Intrinsic value of Laboratory of America Holdings - LH

Previous Close

$141.96

  Intrinsic Value

$211.22

stock screener

  Rating & Target

buy

+49%

Previous close

$141.96

 
Intrinsic value

$211.22

 
Up/down potential

+49%

 
Rating

buy

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

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 14.5

 

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, %
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
Revenue, $m
  11,841
  13,328
  14,901
  16,558
  18,299
  20,122
  22,026
  24,012
  26,081
  28,234
  30,472
  32,799
  35,217
  37,730
  40,342
  43,057
  45,880
  48,816
  51,873
  55,055
  58,370
  61,825
  65,427
  69,186
  73,109
  77,205
  81,484
  85,956
  90,632
  95,522
Variable operating expenses, $m
  10,075
  11,195
  12,380
  13,629
  14,940
  16,313
  17,747
  19,243
  20,801
  22,423
  22,952
  24,705
  26,526
  28,419
  30,386
  32,431
  34,557
  36,769
  39,071
  41,468
  43,965
  46,568
  49,281
  52,112
  55,067
  58,152
  61,376
  64,744
  68,266
  71,949
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
  10,075
  11,195
  12,380
  13,629
  14,940
  16,313
  17,747
  19,243
  20,801
  22,423
  22,952
  24,705
  26,526
  28,419
  30,386
  32,431
  34,557
  36,769
  39,071
  41,468
  43,965
  46,568
  49,281
  52,112
  55,067
  58,152
  61,376
  64,744
  68,266
  71,949
Operating income, $m
  1,765
  2,132
  2,521
  2,930
  3,359
  3,809
  4,279
  4,769
  5,280
  5,811
  7,520
  8,094
  8,691
  9,311
  9,956
  10,625
  11,322
  12,047
  12,801
  13,586
  14,404
  15,257
  16,146
  17,074
  18,042
  19,053
  20,109
  21,212
  22,366
  23,573
EBITDA, $m
  3,266
  3,676
  4,110
  4,567
  5,047
  5,549
  6,075
  6,622
  7,193
  7,787
  8,404
  9,046
  9,713
  10,406
  11,126
  11,875
  12,653
  13,463
  14,306
  15,184
  16,098
  17,051
  18,044
  19,081
  20,163
  21,293
  22,473
  23,706
  24,996
  26,344
Interest expense (income), $m
  211
  365
  437
  513
  593
  678
  767
  860
  957
  1,058
  1,164
  1,274
  1,388
  1,507
  1,631
  1,759
  1,892
  2,031
  2,175
  2,325
  2,481
  2,644
  2,813
  2,989
  3,173
  3,365
  3,566
  3,775
  3,993
  4,222
  4,461
Earnings before tax, $m
  1,400
  1,695
  2,008
  2,336
  2,681
  3,042
  3,419
  3,812
  4,221
  4,647
  6,246
  6,706
  7,184
  7,680
  8,197
  8,733
  9,291
  9,872
  10,476
  11,105
  11,761
  12,444
  13,157
  13,900
  14,676
  15,487
  16,334
  17,219
  18,144
  19,112
Tax expense, $m
  378
  458
  542
  631
  724
  821
  923
  1,029
  1,140
  1,255
  1,686
  1,811
  1,940
  2,074
  2,213
  2,358
  2,509
  2,665
  2,829
  2,998
  3,175
  3,360
  3,552
  3,753
  3,963
  4,181
  4,410
  4,649
  4,899
  5,160
Net income, $m
  1,022
  1,238
  1,466
  1,706
  1,957
  2,221
  2,496
  2,783
  3,081
  3,392
  4,560
  4,895
  5,244
  5,607
  5,983
  6,375
  6,783
  7,206
  7,647
  8,107
  8,585
  9,084
  9,604
  10,147
  10,714
  11,305
  11,924
  12,570
  13,245
  13,952

