Intrinsic value of Magellan Health - MGLN

Previous Close

$97.35

  Intrinsic Value

$1,454

stock screener

  Rating & Target

str. buy

+999%

Previous close

$97.35

 
Intrinsic value

$1,454

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of MGLN 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 2.3

 

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, %
  5.22
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
Revenue, $m
  4,837
  5,896
  7,088
  8,413
  9,870
  11,458
  13,174
  15,016
  16,980
  19,064
  21,266
  23,582
  26,012
  28,554
  31,209
  33,976
  36,857
  39,854
  42,970
  46,208
  49,573
  53,071
  56,706
  60,485
  64,415
  68,504
  72,760
  77,193
  81,811
  86,625
  91,646
Variable operating expenses, $m
 
  3,964
  4,750
  5,624
  6,585
  7,632
  8,764
  9,979
  11,275
  12,650
  14,102
  15,556
  17,159
  18,836
  20,587
  22,412
  24,313
  26,290
  28,345
  30,482
  32,702
  35,009
  37,406
  39,899
  42,492
  45,189
  47,997
  50,921
  53,967
  57,143
  60,455
Fixed operating expenses, $m
 
  1,490
  1,528
  1,566
  1,605
  1,645
  1,686
  1,728
  1,772
  1,816
  1,861
  1,908
  1,955
  2,004
  2,054
  2,106
  2,158
  2,212
  2,268
  2,324
  2,383
  2,442
  2,503
  2,566
  2,630
  2,696
  2,763
  2,832
  2,903
  2,975
  3,050
Total operating expenses, $m
  4,684
  5,454
  6,278
  7,190
  8,190
  9,277
  10,450
  11,707
  13,047
  14,466
  15,963
  17,464
  19,114
  20,840
  22,641
  24,518
  26,471
  28,502
  30,613
  32,806
  35,085
  37,451
  39,909
  42,465
  45,122
  47,885
  50,760
  53,753
  56,870
  60,118
  63,505
Operating income, $m
  153
  442
  811
  1,223
  1,680
  2,180
  2,723
  3,308
  3,933
  4,598
  5,302
  6,118
  6,898
  7,714
  8,567
  9,457
  10,385
  11,351
  12,357
  13,402
  14,489
  15,620
  16,796
  18,020
  19,293
  20,619
  22,000
  23,440
  24,941
  26,506
  28,141
EBITDA, $m
  259
  559
  936
  1,358
  1,825
  2,337
  2,892
  3,490
  4,130
  4,810
  5,529
  6,288
  7,084
  7,919
  8,791
  9,702
  10,650
  11,638
  12,665
  13,734
  14,846
  16,001
  17,204
  18,454
  19,756
  21,111
  22,523
  23,994
  25,529
  27,129
  28,800
Interest expense (income), $m
  9
  9
  16
  24
  34
  44
  55
  67
  80
  94
  108
  124
  140
  157
  175
  194
  213
  233
  255
  276
  299
  323
  347
  373
  399
  427
  456
  486
  517
  549
  583
Earnings before tax, $m
  146
  434
  794
  1,199
  1,646
  2,136
  2,668
  3,241
  3,853
  4,505
  5,194
  5,994
  6,757
  7,557
  8,392
  9,264
  10,172
  11,118
  12,102
  13,126
  14,190
  15,297
  16,449
  17,647
  18,894
  20,192
  21,544
  22,954
  24,424
  25,957
  27,558
Tax expense, $m
  70
  117
  215
  324
  444
  577
  720
  875
  1,040
  1,216
  1,402
  1,618
  1,824
  2,040
  2,266
  2,501
  2,746
  3,002
  3,268
  3,544
  3,831
  4,130
  4,441
  4,765
  5,101
  5,452
  5,817
  6,198
  6,594
  7,008
  7,441
Net income, $m
  78
  317
  580
  875
  1,202
  1,559
  1,948
  2,366
  2,813
  3,288
  3,791
  4,376
  4,933
  5,516
  6,126
  6,762
  7,426
  8,116
  8,834
