Intrinsic value of McKesson - MCK

Previous Close

$127.47

  Intrinsic Value

$323.87

stock screener

  Rating & Target

str. buy

+154%

Previous close

$127.47

 
Intrinsic value

$323.87

 
Up/down potential

+154%

 
Rating

str. buy

We calculate the intrinsic value of MCK 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 25.4

 

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, %
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  214,608
  221,475
  228,961
  237,071
  245,814
  255,201
  265,249
  275,974
  287,397
  299,540
  312,428
  326,088
  340,551
  355,847
  372,011
  389,080
  407,092
  426,089
  446,114
  467,214
  489,439
  512,840
  537,472
  563,393
  590,664
  619,349
  649,516
  681,236
  714,585
  749,641
Variable operating expenses, $m
  211,129
  217,837
  225,149
  233,071
  241,610
  250,780
  260,594
  271,071
  282,228
  294,089
  305,176
  318,519
  332,646
  347,587
  363,376
  380,049
  397,643
  416,198
  435,759
  456,370
  478,078
  500,936
  524,996
  550,315
  576,953
  604,973
  634,439
  665,424
  697,998
  732,241
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
  211,129
  217,837
  225,149
  233,071
  241,610
  250,780
  260,594
  271,071
  282,228
  294,089
  305,176
  318,519
  332,646
  347,587
  363,376
  380,049
  397,643
  416,198
  435,759
  456,370
  478,078
  500,936
  524,996
  550,315
  576,953
  604,973
  634,439
  665,424
  697,998
  732,241
Operating income, $m
  3,479
  3,638
  3,812
  4,000
  4,203
  4,421
  4,654
  4,903
  5,168
  5,450
  7,252
  7,569
  7,905
  8,260
  8,635
  9,031
  9,449
  9,890
  10,355
  10,845
  11,361
  11,904
  12,476
  13,077
  13,710
  14,376
  15,076
  15,813
  16,587
  17,400
EBITDA, $m
  5,545
  5,722
  5,916
  6,125
  6,351
  6,594
  6,853
  7,130
  7,426
  7,739
  8,072
  8,425
  8,799
  9,194
  9,612
  10,053
  10,518
  11,009
  11,526
  12,072
  12,646
  13,250
  13,887
  14,557
  15,261
  16,002
  16,782
  17,601
  18,463
  19,369
Interest expense (income), $m
  315
  426
  508
  599
  697
  803
  918
  1,041
  1,172
  1,313
  1,463
  1,622
  1,791
  1,970
  2,160
  2,360
  2,572
  2,796
  3,032
  3,282
  3,544
  3,821
  4,112
  4,419
  4,742
  5,082
  5,440
  5,816
  6,211
  6,627
  7,065
Earnings before tax, $m
  3,053
  3,130
  3,213
  3,304
  3,400
  3,503
  3,614
  3,731
  3,855
  3,987
  5,630
  5,778
  5,934
  6,100
  6,275
  6,459
  6,653
  6,858
  7,074
  7,301
  7,540
  7,792
  8,057
  8,335
  8,628
  8,937
  9,261
  9,601
  9,959
  10,336
Tax expense, $m
  824
  845
  868
  892
  918
  946
  976
  1,007
  1,041
  1,077
  1,520
  1,560
  1,602
  1,647
  1,694
  1,744
  1,796
  1,852
  1,910
  1,971
  2,036
  2,104
  2,175
  2,251
  2,330
  2,413
  2,500
  2,592
  2,689
  2,791
Net income, $m
  2,229
  2,285
  2,346
  2,412
  2,482
  2,557
  2,638
  2,723
  2,814
  2,911
  4,110
  4,218
  4,332
  4,453
  4,580
  4,715
  4,857
  5,006
  5,164
  5,330
  5,504
  5,688
  5,881
  6,085
  6,299
  6,524
  6,760
  7,009
  7,270
  7,545