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
  18,915
  21,290
  23,803
  26,451
  29,232
  32,143
  35,185
  38,358
  41,663
  45,102
  48,678
  52,395
  56,258
  60,272
  64,444
  68,780
  73,290
  77,981
  82,863
  87,947
  93,242
  98,761
  104,517
  110,520
  116,787
  123,331
  130,167
  137,311
  144,780
  152,592
Adjusted assets (=assets-cash), $m
  18,915
  21,290
  23,803
  26,451
  29,232
  32,143
  35,185
  38,358
  41,663
  45,102
  48,678
  52,395
  56,258
  60,272
  64,444
  68,780
  73,290
  77,981
  82,863
  87,947
  93,242
  98,761
  104,517
  110,520
  116,787
  123,331
  130,167
  137,311
  144,780
  152,592
Revenue / Adjusted assets
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
  0.626
Average production assets, $m
  8,004
  9,010
  10,073
  11,194
  12,370
  13,602
  14,889
  16,232
  17,631
  19,086
  20,599
  22,172
  23,807
  25,506
  27,271
  29,106
  31,015
  33,000
  35,066
  37,217
  39,458
  41,793
  44,229
  46,770
  49,421
  52,191
  55,083
  58,107
  61,267
  64,573
Working capital, $m
  734
  826
  924
  1,027
  1,135
  1,248
  1,366
  1,489
  1,617
  1,750
  1,889
  2,034
  2,183
  2,339
  2,501
  2,670
  2,845
  3,027
  3,216
  3,413
  3,619
  3,833
  4,056
  4,290
  4,533
  4,787
  5,052
  5,329
  5,619
  5,922
Total debt, $m
  8,091
  9,497
  10,985
  12,552
  14,198
  15,922
  17,723
  19,601
  21,558
  23,593
  25,711
  27,911
  30,198
  32,574
  35,044
  37,611
  40,281
  43,058
  45,948
  48,958
  52,093
  55,360
  58,767
  62,321
  66,031
  69,905
  73,952
  78,181
  82,603
  87,227
Total liabilities, $m
  11,197
  12,604
  14,092
  15,659
  17,305
  19,029
  20,830
  22,708
  24,664
  26,700
  28,817
  31,018
  33,305
  35,681
  38,151
  40,718
  43,388
  46,165
  49,055
  52,065
  55,199
  58,467
  61,874
  65,428
  69,138
  73,012
  77,059
  81,288
  85,710
  90,334
Total equity, $m
  7,717
  8,686
  9,712
  10,792
  11,926
  13,114
  14,356
  15,650
  16,998
  18,402
  19,861
  21,377
  22,953
  24,591
  26,293
  28,062
  29,902
  31,816
  33,808
  35,882
  38,043
  40,295
  42,643
  45,092
  47,649
  50,319
  53,108
  56,023
  59,070
  62,257
Total liabilities and equity, $m
  18,914
  21,290
  23,804
  26,451
  29,231
  32,143
  35,186
  38,358
  41,662
  45,102
  48,678
  52,395
  56,258
  60,272
  64,444
  68,780
  73,290
  77,981
  82,863
  87,947
  93,242
  98,762
  104,517
  110,520
  116,787
  123,331
  130,167
  137,311
  144,780
  152,591
Debt-to-equity ratio
  1.050
  1.090
  1.130
  1.160
  1.190
  1.210
  1.230
  1.250
  1.270
  1.280
  1.290
  1.310
  1.320
  1.320
  1.330
  1.340
  1.350
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.390
  1.390
  1.390
  1.400
  1.400
  1.400
Adjusted equity ratio
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,022
  1,238
  1,466
  1,706
  1,957
  2,221
  2,496
  2,783
  3,081
  3,392
  4,560
  4,895
  5,244
  5,607
  5,983
  6,375
  6,783
  7,206
  7,647
  8,107
  8,585
  9,084
  9,604
  10,147
  10,714
  11,305
  11,924
  12,570
  13,245
  13,952
Depreciation, amort., depletion, $m
  1,500
  1,543
  1,589
  1,637
  1,688
  1,740
  1,796
  1,853
  1,913
  1,976
  884
  952
  1,022
  1,095
  1,170
  1,249
  1,331
  1,416
  1,505
  1,597
  1,693
  1,794
  1,898
  2,007
  2,121
  2,240
  2,364
  2,494
  2,629
  2,771
Funds from operations, $m
  2,522
  2,781
  3,055
  3,343
  3,645
  3,961
  4,292
  4,636
  4,995
  5,368
  5,444
  5,847
  6,266
  6,701
  7,154
  7,624
  8,114
