Intrinsic value of Molina Healthcare - MOH

Previous Close

$59.86

  Intrinsic Value

$194.13

stock screener

  Rating & Target

str. buy

+224%

  Value-price divergence*

-90%

Previous close

$59.86

 
Intrinsic value

$194.13

 
Up/down potential

+224%

 
Rating

str. buy

 
Value-price divergence*

-90%

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

We calculate the intrinsic value of MOH 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 3.5

 

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, %
  25.42
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  17,782
  20,396
  23,196
  26,179
  29,339
  32,673
  36,178
  39,852
  43,693
  47,702
  51,880
  56,229
  60,752
  65,454
  70,340
  75,418
  80,695
  86,181
  91,884
  97,816
  103,988
  110,414
  117,107
  124,080
  131,351
  138,935
  146,849
  155,112
  163,743
  172,761
  182,188
Variable operating expenses, $m
 
  19,836
  22,551
  25,443
  28,506
  31,739
  35,137
  38,699
  42,423
  46,310
  50,361
  54,515
  58,900
  63,458
  68,196
  73,119
  78,235
  83,553
  89,083
  94,834
  100,818
  107,048
  113,536
  120,298
  127,347
  134,699
  142,372
  150,383
  158,751
  167,494
  176,634
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
  17,476
  19,836
  22,551
  25,443
  28,506
  31,739
  35,137
  38,699
  42,423
  46,310
  50,361
  54,515
  58,900
  63,458
  68,196
  73,119
  78,235
  83,553
  89,083
  94,834
  100,818
  107,048
  113,536
  120,298
  127,347
  134,699
  142,372
  150,383
  158,751
  167,494
  176,634
Operating income, $m
  306
  560
  645
  736
  832
  934
  1,041
  1,153
  1,270
  1,392
  1,520
  1,714
  1,852
  1,995
  2,144
  2,299
  2,460
  2,627
  2,801
  2,982
  3,170
  3,366
  3,570
  3,783
  4,004
  4,236
  4,477
  4,729
  4,992
  5,267
  5,554
EBITDA, $m
  488
  724
  823
  929
  1,041
  1,159
  1,284
  1,414
  1,551
  1,693
  1,841
  1,995
  2,156
  2,323
  2,496
  2,676
  2,864
  3,058
  3,261
  3,471
  3,690
  3,918
  4,156
  4,403
  4,661
  4,930
  5,211
  5,504
  5,811
  6,131
  6,465
Interest expense (income), $m
  66
  48
  -49
  -32
  -14
  4
  24
  45
  67
  90
  114
  139
  165
  192
  220
  249
  279
  311
  343
  377
  413
  449
  488
  528
  569
  612
  658
  705
  754
  805
  859
Earnings before tax, $m
  205
  512
  694
  768
  847
  930
  1,017
  1,108
  1,203
  1,302
  1,406
  1,575
  1,687
  1,804
  1,925
  2,050
  2,181
  2,317
  2,458
  2,605
  2,758
  2,917
  3,083
  3,255
  3,435
  3,623
  3,819
  4,024
  4,238
  4,461
  4,695
Tax expense, $m
  153
  138
  187
  207
  229
  251
  274
  299
  325
  352
  380
  425
  456
  487
  520
  554
  589
  626
  664
  703
  745
  788
  832
  879
  928
  978
  1,031
  1,087
  1,144
  1,205
  1,268
Net income, $m
  52
  374
  507
  561
  618
  679
  742
  809
  878
  951
  1,026
  1,150
  1,232
  1,317
  1,405
  1,497
  1,592
  1,691
  1,794
  1,902
  2,013
  2,129
  2,250
  2,376
  2,508
  2,645
  2,788
  2,938
  3,094
  3,257
  3,427