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
  62,187
  64,177
  66,346
  68,696
  71,230
  73,950
  76,861
  79,969
  83,279
  86,798
  90,532
  94,491
  98,682
  103,114
  107,798
  112,744
  117,963
  123,468
  129,271
  135,385
  141,825
  148,606
  155,744
  163,255
  171,157
  179,469
  188,211
  197,403
  207,066
  217,224
Adjusted assets (=assets-cash), $m
  62,187
  64,177
  66,346
  68,696
  71,230
  73,950
  76,861
  79,969
  83,279
  86,798
  90,532
  94,491
  98,682
  103,114
  107,798
  112,744
  117,963
  123,468
  129,271
  135,385
  141,825
  148,606
  155,744
  163,255
  171,157
  179,469
  188,211
  197,403
  207,066
  217,224
Revenue / Adjusted assets
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
  3.451
Average production assets, $m
  10,087
  10,409
  10,761
  11,142
  11,553
  11,994
  12,467
  12,971
  13,508
  14,078
  14,684
  15,326
  16,006
  16,725
  17,485
  18,287
  19,133
  20,026
  20,967
  21,959
  23,004
  24,103
  25,261
  26,479
  27,761
  29,109
  30,527
  32,018
  33,585
  35,233
Working capital, $m
  -1,073
  -1,107
  -1,145
  -1,185
  -1,229
  -1,276
  -1,326
  -1,380
  -1,437
  -1,498
  -1,562
  -1,630
  -1,703
  -1,779
  -1,860
  -1,945
  -2,035
  -2,130
  -2,231
  -2,336
  -2,447
  -2,564
  -2,687
  -2,817
  -2,953
  -3,097
  -3,248
  -3,406
  -3,573
  -3,748
Total debt, $m
  9,416
  11,083
  12,901
  14,870
  16,993
  19,273
  21,713
  24,317
  27,091
  30,040
  33,169
  36,486
  39,998
  43,713
  47,638
  51,783
  56,156
  60,769
  65,632
  70,756
  76,153
  81,835
  87,816
  94,111
  100,733
  107,698
  115,024
  122,726
  130,824
  139,337
Total liabilities, $m
  52,113
  53,780
  55,598
  57,567
  59,690
  61,970
  64,410
  67,014
  69,788
  72,737
  75,866
  79,183
  82,695
  86,410
  90,335
  94,480
  98,853
  103,466
  108,329
  113,453
  118,850
  124,532
  130,513
  136,808
  143,430
  150,395
  157,721
  165,423
  173,521
  182,034
Total equity, $m
  10,074
  10,397
  10,748
  11,129
  11,539
  11,980
  12,452
  12,955
  13,491
  14,061
  14,666
  15,308
  15,986
  16,704
  17,463
  18,265
  19,110
  20,002
  20,942
  21,932
  22,976
  24,074
  25,230
  26,447
  27,727
  29,074
  30,490
  31,979
  33,545
  35,190
Total liabilities and equity, $m
  62,187
  64,177
  66,346
  68,696
  71,229
  73,950
  76,862
  79,969
  83,279
  86,798
  90,532
  94,491
  98,681
  103,114
  107,798
  112,745
  117,963
  123,468
  129,271
  135,385
  141,826
  148,606
  155,743
  163,255
  171,157
  179,469
  188,211
  197,402
  207,066
  217,224
Debt-to-equity ratio
  0.930
  1.070
  1.200
  1.340
  1.470
  1.610
  1.740
  1.880
  2.010
  2.140
  2.260
  2.380
  2.500
  2.620
  2.730
  2.840
  2.940
  3.040
  3.130
  3.230
  3.310
  3.400
  3.480
  3.560
  3.630
  3.700
  3.770
  3.840
  3.900
  3.960
Adjusted equity ratio
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162
  0.162

