Intrinsic value of Merit Medical Systems - MMSI

Previous Close

$42.15

  Intrinsic Value

$1.43

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

-65%

Previous close

$42.15

 
Intrinsic value

$1.43

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

-65%

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

We calculate the intrinsic value of MMSI 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 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.44
  23.80
  21.92
  20.23
  18.71
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
Revenue, $m
  604
  748
  912
  1,096
  1,301
  1,527
  1,772
  2,038
  2,323
  2,628
  2,950
  3,291
  3,650
  4,026
  4,420
  4,831
  5,260
  5,706
  6,170
  6,653
  7,154
  7,675
  8,217
  8,780
  9,365
  9,974
  10,607
  11,266
  11,953
  12,668
  13,414
Variable operating expenses, $m
 
  692
  839
  1,004
  1,188
  1,390
  1,611
  1,849
  2,105
  2,378
  2,667
  2,952
  3,274
  3,611
  3,964
  4,333
  4,717
  5,117
  5,534
  5,967
  6,416
  6,884
  7,370
  7,875
  8,400
  8,946
  9,514
  10,105
  10,721
  11,362
  12,031
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
  569
  692
  839
  1,004
  1,188
  1,390
  1,611
  1,849
  2,105
  2,378
  2,667
  2,952
  3,274
  3,611
  3,964
  4,333
  4,717
  5,117
  5,534
  5,967
  6,416
  6,884
  7,370
  7,875
  8,400
  8,946
  9,514
  10,105
  10,721
  11,362
  12,031
Operating income, $m
  35
  56
  73
  92
  113
  136
  162
  189
  218
  250
  283
  339
  376
  415
  456
  498
  542
  588
  636
  686
  738
  791
  847
  905
  966
  1,028
  1,094
  1,162
  1,232
  1,306
  1,383
EBITDA, $m
  79
  114
  139
  167
  199
  233
  270
  311
  355
  401
  450
  502
  557
  614
  674
  737
  803
  871
  942
  1,015
  1,092
  1,171
  1,254
  1,340
  1,429
  1,522
  1,619
  1,719
  1,824
  1,933
  2,047
Interest expense (income), $m
  9
  11
  15
  19
  23
  29
  34
  40
  47
  54
  62
  70
  79
  88
  97
  107
  118
  128
  140
  151
  163
  176
  189
  203
  217
  232
  247
  263
  280
  297
  315
Earnings before tax, $m
  25
  45
  58
  73
  90
  108
  127
  148
  171
  195
  221
  269
  298
  327
  358
  391
  425
  460
  497
  535
  574
  615
  658
  702
  748
  796
  846
  898
  953
  1,009
  1,068
Tax expense, $m
  5
  12
  16
  20
  24
  29
  34
  40
  46
  53
  60
  73
  80
  88
  97
  106
  115
  124
  134
  144
  155
  166
  178
  190
  202
  215
  229
  243
  257
  272
  288
Net income, $m
  20
  33
  42
  53
  65
  79
  93
  108
  125
  143
  161
  197
  217
  239
  262
  285
  310
  336
  362
  390
  419
  449
  480
  513
  546
  581
  618
  656
  695
  737
  780

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  943
  1,143
  1,394
  1,676
  1,989
  2,334
  2,710
  3,116
  3,552
  4,018
  4,511
  5,032
  5,581
  6,156
  6,758
  7,387
  8,042
  8,724
  9,434
  10,172
  10,939
  11,736
  12,564
  13,425
  14,320
  15,251
  16,219
  17,227
  18,277
  19,370
  20,510
Adjusted assets (=assets-cash), $m
  924
  1,143
  1,394
  1,676
  1,989
  2,334
  2,710
  3,116
  3,552
  4,018
  4,511
  5,032
  5,581
  6,156
  6,758
  7,387
  8,042
  8,724
  9,434
  10,172
  10,939
  11,736
  12,564
  13,425
  14,320
  15,251
  16,219
  17,227
  18,277
  19,370
  20,510
Revenue / Adjusted assets
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
Average production assets, $m
  419
  518
  632
  760
  902
  1,058
  1,228
  1,412
  1,610
  1,821
  2,045
  2,281
  2,529
  2,790
  3,063
  3,348
  3,645
  3,954
  4,276
  4,610
  4,958
  5,319
  5,694
  6,084
  6,490
  6,912
  7,351
  7,808
  8,283
  8,779
  9,296
Working capital, $m
  155
  181
  221
  265
  315
  369
  429
  493
  562
  636
  714
  796
  883
  974
  1,070
  1,169
  1,273
  1,381
  1,493
  1,610
  1,731
  1,857
  1,989
  2,125
  2,266
  2,414
  2,567
  2,726
  2,893
  3,066
  3,246
Total debt, $m
  324
  418
  536
  668
  816
  978
  1,155
  1,347
  1,552
  1,771
  2,004
  2,249
  2,508
  2,779
  3,062
  3,358
  3,667
  3,988
  4,322
  4,670
  5,031
  5,407
  5,797
  6,202
  6,624
  7,062
  7,518
  7,993
  8,487
  9,002
  9,539
Total liabilities, $m
  445
  539
  657
  789
  937
  1,099
  1,276
  1,468
  1,673
  1,892
  2,125
  2,370
  2,629
  2,900
  3,183
  3,479
  3,788
  4,109
  4,443
  4,791
  5,152
  5,528
  5,918
  6,323
  6,745
  7,183
  7,639
  8,114
  8,608
  9,123
  9,660
Total equity, $m
  498
  605
  737
  887
  1,052
  1,235
  1,434
  1,649
  1,879
  2,125
  2,386
  2,662
  2,952
  3,257
  3,575
  3,908
  4,254
  4,615
  4,991
  5,381
  5,787
  6,208
  6,646
  7,102
  7,575
  8,068
  8,580
  9,113
  9,668
  10,247
  10,850
Total liabilities and equity, $m
  943
  1,144
  1,394
  1,676
  1,989
  2,334
  2,710
  3,117
  3,552
  4,017
  4,511
  5,032
  5,581
  6,157
  6,758
  7,387
  8,042
  8,724
  9,434
  10,172
  10,939
  11,736
  12,564
  13,425
  14,320
  15,251
  16,219
  17,227
  18,276
  19,370
  20,510
Debt-to-equity ratio
  0.651
  0.690
  0.730
  0.750
  0.780
  0.790
  0.810
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
Adjusted equity ratio
  0.518
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529
  0.529