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,577
  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
  7,449
  3,294
  3,746
  4,228
  4,738
  5,277
  5,843
  6,436
  7,056
  7,704
  8,379
  9,081
  9,811
  10,571
  11,360
  12,180
  13,032
  13,918
  14,839
  15,797
  16,794
  17,832
  18,913
  20,039
  21,213
  22,438
  23,716
  25,050
  26,444
  27,901
  29,423
Adjusted assets (=assets-cash), $m
  2,872
  3,294
  3,746
  4,228
  4,738
  5,277
  5,843
  6,436
  7,056
  7,704
  8,379
  9,081
  9,811
  10,571
  11,360
  12,180
  13,032
  13,918
  14,839
  15,797
  16,794
  17,832
  18,913
  20,039
  21,213
  22,438
  23,716
  25,050
  26,444
  27,901
  29,423
Revenue / Adjusted assets
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
  6.192
Average production assets, $m
  555
  632
  719
  812
  910
  1,013
  1,122
  1,235
  1,354
  1,479
  1,608
  1,743
  1,883
  2,029
  2,181
  2,338
  2,502
  2,672
  2,848
  3,032
  3,224
  3,423
  3,630
  3,846
  4,072
  4,307
  4,552
  4,808
  5,076
  5,356
  5,648
Working capital, $m
  1,418
  -3,080
  -3,503
  -3,953
  -4,430
  -4,934
  -5,463
  -6,018
  -6,598
  -7,203
  -7,834
  -8,491
  -9,174
  -9,884
  -10,621
  -11,388
  -12,185
  -13,013
  -13,874
  -14,770
  -15,702
  -16,673
  -17,683
  -18,736
  -19,834
  -20,979
  -22,174
  -23,422
  -24,725
  -26,087
  -27,510
Total debt, $m
  1,645
  -1,190
  -783
  -350
  109
  594
  1,103
  1,637
  2,196
  2,778
  3,386
  4,018
  4,675
  5,359
  6,069
  6,807
  7,574
  8,371
  9,200
  10,062
  10,960
  11,894
  12,866
  13,880
  14,937
  16,039
  17,189
  18,390
  19,645
  20,956
  22,326
Total liabilities, $m
  5,800
  2,965
  3,372
  3,805
  4,264
  4,749
  5,258
  5,792
  6,351
  6,933
  7,541
  8,173
  8,830
  9,514
  10,224
  10,962
  11,729
  12,526
  13,355
  14,217
  15,115
  16,049
  17,021
  18,035
  19,092
  20,194
  21,344
  22,545
  23,800
  25,111
  26,481
Total equity, $m
  1,649
  329
  375
  423
  474
  528
  584
  644
  706
  770
  838
  908
  981
  1,057
  1,136
  1,218
  1,303
  1,392
  1,484
  1,580
  1,679
  1,783
  1,891
  2,004
  2,121
  2,244
  2,372
  2,505
  2,644
  2,790
  2,942
Total liabilities and equity, $m
  7,449
  3,294
  3,747
  4,228
  4,738
  5,277
  5,842
  6,436
  7,057
  7,703
  8,379
  9,081
  9,811
  10,571
  11,360
  12,180
  13,032
  13,918
  14,839
  15,797
  16,794
  17,832
  18,912
  20,039
  21,213
  22,438
  23,716
  25,050
  26,444
  27,901
  29,423
Debt-to-equity ratio
  0.998
  -3.610
  -2.090
  -0.830
  0.230
  1.130
  1.890
  2.540
  3.110
  3.610
  4.040
  4.420
  4.770
  5.070
  5.340
  5.590
  5.810
  6.010
  6.200
  6.370
  6.530
  6.670
  6.800
  6.930
  7.040
  7.150
  7.250
  7.340
  7.430
  7.510
  7.590
Adjusted equity ratio
  -1.019
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  374
  507
  561
  618
  679
  742
  809
  878
  951
  1,026
  1,150
  1,232
  1,317
  1,405
  1,497
  1,592
  1,691
  1,794
  1,902
  2,013
  2,129
  2,250
  2,376
  2,508
  2,645
  2,788
  2,938
  3,094
  3,257
  3,427
Depreciation, amort., depletion, $m
  182
  164
  178
  193
  209
  225
  243
  261
  280
  301
  321
  281
  304
  327
  352
  377
  403
  431
  459
  489
  520
  552
  586
  620
  657
  695
  734
  776
  819
  864
  911
Funds from operations, $m
  1,017
  538
  685
  754
  827
  904
  985
  1,070
  1,159
  1,251
  1,348
  1,431
  1,536
  1,644
  1,757
  1,874
  1,996
  2,122
  2,254
  2,391
  2,533
  2,681
  2,836
  2,997
  3,165
  3,340
  3,522
  3,713
  3,912
  4,121
  4,338
Change in working capital, $m
  344
  -395
  -423
  -450
  -477
  -503
  -529
  -555
  -580
  -605
  -631
  -657
  -683
  -710
  -738
  -767
  -797
  -828
  -861
  -896
  -932
  -970
  -1,011
  -1,053
  -1,098
  -1,145
  -1,195
  -1,248
  -1,303
  -1,362
  -1,424
Cash from operations, $m
  673
  932
  1,107
  1,204
  1,304
  1,407
  1,514
  1,625
  1,739
  1,857
  1,978
  2,088
  2,219
  2,354
  2,495
  2,641
  2,792
  2,950
  3,115
  3,286
  3,465
  3,652
  3,846
  4,050
  4,262
  4,485
  4,717
  4,961
  5,216
  5,482
  5,762
Maintenance CAPEX, $m
  0
  -89
  -102
  -116
  -131
  -147
  -163
  -181
  -199
  -218
  -239
  -259
  -281
  -304
  -327
  -352
  -377
  -403
  -431
  -459
  -489
  -520
  -552
  -586
  -620
  -657
  -695
  -734
  -776
  -819
  -864
New CAPEX, $m
  -176
  -78
  -87
  -92
  -98
  -103
  -109
  -114
  -119
  -124
  -130
  -135
  -140
  -146
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -235
  -245
  -256
  -268
  -280
  -292
Cash from investing activities, $m
  -202
  -167
  -189
  -208
  -229
  -250
  -272
  -295
  -318
  -342
  -369
  -394
  -421
  -450
  -478
  -509
  -541
  -573
  -608
  -643
  -680
  -719
  -759
  -802
  -845
  -892
  -940
  -990
  -1,044
  -1,099
  -1,156
Free cash flow, $m
  471
  765
  919
  996
  1,075
  1,157
  1,242
  1,330
  1,420
  1,514
  1,610
  1,694
  1,797
  1,905
  2,016
  2,132
  2,252
  2,377
  2,507
  2,643
  2,785
  2,932
  3,087
  3,248
  3,417
  3,593
  3,777
  3,970
  4,173
  4,384
  4,606
Issuance/(repayment) of debt, $m
  0
  -2,363
  407
  433
  459
  485
  509
  534
  558
  583
  607
  632
  657
  683
  710
  738
  767
  797
  829
  862
  897
  934
  973
  1,014
  1,057
  1,102
  1,150
  1,201
  1,254
  1,311
  1,370
Issuance/(repurchase) of shares, $m
  18
  2,412
  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  
  19
  49
  407
  433
  459
  485
  509
  534
  558
  583
  607
  632
  657
  683
  710
  738
  767
  797
  829
  862
  897
  934
  973
  1,014
  1,057
  1,102
  1,150
  1,201
  1,254
  1,311
  1,370
Total cash flow (excl. dividends), $m
  490
  813
  1,326
  1,429
  1,534
  1,642
  1,752
  1,864
  1,979
  2,097
  2,218
  2,326
  2,455
  2,588
  2,726
  2,870
  3,019
  3,174
  3,336
  3,505
  3,682
  3,866
  4,060
  4,262
  4,473
  4,695
  4,928
  5,171
  5,427
  5,695
  5,976
Retained Cash Flow (-), $m
  -92
  -2,785
  -45
  -48
  -51
  -54
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -128
  -133
  -139
  -146
  -152
Prev. year cash balance distribution, $m
 
