Intrinsic value of ResMed - RMD

Previous Close

$77.73

  Intrinsic Value

$54.93

stock screener

  Rating & Target

sell

-29%

  Value-price divergence*

-22%

Previous close

$77.73

 
Intrinsic value

$54.93

 
Up/down potential

-29%

 
Rating

sell

 
Value-price divergence*

-22%

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

We calculate the intrinsic value of RMD 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 11.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  12.40
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  2,067
  2,218
  2,375
  2,538
  2,707
  2,883
  3,067
  3,257
  3,456
  3,663
  3,879
  4,104
  4,339
  4,584
  4,840
  5,107
  5,387
  5,679
  5,985
  6,305
  6,640
  6,990
  7,358
  7,742
  8,145
  8,567
  9,010
  9,473
  9,960
  10,470
  11,005
Variable operating expenses, $m
 
  1,693
  1,806
  1,922
  2,043
  2,169
  2,301
  2,437
  2,579
  2,727
  2,882
  2,936
  3,104
  3,280
  3,463
  3,654
  3,854
  4,063
  4,282
  4,511
  4,751
  5,001
  5,264
  5,539
  5,828
  6,130
  6,446
  6,778
  7,126
  7,491
  7,874
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
  1,643
  1,693
  1,806
  1,922
  2,043
  2,169
  2,301
  2,437
  2,579
  2,727
  2,882
  2,936
  3,104
  3,280
  3,463
  3,654
  3,854
  4,063
  4,282
  4,511
  4,751
  5,001
  5,264
  5,539
  5,828
  6,130
  6,446
  6,778
  7,126
  7,491
  7,874
Operating income, $m
  424
  525
  569
  616
  664
  714
  766
  820
  877
  936
  997
  1,168
  1,235
  1,304
  1,377
  1,453
  1,533
  1,616
  1,703
  1,794
  1,889
  1,989
  2,093
  2,203
  2,317
  2,438
  2,563
  2,695
  2,834
  2,979
  3,131
EBITDA, $m
  536
  678
  725
  775
  827
  881
  937
  995
  1,056
  1,119
  1,185
  1,254
  1,325
  1,400
  1,479
  1,560
  1,646
  1,735
  1,828
  1,926
  2,028
  2,136
  2,248
  2,365
  2,488
  2,617
  2,752
  2,894
  3,043
  3,198
  3,362
Interest expense (income), $m
  28
  38
  42
  46
  50
  54
  59
  63
  68
  73
  79
  84
  90
  96
  102
  109
  115
  123
  130
  138
  146
  155
  164
  173
  183
  193
  204
  215
  227
  239
  252
Earnings before tax, $m
  419
  487
  528
  570
  614
  660
  707
  757
  809
  862
  919
  1,084
  1,145
  1,208
  1,275
  1,345
  1,417
  1,493
  1,573
  1,656
  1,743
  1,834
  1,930
  2,030
  2,135
  2,245
  2,360
  2,480
  2,607
  2,740
  2,879
Tax expense, $m
  77
  131
  142
  154
  166
  178
  191
  204
  218
  233
  248
  293
  309
  326
  344
  363
  383
  403
  425
  447
  471
  495
  521
  548
  576
  606
  637
  670
  704
  740
  777
Net income, $m
  342
  355
  385
  416
  448
  482
  516
  553
  590
  630
  671
  791
  836
  882
  931
  982
  1,035
  1,090
  1,148
  1,209
  1,272
  1,339
  1,409
  1,482
  1,558
  1,638
  1,723
  1,811
  1,903
  2,000
  2,101

