Intrinsic value of National Healthcare - NHC

Previous Close

$79.77

  Intrinsic Value

$23.02

stock screener

  Rating & Target

str. sell

-71%

Previous close

$79.77

 
Intrinsic value

$23.02

 
Up/down potential

-71%

 
Rating

str. sell

We calculate the intrinsic value of NHC 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 1.2

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  986
  1,009
  1,035
  1,064
  1,096
  1,132
  1,170
  1,212
  1,257
  1,305
  1,357
  1,412
  1,470
  1,533
  1,599
  1,669
  1,743
  1,822
  1,904
  1,992
  2,084
  2,182
  2,284
  2,392
  2,506
  2,626
  2,752
  2,885
  3,025
  3,172
Variable operating expenses, $m
  918
  939
  963
  990
  1,020
  1,053
  1,089
  1,128
  1,170
  1,214
  1,261
  1,312
  1,366
  1,424
  1,486
  1,551
  1,620
  1,693
  1,770
  1,851
  1,937
  2,027
  2,123
  2,223
  2,329
  2,440
  2,558
  2,681
  2,811
  2,947
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
  918
  939
  963
  990
  1,020
  1,053
  1,089
  1,128
  1,170
  1,214
  1,261
  1,312
  1,366
  1,424
  1,486
  1,551
  1,620
  1,693
  1,770
  1,851
  1,937
  2,027
  2,123
  2,223
  2,329
  2,440
  2,558
  2,681
  2,811
  2,947
Operating income, $m
  68
  70
  72
  74
  76
  78
  81
  84
  87
  91
  96
  100
  104
  109
  113
  118
  123
  129
  135
  141
  148
  155
  162
  169
  177
  186
  195
  204
  214
  225
EBITDA, $m
  113
  115
  118
  122
  125
  129
  134
  138
  144
  149
  155
  161
  168
  175
  183
  191
  199
  208
  218
  228
  238
  249
  261
  273
  286
  300
  314
  330
  346
  362
Interest expense (income), $m
  5
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  38
  40
  43
  46
  49
  52
Earnings before tax, $m
  61
  62
  64
  65
  67
  69
  71
  73
  75
  78
  82
  85
  88
  91
  94
  98
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  152
  159
  166
  173
Tax expense, $m
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  22
  23
  24
  25
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
Net income, $m
  45
  46
  47
  48
  49
  50
  52
  53
  55
  57
  60
  62
  64
  66
  69
  71
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
  126

