Intrinsic value of Invacare - IVC

Previous Close

$17.40

  Intrinsic Value

$3.08

stock screener

  Rating & Target

str. sell

-82%

Previous close

$17.40

 
Intrinsic value

$3.08

 
Up/down potential

-82%

 
Rating

str. sell

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

We calculate the intrinsic value of IVC 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 0.6

 

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, %
  -8.32
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,047
  1,068
  1,093
  1,121
  1,152
  1,187
  1,225
  1,267
  1,312
  1,361
  1,413
  1,469
  1,529
  1,592
  1,660
  1,731
  1,807
  1,887
  1,972
  2,062
  2,157
  2,257
  2,362
  2,473
  2,590
  2,714
  2,844
  2,980
  3,124
  3,275
  3,434
Variable operating expenses, $m
 
  865
  884
  906
  931
  958
  988
  1,020
  1,055
  1,093
  1,133
  1,141
  1,187
  1,236
  1,289
  1,344
  1,403
  1,466
  1,532
  1,601
  1,675
  1,752
  1,834
  1,921
  2,011
  2,107
  2,208
  2,314
  2,426
  2,543
  2,667
Fixed operating expenses, $m
 
  240
  246
  252
  258
  265
  271
  278
  285
  292
  300
  307
  315
  323
  331
  339
  347
  356
  365
  374
  383
  393
  403
  413
  423
  434
  445
  456
  467
  479
  491
Total operating expenses, $m
  1,077
  1,105
  1,130
  1,158
  1,189
  1,223
  1,259
  1,298
  1,340
  1,385
  1,433
  1,448
  1,502
  1,559
  1,620
  1,683
  1,750
  1,822
  1,897
  1,975
  2,058
  2,145
  2,237
  2,334
  2,434
  2,541
  2,653
  2,770
  2,893
  3,022
  3,158
Operating income, $m
  -30
  -37
  -38
  -38
  -37
  -36
  -34
  -31
  -28
  -24
  -20
  21
  27
  33
  40
  48
  56
  66
  76
  87
  99
  111
  125
  140
  156
  173
  191
  210
  231
  253
  277
EBITDA, $m
  -15
  2
  2
  2
  3
  5
  7
  9
  13
  17
  21
  26
  32
  39
  46
  54
  63
  72
  83
  94
  106
  119
  133
  148
  164
  182
  200
  220
  242
  264
  288
Interest expense (income), $m
  6
  8
  9
  10
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
  30
  32
  35
  37
  40
  43
  45
  48
  52
  55
  59
  62
  66
Earnings before tax, $m
  -30
  -46
  -47
  -47
  -47
  -47
  -46
  -44
  -42
  -40
  -36
  3
  8
  12
  18
  24
  30
  38
  46
  54
  64
  74
  85
  97
  110
  124
  139
  155
  172
  191
  211
Tax expense, $m
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  5
  6
  8
  10
  12
  15
  17
  20
  23
  26
  30
  34
  38
  42
  47
  52
  57
Net income, $m
  -43
  -46
  -47
  -47
  -47
  -47
  -46
  -44
  -42
  -40
  -36
  2
  5
  9
  13
  17
  22
  27
  33
  40
  47
  54
  62
  71
  80
  91
  102
  113
  126
  139
  154