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,229
  2,285
  2,346
  2,412
  2,482
  2,557
  2,638
  2,723
  2,814
  2,911
  4,110
  4,218
  4,332
  4,453
  4,580
  4,715
  4,857
  5,006
  5,164
  5,330
  5,504
  5,688
  5,881
  6,085
  6,299
  6,524
  6,760
  7,009
  7,270
  7,545
Depreciation, amort., depletion, $m
  2,066
  2,084
  2,104
  2,125
  2,148
  2,173
  2,199
  2,227
  2,257
  2,289
  820
  856
  894
  934
  977
  1,022
  1,069
  1,119
  1,171
  1,227
  1,285
  1,347
  1,411
  1,479
  1,551
  1,626
  1,705
  1,789
  1,876
  1,968
Funds from operations, $m
  4,295
  4,369
  4,450
  4,537
  4,630
  4,730
  4,837
  4,951
  5,072
  5,200
  4,930
  5,074
  5,226
  5,387
  5,557
  5,736
  5,926
  6,125
  6,335
  6,556
  6,789
  7,034
  7,293
  7,564
  7,850
  8,150
  8,466
  8,798
  9,147
  9,514
Change in working capital, $m
  -31
  -34
  -37
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -106
  -111
  -117
  -123
  -130
  -136
  -143
  -151
  -159
  -167
  -175
Cash from operations, $m
  4,326
  4,403
  4,487
  4,577
  4,674
  4,777
  4,887
  5,004
  5,129
  5,261
  4,995
  5,142
  5,299
  5,464
  5,638
  5,822
  6,016
  6,220
  6,435
  6,662
  6,900
  7,151
  7,416
  7,694
  7,986
  8,293
  8,617
  8,956
  9,313
  9,689
Maintenance CAPEX, $m
  -542
  -563
  -582
  -601
  -622
  -645
  -670
  -696
  -725
  -755
  -787
  -820
  -856
  -894
  -934
  -977
  -1,022
  -1,069
  -1,119
  -1,171
  -1,227
  -1,285
  -1,347
  -1,411
  -1,479
  -1,551
  -1,626
  -1,705
  -1,789
  -1,876
New CAPEX, $m
  -389
  -323
  -352
  -381
  -411
  -441
  -472
  -504
  -537
  -571
  -606
  -642
  -680
  -719
  -760
  -802
  -847
  -893
  -941
  -992
  -1,045
  -1,100
  -1,158
  -1,218
  -1,282
  -1,348
  -1,418
  -1,491
  -1,567
  -1,648
Cash from investing activities, $m
  -931
  -886
  -934
  -982
  -1,033
  -1,086
  -1,142
  -1,200
  -1,262
  -1,326
  -1,393
  -1,462
  -1,536
  -1,613
  -1,694
  -1,779
  -1,869
  -1,962
  -2,060
  -2,163
  -2,272
  -2,385
  -2,505
  -2,629
  -2,761
  -2,899
  -3,044
  -3,196
  -3,356
  -3,524
Free cash flow, $m
  3,395
  3,517
  3,554
  3,595
  3,640
  3,690
  3,745
  3,804
  3,867
  3,935
  3,602
  3,680
  3,763
  3,851
  3,944
  4,043
  4,147
  4,258
  4,375
  4,499
  4,629
  4,766
  4,911
  5,064
  5,225
  5,394
  5,572
  5,760
  5,957
  6,165
Issuance/(repayment) of debt, $m
  1,536
  1,668
  1,818
  1,969
  2,123
  2,280
  2,440
  2,604
  2,774
  2,949
  3,130
  3,317
  3,512
  3,714
  3,925
  4,145
  4,374
  4,613
  4,863
  5,124
  5,397
  5,682
  5,981
  6,294
  6,622
  6,966
  7,325
  7,703
  8,098
  8,513
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  
  1,536
  1,668
  1,818
  1,969
  2,123
  2,280
  2,440
  2,604
  2,774
  2,949
  3,130
  3,317
  3,512
  3,714
  3,925
  4,145
  4,374
  4,613
  4,863
  5,124
  5,397
  5,682
  5,981
  6,294
  6,622
  6,966
  7,325
  7,703
  8,098
  8,513
Total cash flow (excl. dividends), $m
  4,931
  5,185
  5,371
  5,564
  5,763
  5,970
  6,185
  6,408
  6,641
  6,884
  6,732
  6,997
  7,275
  7,565
  7,869
  8,188
  8,521
  8,871
  9,238
  9,622
  10,026
  10,449
  10,893
  11,358
  11,847
  12,360
  12,898
  13,463
  14,055
  14,678
Retained Cash Flow (-), $m
  -270
  -322
  -351
  -381
  -410
  -441
  -472
  -503
  -536
  -570
  -605
  -641
  -679
  -718
  -759
  -801
  -846
  -892
  -940
  -991
  -1,043
  -1,099
  -1,156
  -1,217
  -1,280
  -1,347
  -1,416
  -1,489
  -1,565
  -1,646
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
  4,661
  4,862
  5,020
  5,183
  5,353
  5,529
  5,713
  5,905
  6,105
  6,314
  6,127
  6,356
  6,596
  6,847
  7,110
  7,386
  7,676
  7,979
  8,298
  8,632
  8,983
  9,350
  9,736
  10,142
  10,567
  11,013
  11,482
  11,974
  12,490
  13,032
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
  4,469
  4,451
  4,369
  4,268
  4,149
  4,013
  3,860
  3,691
  3,507
  3,310
  2,910
  2,712
  2,508
  2,299
  2,087
  1,877
  1,670
  1,469
  1,278
  1,097
  929
  776
  638
  517
  411
  321
  246
  185
  136
  98
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

