Intrinsic value of Laboratory of America Holdings - LH

Previous Close

$174.39

  Intrinsic Value

$205.26

stock screener

  Rating & Target

hold

+18%

Previous close

$174.39

 
Intrinsic value

$205.26

 
Up/down potential

+18%

 
Rating

hold

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

We calculate the intrinsic value of LH 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  11.08
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  9,642
  10,597
  11,594
  12,634
  13,716
  14,843
  16,015
  17,233
  18,498
  19,813
  21,180
  22,601
  24,079
  25,616
  27,216
  28,881
  30,617
  32,426
  34,312
  36,280
  38,334
  40,479
  42,720
  45,062
  47,511
  50,072
  52,752
  55,557
  58,493
  61,567
  64,788
Variable operating expenses, $m
 
  7,057
  7,661
  8,290
  8,946
  9,628
  10,337
  11,075
  11,841
  12,637
  13,464
  13,682
  14,577
  15,507
  16,476
  17,484
  18,535
  19,630
  20,772
  21,963
  23,206
  24,505
  25,862
  27,280
  28,762
  30,312
  31,935
  33,633
  35,410
  37,271
  39,221
Fixed operating expenses, $m
 
  1,948
  1,996
  2,046
  2,097
  2,150
  2,203
  2,259
  2,315
  2,373
  2,432
  2,493
  2,555
  2,619
  2,685
  2,752
  2,821
  2,891
  2,963
  3,037
  3,113
  3,191
  3,271
  3,353
  3,437
  3,522
  3,611
  3,701
  3,793
  3,888
  3,985
Total operating expenses, $m
  8,329
  9,005
  9,657
  10,336
  11,043
  11,778
  12,540
  13,334
  14,156
  15,010
  15,896
  16,175
  17,132
  18,126
  19,161
  20,236
  21,356
  22,521
  23,735
  25,000
  26,319
  27,696
  29,133
  30,633
  32,199
  33,834
  35,546
  37,334
  39,203
  41,159
  43,206
Operating income, $m
  1,312
  1,592
  1,937
  2,297
  2,673
  3,065
  3,474
  3,900
  4,342
  4,804
  5,284
  6,426
  6,947
  7,489
  8,055
  8,646
  9,262
  9,905
  10,577
  11,280
  12,014
  12,783
  13,587
  14,430
  15,312
  16,237
  17,207
  18,223
  19,289
  20,408
  21,582
EBITDA, $m
  1,811
  2,478
  2,846
  3,231
  3,632
  4,050
  4,486
  4,939
  5,411
  5,903
  6,414
  6,947
  7,502
  8,080
  8,683
  9,311
  9,968
  10,653
  11,368
  12,116
  12,898
  13,716
  14,572
  15,469
  16,408
  17,392
  18,423
  19,504
  20,638
  21,827
  23,075
Interest expense (income), $m
  211
  190
  218
  248
  280
  312
  346
  381
  418
  456
  496
  537
  580
  624
  671
  719
  769
  821
  876
  933
  992
  1,054
  1,119
  1,186
  1,257
  1,331
  1,408
  1,489
  1,573
  1,662
  1,754
Earnings before tax, $m
  1,106
  1,402
  1,718
  2,049
  2,394
  2,753
  3,128
  3,518
  3,924
  4,347
  4,788
  5,889
  6,367
  6,865
  7,385
  7,927
  8,492
  9,083
  9,701
  10,347
  11,022
  11,729
  12,469
  13,244
  14,056
  14,907
  15,799
  16,735
  17,716
  18,746
  19,827
Tax expense, $m
  373
  379
  464
  553
  646
  743
  845
  950
  1,060
  1,174
  1,293
  1,590
  1,719
  1,854
  1,994
  2,140
  2,293
  2,453
  2,619
  2,794
  2,976
  3,167
  3,367
  3,576
  3,795
  4,025
  4,266
  4,518
  4,783
  5,062
  5,353
Net income, $m
  732
  1,024
  1,254
  1,496
  1,747
  2,010
  2,283
  2,568
  2,865
  3,174
  3,495
  4,299
  4,648
  5,011
  5,391
  5,786
  6,199
  6,631
  7,082
  7,553
  8,046
  8,562
  9,102
  9,668
  10,261
  10,882
  11,533
  12,216
  12,933
  13,685
  14,474

