  10,245
  10,766
  11,311
  11,883
  12,482
  13,109
  13,767
  14,456
  15,179
  15,937
  16,732
Tax expense, $m
  648
  711
  776
  844
  915
  988
  1,065
  1,144
  1,227
  1,314
  1,749
  1,843
  1,942
  2,044
  2,151
  2,264
  2,381
  2,503
  2,632
  2,766
  2,907
  3,054
  3,208
  3,370
  3,539
  3,717
  3,903
  4,098
  4,303
  4,518
Net income, $m
  1,753
  1,922
  2,099
  2,282
  2,473
  2,672
  2,878
  3,094
  3,318
  3,552
  4,729
  4,984
  5,249
  5,527
  5,817
  6,120
  6,437
  6,769
  7,116
  7,479
  7,859
  8,257
  8,674
  9,112
  9,570
  10,050
  10,553
  11,081
  11,634
  12,215

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
  25,786
  27,609
  29,504
  31,474
  33,523
  35,654
  37,873
  40,183
  42,590
  45,099
  47,715
  50,446
  53,296
  56,272
  59,382
  62,632
  66,030
  69,585
  73,305
  77,198
  81,273
  85,542
  90,012
  94,697
  99,605
  104,750
  110,143
  115,797
  121,727
  127,945
Adjusted assets (=assets-cash), $m
  25,786
  27,609
  29,504
  31,474
  33,523
  35,654
  37,873
  40,183
  42,590
  45,099
  47,715
  50,446
  53,296
  56,272
  59,382
  62,632
  66,030
  69,585
  73,305
  77,198
  81,273
  85,542
  90,012
  94,697
  99,605
  104,750
  110,143
  115,797
  121,727
  127,945
Revenue / Adjusted assets
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
Average production assets, $m
  10,915
  11,686
  12,488
  13,322
  14,189
  15,092
  16,031
  17,009
  18,027
  19,089
  20,197
  21,353
  22,559
  23,819
  25,135
  26,511
  27,949
  29,454
  31,028
  32,676
  34,401
  36,208
  38,100
  40,083
  42,161
  44,338
  46,621
  49,015
  51,524
  54,157
Working capital, $m
  1,870
  2,002
  2,140
  2,282
  2,431
  2,586
  2,747
  2,914
  3,089
  3,271
  3,460
  3,658
  3,865
  4,081
  4,306
  4,542
  4,789
  5,046
  5,316
  5,598
  5,894
  6,203
  6,528
  6,867
  7,223
  7,596
  7,988
  8,398
  8,828
  9,279
Total debt, $m
  8,482
  9,560
  10,680
  11,844
  13,055
  14,314
  15,625
  16,991
  18,413
  19,896
  21,442
  23,056
  24,740
  26,499
  28,337
  30,258
  32,267
  34,367
  36,566
  38,866
  41,275
  43,798
  46,440
  49,208
  52,109
  55,150
  58,337
  61,679
  65,183
  68,858
Total liabilities, $m
  15,240
  16,317
  17,437
  18,601
  19,812
  21,072
  22,383
  23,748
  25,171
  26,653
  28,200
  29,813
  31,498
  33,257
  35,095
  37,015
  39,024
  41,125
  43,323
  45,624
  48,033
  50,555
  53,197
  55,966
  58,867
  61,907
  65,094
  68,436
  71,940
  75,615
Total equity, $m
  10,547
  11,292
  12,067
  12,873
  13,711
  14,583
  15,490
  16,435
  17,419
  18,445
  19,516
  20,632
  21,798
  23,015
  24,287
  25,616
  27,006
  28,460
  29,982
  31,574
  33,241
  34,987
  36,815
  38,731
  40,738
  42,843
  45,048
  47,361
  49,786
  52,329
Total liabilities and equity, $m
  25,787
  27,609
  29,504
  31,474
  33,523
  35,655
  37,873
  40,183
  42,590
  45,098
  47,716
  50,445
  53,296
  56,272
  59,382
  62,631
  66,030
  69,585
  73,305
  77,198
  81,274
  85,542
  90,012
  94,697
  99,605
  104,750
  110,142
  115,797
  121,726
  127,944
Debt-to-equity ratio
  0.800
  0.850
  0.890
  0.920
  0.950
  0.980
  1.010
  1.030
  1.060
  1.080
  1.100
  1.120
  1.130
  1.150
  1.170
  1.180
  1.190
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.310
  1.320
Adjusted equity ratio
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,753
  1,922
  2,099
  2,282
  2,473
  2,672
  2,878
  3,094
  3,318
  3,552
  4,729
  4,984
  5,249
  5,527
  5,817
  6,120
  6,437
  6,769
  7,116
  7,479
  7,859
  8,257
  8,674
  9,112
  9,570
  10,050
  10,553
  11,081
  11,634
  12,215
Depreciation, amort., depletion, $m
  1,755
  1,789
  1,824
  1,860
  1,898
  1,938
  1,979
  2,021
  2,066
  2,112
  882
  932
  985