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  20
  33
  42
  53
  65
  79
  93
  108
  125
  143
  161
  197
  217
  239
  262
  285
  310
  336
  362
  390
  419
  449
  480
  513
  546
  581
  618
  656
  695
  737
  780
Depreciation, amort., depletion, $m
  44
  58
  66
  75
  86
  97
  109
  122
  136
  151
  167
  163
  181
  199
  219
  239
  260
  282
  305
  329
  354
  380
  407
  435
  464
  494
  525
  558
  592
  627
  664
Funds from operations, $m
  41
  91
  109
  129
  151
  175
  202
  230
  261
  294
  329
  359
  398
  438
  480
  524
  570
  618
  668
  720
  773
  829
  887
  947
  1,010
  1,075
  1,143
  1,214
  1,287
  1,364
  1,444
Change in working capital, $m
  -13
  35
  40
  45
  50
  55
  59
  64
  69
  74
  78
  82
  87
  91
  95
  99
  104
  108
  112
  117
  121
  126
  131
  136
  142
  147
  153
  160
  166
  173
  180
Cash from operations, $m
  54
  56
  69
  84
  101
  121
  142
  166
  192
  220
  250
  277
  311
  347
  385
  425
  467
  510
  556
  603
  652
  703
  756
  811
  868
  928
  990
  1,054
  1,121
  1,191
  1,263
Maintenance CAPEX, $m
  0
  -30
  -37
  -45
  -54
  -64
  -76
  -88
  -101
  -115
  -130
  -146
  -163
  -181
  -199
  -219
  -239
  -260
  -282
  -305
  -329
  -354
  -380
  -407
  -435
  -464
  -494
  -525
  -558
  -592
  -627
New CAPEX, $m
  -35
  -100
  -114
  -128
  -142
  -156
  -170
  -184
  -198
  -211
  -224
  -236
  -249
  -261
  -273
  -285
  -297
  -309
  -322
  -334
  -348
  -361
  -375
  -390
  -406
  -422
  -439
  -457
  -476
  -496
  -517
Cash from investing activities, $m
  -159
  -130
  -151
  -173
  -196
  -220
  -246
  -272
  -299
  -326
  -354
  -382
  -412
  -442
  -472
  -504
  -536
  -569
  -604
  -639
  -677
  -715
  -755
  -797
  -841
  -886
  -933
  -982
  -1,034
  -1,088
  -1,144
Free cash flow, $m
  -105
  -73
  -81
  -89
  -95
  -100
  -104
  -106
  -106
  -106
  -103
  -105
  -100
  -94
  -87
  -79
  -69
  -59
  -49
  -37
  -25
  -12
  1
  14
  28
  42
  57
  72
  88
  103
  119
Issuance/(repayment) of debt, $m
  117
  104
  118
  133
  148
  162
  177
  191
  205
  219
  232
  246
  258
  271
  284
  296
  309
  321
  334
  348
  361
  375
  390
  405
  422
  438
  456
  475
  494
  515
  537
Issuance/(repurchase) of shares, $m
  5
  83
  90
  96
  100
  104
  106
  107
  106
  103
  100
  79
  73
  65
  57
  47
  37
  25
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  121
  187
  208
  229
  248
  266
  283
  298
  311
  322
  332
  325
  331
  336
  341
  343
  346
  346
  347
  348
  361
  375
  390
  405
  422
  438
  456
  475
  494
  515
  537
Total cash flow (excl. dividends), $m
  15
  113
  127
  140
  153
  166
  179
  192
  205
  217
  229
  219
  231
  242
  253
  265
  276
  287
  299
  311
  336
  363
  391
  420
  450
  481
  513
  547
  582
  618
  656
Retained Cash Flow (-), $m
  -32
  -116
  -133
  -149
  -166
  -182
  -199
  -215
  -231
  -246
  -261
  -276
  -290
  -304
  -318
  -333
  -347
  -361
  -375
  -390
  -406
  -422
  -438
  -455
  -473
  -492
  -512
  -533
  -555
  -579
  -603
Prev. year cash balance distribution, $m
 