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  434
  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
  14,247
  15,181
  16,610
  18,100
  19,651
  21,265
  22,944
  24,689
  26,502
  28,386
  30,344
  32,380
  34,497
  36,699
  38,991
  41,377
  43,864
  46,455
  49,158
  51,977
  54,920
  57,993
  61,204
  64,559
  68,067
  71,737
  75,576
  79,594
  83,801
  88,205
  92,819
Adjusted assets (=assets-cash), $m
  13,813
  15,181
  16,610
  18,100
  19,651
  21,265
  22,944
  24,689
  26,502
  28,386
  30,344
  32,380
  34,497
  36,699
  38,991
  41,377
  43,864
  46,455
  49,158
  51,977
  54,920
  57,993
  61,204
  64,559
  68,067
  71,737
  75,576
  79,594
  83,801
  88,205
  92,819
Revenue / Adjusted assets
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
  0.698
Average production assets, $m
  5,096
  5,595
  6,121
  6,671
  7,242
  7,837
  8,456
  9,099
  9,767
  10,461
  11,183
  11,933
  12,713
  13,525
  14,370
  15,249
  16,166
  17,121
  18,117
  19,156
  20,240
  21,373
  22,556
  23,793
  25,086
  26,438
  27,853
  29,334
  30,884
  32,508
  34,208
Working capital, $m
  651
  848
  927
  1,011
  1,097
  1,187
  1,281
  1,379
  1,480
  1,585
  1,694
  1,808
  1,926
  2,049
  2,177
  2,311
  2,449
  2,594
  2,745
  2,902
  3,067
  3,238
  3,418
  3,605
  3,801
  4,006
  4,220
  4,445
  4,679
  4,925
  5,183
Total debt, $m
  5,850
  6,233
  7,092
  7,987
  8,919
  9,890
  10,898
  11,947
  13,037
  14,169
  15,346
  16,569
  17,841
  19,165
  20,542
  21,977
  23,471
  25,029
  26,653
  28,347
  30,116
  31,963
  33,892
  35,909
  38,017
  40,223
  42,530
  44,945
  47,473
  50,120
  52,893
Total liabilities, $m
  8,741
  9,124
  9,983
  10,878
  11,810
  12,781
  13,789
  14,838
  15,928
  17,060
  18,237
  19,460
  20,732
  22,056
  23,433
  24,868
  26,362
  27,920
  29,544
  31,238
  33,007
  34,854
  36,783
  38,800
  40,908
  43,114
  45,421
  47,836
  50,364
  53,011
  55,784
Total equity, $m
  5,506
  6,057
  6,627
  7,222
  7,841
  8,485
  9,155
  9,851
  10,574
  11,326
  12,107
  12,919
  13,764
  14,643
  15,557
  16,510
  17,502
  18,536
  19,614
  20,739
  21,913
  23,139
  24,420
  25,759
  27,159
  28,623
  30,155
  31,758
  33,436
  35,194
  37,035
Total liabilities and equity, $m
  14,247
  15,181
  16,610
  18,100
  19,651
  21,266
  22,944
  24,689
  26,502
  28,386
  30,344
  32,379
  34,496
  36,699
  38,990
  41,378
  43,864
  46,456
  49,158
  51,977
  54,920
  57,993
  61,203
  64,559
  68,067
  71,737
  75,576
  79,594
  83,800
  88,205
  92,819
Debt-to-equity ratio
  1.062
  1.030
  1.070
  1.110
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.280
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.370
  1.380
  1.390
  1.390
  1.400
  1.410
  1.410
  1.420
  1.420
  1.420
  1.430
Adjusted equity ratio
  0.367
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  732
  1,024
  1,254
  1,496
  1,747
  2,010
  2,283
  2,568
  2,865
  3,174
  3,495
  4,299
  4,648
  5,011
  5,391
  5,786
  6,199
  6,631
  7,082
  7,553
  8,046
  8,562
  9,102
  9,668
  10,261
  10,882
  11,533
  12,216
  12,933
  13,685
  14,474
Depreciation, amort., depletion, $m
  499
  887
  910
  934
  959
  985
  1,012
  1,040
  1,069
  1,099
  1,131
  521
  555
  591
  628
  666
  706
  748
  791
  836
  884
  933
  985
  1,039
  1,095
  1,155
  1,216
  1,281
  1,349
  1,420
  1,494
Funds from operations, $m
  962
  1,910
  2,164
  2,429
  2,706
  2,995
  3,295
  3,608
  3,934
  4,273
  4,626
  4,820
  5,203
  5,602
  6,018
  6,452
  6,905
  7,379
  7,873
  8,390
  8,930
  9,495
  10,087
  10,707
  11,356
  12,036
  12,750
  13,497
  14,282
  15,104
  15,968
Change in working capital, $m
  -214
  76
  80
  83
  87
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  133
  139
  145
  151
  157
  164
  172
  179
  187
  196
  205
  214
  224
  235
  246
  258
Cash from operations, $m
  1,176
  1,834
  2,084
  2,346
  2,619
  2,904
  3,201
  3,511
  3,832
  4,168
  4,516
  4,706
  5,085
  5,479
  5,890
  6,319
  6,767
  7,234
  7,722
  8,232
  8,766
  9,324
  9,908
  10,520
  11,160
  11,831
  12,535
  13,273
  14,047
  14,858
  15,710
Maintenance CAPEX, $m
  0
  -223
  -244
  -267
  -291
  -316
  -342
  -369
  -397
  -427
  -457
  -488
  -521
  -555
  -591
  -628
  -666
  -706
  -748
  -791
  -836
  -884
  -933
  -985
  -1,039
  -1,095
  -1,155
  -1,216
  -1,281
  -1,349
  -1,420
New CAPEX, $m
  -279
  -499
  -526
  -549
  -572
  -595
  -619
  -643
  -668
  -694
  -722
  -750
  -780
  -812
  -845
  -880
  -916
  -955
  -996
  -1,039
  -1,085
  -1,133
  -1,183
  -1,237
  -1,293
  -1,352
  -1,415
  -1,481
  -1,550
  -1,623
  -1,700
Cash from investing activities, $m
  -796
  -722
  -770
  -816
  -863
  -911
  -961
  -1,012
  -1,065
  -1,121
  -1,179
  -1,238
  -1,301
  -1,367
  -1,436
  -1,508
  -1,582
  -1,661
  -1,744
  -1,830
  -1,921
  -2,017
  -2,116
  -2,222
  -2,332
  -2,447
  -2,570
  -2,697
  -2,831
  -2,972
  -3,120
Free cash flow, $m
  380
  1,112
  1,314
  1,530
  1,756
  1,993
  2,240
  2,498
  2,767
  3,047
  3,338
  3,468
  3,783
  4,112
  4,455
  4,812
  5,184
  5,573
  5,978
  6,402
  6,845
  7,307
  7,791
  8,298
  8,828
  9,384
  9,966
  10,576
  11,215
  11,886
  12,590
Issuance/(repayment) of debt, $m
  -667
  817
  859
  895
  932
  970
  1,009
  1,049
  1,090
  1,132
  1,177
  1,223
  1,272
  1,324
  1,378
  1,434
  1,494
  1,557
  1,624
  1,694
  1,769
  1,847
  1,930
  2,017
  2,109
  2,205
  2,307
  2,415
  2,528
  2,647
  2,773
Issuance/(repurchase) of shares, $m
  27
  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  
  -650
  817
  859
  895
  932
  970
  1,009
  1,049
  1,090
  1,132
  1,177
  1,223
  1,272
  1,324
  1,378
  1,434
  1,494
  1,557
  1,624
  1,694
  1,769
  1,847
  1,930
  2,017
  2,109
  2,205
  2,307
  2,415
  2,528
  2,647
  2,773
Total cash flow (excl. dividends), $m
  -283
  1,929
  2,172
  2,425
  2,689
  2,963
  3,249
  3,547
  3,857
  4,179
  4,515
  4,691
  5,056
  5,436
  5,832
  6,246
  6,679
  7,130
  7,603
  8,096
  8,613
  9,154
  9,721
  10,315
  10,937
  11,589
  12,273
  12,991
  13,744
  14,534
  15,363
Retained Cash Flow (-), $m
  -561
  -551
  -570
  -594
  -619
  -644
  -670
  -696
  -723
  -752
  -781
  -812
  -845
  -879
  -915
  -952
  -992
  -1,034
  -1,078
  -1,125
  -1,174
  -1,226
  -1,281
  -1,339
  -1,400
  -1,464
  -1,532
  -1,603
  -1,678
  -1,758
  -1,841
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
 
