Intrinsic value of Medical Properties Trust - MPW

Previous Close

$14.18

  Intrinsic Value

$24.00

stock screener

  Rating & Target

str. buy

+69%

Previous close

$14.18

 
Intrinsic value

$24.00

 
Up/down potential

+69%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as MPW.

We calculate the intrinsic value of MPW 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 2017), $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 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  30.20
  27.68
  25.41
  23.37
  21.53
  19.88
  18.39
  17.05
  15.85
  14.76
  13.79
  12.91
  12.12
  11.41
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
Revenue, $m
  918
  1,172
  1,470
  1,813
  2,204
  2,642
  3,128
  3,661
  4,241
  4,868
  5,539
  6,254
  7,011
  7,811
  8,652
  9,533
  10,455
  11,417
  12,420
  13,464
  14,550
  15,678
  16,851
  18,070
  19,337
  20,654
  22,023
  23,446
  24,928
  26,470
Variable operating expenses, $m
  105
  128
  155
  186
  222
  262
  306
  355
  407
  464
  504
  570
  639
  711
  788
  868
  952
  1,040
  1,131
  1,226
  1,325
  1,428
  1,535
  1,646
  1,761
  1,881
  2,006
  2,135
  2,270
  2,411
Fixed operating expenses, $m
  140
  143
  146
  149
  153
  156
  160
  163
  167
  170
  174
  178
  182
  186
  190
  194
  198
  203
  207
  212
  216
  221
  226
  231
  236
  241
  247
  252
  258
  263
Total operating expenses, $m
  245
  271
  301
  335
  375
  418
  466
  518
  574
  634
  678
  748
  821
  897
  978
  1,062
  1,150
  1,243
  1,338
  1,438
  1,541
  1,649
  1,761
  1,877
  1,997
  2,122
  2,253
  2,387
  2,528
  2,674
Operating income, $m
  673
  901
  1,169
  1,478
  1,829
  2,224
  2,662
  3,144
  3,667
  4,233
  4,860
  5,506
  6,191
  6,914
  7,674
  8,471
  9,305
  10,175
  11,082
  12,026
  13,008
  14,029
  15,091
  16,194
  17,340
  18,531
  19,770
  21,059
  22,400
  23,796
EBITDA, $m
  1,727
  2,241
  2,843
  3,539
  4,330
  5,218
  6,203
  7,284
  8,461
  9,731
  11,092
  12,542
  14,080
  15,702
  17,408
  19,197
  21,068
  23,021
  25,056
  27,174
  29,378
  31,669
  34,050
  36,524
  39,096
  41,769
  44,548
  47,439
  50,447
  53,578
Interest expense (income), $m
  139
  204
  233
  268
  309
  356
  409
  469
  535
  608
  687
  773
  864
  962
  1,066
  1,175
  1,290
  1,410
  1,536
  1,668
  1,805
  1,947
  2,095
  2,250
  2,410
  2,576
  2,750
  2,929
  3,116
  3,311
  3,513
Earnings before tax, $m
  469
  668
  901
  1,169
  1,474
  1,815
  2,194
  2,609
  3,059
  3,546
  4,087
  4,642
  5,229
  5,848
  6,499
  7,181
  7,895
  8,639
  9,414
  10,222
  11,061
  11,934
  12,841
  13,784
  14,763
  15,782
  16,841
  17,943
  19,089
  20,283
Tax expense, $m
  127
  180
  243
  316
  398
  490
  592
  704
  826
  957
  1,104
  1,253
  1,412
  1,579
  1,755
  1,939
  2,132
  2,332
  2,542
  2,760
  2,986
  3,222
  3,467
  3,722
  3,986
  4,261
  4,547
  4,845
  5,154
  5,476
Net income, $m
  343
  488
  658
  853
  1,076
  1,325
  1,601
  1,904
  2,233
  2,588
  2,984
  3,388
  3,817
  4,269
  4,744
  5,242
  5,763
  6,306
  6,872
  7,462
  8,075
  8,712
  9,374
  10,062
  10,777
  11,521
  12,294
  13,098
  13,935
  14,807