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  822
  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
  3,468
  2,840
  3,041
  3,249
  3,466
  3,692
  3,927
  4,171
  4,425
  4,690
  4,967
  5,255
  5,556
  5,869
  6,197
  6,540
  6,898
  7,272
  7,663
  8,073
  8,502
  8,951
  9,421
  9,913
  10,429
  10,969
  11,536
  12,130
  12,753
  13,406
  14,090
Adjusted assets (=assets-cash), $m
  2,646
  2,840
  3,041
  3,249
  3,466
  3,692
  3,927
  4,171
  4,425
  4,690
  4,967
  5,255
  5,556
  5,869
  6,197
  6,540
  6,898
  7,272
  7,663
  8,073
  8,502
  8,951
  9,421
  9,913
  10,429
  10,969
  11,536
  12,130
  12,753
  13,406
  14,090
Revenue / Adjusted assets
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
Average production assets, $m
  671
  721
  772
  825
  880
  937
  997
  1,059
  1,123
  1,191
  1,261
  1,334
  1,410
  1,490
  1,573
  1,660
  1,751
  1,846
  1,945
  2,049
  2,158
  2,272
  2,391
  2,516
  2,647
  2,784
  2,928
  3,079
  3,237
  3,403
  3,577
Working capital, $m
  1,284
  497
  532
  568
  606
  646
  687
  730
  774
  821
  869
  919
  972
  1,027
  1,084
  1,144
  1,207
  1,272
  1,341
  1,412
  1,487
  1,566
  1,648
  1,734
  1,824
  1,919
  2,018
  2,122
  2,231
  2,345
  2,465
Total debt, $m
  1,079
  1,190
  1,304
  1,423
  1,547
  1,675
  1,809
  1,948
  2,093
  2,245
  2,402
  2,566
  2,738
  2,917
  3,103
  3,299
  3,503
  3,716
  3,939
  4,173
  4,417
  4,673
  4,941
  5,221
  5,515
  5,824
  6,147
  6,485
  6,840
  7,212
  7,603
Total liabilities, $m
  1,508
  1,619
  1,733
  1,852
  1,976
  2,104
  2,238
  2,377
  2,522
  2,674
  2,831
  2,995
  3,167
  3,346
  3,532
  3,728
  3,932
  4,145
  4,368
  4,602
  4,846
  5,102
  5,370
  5,650
  5,944
  6,253
  6,576
  6,914
  7,269
  7,641
  8,032
Total equity, $m
  1,960
  1,221
  1,307
  1,397
  1,490
  1,587
  1,688
  1,793
  1,903
  2,017
  2,136
  2,260
  2,389
  2,524
  2,665
  2,812
  2,966
  3,127
  3,295
  3,471
  3,656
  3,849
  4,051
  4,263
  4,484
  4,717
  4,960
  5,216
  5,484
  5,764
  6,059
Total liabilities and equity, $m
  3,468
  2,840
  3,040
  3,249
  3,466
  3,691
  3,926
  4,170
  4,425
  4,691
  4,967
  5,255
  5,556
  5,870
  6,197
  6,540
  6,898
  7,272
  7,663
  8,073
  8,502
  8,951
  9,421
  9,913
  10,428
  10,970
  11,536
  12,130
  12,753
  13,405
  14,091
Debt-to-equity ratio
  0.551
  0.970
  1.000
  1.020
  1.040
  1.060
  1.070
  1.090
  1.100
  1.110
  1.120
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
  1.190
  1.200
  1.200
  1.210
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
  1.250
  1.250
  1.250
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  342
  355
  385
  416
  448
  482
  516
  553
  590
  630
  671
  791
  836
  882
  931
  982
  1,035
  1,090
  1,148
  1,209
  1,272
  1,339
  1,409
  1,482
  1,558
  1,638
  1,723
  1,811
  1,903
  2,000
  2,101
Depreciation, amort., depletion, $m
  112
  153
  156
  160
  163
  167
  171
  175
  179
  183
  188
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  147
  154
  162
  171
  180
  189
  199
  209
  220
  231
Funds from operations, $m
  324
  508
  541
  576
  611
  649
  687
  727
  769
  813
  858
  877
  927
  978
  1,032
  1,089
  1,148
  1,209
  1,274
  1,341
  1,412
  1,486
  1,563
  1,644
  1,729
  1,818
  1,911
  2,009
  2,112
  2,219
  2,332
Change in working capital, $m
  -90
  34
  35
  37
  38
  39
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  63
  65
  68
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
  114
  120
Cash from operations, $m
  414
  475
  506
  539
  573
  609
  646
  685
  725
  767
  810
  827
  874
  923
  975
  1,029
  1,085
  1,144
  1,205
  1,269
  1,337
  1,407
  1,481
  1,558
  1,639
  1,724
  1,812
  1,905
  2,003
  2,105
  2,212
Maintenance CAPEX, $m
  0
  -43
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -147
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -220
New CAPEX, $m
  -71
  -50
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
Cash from investing activities, $m
  -82
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -139
  -147
  -154
  -162
  -171
  -179
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -266
  -279
  -293
  -308
  -324
  -340
  -357
  -375
  -394
Free cash flow, $m
  332
  381
  409
  436
  465
  495
  526
  558
  592
  627
  663
  672
  712
  753
  796
  840
  887
  936
  987
  1,040
  1,096
  1,154
  1,215
  1,279
  1,346
  1,416
  1,489
  1,566
  1,646
  1,731
  1,819
Issuance/(repayment) of debt, $m
  -95
  111
  114
  119
  124
  129
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  213
  223
  233
  244
  256
  268
  281
  294
  308
  323
  339
  355
  372
  390
Issuance/(repurchase) of shares, $m
  30
  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  
  -77
  111
  114
  119
  124
  129
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  213
  223
  233
  244
  256
  268
  281
  294
  308
  323
  339
  355
  372
  390
Total cash flow (excl. dividends), $m
  277
  492
  523
  555
  589
  624
  660
  698
  737
  778
  821
  836
  883
  932
  982
  1,036
  1,091
  1,149
  1,210
  1,273
  1,340
  1,410
  1,483
  1,559
  1,640
  1,724
  1,812
  1,904
  2,001
  2,103
  2,209
Retained Cash Flow (-), $m
  -265
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -232
  -244
  -255
  -268
  -281
  -294
Prev. year cash balance distribution, $m
 