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
  1,035
  1,059
  1,086
  1,117
  1,150
  1,188
  1,228
  1,272
  1,319
  1,370
  1,424
  1,481
  1,543
  1,608
  1,678
  1,751
  1,829
  1,911
  1,998
  2,090
  2,187
  2,289
  2,397
  2,510
  2,630
  2,756
  2,888
  3,028
  3,174
  3,328
Adjusted assets (=assets-cash), $m
  1,035
  1,059
  1,086
  1,117
  1,150
  1,188
  1,228
  1,272
  1,319
  1,370
  1,424
  1,481
  1,543
  1,608
  1,678
  1,751
  1,829
  1,911
  1,998
  2,090
  2,187
  2,289
  2,397
  2,510
  2,630
  2,756
  2,888
  3,028
  3,174
  3,328
Revenue / Adjusted assets
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
Average production assets, $m
  574
  587
  602
  619
  638
  659
  681
  705
  732
  760
  790
  822
  856
  892
  931
  971
  1,015
  1,060
  1,108
  1,159
  1,213
  1,270
  1,329
  1,392
  1,459
  1,528
  1,602
  1,679
  1,761
  1,846
Working capital, $m
  -56
  -58
  -59
  -61
  -62
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -164
  -172
  -181
Total debt, $m
  134
  143
  154
  165
  178
  193
  208
  225
  243
  263
  283
  306
  329
  354
  381
  409
  439
  471
  504
  539
  576
  616
  657
  701
  747
  795
  846
  899
  956
  1,015
Total liabilities, $m
  397
  407
  417
  429
  442
  456
  472
  488
  506
  526
  547
  569
  593
  618
  644
  672
  702
  734
  767
  803
  840
  879
  920
  964
  1,010
  1,058
  1,109
  1,163
  1,219
  1,278
Total equity, $m
  638
  652
  669
  688
  709
  732
  756
  783
  812
  844
  877
  913
  950
  991
  1,033
  1,079
  1,127
  1,177
  1,231
  1,288
  1,347
  1,410
  1,477
  1,546
  1,620
  1,698
  1,779
  1,865
  1,955
  2,050
Total liabilities and equity, $m
  1,035
  1,059
  1,086
  1,117
  1,151
  1,188
  1,228
  1,271
  1,318
  1,370
  1,424
  1,482
  1,543
  1,609
  1,677
  1,751
  1,829
  1,911
  1,998
  2,091
  2,187
  2,289
  2,397
  2,510
  2,630
  2,756
  2,888
  3,028
  3,174
  3,328
Debt-to-equity ratio
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.470
  0.480
  0.480
  0.490
  0.490
Adjusted equity ratio
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  46
  47
  48
  49
  50
  52
  53
  55
  57
  60
  62
  64
  66
  69
  71
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  121
  126
Depreciation, amort., depletion, $m
  45
  46
  47
  48
  49
  51
  53
  54
  56
  58
  59
  61
  64
  67
  69
  72
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
Funds from operations, $m
  89
  91
  93
  96
  98
  101
  104
  108
  111
  115
  119
  123
  128
  133
  138
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  231
  241
  252
  264
Change in working capital, $m
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
Cash from operations, $m
  90
  92
  95
  97
  100
  103
  106
  110
  114
  118
  122
  126
  131
  136
  142
  148
  154
  160
  167
  175
  182
  190
  199
  208
  217
  227
  238
  249
  260
  272
Maintenance CAPEX, $m
  -42
  -43
  -44
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -125
  -131
New CAPEX, $m
  -11
  -13
  -15
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -86
Cash from investing activities, $m
  -53
  -56
  -59
  -62
  -65
  -69
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -122
  -127
  -134
  -141
  -148
  -155
  -162
  -170
  -179
  -187
  -197
  -206
  -217
Free cash flow, $m
  38
  36
  36
  35
  35
  35
  35
  35
  35
  35
  35
  35
  36
  36
  37
  38
  38
  39
  40
  41
  42
  43
  44
  46
  47
  49
  50
  52
  54
  56
Issuance/(repayment) of debt, $m
  7
  9
  10
  12
  13
  14
  16
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
  59
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  
  7
  9
  10
  12
  13
  14
  16
  17
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
  59
Total cash flow (excl. dividends), $m
  45
  46
  46
  47
  48
  49
  50
  52
  53
  55
  56
  57
  59
  61
  63
  66
  68
  71
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  110
  115
Retained Cash Flow (-), $m
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -90
  -95
Prev. year cash balance distribution, $m
  78
  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
  110
  31
  30
  28
  27
  26
  25
  25
  24
  23
  22
  22
  21
  21
  21
  20
  20
  20
  20
  20
  20
  19
  19
  19
  19
  19
  19
  20
  20
  20
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
  106
  28
  26
  23
  21
  19
  17
  15
  14
  12
  11
  9
  8
  7
  6
  5
  4
  4
  3
  2
  2
  2
  1
  1
  1
  1
  0
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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
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  100.0

National HealthCare Corporation (NHC) is engaged in the operation of skilled nursing facilities, assisted living facilities, independent living facilities and homecare programs. The Company is engaged in the post-acute healthcare industry segment. Its business activities include providing sub-acute and post-acute skilled nursing care, intermediate nursing care, rehabilitative care, memory and Alzheimer's care, senior living services, and home healthcare services. It has interest in a hospice care business that services NHC owned healthcare centers and others. In addition, it provides management services, accounting and financial services, as well as insurance services to third-party operators of healthcare facilities. As of December 31, 2016, it owned the real estate of 13 healthcare properties and leased these properties to third-party operators. As of December 31, 2016, it operated in 10 states, and its owned and leased properties are located in various parts of the United States.

