Intrinsic value of Kindred Healthcare - KND

Previous Close

$6.40

  Intrinsic Value

$10.13

stock screener

  Rating & Target

str. buy

+58%

Previous close

$6.40

 
Intrinsic value

$10.13

 
Up/down potential

+58%

 
Rating

str. buy

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

We calculate the intrinsic value of KND 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, %
  2.34
  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
  7,220
  7,364
  7,534
  7,727
  7,945
  8,186
  8,450
  8,738
  9,049
  9,385
  9,745
  10,130
  10,541
  10,979
  11,444
  11,938
  12,461
  13,015
  13,601
  14,219
  14,873
  15,562
  16,289
  17,056
  17,863
  18,713
  19,609
  20,551
  21,543
  22,586
  23,684
Variable operating expenses, $m
 
  7,220
  7,380
  7,564
  7,769
  7,998
  8,248
  8,521
  8,816
  9,134
  9,475
  9,597
  9,987
  10,401
  10,842
  11,310
  11,806
  12,330
  12,885
  13,471
  14,090
  14,743
  15,432
  16,158
  16,923
  17,729
  18,577
  19,470
  20,409
  21,398
  22,438
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
  7,294
  7,220
  7,380
  7,564
  7,769
  7,998
  8,248
  8,521
  8,816
  9,134
  9,475
  9,597
  9,987
  10,401
  10,842
  11,310
  11,806
  12,330
  12,885
  13,471
  14,090
  14,743
  15,432
  16,158
  16,923
  17,729
  18,577
  19,470
  20,409
  21,398
  22,438
Operating income, $m
  -75
  145
  154
  164
  175
  188
  202
  217
  233
  251
  270
  533
  555
  578
  602
  628
  656
  685
  716
  748
  783
  819
  857
  897
  940
  985
  1,032
  1,081
  1,133
  1,188
  1,246
EBITDA, $m
  85
  449
  460
  472
  485
  499
  516
  533
  552
  573
  595
  618
  643
  670
  698
  728
  760
  794
  830
  868
  908
  950
  994
  1,041
  1,090
  1,142
  1,197
  1,254
  1,315
  1,378
  1,445
Interest expense (income), $m
  216
  219
  226
  234
  244
  255
  267
  280
  294
  310
  326
  344
  363
  384
  405
  428
  453
  479
  506
  536
  566
  599
  633
  669
  707
  747
  789
  834
  881
  930
  982
Earnings before tax, $m
  -303
  -74
  -72
  -70
  -69
  -67
  -65
  -63
  -61
  -58
  -56
  189
  191
  194
  197
  200
  203
  206
  209
  213
  216
  220
  224
  228
  233
  237
  242
  247
  253
  258
  264
Tax expense, $m
  315
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  51
  52
  52
  53
  54
  55
  56
  56
  57
  58
  59
  61
  62
  63
  64
  65
  67
  68
  70
  71
Net income, $m
  -664
  -74
  -72
  -70
  -69
  -67
  -65
  -63
  -61
  -58
  -56
  138
  140
  142
  144
  146
  148
  150
  153
  155
  158
  161
  164
  167
  170
  173
  177
  181
  185
  189
  193