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  124
  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
  904
  796
  814
  835
  858
  885
  913
  944
  978
  1,014
  1,053
  1,095
  1,139
  1,186
  1,237
  1,290
  1,347
  1,406
  1,470
  1,537
  1,607
  1,682
  1,760
  1,843
  1,930
  2,022
  2,119
  2,221
  2,328
  2,441
  2,559
Adjusted assets (=assets-cash), $m
  780
  796
  814
  835
  858
  885
  913
  944
  978
  1,014
  1,053
  1,095
  1,139
  1,186
  1,237
  1,290
  1,347
  1,406
  1,470
  1,537
  1,607
  1,682
  1,760
  1,843
  1,930
  2,022
  2,119
  2,221
  2,328
  2,441
  2,559
Revenue / Adjusted assets
  1.342
  1.342
  1.343
  1.343
  1.343
  1.341
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.341
  1.342
  1.341
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
  1.342
Average production assets, $m
  107
  109
  111
  114
  118
  121
  125
  129
  134
  139
  144
  150
  156
  162
  169
  177
  184
  193
  201
  210
  220
  230
  241
  252
  264
  277
  290
  304
  319
  334
  350
Working capital, $m
  188
  80
  82
  84
  86
  89
  92
  95
  98
  102
  106
  110
  115
  119
  124
  130
  136
  142
  148
  155
  162
  169
  177
  185
  194
  204
  213
  224
  234
  246
  258
Total debt, $m
  161
  156
  167
  179
  193
  209
  226
  245
  265
  286
  310
  335
  361
  390
  420
  452
  486
  521
  559
  599
  642
  686
  733
  783
  835
  890
  948
  1,009
  1,073
  1,141
  1,212
Total liabilities, $m
  481
  477
  488
  500
  514
  530
  547
  566
  586
  607
  631
  656
  682
  711
  741
  773
  807
  842
  880
  920
  963
  1,007
  1,054
  1,104
  1,156
  1,211
  1,269
  1,330
  1,394
  1,462
  1,533
Total equity, $m
  422
  319
  326
  335
  344
  355
  366
  379
  392
  407
  422
  439
  457
  476
  496
  517
  540
  564
  589
  616
  644
  674
  706
  739
  774
  811
  850
  891
  933
  979
  1,026
Total liabilities and equity, $m
  903
  796
  814
  835
  858
  885
  913
  945
  978
  1,014
  1,053
  1,095
  1,139
  1,187
  1,237
  1,290
  1,347
  1,406
  1,469
  1,536
  1,607
  1,681
  1,760
  1,843
  1,930
  2,022
  2,119
  2,221
  2,327
  2,441
  2,559
Debt-to-equity ratio
  0.382
  0.490
  0.510
  0.540
  0.560
  0.590
  0.620
  0.650
  0.680
  0.700
  0.730
  0.760
  0.790
  0.820
  0.850
  0.870
  0.900
  0.920
  0.950
  0.970
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.130
  1.150
  1.170
  1.180
Adjusted equity ratio
  0.382
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -43
  -46
  -47
  -47
  -47
  -47
  -46
  -44
  -42
  -40
  -36
  2
  5
  9
  13
  17
  22
  27
  33
  40
  47
  54
  62
  71
  80
  91
  102
  113
  126
  139
  154
Depreciation, amort., depletion, $m
  15
  40
  40
  40
  40
  40
  40
  40
  41
  41
  41
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
Funds from operations, $m
  -94
  -6
  -7
  -7
  -7
  -7
  -5
  -4
  -2
  1
  4
  7
  11
  14
  19
  23
  28
  34
  40
  47
  54
  62
  70
  79
  89
  100
  111
  123
  137
  150
  165
Change in working capital, $m
  -37
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  -57
  -8
  -9
  -10
  -10
  -9
  -8
  -7
  -5
  -2
  1
  3
  6
  10
  13
  18
  23
  28
  34
  40
  47
  54
  62
  71
  81
  91
  102
  113
  126
  139
  153
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
New CAPEX, $m
  -10
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
Cash from investing activities, $m
  4
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -19
  -19
  -20
  -22
  -22
  -24
  -25
  -26
  -27
Free cash flow, $m
  -53
  -14
  -15
  -16
  -17
  -17
  -16
  -15
  -14
  -12
  -9
  -7
  -5
  -2
  1
  5
  9
  13
  19
  24
  30
  37
  44
  52
  60
  69
  79
  90
  101
  113
  126
Issuance/(repayment) of debt, $m
  119
  10
  11
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
Issuance/(repurchase) of shares, $m
  7
  52
  54
  56
  57
  57
  57
  57
  56
  54
  52
  14
  12
  10
  7
  4
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  121
  62
  65
  69
  71
  73
  74
  76
  76
  76
  75
  39
  39
  38
  37
  36
  35
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
Total cash flow (excl. dividends), $m
  66
  48
  50
  52
  54
  56
  58
  60
  62
  64
  66
  32
  34
  36
  39
  41
  43
  49
  56
  64
  72
  81
  91
  101
  112
  124
  137
  151
  165
  181
  197
Retained Cash Flow (-), $m
  41
  -52
  -54
  -56
  -57
  -57
  -57
  -57
  -56
  -54
  -52
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
Prev. year cash balance distribution, $m
 
  109
  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
 
  105
  -4
  -4
  -3
  -1
  1
  3
  6
  10
  14
  15
  16
  17
  18
  20
  21
  25
  31
  37
  44
  51
  59
  68
  77
  87
  98
  110
  122
  135
  150
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  99
  -4
  -3
  -2
  -1
  1
  2
  3
  4
  5
  5
  5
  4
  4
  3
  3
  3
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.1
  79.2
  70.3
  62.5
  55.7
  49.8
  44.7
  40.3
  36.6
  33.4
  32.6
  31.9
  31.4
  31.1
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9
  30.9

Invacare Corporation is a manufacturer and distributor for medical equipment used in non-acute care settings. The Company's geographical segments are Europe; North America, which includes North America/Home Medical Equipment (North America/HME) and Institutional Products Group (IPG) segments, and Asia/Pacific. The Company manufactures and distributes three product categories: mobility and seating, lifestyle and respiratory therapy. It provides medical device solutions for congenital (cerebral palsy, muscular dystrophy and spina bifida), acquired (stroke, spinal cord injury, traumatic brain injury, post-acute recovery and pressure ulcers) and degenerative (amyotrophic lateral sclerosis, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly and bariatric) ailments. The Company sells its products to home medical equipment providers with retail and e-commerce channels, residential living operators, distributors and government health services.