  1,040
  1,098
  1,158
  1,220
  1,286
  1,355
  1,427
  1,502
  1,581
  1,664
  1,750
  1,841
  1,936
  2,036
  2,140
  2,250
  2,365
Funds from operations, $m
  3,508
  3,711
  3,923
  4,143
  4,372
  4,610
  4,857
  5,115
  5,384
  5,664
  5,611
  5,916
  6,235
  6,567
  6,915
  7,278
  7,658
  8,055
  8,471
  8,906
  9,361
  9,838
  10,338
  10,862
  11,411
  11,986
  12,589
  13,221
  13,884
  14,579
Change in working capital, $m
  127
  132
  137
  143
  149
  155
  161
  168
  175
  182
  190
  198
  207
  216
  226
  236
  246
  258
  270
  282
  296
  310
  324
  340
  356
  373
  391
  410
  430
  451
Cash from operations, $m
  3,381
  3,579
  3,786
  4,000
  4,223
  4,455
  4,696
  4,948
  5,209
  5,482
  5,421
  5,718
  6,028
  6,351
  6,689
  7,042
  7,411
  7,797
  8,201
  8,623
  9,066
  9,529
  10,014
  10,522
  11,055
  11,613
  12,198
  12,811
  13,454
  14,129
Maintenance CAPEX, $m
  -444
  -477
  -510
  -545
  -582
  -620
  -659
  -700
  -743
  -787
  -834
  -882
  -932
  -985
  -1,040
  -1,098
  -1,158
  -1,220
  -1,286
  -1,355
  -1,427
  -1,502
  -1,581
  -1,664
  -1,750
  -1,841
  -1,936
  -2,036
  -2,140
  -2,250
New CAPEX, $m
  -743
  -772
  -802
  -834
  -867
  -902
  -939
  -978
  -1,019
  -1,062
  -1,108
  -1,156
  -1,206
  -1,260
  -1,316
  -1,376
  -1,439
  -1,505
  -1,574
  -1,648
  -1,725
  -1,807
  -1,892
  -1,983
  -2,078
  -2,178
  -2,283
  -2,393
  -2,510
  -2,632
Cash from investing activities, $m
  -1,187
  -1,249
  -1,312
  -1,379
  -1,449
  -1,522
  -1,598
  -1,678
  -1,762
  -1,849
  -1,942
  -2,038
  -2,138
  -2,245
  -2,356
  -2,474
  -2,597
  -2,725
  -2,860
  -3,003
  -3,152
  -3,309
  -3,473
  -3,647
  -3,828
  -4,019
  -4,219
  -4,429
  -4,650
  -4,882
Free cash flow, $m
  2,194
  2,331
  2,473
  2,621
  2,774
  2,933
  3,098
  3,270
  3,448
  3,633
  3,480
  3,681
  3,889
  4,106
  4,333
  4,569
  4,815
  5,072
  5,340
  5,621
  5,914
  6,220
  6,540
  6,876
  7,227
  7,594
  7,979
  8,382
  8,804
  9,247
Issuance/(repayment) of debt, $m
  1,035
  1,077
  1,120
  1,164
  1,211
  1,260
  1,311
  1,365
  1,423
  1,483
  1,546
  1,614
  1,684
  1,759
  1,838
  1,921
  2,009
  2,101
  2,198
  2,301
  2,409
  2,523
  2,642
  2,768
  2,901
  3,041
  3,187
  3,342
  3,504
  3,675
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  
  1,035
  1,077
  1,120
  1,164
  1,211
  1,260
  1,311
  1,365
  1,423
  1,483
  1,546
  1,614
  1,684
  1,759
  1,838
  1,921
  2,009
  2,101
  2,198
  2,301
  2,409
  2,523
  2,642
  2,768
  2,901
  3,041
  3,187
  3,342
  3,504
  3,675
Total cash flow (excl. dividends), $m
  3,228
  3,408
  3,593
  3,785
  3,985
  4,193
  4,409
  4,635
  4,870
  5,116
  5,027
  5,294
  5,573
  5,865
  6,170
  6,490
  6,823
  7,173
  7,538
  7,921
  8,322
  8,743
  9,183
  9,644
  10,128
  10,635
  11,166
  11,724
  12,308
  12,921
Retained Cash Flow (-), $m
  -726
  -746
  -775
  -806
  -838
  -872
  -907
  -945
  -984
  -1,026
  -1,070
  -1,117
  -1,166
  -1,217
  -1,272
  -1,329
  -1,390
  -1,454
  -1,521
  -1,592
  -1,667
  -1,746
  -1,829
  -1,916
  -2,008
  -2,104
  -2,206
  -2,313
  -2,425
  -2,543
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
  2,502
  2,663
  2,818
  2,979
  3,147
  3,321
  3,502
  3,690
  3,886
  4,090
  3,957
  4,177
  4,408
  4,648
  4,899
  5,160
  5,433
  5,719
  6,017
  6,329
  6,655
  6,997
  7,354
  7,728
  8,120
  8,530
  8,960
  9,411
  9,883
  10,378
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  2,365
  2,366
  2,340
  2,297
  2,238
  2,164
  2,074
  1,970
  1,854
  1,728
  1,466
  1,343
  1,216
  1,087
  959
  835
  716
  605
  503
  411
  329
  259
  200
  151
  112
  81
  57
  39
  26
  17
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