McKesson Corporation is a healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care, and healthcare information technology company. The Company provides medicines, medical products and healthcare services by partnering with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare. It operates through two segments: McKesson Distribution Solutions and McKesson Technology Solutions. The distribution solutions segment distributes branded and generic pharmaceutical drugs and other healthcare-related products internationally and provides practice management, technology, clinical support and business solutions to community-based oncology and other specialty practices. Technology Solutions segment provides software and analytics, network solutions and technology-enabled services.

FINANCIAL RATIOS  of  McKesson (MCK)

Valuation Ratios
P/E Ratio 5.3
Price to Sales 0.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 6.4
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17%
Cap. Spend. - 3 Yr. Gr. Rate 6.3%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 65.8%
Total Debt to Equity 77%
Interest Coverage 23
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 5.6%
Return On Total Capital 27.6%
Ret/ On T. Cap. - 3 Yr. Avg. 16.2%
Return On Equity 50.7%
Return On Equity - 3 Yr. Avg. 31.7%
Asset Turnover 3.4
Profitability Ratios
Gross Margin 5.7%
Gross Margin - 3 Yr. Avg. 6%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 2.9%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. 2.4%
Pre-Tax Margin 3.5%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 23.4%
Eff/ Tax Rate - 3 Yr. Avg. 27.3%
Payout Ratio 5%

MCK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCK stock intrinsic value calculation we used $208357 million for the last fiscal year's total revenue generated by McKesson. The default revenue input number comes from 0001 income statement of McKesson. 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 MCK stock valuation model: a) initial revenue growth rate of 3% 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 MCK is calculated based on our internal credit rating of McKesson, 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 McKesson.
    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 MCK stock the variable cost ratio is equal to 98.4%.

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 MCK 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 McKesson.

Corporate tax rate of 27% is the nominal tax rate for McKesson. 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 MCK 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 MCK are equal to 4.7%.

Life of production assets of 17.9 years is the average useful life of capital assets used in McKesson 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 MCK is equal to -0.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9804 million for McKesson - 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 199 million for McKesson 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 McKesson at the current share price and the inputted number of shares is $25.4 billion.

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COMPANY NEWS

▶ [$$] Longtime McKesson CEO to Step Down   [Nov-01-18 06:53PM  The Wall Street Journal]
▶ McKesson Is Deeply Discounted   [07:00AM  Morningstar]
▶ McKesson: Fiscal 2Q Earnings Snapshot   [07:14AM  Associated Press]
▶ McKesson's Q2 Earnings Preview   [Oct-24-18 02:47PM  Benzinga]
▶ Drug commercials you see on TV may be overhauled   [Oct-16-18 10:54AM  Yahoo Finance Video]
▶ Salesforce vs. Twitter in San Francisco homeless tax fight   [Oct-15-18 05:48PM  Associated Press]
▶ 52-Week Company Lows   [Sep-06-18 12:32PM  GuruFocus.com]
▶ 2 Seth Klarman Stocks Fall to 52-Week Lows   [Sep-05-18 06:23PM  GuruFocus.com]
▶ McKesson: Fiscal 1Q Earnings Snapshot   [07:21AM  Associated Press]
▶ San Francisco to consider tax on companies to help homeless   [Jul-16-18 09:46PM  Associated Press]
▶ 10 things to know about the proposed CoverMyMeds HQ in Franklinton   [01:38PM  American City Business Journals]
▶ Drug company's lawsuit could derail Nevada execution   [Jul-10-18 08:31PM  Associated Press]
▶ 4 Big Pharma Stocks Amazon Could Disrupt Next   [Jun-29-18 09:33AM  InvestorPlace]
▶ Uber poaches new real estate head from McKesson   [09:18AM  American City Business Journals]
▶ Hockey and basketball lead the blitz   [01:22PM  CNBC Videos]
▶ Pharmaceutical distributor to lay off 126 workers   [Jun-04-18 10:39AM  American City Business Journals]
▶ [$$] Deal Close Announcements: May 28-June 1   [Jun-01-18 07:01PM  The Wall Street Journal]

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