  1,378
  1,602
  1,831
  2,070
  2,319
  2,580
  2,851
  3,133
  3,427
  3,733
  3,879
  4,211
  4,557
  4,918
  5,294
  5,687
  6,096
  6,524
  6,971
  7,439
  7,928
  8,440
  8,976
  9,537
  10,125
  10,741
  11,387
  12,065
  12,776
  13,522
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  1,283
  1,379
  1,447
  1,490
  1,508
  1,501
  1,471
  1,419
  1,347
  1,259
  1,109
  1,008
  900
  790
  681
  576
  478
  389
  310
  241
  184
  137
  99
  70
  48
  32
  21
  13
  8
  5
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

Laboratory Corporation of America Holdings is a life sciences company that is integrated in guiding patient care, providing clinical laboratory and end-to-end drug development services. The Company operates as a healthcare diagnostics company. The Company operates through two segments: LabCorp Diagnostics (LCD) and Covance Drug Development (CDD). The LCD segment is an independent clinical laboratory business, which offers menu of frequently requested and specialty testing through an integrated network of primary and specialty laboratories across the United States. The CDD segment offers drug development services, and provides a range of drug research and development (R&D) and market access services to biopharmaceutical companies and medical device companies across the world. It serves a range of customers, including managed care organizations (MCOs), biopharmaceutical companies, governmental agencies, physicians and other healthcare providers.