Fresenius Medical Care AG & Co. KGaA is a kidney dialysis company. The Company provides dialysis care and related services to persons suffering from end-stage renal disease (ESRD), as well as other healthcare services. The Company's segments include North America Segment, the Europe, Middle East and Africa (EMEA) Segment, the Asia-Pacific Segment and the Latin America Segment. The Company develops and manufactures a range of dialysis machines, systems and disposable products. As of December 31, 2016, the Company sold its products to customers in more than 120 countries and also used in its internal healthcare service operations. The Company's Care Coordination services include coordinated delivery of pharmacy services, vascular, cardiovascular and endovascular specialty services, non-dialysis laboratory testing services, physician services, hospitalist and intensivist services, health plan services, ambulatory surgery center services and urgent care services.

FINANCIAL RATIOS  of  Fresenius Medical Care ADR (FMS)

Valuation Ratios
P/E Ratio 10.7
Price to Sales 0.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 24.9
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 66.6%
Total Debt to Equity 79.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity 12%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 32.3%
Gross Margin - 3 Yr. Avg. 31.9%
EBITDA Margin 19%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 14.7%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 30.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.5%
Payout Ratio 22.3%

FMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FMS stock intrinsic value calculation we used $17783.572 million for the last fiscal year's total revenue generated by Fresenius Medical Care ADR. The default revenue input number comes from 0001 income statement of Fresenius Medical Care ADR. 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 FMS stock valuation model: a) initial revenue growth rate of 7.3% 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 5.8%, whose default value for FMS is calculated based on our internal credit rating of Fresenius Medical Care ADR, 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 Fresenius Medical Care ADR.
    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 FMS stock the variable cost ratio is equal to 85.8%.

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 FMS 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 Fresenius Medical Care ADR.

Corporate tax rate of 27% is the nominal tax rate for Fresenius Medical Care ADR. 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 FMS 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 FMS are equal to 57.2%.

Life of production assets of 22.9 years is the average useful life of capital assets used in Fresenius Medical Care ADR 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 FMS is equal to 9.8%. 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 - $9820.102 million for Fresenius Medical Care ADR - 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 23.419 million for Fresenius Medical Care ADR 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 Fresenius Medical Care ADR at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Why Fresenius Medical Cares Stock Fell 24% in October   [Nov-12-18 04:00PM  Motley Fool]
▶ NxStage Is Back to Making Money   [Nov-08-18 10:43AM  Motley Fool]
▶ California voters defeat dialysis bill in major win for Denver-based DaVita   [Nov-07-18 09:35AM  American City Business Journals]
▶ [$$] European Corporate Roundup   [04:53AM  The Wall Street Journal]
▶ [$$] European Corporate News Roundup   [03:59AM  The Wall Street Journal]
▶ This Denver company has spent the most money in the country opposing a ballot issue   [Oct-15-18 08:54AM  American City Business Journals]
▶ DaVita 'deeply relieved' after California governor vetoes dialysis bill   [Oct-01-18 01:21PM  American City Business Journals]
▶ NxStage Just Got This Vital Lifeline   [Aug-10-18 02:04PM  Motley Fool]
▶ The Picture for Cara Therapeutics Just Got Clearer   [Jul-17-18 02:22PM  Motley Fool]
▶ [$$] Fresenius Medical Sells Sound Inpatient Physicians for $2.15 Billion   [Jun-28-18 05:22PM  The Wall Street Journal]
▶ Durhams Humacyte lands $150M from Fresenius Medical Care   [08:01AM  American City Business Journals]
▶ Why Cara Therapeutics Shares Jumped 10% Today   [May-25-18 03:57PM  Motley Fool]
▶ Here's Why Akorn Inc Fell as Much as 16.4% Today   [May-02-18 03:34PM  Motley Fool]
▶ Why Akorn, Inc.'s Stock Is Up Big Today   [Apr-27-18 04:07PM  Motley Fool]
▶ [$$] Fresenius Medical Sells Sound Inpatient   [01:58AM  The Wall Street Journal]
▶ Fresenius Medical Shows Market Leadership With Jump To 82 RS Rating   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ Fresenius Medical Getting Closer To Key Technical Benchmark   [Dec-26-17 03:00AM  Investor's Business Daily]
▶ Fresenius Medical Earns RS Rating Upgrade   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ NxStage Medical Prepares for Fresenius Merger   [Nov-21-17 12:45PM  Motley Fool]
▶ Fresenius posts 3Q profit   [Nov-03-17 03:53PM  Associated Press]

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