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
  -559
  -713
  -895
  -1,104
  -1,341
  -1,608
  -1,904
  -2,228
  -2,582
  -2,963
  -3,371
  -3,806
  -4,267
  -4,754
  -5,266
  -5,802
  -6,364
  -6,949
  -7,559
  -8,195
  -8,856
  -9,543
  -10,256
  -10,998
  -11,769
  -12,571
  -13,404
  -14,271
  -15,172
  -16,111
Adjusted assets (=assets-cash), $m
  -559
  -713
  -895
  -1,104
  -1,341
  -1,608
  -1,904
  -2,228
  -2,582
  -2,963
  -3,371
  -3,806
  -4,267
  -4,754
  -5,266
  -5,802
  -6,364
  -6,949
  -7,559
  -8,195
  -8,856
  -9,543
  -10,256
  -10,998
  -11,769
  -12,571
  -13,404
  -14,271
  -15,172
  -16,111
Revenue / Adjusted assets
  -1.642
  -1.644
  -1.642
  -1.642
  -1.644
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
  -1.643
Average production assets, $m
  10,327
  13,186
  16,537
  20,402
  24,795
  29,724
  35,191
  41,192
  47,720
  54,765
  62,316
  70,359
  78,885
  87,882
  97,343
  107,261
  117,632
  128,458
  139,739
  151,483
  163,698
  176,397
  189,594
  203,308
  217,561
  232,375
  247,777
  263,796
  280,465
  297,818
Working capital, $m
  -6,753
  -8,622
  -10,813
  -13,341
  -16,213
  -19,437
  -23,011
  -26,936
  -31,204
  -35,811
  -40,748
  -46,008
  -51,583
  -57,466
  -63,652
  -70,137
  -76,919
  -83,998
  -91,375
  -99,054
  -107,042
  -115,345
  -123,975
  -132,943
  -142,262
  -151,949
  -162,021
  -172,496
  -183,396
  -194,742
Total debt, $m
  202
  232
  267
  307
  353
  405
  462
  525
  594
  668
  747
  832
  921
  1,015
  1,115
  1,219
  1,328
  1,441
  1,560
  1,683
  1,811
  1,944
  2,083
  2,227
  2,376
  2,532
  2,694
  2,862
  3,037
  3,219
Total liabilities, $m
  108
  138
  174
  214
  260
  312
  369
  432
  501
  575
  654
  738
  828
  922
  1,022
  1,126
  1,235
  1,348
  1,467
  1,590
  1,718
  1,851
  1,990
  2,134
  2,283
  2,439
  2,600
  2,768
  2,943
  3,126
Total equity, $m
  -667
  -852
  -1,068
  -1,318
  -1,602
  -1,920
  -2,273
  -2,661
  -3,082
  -3,537
  -4,025
  -4,545
  -5,095
  -5,676
  -6,288
  -6,928
  -7,598
  -8,297
  -9,026
  -9,785
  -10,574
  -11,394
  -12,246
  -13,132
  -14,053
  -15,009
  -16,004
  -17,039
  -18,116
  -19,236
Total liabilities and equity, $m
  -559
  -714
  -894
  -1,104
  -1,342
  -1,608
  -1,904
  -2,229
  -2,581
  -2,962
  -3,371
  -3,807
  -4,267
  -4,754
  -5,266
  -5,802
  -6,363
  -6,949
  -7,559
  -8,195
  -8,856
  -9,543
  -10,256
  -10,998
  -11,770
  -12,570
  -13,404
  -14,271
  -15,173
  -16,110
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  343
  488
  658
  853
  1,076
  1,325
  1,601
  1,904
  2,233
  2,588
  2,984
  3,388
  3,817
  4,269
  4,744
  5,242
  5,763
  6,306
  6,872
  7,462
  8,075
  8,712
  9,374
  10,062
  10,777
  11,521
  12,294
  13,098
  13,935
  14,807
Depreciation, amort., depletion, $m
  1,054
  1,340
  1,675
  2,061
  2,501
  2,994
  3,540
  4,140
  4,793
  5,498
  6,232
  7,036
  7,889
  8,788
  9,734
  10,726
  11,763
  12,846
  13,974
  15,148
  16,370
  17,640
  18,959
  20,331
  21,756
  23,237
  24,778
  26,380
  28,047
  29,782
Funds from operations, $m
  1,396
  1,827
  2,332
  2,915
  3,576
  4,319
  5,142
  6,045
  7,027
  8,086
  9,215
  10,424
  11,706
  13,057
  14,479
  15,968
  17,526
  19,152
  20,846
  22,610
  24,444
  26,351
  28,333
  30,393
  32,533
  34,758
  37,072
  39,478
  41,982
  44,588
Change in working capital, $m
  -1,566
  -1,869
  -2,191
  -2,527
  -2,873
  -3,223
  -3,575
  -3,924
  -4,269
  -4,607
  -4,937
  -5,260
  -5,575
  -5,883
  -6,186
  -6,485
  -6,782
  -7,079
  -7,377