  4,105
  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
 
  2,133
  1,280
  1,381
  1,483
  1,588
  1,695
  1,805
  1,917
  2,032
  2,150
  2,255
  2,382
  2,512
  2,647
  2,788
  2,934
  3,086
  3,244
  3,409
  3,582
  3,763
  3,952
  4,149
  4,356
  4,573
  4,800
  5,038
  5,288
  5,549
  5,824
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
 
  2,045
  1,172
  1,202
  1,221
  1,231
  1,230
  1,219
  1,198
  1,167
  1,127
  1,071
  1,016
  955
  889
  818
  745
  671
  597
  525
  455
  389
  328
  272
  222
  178
  140
  108
  82
  61
  44
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Molina Healthcare, Inc. offers Medicaid-related solutions for low-income families and individuals, and assists government agencies in their administration of the Medicaid program. The Company operates through three segments: Health Plans, Molina Medicaid Solutions and Other, which includes its Pathways Health and Community Support LLC (Pathways) business. It arranges healthcare services for persons served by Medicaid, Medicare, the Children's Health Insurance Program (CHIP) and the Marketplace, and products to assist government agencies in their administration of the Medicaid program. As of December 31, 2016, the Company's Health Plans segment consisted of health plans in 12 states and the Commonwealth of Puerto Rico, and its direct delivery business. The Molina Medicaid Solutions segment provides support to state government agencies in the administration of their Medicaid programs, including business processing, information technology development, and administrative services.