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  246
  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
  6,113
  5,982
  6,120
  6,277
  6,454
  6,650
  6,864
  7,098
  7,351
  7,624
  7,916
  8,229
  8,563
  8,919
  9,297
  9,698
  10,123
  10,573
  11,048
  11,551
  12,082
  12,642
  13,233
  13,855
  14,511
  15,202
  15,929
  16,695
  17,500
  18,348
  19,239
Adjusted assets (=assets-cash), $m
  5,867
  5,982
  6,120
  6,277
  6,454
  6,650
  6,864
  7,098
  7,351
  7,624
  7,916
  8,229
  8,563
  8,919
  9,297
  9,698
  10,123
  10,573
  11,048
  11,551
  12,082
  12,642
  13,233
  13,855
  14,511
  15,202
  15,929
  16,695
  17,500
  18,348
  19,239
Revenue / Adjusted assets
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
Average production assets, $m
  1,559
  1,591
  1,627
  1,669
  1,716
  1,768
  1,825
  1,887
  1,955
  2,027
  2,105
  2,188
  2,277
  2,371
  2,472
  2,579
  2,692
  2,811
  2,938
  3,071
  3,213
  3,361
  3,518
  3,684
  3,858
  4,042
  4,235
  4,439
  4,653
  4,879
  5,116
Working capital, $m
  798
  589
  603
  618
  636
  655
  676
  699
  724
  751
  780
  810
  843
  878
  916
  955
  997
  1,041
  1,088
  1,138
  1,190
  1,245
  1,303
  1,364
  1,429
  1,497
  1,569
  1,644
  1,723
  1,807
  1,895
Total debt, $m
  3,243
  3,321
  3,445
  3,586
  3,745
  3,921
  4,114
  4,324
  4,552
  4,797
  5,060
  5,341
  5,641
  5,961
  6,301
  6,661
  7,043
  7,448
  7,876
  8,327
  8,805
  9,308
  9,839
  10,399
  10,988
  11,609
  12,263
  12,952
  13,676
  14,438
  15,239
Total liabilities, $m
  5,300
  5,378
  5,502
  5,643
  5,802
  5,978
  6,171
  6,381
  6,609
  6,854
  7,117
  7,398
  7,698
  8,018
  8,358
  8,718
  9,100
  9,505
  9,933
  10,384
  10,862
  11,365
  11,896
  12,456
  13,045
  13,666
  14,320
  15,009
  15,733
  16,495
  17,296
Total equity, $m
  813
  604
  618
  634
  652
  672
  693
  717
  742
  770
  800
  831
  865
  901
  939
  979
  1,022
  1,068
  1,116
  1,167
  1,220
  1,277
  1,336
  1,399
  1,466
  1,535
  1,609
  1,686
  1,768
  1,853
  1,943
Total liabilities and equity, $m
  6,113
  5,982
  6,120
  6,277
  6,454
  6,650
  6,864
  7,098
  7,351
  7,624
  7,917
  8,229
  8,563
  8,919
  9,297
  9,697
  10,122
  10,573
  11,049
  11,551
  12,082
  12,642
  13,232
  13,855
  14,511
  15,201
  15,929
  16,695
  17,501
  18,348
  19,239
Debt-to-equity ratio
  3.989
  5.500
  5.570
  5.660
  5.750
  5.840
  5.930
  6.030
  6.130
  6.230
  6.330
  6.430
  6.520
  6.620
  6.710
  6.800
  6.890
  6.970
  7.060
  7.140
  7.220
  7.290
  7.360
  7.430
  7.500
  7.560
  7.620
  7.680
  7.740
  7.790
  7.840
Adjusted equity ratio
  0.097
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -664
  -74
  -72
  -70
  -69
  -67
  -65
  -63
  -61
  -58
  -56
  138
  140
  142
  144
  146
  148
  150
  153
  155
  158
  161
  164
  167
  170
  173
  177
  181
  185
  189
  193
Depreciation, amort., depletion, $m
  160
  305
  306
  308
  309
  311
  314
  316
  319
  322
  325
  85
  89
  92
  96
  100
  105
  109
  114
  120
  125
  131
  137
  143
  150
  157
  165
  173
  181
  190
  199
Funds from operations, $m
  91
  231
  234
  237
  241
  245
  249
  253
  258
  263
  268
  223
  228
  234
  240
  246
  253
  260
  267
  275
  283
  291
  301
  310
  320
  331
  342
  353
  366
  378
  392
Change in working capital, $m
  -94
  12
  14
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
  52
  55
  58
  61
  65
  68
  72
  75
  79
  83
  88
Cash from operations, $m
  185
  219
  220
  222
  224
  226
  228
  230
  233
  236
  240
  192
  195
  199
  203
  207
  211
  215
  220
  225
  231
  236
  242
  249
  255
  263
  270
  278
  286
  295
  304
Maintenance CAPEX, $m
  0
  -61
  -62
  -63
  -65
  -67
  -69
  -71
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
New CAPEX, $m
  -131
  -32
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -83
  -89
  -95
  -100
  -107
  -113
  -120
  -126
  -134
  -141
  -149
  -157
  -166
  -174
  -184
  -193
  -204
  -214
  -225
  -237
Cash from investing activities, $m
  -200
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -140
  -148
  -157
  -165
  -174
  -184
  -192
  -203
  -213
  -225
  -235
  -248
  -261
  -274
  -288
  -303
  -317
  -334
  -350
  -369
  -387
  -406
  -427
Free cash flow, $m
  -15
  126
  122
  117
  112
  107
  102
  97
  92
  88
  83
  27
  22
  16
  10
  4
  -3
  -9
  -16
  -23
  -30
  -38
  -45
  -54
  -62
  -71
  -81
  -90
  -101
  -111
  -123
Issuance/(repayment) of debt, $m
  138
  106
  124
  141
  159
  176
  193
  210
  227
  245
  263
  281
  300
  320
  340
  361
  382
  404
  428
  452
  477
  503
  531
  560
  590
  621
  654
  688
  724
  762
  801
Issuance/(repurchase) of shares, $m
  0
  83
  86
  86
  86
  86
  86
  86
  86
  86
  86
  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  
  105
  189
  210
  227
  245
  262
  279
  296
  313
  331
  349
  281
  300
  320
  340
  361
  382
  404
  428
  452
  477
  503
  531
  560
  590
  621
  654
  688
  724
  762
  801
Total cash flow (excl. dividends), $m
  90
  316
  332
  344
  357
  369
  381
  394
  406
  419
  432
  309
  322
  335
  350
  364
  380
  395
  412
  429
  447
  466
  485
  506
  527
  550
  573
  598
  624
  651
  679
Retained Cash Flow (-), $m
  687
  -83
  -86
  -86
  -86
  -86
  -86
  -86
  -86
  -86
  -86
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
Prev. year cash balance distribution, $m
 