  8,623
  9,152
  9,704
  10,279
  10,878
  11,503
  12,154
  12,835
  13,545
  14,288
  15,064
  15,875
  16,723
Change in working capital, $m
  87
  92
  98
  103
  108
  113
  118
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  189
  197
  206
  214
  223
  233
  243
  254
  265
  277
  290
  303
Cash from operations, $m
  2,436
  2,689
  2,957
  3,240
  3,537
  3,848
  4,174
  4,513
  4,867
  5,234
  5,305
  5,703
  6,116
  6,546
  6,992
  7,456
  7,939
  8,441
  8,963
  9,507
  10,073
  10,664
  11,279
  11,921
  12,592
  13,291
  14,022
  14,786
  15,585
  16,420
Maintenance CAPEX, $m
  -303
  -344
  -387
  -432
  -480
  -531
  -584
  -639
  -697
  -757
  -819
  -884
  -952
  -1,022
  -1,095
  -1,170
  -1,249
  -1,331
  -1,416
  -1,505
  -1,597
  -1,693
  -1,794
  -1,898
  -2,007
  -2,121
  -2,240
  -2,364
  -2,494
  -2,629
New CAPEX, $m
  -944
  -1,005
  -1,063
  -1,120
  -1,177
  -1,232
  -1,287
  -1,343
  -1,399
  -1,455
  -1,513
  -1,573
  -1,635
  -1,699
  -1,765
  -1,835
  -1,908
  -1,985
  -2,066
  -2,151
  -2,241
  -2,336
  -2,435
  -2,541
  -2,652
  -2,769
  -2,893
  -3,023
  -3,161
  -3,306
Cash from investing activities, $m
  -1,247
  -1,349
  -1,450
  -1,552
  -1,657
  -1,763
  -1,871
  -1,982
  -2,096
  -2,212
  -2,332
  -2,457
  -2,587
  -2,721
  -2,860
  -3,005
  -3,157
  -3,316
  -3,482
  -3,656
  -3,838
  -4,029
  -4,229
  -4,439
  -4,659
  -4,890
  -5,133
  -5,387
  -5,655
  -5,935
Free cash flow, $m
  1,189
  1,340
  1,507
  1,687
  1,880
  2,085
  2,302
  2,531
  2,771
  3,022
  2,972
  3,246
  3,530
  3,825
  4,132
  4,450
  4,781
  5,124
  5,481
  5,851
  6,235
  6,635
  7,050
  7,482
  7,933
  8,401
  8,890
  9,399
  9,930
  10,485
Issuance/(repayment) of debt, $m
  1,329
  1,406
  1,488
  1,567
  1,646
  1,724
  1,801
  1,878
  1,956
  2,036
  2,117
  2,200
  2,287
  2,376
  2,470
  2,567
  2,670
  2,777
  2,890
  3,009
  3,135
  3,267
  3,407
  3,554
  3,710
  3,874
  4,047
  4,229
  4,422
  4,625
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  
  1,329
  1,406
  1,488
  1,567
  1,646
  1,724
  1,801
  1,878
  1,956
  2,036
  2,117
  2,200
  2,287
  2,376
  2,470
  2,567
  2,670
  2,777
  2,890
  3,009
  3,135
  3,267
  3,407
  3,554
  3,710
  3,874
  4,047
  4,229
  4,422
  4,625
Total cash flow (excl. dividends), $m
  2,517
  2,746
  2,995
  3,255
  3,526
  3,809
  4,103
  4,410
  4,728
  5,058
  5,089
  5,446
  5,816
  6,201
  6,602
  7,018
  7,451
  7,901
  8,371
  8,860
  9,370
  9,902
  10,457
  11,037
  11,642
  12,275
  12,937
  13,628
  14,352
  15,110
Retained Cash Flow (-), $m
  -913
  -969
  -1,025
  -1,080
  -1,134
  -1,188
  -1,241
  -1,295
  -1,348
  -1,403
  -1,459
  -1,517
  -1,576
  -1,638
  -1,702
  -1,769
  -1,840
  -1,914
  -1,992
  -2,074
  -2,161
  -2,252
  -2,348
  -2,450
  -2,557
  -2,670
  -2,789
  -2,915
  -3,047
  -3,187
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
  1,604
  1,777
  1,969
  2,174
  2,392
  2,621
  2,862
  3,115
  3,379
  3,655
  3,630
  3,929
  4,240
  4,564
  4,900
  5,248
  5,611
  5,987
  6,379
  6,786
  7,209
  7,650
  8,109
  8,587
  9,086
  9,605
  10,148
  10,714
  11,305
  11,922
Discount rate, %
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
  1,495
  1,533
  1,561
  1,572
  1,563
  1,536
  1,489
  1,425
  1,344
  1,250
  1,055
  958
  855
  750
  647
  547
  454
  370
  295
  230
  175
  130
  95
  67
  46
  31
  20
  13
  8
  5
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