  9,582
  10,359
  11,167
  12,008
  12,882
  13,792
  14,740
  15,727
  16,756
  17,829
  18,949
  20,117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  374
  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
  2,444
  2,523
  3,033
  3,600
  4,223
  4,903
  5,637
  6,425
  7,266
  8,158
  9,100
  10,091
  11,131
  12,218
  13,354
  14,538
  15,771
  17,053
  18,387
  19,772
  21,212
  22,709
  24,264
  25,881
  27,563
  29,313
  31,134
  33,031
  35,007
  37,067
  39,215
Adjusted assets (=assets-cash), $m
  2,070
  2,523
  3,033
  3,600
  4,223
  4,903
  5,637
  6,425
  7,266
  8,158
  9,100
  10,091
  11,131
  12,218
  13,354
  14,538
  15,771
  17,053
  18,387
  19,772
  21,212
  22,709
  24,264
  25,881
  27,563
  29,313
  31,134
  33,031
  35,007
  37,067
  39,215
Revenue / Adjusted assets
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
  2.337
Average production assets, $m
  333
  407
  489
  580
  681
  791
  909
  1,036
  1,172
  1,315
  1,467
  1,627
  1,795
  1,970
  2,153
  2,344
  2,543
  2,750
  2,965
  3,188
  3,421
  3,662
  3,913
  4,173
  4,445
  4,727
  5,020
  5,326
  5,645
  5,977
  6,324
Working capital, $m
  226
  313
  376
  446
  523
  607
  698
  796
  900
  1,010
  1,127
  1,250
  1,379
  1,513
  1,654
  1,801
  1,953
  2,112
  2,277
  2,449
  2,627
  2,813
  3,005
  3,206
  3,414
  3,631
  3,856
  4,091
  4,336
  4,591
  4,857
Total debt, $m
  618
  457
  696
  962
  1,255
  1,573
  1,918
  2,287
  2,682
  3,100
  3,542
  4,007
  4,494
  5,004
  5,537
  6,092
  6,671
  7,272
  7,897
  8,547
  9,223
  9,924
  10,654
  11,412
  12,201
  13,022
  13,876
  14,765
  15,692
  16,658
  17,666
Total liabilities, $m
  1,344
  1,183
  1,422
  1,688
  1,981
  2,299
  2,644
  3,013
  3,408
  3,826
  4,268
  4,733
  5,220
  5,730
  6,263
  6,818
  7,397
  7,998
  8,623
  9,273
  9,949
  10,650
  11,380
  12,138
  12,927
  13,748
  14,602
  15,491
  16,418
  17,384
  18,392
Total equity, $m
  1,100
  1,340
  1,610
  1,911
  2,243
  2,603
  2,993
  3,412
  3,858
  4,332
  4,832
  5,358
  5,910
  6,488
  7,091
  7,720
  8,374
  9,055
  9,763
  10,499
  11,264
  12,058
  12,884
  13,743
  14,636
  15,565
  16,532
  17,539
  18,589
  19,682
  20,823
Total liabilities and equity, $m
  2,444
  2,523
  3,032
  3,599
  4,224
  4,902
  5,637
  6,425
  7,266
  8,158
  9,100
  10,091
  11,130
  12,218
  13,354
  14,538
  15,771
  17,053
  18,386
  19,772
  21,213
  22,708
  24,264
  25,881
  27,563
  29,313
  31,134
  33,030
  35,007
  37,066
  39,215
Debt-to-equity ratio
  0.562
  0.340
  0.430
  0.500
  0.560
  0.600
  0.640
  0.670
  0.700
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
Adjusted equity ratio
  0.351
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  78
  317
  580
  875
  1,202
  1,559
  1,948
  2,366
  2,813
  3,288
  3,791
  4,376
  4,933
  5,516
  6,126
  6,762
  7,426
  8,116
  8,834
  9,582
  10,359
  11,167
  12,008
  12,882
  13,792
  14,740
  15,727
  16,756
  17,829
  18,949
  20,117
Depreciation, amort., depletion, $m