  218
  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
 
  451
  246
  258
  270
  283
  295
  307
  320
  333
  346
  277
  288
  300
  311
  324
  337
  350
  364
  378
  394
  409
  426
  443
  461
  480
  500
  520
  542
  565
  589
Discount rate, %
 
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
 
  404
  196
  181
  165
  148
  131
  114
  97
  82
  68
  43
  34
  27
  20
  15
  11
  8
  6
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  83.4
  69.3
  57.8
  48.3
  40.6
  34.3
  29.2
  24.9
  21.3
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4
  18.4

Kindred Healthcare, Inc., incorporated on March 27, 1998, is a healthcare services company. The Company, through its subsidiaries, operates transitional care (TC) hospitals, a home health, hospice and community care business, inpatient rehabilitation hospitals (IRFs), a contract rehabilitation services business, nursing centers and assisted living facilities across the United States. The Company operates through divisions: the Kindred at Home division, the hospital division, the Kindred Rehabilitation Services division and the nursing center division. These divisions represent six segments: home health services, hospice services, hospitals, Kindred Hospital Rehabilitation Services, RehabCare and nursing centers. The home health services and hospice services operating segments are contained within the Kindred at Home division while the Kindred Hospital Rehabilitation Services and RehabCare operating segments are both contained within the Kindred Rehabilitation Services division.

FINANCIAL RATIOS  of  Kindred Healthcare (KND)

Valuation Ratios
P/E Ratio -0.8
Price to Sales 0.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.7%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio 9
Current Ratio 0.4
LT Debt to Equity 395.4%
Total Debt to Equity 398.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -3.6%
Ret/ On Assets - 3 Yr. Avg. -0.9%
Return On Total Capital -15.3%
Ret/ On T. Cap. - 3 Yr. Avg. -6.6%
Return On Equity -57.4%
Return On Equity - 3 Yr. Avg. -23.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 94.7%
Gross Margin - 3 Yr. Avg. 94.5%
EBITDA Margin 1%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin -1%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin -4.2%
Pre-Tax Margin - 3 Yr. Avg. -1.8%
Net Profit Margin -9.2%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate -104%
Eff/ Tax Rate - 3 Yr. Avg. -19.6%
Payout Ratio -7.8%

KND stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KND stock intrinsic value calculation we used $7220 million for the last fiscal year's total revenue generated by Kindred Healthcare. The default revenue input number comes from 2016 income statement of Kindred Healthcare. 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 KND 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 11.4%, whose default value for KND is calculated based on our internal credit rating of Kindred Healthcare, 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 Kindred Healthcare.
    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 KND stock the variable cost ratio is equal to 98.1%.