FINANCIAL RATIOS  of  Molina Healthcare (MOH)

Valuation Ratios
P/E Ratio 65.6
Price to Sales 0.2
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 25.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.4%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 71.1%
Total Debt to Equity 99.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 14.2%
Gross Margin - 3 Yr. Avg. 14.8%
EBITDA Margin 2.5%
EBITDA Margin - 3 Yr. Avg. 3%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. 2.1%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.6%
Effective Tax Rate 74.6%
Eff/ Tax Rate - 3 Yr. Avg. 61.2%
Payout Ratio 0%

MOH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MOH stock intrinsic value calculation we used $17782 million for the last fiscal year's total revenue generated by Molina Healthcare. The default revenue input number comes from 2016 income statement of Molina Healthcare. 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 MOH stock valuation model: a) initial revenue growth rate of 14.7% 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 MOH is calculated based on our internal credit rating of Molina Healthcare, 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 Molina Healthcare.
    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 MOH stock the variable cost ratio is equal to 97.3%.

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 MOH 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 4.1% for Molina Healthcare.

Corporate tax rate of 27% is the nominal tax rate for Molina Healthcare. 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 MOH 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 MOH are equal to 3.1%.

Life of production assets of 6.2 years is the average useful life of capital assets used in Molina Healthcare 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 MOH is equal to -15.1%. 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 - $1649 million for Molina Healthcare - 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 57.875 million for Molina Healthcare 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 Molina Healthcare at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Trump says Obamacare is dead   [Oct-16-17 01:01PM  MarketWatch]
▶ [$$] Major Health Insurers Anticipated End of Subsidies   [Oct-13-17 11:18PM  The Wall Street Journal]
▶ [$$] Major Health Insurers Anticipated End of Subsidies   [06:46PM  The Wall Street Journal]
▶ Potential Takeover Candidate Molina Names New CEO   [Oct-11-17 05:12PM  TheStreet.com]
▶ Molina Healthcare names Hanover Insurance's Zubretsky as CEO   [02:25PM  American City Business Journals]
▶ [$$] Molina Hires Joseph Zubretsky as New CEO   [Oct-10-17 06:53PM  The Wall Street Journal]
▶ [$$] Health Insurers Stay in ACA Despite Fears of Last-Minute Exits   [Sep-27-17 07:45PM  The Wall Street Journal]
▶ 6 Undervalued Stocks Growing Earnings   [01:05PM  GuruFocus.com]
▶ Stocks With Rising Relative Strength: Molina Healthcare   [03:00AM  Investor's Business Daily]
▶ Healthcare Reform: Insurers Feel the Pain   [12:59PM  Barrons.com]
▶ Healthcare Reform: Who Suffers?   [04:26PM  Barrons.com]
▶ Molina Healthcare in NM preparing to hire hundreds   [Sep-14-17 06:21PM  American City Business Journals]
▶ Stocks With Rising Relative Strength: Molina Healthcare   [03:00AM  Investor's Business Daily]
▶ Aetna Trounces Expectations As Big ObamaCare Insurer Crashes   [04:02PM  Investor's Business Daily]
▶ Obamacare just got a one-two punch of bad news   [02:24PM  Business Insider]
▶ Trumps latest threat would hurt his own supporters   [01:23PM  Yahoo Finance Video]
▶ What's working: Health insurer stocks   [07:16AM  CNBC Videos]
▶ Molina Healthcare to exit ACA exchanges in Utah, Wisconsin   [Aug-02-17 06:54PM  Associated Press]
▶ Molina cutting 10% of workforce nationwide, not disclosing impact on Columbus   [Jul-31-17 02:50PM  American City Business Journals]
Financial statements of MOH
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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