  -7,679
  -7,987
  -8,304
  -8,630
  -8,968
  -9,319
  -9,687
  -10,071
  -10,475
  -10,900
  -11,347
Cash from operations, $m
  2,963
  3,696
  4,523
  5,442
  6,449
  7,542
  8,716
  9,969
  11,295
  12,693
  14,153
  15,684
  17,281
  18,941
  20,665
  22,454
  24,308
  26,231
  28,223
  30,289
  32,432
  34,655
  36,963
  39,361
  41,853
  44,445
  47,143
  49,953
  52,882
  55,935
Maintenance CAPEX, $m
  -793
  -1,033
  -1,319
  -1,654
  -2,040
  -2,479
  -2,972
  -3,519
  -4,119
  -4,772
  -5,477
  -6,232
  -7,036
  -7,889
  -8,788
  -9,734
  -10,726
  -11,763
  -12,846
  -13,974
  -15,148
  -16,370
  -17,640
  -18,959
  -20,331
  -21,756
  -23,237
  -24,778
  -26,380
  -28,047
New CAPEX, $m
  -2,399
  -2,859
  -3,351
  -3,865
  -4,393
  -4,929
  -5,467
  -6,001
  -6,528
  -7,045
  -7,550
  -8,044
  -8,526
  -8,997
  -9,460
  -9,918
  -10,372
  -10,825
  -11,282
  -11,744
  -12,215
  -12,699
  -13,197
  -13,714
  -14,252
  -14,814
  -15,402
  -16,020
  -16,669
  -17,352
Cash from investing activities, $m
  -3,192
  -3,892
  -4,670
  -5,519
  -6,433
  -7,408
  -8,439
  -9,520
  -10,647
  -11,817
  -13,027
  -14,276
  -15,562
  -16,886
  -18,248
  -19,652
  -21,098
  -22,588
  -24,128
  -25,718
  -27,363
  -29,069
  -30,837
  -32,673
  -34,583
  -36,570
  -38,639
  -40,798
  -43,049
  -45,399
Free cash flow, $m
  -229
  -195
  -146
  -77
  16
  133
  277
  448
  648
  876
  1,126
  1,409
  1,719
  2,055
  2,416
  2,802
  3,211
  3,642
  4,096
  4,572
  5,068
  5,587
  6,126
  6,687
  7,270
  7,875
  8,503
  9,156
  9,833
  10,536
Issuance/(repayment) of debt, $m
  25
  30
  35
  41
  46
  52
  57
  63
  69
  74
  79
  84
  89
  94
  99
  104
  109
  114
  118
  123
  128
  133
  139
  144
  150
  155
  162
  168
  175
  182
Issuance/(repurchase) of shares, $m
  -155
  -185
  -216
  -250
  -284
  -318
  -353
  -388
  -422
  -455
  -488
  -520
  -551
  -581
  -611
  -641
  -670
  -699
  -729
  -759
  -789
  -820
  -852
  -886
  -921
  -957
  -995
  -1,035
  -1,077
  -1,121
Cash from financing (excl. dividends), $m  
  -130
  -155
  -181
  -209
  -238
  -266
  -296
  -325
  -353
  -381
  -409
  -436
  -462
  -487
  -512
  -537
  -561
  -585
  -611
  -636
  -661
  -687
  -713
  -742
  -771
  -802
  -833
  -867
  -902
  -939
Total cash flow (excl. dividends), $m
  -358
  -350
  -327
  -286
  -222
  -134
  -19
  124
  295
  495
  717
  974
  1,258
  1,568
  1,904
  2,265
  2,649
  3,057
  3,486
  3,936
  4,408
  4,900
  5,412
  5,945
  6,499
  7,074
  7,670
  8,289
  8,931
  9,598
Retained Cash Flow (-), $m
  155
  185
  216
  250
  284
  318
  353
  388
  422
  455
  488
  520
  551
  581
  611
  641
  670
  699
  729
  759
  789
  820
  852
  886
  921
  957
  995
  1,035
  1,077
  1,121
Prev. year cash balance distribution, $m
  512
  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
  10
  0
  0
  0
  0
  0
  0
  44
  51
  59
  68
  78
  88
  98
  109
  121
  133
  146
  160
  174
  188
  204
  219
  236
  253
  271
  289
  308
  328
  349
Cash available for distribution, $m
  309
  185
  216
  250
  284
  318
  353
  511
  716
  950
  1,205
  1,493
  1,808
  2,149
  2,515
  2,906
  3,319
  3,756
  4,214
  4,695
  5,197
  5,720
  6,265
  6,831
  7,419
  8,031
  8,665
  9,324
  10,008
  10,718
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  292
  165
  181
  194
  204
  210
  213
  279
  350
  413
  461
  498
  520
  527
  520
  499
  467
  427
  381
  333
  283
  236
  191
  151
  117
  88
  64
  46
  32
  21
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