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 KND 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 6.8% for Kindred Healthcare.

Corporate tax rate of 27% is the nominal tax rate for Kindred Healthcare. 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 KND 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 KND are equal to 21.6%.

Life of production assets of 25.7 years is the average useful life of capital assets used in Kindred Healthcare 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 KND is equal to 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 - $813 million for Kindred Healthcare - 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 87.018 million for Kindred Healthcare 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 Kindred Healthcare at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Kindred details impact of Hurricanes Irma and Harvey on its business   [07:20AM  American City Business Journals]
▶ Kindred Healthcare sells skilled-nursing facilities for $519 million   [Sep-01-17 11:25AM  American City Business Journals]
▶ Kindred Healthcare posts $409 million loss, shares continue to dip   [Aug-04-17 04:35PM  American City Business Journals]
▶ Kindred Healthcare reports 2Q loss   [12:12AM  Associated Press]
▶ Kindred Healthcare Reports Second Quarter 2017 Results   [Aug-03-17 04:30PM  Business Wire]
▶ Health care CEO take-home pay has flourished under ACA   [Jul-26-17 02:25PM  American City Business Journals]
▶ New Strong Sell Stocks for July 19th   [Jul-19-17 09:19AM  Zacks]
▶ Kindred in deal to sell business segment, gain $910 million   [Jul-17-17 06:00PM  American City Business Journals]
▶ New Strong Sell Stocks for July 14th   [Jul-14-17 08:15AM  Zacks]
▶ Kindred Sells Skilled Nursing Facility Business for $700M   [Jul-03-17 08:14PM  TheStreet.com]
▶ Kindred sells CFO's house at big loss   [Jun-06-17 02:45PM  American City Business Journals]
▶ Despite Sickly EPS Growth, Kindred Healthcare Shows Rising Strength   [Jun-02-17 11:16AM  Investor's Business Daily]
▶ U.S. Supreme Court rules in Kindred arbitration case   [May-17-17 01:35PM  American City Business Journals]
▶ Kindred CEO comments on acquisition rumors   [May-04-17 02:05PM  American City Business Journals]
▶ Kindred Healthcare reports 1Q loss   [May-03-17 06:33PM  Associated Press]
▶ Hospital co. to shutter another Houston-area facility   [May-01-17 03:10PM  American City Business Journals]
▶ Acquisition rumors swirl around Kindred Healthcare   [02:38PM  American City Business Journals]
▶ Kindred Healthcare to Explore Sale   [09:37AM  TheStreet.com]
▶ Kindreds First Quarter Conference Call Scheduled for May 4   [Apr-11-17 04:30PM  GlobeNewswire]
▶ See how much Kindred paid its top five executives last year   [Apr-04-17 02:15PM  American City Business Journals]
▶ Kindred CEO: Home health is major 'growth story'   [Mar-17-17 07:53AM  at bizjournals.com]
▶ Kindred CEO: Home health is major 'growth story'   [07:53AM  American City Business Journals]
▶ Bullish and Bearish Reversals in the Market   [12:00PM  TheStreet.com]
▶ Top Fund Managers Bet Against Trump Replacing Obamacare   [Jan-24-17 08:21AM  at Investopedia]
▶ Kindred Reviews 2016 Accomplishments   [Jan-09-17 05:00PM  Business Wire]
▶ Kindred to Present at the J.P. Morgan Healthcare Conference   [Jan-03-17 05:00PM  Business Wire]
▶ What Smart Money Thinks of GTT Communications Inc (GTT)?   [Dec-08-16 09:45AM  at Insider Monkey]
Financial statements of KND
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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