Intrinsic value of Masimo - MASI

Previous Close

$86.63

  Intrinsic Value

$46.73

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

-52%

Previous close

$86.63

 
Intrinsic value

$46.73

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

-52%

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

We calculate the intrinsic value of MASI 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 4.4

 

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, %
  10.32
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  695
  776
  860
  949
  1,043
  1,140
  1,241
  1,347
  1,457
  1,571
  1,690
  1,813
  1,941
  2,075
  2,213
  2,357
  2,507
  2,663
  2,826
  2,995
  3,171
  3,355
  3,547
  3,748
  3,957
  4,176
  4,404
  4,643
  4,893
  5,155
  5,429
Variable operating expenses, $m
 
  628
  697
  768
  844
  922
  1,004
  1,089
  1,178
  1,270
  1,366
  1,463
  1,567
  1,674
  1,786
  1,903
  2,024
  2,150
  2,281
  2,417
  2,560
  2,708
  2,863
  3,025
  3,194
  3,370
  3,555
  3,748
  3,950
  4,161
  4,382
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
  274
  628
  697
  768
  844
  922
  1,004
  1,089
  1,178
  1,270
  1,366
  1,463
  1,567
  1,674
  1,786
  1,903
  2,024
  2,150
  2,281
  2,417
  2,560
  2,708
  2,863
  3,025
  3,194
  3,370
  3,555
  3,748
  3,950
  4,161
  4,382
Operating income, $m
  421
  148
  164
  181
  199
  218
  237
  258
  279
  301
  324
  350
  374
  400
  427
  455
  484
  514
  545
  578
  612
  647
  684
  723
  763
  805
  850
  896
  944
  994
  1,047
EBITDA, $m
  438
  166
  185
  204
  224
  245
  266
  289
  313
  337
  363
  389
  417
  445
  475
  506
  538
  572
  606
  643
  681
  720
  761
  804
  849
  896
  945
  997
  1,050
  1,106
  1,165
Interest expense (income), $m
  4
  0
  1
  3
  4
  6
  7
  9
  11
  12
  14
  16
  18
  20
  22
  25
  27
  29
  32
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
Earnings before tax, $m
  418
  148
  163
  178
  195
  212
  230
  249
  268
  289
  310
  334
  356
  380
  405
  430
  457
  484
  513
  543
  575
  607
  641
  677
  714
  753
  793
  836
  880
  926
  975
Tax expense, $m
  117
  40
  44
  48
  53
  57
  62
  67
  72
  78
  84
  90
  96
  103
  109
  116
  123
  131
  139
  147
  155
  164
  173
  183
  193
  203
  214
  226
  238
  250
  263
Net income, $m
  301
  108
  119
  130
  142
  155
  168
  182
  196
  211
  226
  244
  260
  277
  295
  314
  333
  354
  375
  397
  419
  443
  468
  494
  521
  550
  579
  610
  642
  676
  712