  9
  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
 
  6
  -6
  -9
  -13
  -16
  -19
  -23
  -26
  -29
  -32
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -70
  -59
  -47
  -36
  -24
  -12
  1
  14
  27
  40
  53
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  6
  -5
  -7
  -9
  -11
  -12
  -12
  -12
  -12
  -12
  -17
  -16
  -14
  -12
  -10
  -8
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.1
  92.9
  90.1
  87.7
  85.7
  84.0
  82.6
  81.3
  80.3
  79.4
  78.8
  78.3
  77.9
  77.6
  77.3
  77.2
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0
  77.0

Merit Medical Systems, Inc. is a manufacturer and marketer of disposable medical devices used in a range of interventional, diagnostic and therapeutic medical procedures. The Company operates in two segments: cardiovascular and endoscopy. The cardiovascular segment consists of cardiology and radiology devices, which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases, and includes embolotherapeutic, cardiac rhythm management (CRM), electrophysiology (EP), and interventional oncology and spine devices. Its endoscopy segment consists of gastroenterology and pulmonology medical devices, which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. Within its segments, the Company offers products focused in four product groups: peripheral intervention, cardiac intervention, interventional oncology and spine, and endoscopy.

FINANCIAL RATIOS  of  Merit Medical Systems (MMSI)

Valuation Ratios
P/E Ratio 94.1
Price to Sales 3.1
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 34.9
Price to Free Cash Flow 99.1
Growth Rates
Sales Growth Rate 11.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34%
Cap. Spend. - 3 Yr. Gr. Rate -10.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 63.1%
Total Debt to Equity 65.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 4.1%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 43.9%
Gross Margin - 3 Yr. Avg. 43.8%
EBITDA Margin 12.9%
EBITDA Margin - 3 Yr. Avg. 13.9%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 0%

MMSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMSI stock intrinsic value calculation we used $604 million for the last fiscal year's total revenue generated by Merit Medical Systems. The default revenue input number comes from 2016 income statement of Merit Medical Systems. 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 MMSI stock valuation model: a) initial revenue growth rate of 23.8% 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 6.9%, whose default value for MMSI is calculated based on our internal credit rating of Merit Medical Systems, 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 Merit Medical Systems.
    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 MMSI stock the variable cost ratio is equal to 93.2%.

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 MMSI 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 Merit Medical Systems.

Corporate tax rate of 27% is the nominal tax rate for Merit Medical Systems. 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 MMSI 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 MMSI are equal to 69.3%.

Life of production assets of 14 years is the average useful life of capital assets used in Merit Medical Systems 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 MMSI is equal to 24.2%. 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 - $498 million for Merit Medical Systems - 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 49.938 million for Merit Medical Systems 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 Merit Medical Systems at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Merit Medical Systems Trading Near Top Of Buy Zone With EPS On Deck   [Oct-10-17 03:00AM  Investor's Business Daily]
▶ Why Are Top Fund Managers Buying This Breakout Medical Stock?   [Oct-04-17 04:23PM  Investor's Business Daily]
▶ 2 Top Stocks Break Out Today; A Third Sets Up To Move Higher   [Oct-02-17 01:01PM  Investor's Business Daily]
▶ Merit Medical to Participate at Five Conferences   [Aug-29-17 09:29AM  GlobeNewswire]
▶ Merit Medical to Participate at Three Conferences   [Jul-31-17 09:29AM  GlobeNewswire]
▶ Merit Medical tops Street 2Q forecasts   [Jul-27-17 11:46PM  Associated Press]
▶ Merit Medical Announces Appointment of New Director   [May-26-17 09:29AM  GlobeNewswire]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [May-23-17 05:10PM  Investor's Business Daily]
▶ Merit Medical to Participate at Three Conferences   [May-03-17 09:29AM  GlobeNewswire]
▶ Merit Medical beats 1Q profit forecasts   [Apr-27-17 05:48PM  Associated Press]
▶ [$$] Evercore ISI Sees 20% Upside in Salesforce.com   [Apr-08-17 12:02AM  Barrons.com]
▶ After-hours buzz: ESPR, NKTR, MMSI & more   [Mar-20-17 06:21PM  at CNBC]
▶ SA medical technology company lands major European deal   [Mar-08-17 09:48AM  at bizjournals.com]
▶ [$$] Home Depot Looks Fit, UPS Looks Squeezed   [Feb-25-17 12:25AM  at Barrons.com]
▶ Merit Medical to Participate at RBC Conference   [Feb-07-17 09:25AM  GlobeNewswire]
▶ Is Merit Medical Systems, Inc. (MMSI) A Good Stock To Buy?   [Dec-05-16 06:14AM  at Insider Monkey]
▶ Merit Medical to Present at Four Conferences in November   [Nov-01-16 04:01PM  GlobeNewswire]
Financial statements of MMSI
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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