Medical Properties Trust, Inc. is a real estate investment trust (REIT). The Company focuses on investing in and owning net-leased healthcare facilities across the United States and selectively in foreign jurisdictions. The Company's segment is its investments in healthcare real estate, including mortgage and other loans, as well as any equity investments in its tenants. The Company conducts its operations through MPT Operating Partnership, L.P. The Company acquires and develops healthcare facilities, and leases the facilities to healthcare operating companies under long-term net leases. The Company makes mortgage loans to healthcare operators collateralized by their real estate assets. As of February 24, 2017, the Company's portfolio consisted of 232 properties, including 215 facilities (of the 220 facilities that it owns) were leased to 30 tenants, five were under development, and the remaining assets were in the form of mortgage loans to four operators.

FINANCIAL RATIOS  of  Medical Properties Trust (MPW)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 8.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow -2.9
Growth Rates
Sales Growth Rate 22.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.6%
Cap. Spend. - 3 Yr. Gr. Rate 21.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 89.6%
Total Debt to Equity 89.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 6.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 99.4%
Gross Margin - 3 Yr. Avg. 99.3%
EBITDA Margin 84.3%
EBITDA Margin - 3 Yr. Avg. 73.3%
Operating Margin 63%
Oper. Margin - 3 Yr. Avg. 56.1%
Pre-Tax Margin 40.5%
Pre-Tax Margin - 3 Yr. Avg. 29.6%
Net Profit Margin 41.6%
Net Profit Margin - 3 Yr. Avg. 29.9%
Effective Tax Rate -3.2%
Eff/ Tax Rate - 3 Yr. Avg. -0.8%
Payout Ratio 96.9%

MPW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MPW stock intrinsic value calculation we used $705 million for the last fiscal year's total revenue generated by Medical Properties Trust. The default revenue input number comes from 2017 income statement of Medical Properties Trust. 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 MPW stock valuation model: a) initial revenue growth rate of 30.2% 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 5.6%, whose default value for MPW is calculated based on our internal credit rating of Medical Properties Trust, 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 Medical Properties Trust.
    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 MPW stock the variable cost ratio is equal to 12.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $137 million in the base year in the intrinsic value calculation for MPW 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 115.7% for Medical Properties Trust.

Corporate tax rate of 27% is the nominal tax rate for Medical Properties Trust. 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 MPW stock is equal to 1.4%.

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 MPW are equal to 1125.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Medical Properties Trust 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 MPW is equal to -735.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Medical Properties Trust - 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 350 million for Medical Properties Trust 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 Medical Properties Trust at the current share price and the inputted number of shares is $5.0 billion.

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