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 19.9
Price to Sales 1.5
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 16.3
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 $10441.4 million for the last fiscal year's total revenue generated by Laboratory of America Holdings. The default revenue input number comes from 0001 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 13.4% 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 7.3%, 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 86.4%.

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 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 5.4% 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 67.6%.

Life of production assets of 23.3 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 6.2%. 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 - $6804.1 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 101.9 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 $14.5 billion.

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COMPANY NEWS

▶ Company News For DEC 3, 2018   [09:30AM  Zacks]
▶ U.S. Stocks Sprint Ahead to End a Blockbuster Week   [Nov-30-18 05:24PM  Barrons.com]
▶ Laboratory Corp. Slides on Lowered Guidance   [11:10AM  TheStreet.com]
▶ Here's Why LabCorp Is Tanking Today   [10:49AM  Motley Fool]
▶ LabCorp Updates Full-Year 2018 Guidance   [06:56AM  Business Wire]
▶ Triad industrial portfolio sells for more than $81 million   [Nov-02-18 06:30AM  American City Business Journals]
▶ LabCorp Launches Consumer-Initiated Wellness Test Offering   [Nov-01-18 08:46AM  Business Wire]
▶ LabCorp Enables Health Records on iPhone   [Oct-29-18 05:30PM  Business Wire]
▶ Company News For Oct 25, 2018   [09:46AM  Zacks]
▶ LabCorp: 3Q Earnings Snapshot   [07:52AM  Associated Press]
▶ [$$] There Will Be Blood (Testing)   [Oct-11-18 03:37PM  The Wall Street Journal]
▶ LabCorp, ACLA respond to US District Court ruling vs HHS   [Sep-24-18 01:35PM  American City Business Journals]
▶ Prominent Triad home sold back to family   [Sep-18-18 07:00AM  American City Business Journals]
▶ 3 Top Healthcare Stocks to Buy in September   [Sep-12-18 06:01AM  Motley Fool]
▶ Theranos' bloody tale nears end with decision to shut down   [Sep-05-18 10:06AM  American City Business Journals]
▶ Three expansions, 923 jobs: Durham County approves incentives packages   [Aug-14-18 02:24PM  American City Business Journals]
▶ LabCorp completes $670M sale of Covance Food Solutions   [Aug-02-18 11:10AM  American City Business Journals]
▶ LabCorp: 2Q Earnings Snapshot   [07:19AM  Associated Press]
▶ Laboratory Of America's Earnings Outlook   [Jul-24-18 03:39PM  Benzinga]
▶ [$$] Medical Testing Giant LabCorp Hit by Ransomware Attack   [Jul-19-18 08:28PM  The Wall Street Journal]
▶ [$$] Medical Testing Giant LabCorp Hit by Ransomware Attack   [04:14PM  The Wall Street Journal]
▶ Yahoo Finance Live: Market Movers - Jul 17th, 2018   [07:20AM  Yahoo Finance Video]
▶ LabCorp discovers 'suspicious activity' on IT server over weekend   [Jul-16-18 05:08PM  American City Business Journals]
▶ How a business development hire from Chiltern positions Worldwide for more growth   [Jun-07-18 02:16PM  American City Business Journals]
▶ OmniSeq and LabCorp Launch OmniSeq Advance Assay   [Jun-01-18 04:11PM  GlobeNewswire]
▶ Stocks jump, Trump second-guesses Sessions   [11:38AM  Yahoo Finance]

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