  106
  117
  125
  135
  145
  157
  169
  182
  196
  211
  227
  169
  187
  205
  224
  244
  265
  286
  309
  332
  356
  381
  408
  435
  463
  492
  523
  555
  588
  623
  659
Funds from operations, $m
  -50
  433
  705
  1,010
  1,347
  1,716
  2,117
  2,548
  3,009
  3,500
  4,018
  4,545
  5,120
  5,722
  6,350
  7,007
  7,691
  8,403
  9,143
  9,914
  10,715
  11,548
  12,415
  13,317
  14,255
  15,232
  16,250
  17,311
  18,417
  19,571
  20,776
Change in working capital, $m
  -117
  56
  63
  70
  77
  84
  91
  98
  104
  110
  117
  123
  129
  135
  141
  147
  153
  159
  165
  172
  178
  185
  193
  200
  208
  217
  226
  235
  245
  255
  266
Cash from operations, $m
  67
  377
  642
  940
  1,270
  1,632
  2,026
  2,450
  2,905
  3,389
  3,902
  4,423
  4,991
  5,587
  6,210
  6,860
  7,538
  8,244
  8,978
  9,742
  10,537
  11,363
  12,222
  13,117
  14,047
  15,016
  16,025
  17,076
  18,173
  19,316
  20,510
Maintenance CAPEX, $m
  0
  -35
  -42
  -51
  -60
  -71
  -82
  -95
  -108
  -122
  -137
  -153
  -169
  -187
  -205
  -224
  -244
  -265
  -286
  -309
  -332
  -356
  -381
  -408
  -435
  -463
  -492
  -523
  -555
  -588
  -623
New CAPEX, $m
  -61
  -74
  -82
  -91
  -101
  -110
  -118
  -127
  -136
  -144
  -152
  -160
  -168
  -175
  -183
  -191
  -199
  -207
  -215
  -223
  -232
  -241
  -251
  -261
  -271
  -282
  -294
  -306
  -319
  -332
  -346
Cash from investing activities, $m
  -244
  -109
  -124
  -142
  -161
  -181
  -200
  -222
  -244
  -266
  -289
  -313
  -337
  -362
  -388
  -415
  -443
  -472
  -501
  -532
  -564
  -597
  -632
  -669
  -706
  -745
  -786
  -829
  -874
  -920
  -969
Free cash flow, $m
  -177
  268
  517
  797
  1,109
  1,451
  1,825
  2,228
  2,661
  3,123
  3,613
  4,110
  4,654
  5,224
  5,821
  6,445
  7,095
  7,772
  8,477
  9,210
  9,972
  10,765
  11,590
  12,448
  13,341
  14,271
  15,239
  16,248
  17,299
  18,396
  19,541
Issuance/(repayment) of debt, $m
  354
  213
  239
  266
  292
  319
  344
  370
  394
  418
  442
  465
  488
  510
  533
  555
  578
  601
  625
  650
  675
  702
  729
  758
  789
  821
  854
  890
  927
  966
  1,008
Issuance/(repurchase) of shares, $m
  -82
  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  
  233
  213
  239
  266
  292
  319
  344
  370
  394
  418
  442
  465
  488
  510
  533
  555
  578
  601
  625
  650
  675
  702
  729
  758
  789
  821
  854
  890
  927
  966
  1,008
Total cash flow (excl. dividends), $m
  55
  482
  757
  1,063
  1,401
  1,770
  2,169
  2,598
  3,056
  3,541
  4,055
  4,575
  5,141
  5,735
  6,354
  7,000
  7,673
  8,373
  9,102
  9,860
  10,648
  11,467
  12,320
  13,207
  14,130
  15,091
  16,093
  17,137
  18,226
  19,362
  20,548
Retained Cash Flow (-), $m
  -34
  -240
  -271
  -301
  -331
  -361
  -390
  -419
  -446
  -474
  -500
  -526
  -552
  -578
  -603
  -629
  -655
  -681
  -708
  -736
  -765
  -795
  -826
  -859
  -893
  -929
  -967
  -1,007
  -1,049
  -1,094
  -1,141
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
 