FINANCIAL RATIOS  of  National Healthcare (NHC)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 1.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 43.2
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio 55
Current Ratio 0.2
LT Debt to Equity 21.9%
Total Debt to Equity 22.4%
Interest Coverage 17
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 40.9%
Gross Margin - 3 Yr. Avg. 41.2%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 13.7%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 51%

NHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NHC stock intrinsic value calculation we used $966.996 million for the last fiscal year's total revenue generated by National Healthcare. The default revenue input number comes from 0001 income statement of National 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 NHC stock valuation model: a) initial revenue growth rate of 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 4.3%, whose default value for NHC is calculated based on our internal credit rating of National 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 National 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 NHC stock the variable cost ratio is equal to 93.1%.

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 NHC 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 National Healthcare.

Corporate tax rate of 27% is the nominal tax rate for National 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 NHC 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 NHC are equal to 58.2%.

Life of production assets of 13.4 years is the average useful life of capital assets used in National 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 NHC is equal to -5.7%. 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 - $702.738 million for National 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 15.226 million for National 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 National Healthcare at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ NHC Announces Common Dividend   [Nov-09-18 05:50AM  Business Wire]
▶ National HealthCare: 3Q Earnings Snapshot   [05:47AM  Associated Press]
▶ NHC Reports Third Quarter 2018 Earnings   [05:35AM  Business Wire]
▶ Dow Jones Up, Nasdaq Lags; Most Growth Stocks Face This Key Technical Test   [Oct-29-18 01:33PM  Investor's Business Daily]
▶ NHC Welcomes David A. Johnson as Vice President of Homecare   [Sep-18-18 06:35AM  Business Wire]
▶ Who Owns National HealthCare Corporation (NYSEMKT:NHC)?   [Aug-21-18 02:37PM  Simply Wall St.]
▶ NHC Announces $25 Million Stock Repurchase Program   [Aug-13-18 05:35AM  Business Wire]
▶ NHC Announces Common Dividend   [Aug-10-18 05:25AM  Business Wire]
▶ NHC Reports Second Quarter 2018 Earnings   [05:12AM  Business Wire]
▶ Gulch, Ohio developers jockey for Cool Springs development site   [May-29-18 03:15PM  American City Business Journals]
▶ NHC Reports First Quarter 2018 Earnings   [May-04-18 05:05AM  Business Wire]
▶ NHC Announces 4.2% Increase in Quarterly Common Dividend   [May-03-18 04:51PM  Business Wire]
▶ NHC Reports Year End Earnings   [Feb-20-18 05:05AM  Business Wire]
▶ NHC Announces Common Dividend   [Feb-14-18 05:00AM  Business Wire]
▶ NHC Announces Common Dividend   [05:00AM  Business Wire]
▶ NHC Reports Third Quarter Earnings   [Nov-09-17 07:00PM  Business Wire]
▶ NHC Announces $25 Million Stock Repurchase Program   [Aug-09-17 05:30AM  Business Wire]
▶ NHC Announces Common Dividend   [Aug-04-17 06:40AM  Business Wire]
▶ NHC Reports Second Quarter Earnings   [06:30AM  Business Wire]
▶ NHC Reports First Quarter Earnings   [May-10-17 05:30AM  Business Wire]
▶ NHC Announces 6.7% Increase in Common Dividend   [May-09-17 04:45PM  Business Wire]
▶ NHC Reports Year End Earnings   [06:20AM  Business Wire]
▶ NHC Announces New Chief Information Officer   [Feb-13-17 06:20AM  Business Wire]
▶ NHC Announces Common Dividend   [Feb-10-17 06:20AM  Business Wire]
▶ Is National HealthCare Corporation (NHC) A Good Stock To Buy?   [Dec-17-16 04:33PM  at Insider Monkey]
▶ Stephen F. Flatt Appointed to NHC Board of Directors   [Nov-08-16 04:30PM  Business Wire]
▶ NHC Announces Common Dividend   [05:30AM  Business Wire]
▶ NHC Reports Third Quarter Earnings   [Nov-03-16 05:15PM  Business Wire]
▶ Donald Daniel and Charlotte Swafford Announce Retirement   [Sep-30-16 06:02PM  PR Newswire]

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