  822
  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
 
  1,231
  437
  466
  496
  527
  559
  593
  628
  664
  702
  713
  754
  797
  841
  888
  937
  988
  1,042
  1,097
  1,156
  1,217
  1,281
  1,348
  1,418
  1,491
  1,568
  1,649
  1,733
  1,822
  1,915
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
 
  1,180
  400
  405
  408
  408
  406
  400
  392
  381
  368
  338
  322
  303
  282
  261
  238
  215
  192
  169
  147
  126
  106
  88
  72
  58
  46
  35
  27
  20
  14
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

ResMed Inc. is a holding company. The Company is engaged in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing (SDB), chronic obstructive pulmonary disease (COPD), neuromuscular disease and other diseases. SDB includes obstructive sleep apnea (OSA) and other respiratory disorders that occur during sleep. Its cloud-based software digital health applications, along with its devices, are designed to provide connected care to improve patient outcomes. The Company's portfolio of products includes devices, diagnostic products, mask systems, headgear and other accessories, dental devices, portable oxygen concentrators (POCs) and cloud-based software informatics solutions. The Company produces Continuous Positive Airway Pressure (CPAP), Variable Positive Airway Pressure (VPAP) and AutoSet systems for the titration and treatment of SDB.

FINANCIAL RATIOS  of  ResMed (RMD)

Valuation Ratios
P/E Ratio 32.3
Price to Sales 5.3
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 26.7
Price to Free Cash Flow 32.2
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.4%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 55.1%
Total Debt to Equity 55.1%
Interest Coverage 16
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 13.3%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 18.7%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 58.2%
Gross Margin - 3 Yr. Avg. 58.8%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 29%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 22.7%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 23.4%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 18.9%
Effective Tax Rate 18.4%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
Payout Ratio 54.4%

RMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RMD stock intrinsic value calculation we used $2067 million for the last fiscal year's total revenue generated by ResMed. The default revenue input number comes from 2017 income statement of ResMed. 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 RMD stock valuation model: a) initial revenue growth rate of 7.3% 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 RMD is calculated based on our internal credit rating of ResMed, 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 ResMed.
    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 RMD stock the variable cost ratio is equal to 76.7%.

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 RMD 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 ResMed.

Corporate tax rate of 27% is the nominal tax rate for ResMed. 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 RMD 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 RMD are equal to 32.5%.

Life of production assets of 15.5 years is the average useful life of capital assets used in ResMed 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 RMD is equal to 22.4%. 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 - $1960 million for ResMed - 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 142.722 million for ResMed 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 ResMed at the current share price and the inputted number of shares is $11.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to ResMed, Inc. : October 3, 2017   [Oct-03-17 11:33AM  Capital Cube]
▶ Resmed Meets 80-Plus Relative Strength Rating Benchmark   [Sep-08-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to ResMed, Inc. : August 18, 2017   [Aug-18-17 05:57PM  Capital Cube]
▶ 3 Dividend Healthcare Stocks   [Aug-16-17 08:00AM  Motley Fool]
▶ ResMed Tops Expectations but Falls Anyway   [09:01AM  Motley Fool]
▶ ResMed beats 4Q profit forecasts   [Aug-01-17 09:55PM  Associated Press]
▶ Which Stocks Are Showing Rising Relative Strength?   [Jun-14-17 02:26PM  Investor's Business Daily]
▶ Sleep Apnea Treatment Provider Enters New Buy Zone   [11:53AM  Investor's Business Daily]
▶ FDA Approval Boosts Baxters Generic Injectable Business   [Jun-09-17 03:35PM  Market Realist]
▶ ETFs with exposure to ResMed, Inc. : May 25, 2017   [May-25-17 12:47PM  Capital Cube]
▶ ETFs with exposure to ResMed, Inc. : May 2, 2017   [May-02-17 04:33PM  Capital Cube]
▶ ResMed, Inc. Value Analysis (NYSE:RMD) : April 28, 2017   [Apr-28-17 05:11PM  Capital Cube]
▶ ResMed tops 3Q profit forecasts   [Apr-27-17 06:02PM  Associated Press]
▶ ResMed Unveils AirMini - the World's Smallest CPAP   [Apr-25-17 09:39AM  PR Newswire]
▶ ETFs with exposure to ResMed, Inc. : April 7, 2017   [Apr-07-17 05:24PM  Capital Cube]
Financial statements of RMD
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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