FINANCIAL RATIOS  of  Invacare (IVC)

Valuation Ratios
P/E Ratio -13.1
Price to Sales 0.5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow -9.9
Price to Free Cash Flow -8.4
Growth Rates
Sales Growth Rate -8.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25%
Cap. Spend. - 3 Yr. Gr. Rate -6.5%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 34.6%
Total Debt to Equity 38.2%
Interest Coverage -4
Management Effectiveness
Return On Assets -3.9%
Ret/ On Assets - 3 Yr. Avg. -3.7%
Return On Total Capital -7.9%
Ret/ On T. Cap. - 3 Yr. Avg. -7.1%
Return On Equity -9.7%
Return On Equity - 3 Yr. Avg. -7.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 27.1%
Gross Margin - 3 Yr. Avg. 27.3%
EBITDA Margin -0.9%
EBITDA Margin - 3 Yr. Avg. -0.8%
Operating Margin -2.9%
Oper. Margin - 3 Yr. Avg. -3%
Pre-Tax Margin -2.9%
Pre-Tax Margin - 3 Yr. Avg. -3%
Net Profit Margin -4.1%
Net Profit Margin - 3 Yr. Avg. -3.6%
Effective Tax Rate -43.3%
Eff/ Tax Rate - 3 Yr. Avg. -56.5%
Payout Ratio -4.7%

IVC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IVC stock intrinsic value calculation we used $1047 million for the last fiscal year's total revenue generated by Invacare. The default revenue input number comes from 2016 income statement of Invacare. 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 IVC stock valuation model: a) initial revenue growth rate of 2% 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 6.3%, whose default value for IVC is calculated based on our internal credit rating of Invacare, 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 Invacare.
    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 IVC stock the variable cost ratio is equal to 81.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $234 million in the base year in the intrinsic value calculation for IVC 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 5.8% for Invacare.

Corporate tax rate of 27% is the nominal tax rate for Invacare. 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 IVC 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 IVC are equal to 10.2%.

Life of production assets of 31.2 years is the average useful life of capital assets used in Invacare 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 IVC is equal to 7.5%. 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 - $422 million for Invacare - 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 32.871 million for Invacare 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 Invacare at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Invacare Corp. : December 12, 2017   [Dec-12-17 01:23PM  Capital Cube]
▶ ETFs with exposure to Invacare Corp. : November 27, 2017   [Nov-27-17 02:19PM  Capital Cube]
▶ Invacare Declares Quarterly Dividend   [Nov-16-17 10:40AM  Business Wire]
▶ Why Invacare Corporation Is Rising Today   [Nov-08-17 04:25PM  Motley Fool]
▶ Invacare reports 3Q loss   [Nov-07-17 07:40PM  Associated Press]
▶ Invacare Announces Departure of Chief Financial Officer   [Nov-02-17 04:30PM  Business Wire]
▶ ETFs with exposure to Invacare Corp. : August 25, 2017   [Aug-25-17 04:43PM  Capital Cube]
▶ Invacare Declares Quarterly Dividend   [09:24AM  Business Wire]
▶ Invacare reports 2Q loss   [Aug-07-17 11:33PM  Associated Press]
▶ Invacare Reaches New Consent Decree Milestone   [Jul-25-17 08:35AM  Business Wire]
▶ ETFs with exposure to Invacare Corp. : July 24, 2017   [Jul-24-17 04:47PM  Capital Cube]
▶ ETFs with exposure to Invacare Corp. : July 14, 2017   [Jul-14-17 03:08PM  Capital Cube]
▶ Invacare Corp. Value Analysis (NYSE:IVC) : June 12, 2017   [Jun-12-17 02:51PM  Capital Cube]
▶ Invacare Declares Quarterly Dividend   [May-18-17 01:14PM  Business Wire]
▶ ETFs with exposure to Invacare Corp. : May 11, 2017   [May-11-17 04:57PM  Capital Cube]
▶ Invacare reports 1Q loss   [May-08-17 06:10PM  Associated Press]
▶ Why Invacare Corporation's Shares Rallied 12.1% Today   [Apr-28-17 04:15PM  Motley Fool]
▶ Invacare Reports Completion of Consent Decree Milestones   [Apr-27-17 04:30PM  Business Wire]
▶ Invacare Corp. Value Analysis (NYSE:IVC) : April 19, 2017   [Apr-19-17 03:05PM  Capital Cube]
▶ Invacare Declares Quarterly Dividend   [Feb-21-17 11:53AM  Business Wire]
▶ Invacare reports 4Q loss   [06:49AM  Associated Press]
▶ Is Invacare Corporation (IVC) Going to Burn These Hedge Funds?   [Dec-05-16 03:08AM  at Insider Monkey]
▶ Invacare Declares Quarterly Dividend   [Nov-17-16 12:18PM  Business Wire]
Financial statements of IVC
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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