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  306
  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
  821
  575
  637
  703
  772
  844
  920
  998
  1,079
  1,164
  1,252
  1,343
  1,438
  1,537
  1,639
  1,746
  1,857
  1,973
  2,093
  2,218
  2,349
  2,485
  2,628
  2,776
  2,931
  3,093
  3,263
  3,440
  3,625
  3,818
  4,021
Adjusted assets (=assets-cash), $m
  515
  575
  637
  703
  772
  844
  920
  998
  1,079
  1,164
  1,252
  1,343
  1,438
  1,537
  1,639
  1,746
  1,857
  1,973
  2,093
  2,218
  2,349
  2,485
  2,628
  2,776
  2,931
  3,093
  3,263
  3,440
  3,625
  3,818
  4,021
Revenue / Adjusted assets
  1.350
  1.350
  1.350
  1.350
  1.351
  1.351
  1.349
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
Average production assets, $m
  163
  182
  202
  223
  245
  268
  292
  317
  342
  369
  397
  426
  456
  488
  520
  554
  589
  626
  664
  704
  745
  789
  834
  881
  930
  981
  1,035
  1,091
  1,150
  1,211
  1,276
Working capital, $m
  287
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -42
  -46
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -147
Total debt, $m
  0
  30
  62
  96
  131
  167
  205
  245
  286
  329
  374
  420
  468
  518
  570
  624
  681
  739
  800
  864
  930
  999
  1,071
  1,147
  1,225
  1,307
  1,393
  1,483
  1,577
  1,675
  1,778
Total liabilities, $m
  260
  291
  323
  357
  392
  428
  466
  506
  547
  590
  635
  681
  729
  779
  831
  885
  942
  1,000
  1,061
  1,125
  1,191
  1,260
  1,332
  1,408
  1,486
  1,568
  1,654
  1,744
  1,838
  1,936
  2,039
Total equity, $m
  560
  283
  314
  347
  381
  416
  453
  492
  532
  574
  617
  662
  709
  758
  808
  861
  916
  973
  1,032
  1,094
  1,158
  1,225
  1,295
  1,369
  1,445
  1,525
  1,608
  1,696
  1,787
  1,883
  1,982
Total liabilities and equity, $m
  820
  574
  637
  704
  773
  844
  919
  998
  1,079
  1,164
  1,252
  1,343
  1,438
  1,537
  1,639
  1,746
  1,858
  1,973
  2,093
  2,219
  2,349
  2,485
  2,627
  2,777
  2,931
  3,093
  3,262
  3,440
  3,625
  3,819
  4,021
Debt-to-equity ratio
  0.000
  0.110
  0.200
  0.280
  0.340
  0.400
  0.450
  0.500
  0.540
  0.570
  0.610
  0.630
  0.660
  0.680
  0.710
  0.730
  0.740
  0.760
  0.780
  0.790
  0.800
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.900
Adjusted equity ratio
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  301
  108
  119
  130
  142
  155
  168
  182
  196
  211
  226
  244
  260
  277
  295
  314
  333
  354
  375
  397
  419
  443
  468
  494
  521
  550
  579
  610
  642
  676
  712
Depreciation, amort., depletion, $m
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  39
  42
  45
  48
  51
  55
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
Funds from operations, $m
  498
  127
  139
  153
  167
  182
  197
  213
  230
  247
  265
  283
  302
  323
  344
  365
  388
  412
  436
  462
  488
  516
  545
  576
  607
  640
  675
  711
  749
  788
  830
Change in working capital, $m
  81
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  417
  129
  142
  155
  170
  184
  200
  216
  233
  250
  268
  286
  306
  326
  347
  369
  392
  416
  441
  466
  493
  521
  550
  581
  613
  646
  681
  718
  756
  796
  837
Maintenance CAPEX, $m
  0
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -112
New CAPEX, $m
  -24
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
Cash from investing activities, $m
  -25
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -78
  -82
  -86
  -92
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -137
  -145
  -152
  -160
  -167
  -176
Free cash flow, $m
  392
  94
  105
  116
  127
  139
  151
  164
  178
  191
  206
  221
  236
  253
  270
  287
  305
  325
  344
  365
  387
  409
  432
  457
  482
  509
  537
  566
  596
  628
  661
Issuance/(repayment) of debt, $m
  -185
  30
  32
  33
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
Issuance/(repurchase) of shares, $m
  -31
  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  
  -217
  30
  32
  33
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
Total cash flow (excl. dividends), $m
  174
  125
  137
  149
  162
  175
  189
  204
  219
  234
  251
  267
  284
  303
  322
  341
  362
  383
  405
  429
  453
  478
  504
  532
  561
  591
  622
  655
  690
  726
  764
Retained Cash Flow (-), $m
  -285
  -29
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
Prev. year cash balance distribution, $m
 
  306
  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
 
  401
  106
  117
  128
  140
  152
  165
  179
  193
  207
  222
  238
  254
  271
  289
  307
  326
  346
  367
  388
  411
  434
  459
  484
  511
  539
  568
  598
  630
  664
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  385
  97
  101
  105
  108
  110
  112
  112
  111
  109
  105
  101
  97
  91
  85
  78
  71
  64
  56
  49
  42
  36
  30
  25
  20
  16
  12
  9
  7
  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

Masimo Corporation is a medical technology company that develops, manufactures and markets a range of non-invasive patient monitoring technologies. The Company's business is Measure-through Motion and Low Perfusion pulse oximetry monitoring, known as Masimo Signal Extraction Technology (SET) pulse oximetry. Its product offerings include non-invasive monitoring of blood constituents with an optical signature, optical organ oximetry monitoring, electrical, brain function monitoring, acoustic respiration monitoring and exhaled gas monitoring. In addition, the Company has developed the Root patient monitoring and connectivity platform, the Radical-7 bedside and portable patient monitor, and the Radius-7 wearable wireless patient monitor. It offers Patient SafetyNet remote patient surveillance monitoring system, which allows patients to be monitored through a personal computer-based monitor or by care providers through their pagers, voice-over-Internet Protocol (IP) phones or smartphones.