FINANCIAL RATIOS  of  Laboratory of America Holdings (LH)

Valuation Ratios
P/E Ratio 24.5
Price to Sales 1.9
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 15.2
Price to Free Cash Flow 20
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9%
Cap. Spend. - 3 Yr. Gr. Rate 6.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 96.3%
Total Debt to Equity 106.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33%
Gross Margin - 3 Yr. Avg. 34.4%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 18%
Operating Margin 13.6%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 11.5%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 7%
Effective Tax Rate 33.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 0%

LH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LH stock intrinsic value calculation we used $9642 million for the last fiscal year's total revenue generated by Laboratory of America Holdings. The default revenue input number comes from 2016 income statement of Laboratory of America Holdings. 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 LH stock valuation model: a) initial revenue growth rate of 9.9% 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 7.4%, whose default value for LH is calculated based on our internal credit rating of Laboratory of America Holdings, 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 Laboratory of America Holdings.
    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 LH stock the variable cost ratio is equal to 67.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1900 million in the base year in the intrinsic value calculation for LH 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 Laboratory of America Holdings.

Corporate tax rate of 27% is the nominal tax rate for Laboratory of America Holdings. 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 LH 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 LH are equal to 52.8%.

Life of production assets of 22.9 years is the average useful life of capital assets used in Laboratory of America Holdings 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 LH 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 - $5506 million for Laboratory of America Holdings - 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 103.316 million for Laboratory of America Holdings 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 Laboratory of America Holdings at the current share price and the inputted number of shares is $18.0 billion.

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COMPANY NEWS

▶ The Triad's best and worst stocks of 2017 (Slideshow)   [Jan-05-18 03:13PM  American City Business Journals]
▶ Laboratory Corporation Of America Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ LabCorp backs lawsuit challenging Medicare reimbursement rates   [12:35PM  American City Business Journals]
▶ CVS buys Aetna for $69B   [Dec-04-17 10:56AM  Yahoo Finance Video]
▶ [$$] Two Lawsuits Hit Express Scripts Unit on Pricing   [Nov-15-17 07:22PM  Barrons.com]
▶ LabCorp Receives 2017 Partnership Award from Be The Match®   [Nov-13-17 08:30AM  Business Wire]
▶ LabCorp partners with Northeast provider on lab testing   [12:25PM  American City Business Journals]
▶ CVS in talks to buy Aetna: RPTS   [Oct-27-17 10:31AM  Yahoo Finance Video]
▶ Diagnostics power LabCorp's beat-and-raise quarter   [Oct-25-17 12:13PM  Reuters]
▶ LabCorp beats Street 3Q forecasts   [07:03AM  Associated Press]
▶ 5 MedTech Momentum Picks Investors Will Love   [Oct-13-17 09:27AM  Zacks]
▶ How proposed cuts to Medicare reimbursement rates could impact LabCorp   [Sep-26-17 05:40PM  American City Business Journals]
▶ The Big Loser: Quest Diagnostics Quits   [Sep-25-17 04:34PM  Barrons.com]
▶ Quest Diagnostics: Will It Fail The Test?   [10:40AM  Barrons.com]
▶ Dynacare Acquires Hooper-Holmes Canada Ltd.   [Sep-06-17 03:00PM  CNW Group]
▶ LabCorp Completes Acquisition of Chiltern   [Sep-01-17 06:00AM  Business Wire]
▶ LabCorp gets regulatory OK for $1.2 billion takeover of Chiltern   [Aug-25-17 12:15PM  American City Business Journals]
▶ LabCorps Acquisition of Chiltern Clears Antitrust Review   [Aug-24-17 07:00PM  Business Wire]
▶ LabCorp creates chief medical officer position, snags BCBSNC exec   [02:50PM  American City Business Journals]
▶ LabCorp lures BCBSNC chief medical officer   [02:25PM  American City Business Journals]
▶ LabCorp purchases analytical testing services business in $8.5 million deal   [Aug-23-17 02:50PM  American City Business Journals]
Financial statements of LH
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