  242
  486
  762
  1,070
  1,409
  1,779
  2,180
  2,609
  3,068
  3,554
  4,048
  4,589
  5,157
  5,751
  6,371
  7,018
  7,692
  8,394
  9,124
  9,883
  10,673
  11,494
  12,348
  13,237
  14,162
  15,126
  16,130
  17,177
  18,268
  19,408
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
 
  232
  445
  663
  881
  1,092
  1,291
  1,473
  1,631
  1,762
  1,863
  1,923
  1,958
  1,961
  1,931
  1,871
  1,784
  1,674
  1,546
  1,405
  1,256
  1,104
  954
  809
  674
  551
  441
  346
  266
  199
  146
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

Magellan Health, Inc. is engaged in the healthcare management business. The Company's segments include Healthcare, Pharmacy Management and Corporate. It is focused on managing special populations, complete pharmacy benefits and other specialty areas of healthcare. Its Healthcare includes its management of behavioral healthcare services and employee assistance program (EAP) services, management of other specialty areas, including diagnostic imaging and musculoskeletal management, and the integrated management of physical, behavioral and pharmaceutical healthcare for special populations, delivered through Magellan Complete Care (MCC). Its Pharmacy Management segment consists of products and solutions that provide clinical and financial management of pharmaceuticals paid under medical and pharmacy benefit programs. Its Corporate segment consists primarily of operational support functions. It provides services to health plans and other managed care organizations (MCOs).

FINANCIAL RATIOS  of  Magellan Health (MGLN)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 0.5
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 34.2
Price to Free Cash Flow 381.6
Growth Rates
Sales Growth Rate 5.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 19.5%
Total Debt to Equity 56.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 7.2%
Return On Equity - 3 Yr. Avg. 5.6%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 5.4%
Gross Margin - 3 Yr. Avg. 5%
EBITDA Margin 5.4%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 2.7%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 1.5%
Effective Tax Rate 47.9%
Eff/ Tax Rate - 3 Yr. Avg. 48.1%
Payout Ratio 0%

MGLN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MGLN stock intrinsic value calculation we used $4837 million for the last fiscal year's total revenue generated by Magellan Health. The default revenue input number comes from 2016 income statement of Magellan Health. 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 MGLN stock valuation model: a) initial revenue growth rate of 21.9% 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 4.3%, whose default value for MGLN is calculated based on our internal credit rating of Magellan Health, 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 Magellan Health.
    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 MGLN stock the variable cost ratio is equal to 67.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1454 million in the base year in the intrinsic value calculation for MGLN 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 Magellan Health.

Corporate tax rate of 27% is the nominal tax rate for Magellan Health. 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 MGLN 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 MGLN are equal to 6.9%.

Life of production assets of 9.6 years is the average useful life of capital assets used in Magellan Health 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 MGLN is equal to 5.3%. 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 - $1100 million for Magellan Health - 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 23.692 million for Magellan Health 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 Magellan Health at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ Magellan Health Announces 2018 Financial Guidance Call   [Nov-14-17 06:30AM  Business Wire]
▶ November Best Undervalued Stocks   [08:03AM  Simply Wall St.]
▶ Magellan Health, Inc. to Host Earnings Call   [Nov-01-17 08:00AM  ACCESSWIRE]
▶ Magellan Health beats 3Q profit forecasts   [06:38AM  Associated Press]
▶ Heres why health care premiums could jump 30%   [Oct-31-17 12:40PM  Yahoo Finance Video]
▶ Magellan Health Clears Key Benchmark, Hitting 80-Plus RS Rating   [Oct-26-17 03:00AM  Investor's Business Daily]
▶ Trump to unwind Obamacare with new exec. order   [Oct-12-17 01:18PM  Yahoo Finance Video]
▶ GOP health care bill is doomed as possible vote looms   [Sep-26-17 12:50PM  Yahoo Finance Video]
▶ Why the Republicans bomb on health care   [11:24AM  Yahoo Finance]
▶ 5 Price-to-Book Value Picks to Buy in August   [Aug-21-17 08:09AM  Zacks]
▶ Magellan Health misses 2Q profit forecasts   [Jul-28-17 09:45PM  Associated Press]
▶ Magellan Health to Host Investor Day in New York City   [Jun-21-17 06:30AM  Business Wire]
▶ 11 Best Insurance Companies to Invest in 2017   [Jun-05-17 11:53AM  Insider Monkey]
▶ [$$] Frazier Healthcare Adds Senior Adviser   [May-16-17 02:59PM  The Wall Street Journal]
▶ ETFs with exposure to Magellan Health, Inc. : May 1, 2017   [May-01-17 04:06PM  Capital Cube]
▶ Magellan Health tops 1Q profit forecasts   [Apr-26-17 11:33AM  Associated Press]
▶ TMG by Magellan Health to Expand Statewide in Wisconsin   [Apr-18-17 06:30AM  Business Wire]
▶ Magellan Health to Host Investor Day in New York City   [Mar-21-17 06:30AM  Business Wire]
Financial statements of MGLN
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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