FINANCIAL RATIOS  of  Masimo (MASI)

Valuation Ratios
P/E Ratio 14.4
Price to Sales 6.3
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 11.1
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -56.4%
Cap. Spend. - 3 Yr. Gr. Rate 13%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 106
Management Effectiveness
Return On Assets 42.7%
Ret/ On Assets - 3 Yr. Avg. 23.9%
Return On Total Capital 59%
Ret/ On T. Cap. - 3 Yr. Avg. 32.3%
Return On Equity 72.1%
Return On Equity - 3 Yr. Avg. 41.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 66.8%
Gross Margin - 3 Yr. Avg. 66.2%
EBITDA Margin 63.2%
EBITDA Margin - 3 Yr. Avg. 34.7%
Operating Margin 60.6%
Oper. Margin - 3 Yr. Avg. 32.4%
Pre-Tax Margin 60.1%
Pre-Tax Margin - 3 Yr. Avg. 32%
Net Profit Margin 43.3%
Net Profit Margin - 3 Yr. Avg. 23%
Effective Tax Rate 28%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 0%

MASI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MASI stock intrinsic value calculation we used $695 million for the last fiscal year's total revenue generated by Masimo. The default revenue input number comes from 2016 income statement of Masimo. 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 MASI stock valuation model: a) initial revenue growth rate of 11.6% 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 4.3%, whose default value for MASI is calculated based on our internal credit rating of Masimo, 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 Masimo.
    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 MASI stock the variable cost ratio is equal to 81%.

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 MASI 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 4.3% for Masimo.

Corporate tax rate of 27% is the nominal tax rate for Masimo. 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 MASI 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 MASI are equal to 23.5%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Masimo 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 MASI is equal to -2.7%. 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 - $560 million for Masimo - 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 50.506 million for Masimo 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 Masimo at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Masimo Corp. : October 13, 2017   [Oct-13-17 11:02AM  Capital Cube]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Oct-03-17 08:12PM  Motley Fool]
▶ ETFs with exposure to Masimo Corp. : October 2, 2017   [Oct-02-17 10:56AM  Capital Cube]
▶ Masimo gets FDA clearance for its patient monitoring system   [Sep-18-17 04:20PM  American City Business Journals]
▶ Masimo Corporation Fell 12.7% in August -- but Why?   [Sep-11-17 05:06PM  Motley Fool]
▶ Dubai Health Authority Implements Masimo Patient SafetyNet   [Aug-14-17 12:00AM  Business Wire]
▶ Masimo beats Street 2Q forecasts   [02:15AM  Associated Press]
▶ Masimo Reports Second Quarter 2017 Financial Results   [Aug-02-17 04:05PM  Business Wire]
▶ 3 Stocks the Market Is Missing the Boat On   [Jul-14-17 06:30PM  Motley Fool]
▶ ETFs with exposure to Masimo Corp. : July 12, 2017   [Jul-12-17 02:46PM  Capital Cube]
▶ ETFs with exposure to Masimo Corp. : June 26, 2017   [Jun-26-17 04:23PM  Capital Cube]
▶ ETFs with exposure to Masimo Corp. : June 15, 2017   [Jun-15-17 02:31PM  Capital Cube]
▶ [$$] Judge Confirms Sotera Wireless Bankruptcy Plan   [May-15-17 04:04PM  The Wall Street Journal]
▶ Masimo: Cramer's Top Takeaways   [May-13-17 06:39AM  TheStreet.com]
▶ Masimo Introduces Rad-G Pulse Oximeter   [May-09-17 08:03AM  Business Wire]
▶ Indexes Trim Losses As Oil Stocks Sink; Did Tesla Flash A Sell Signal?   [May-04-17 02:49PM  Investor's Business Daily]
▶ Correction: Earns-Masimo story   [12:35PM  Associated Press]
Financial statements of MASI
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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