Intrinsic value of Surgery Partners, Inc. - SGRY

Previous Close

$12.66

  Intrinsic Value

$172.91

stock screener

  Rating & Target

str. buy

+999%

Previous close

$12.66

 
Intrinsic value

$172.91

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SGRY 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 0.6

 

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, %
  54.00
  49.10
  44.69
  40.72
  37.15
  33.93
  31.04
  28.44
  26.09
  23.98
  22.09
  20.38
  18.84
  17.46
  16.21
  15.09
  14.08
  13.17
  12.35
  11.62
  10.96
  10.36
  9.83
  9.34
  8.91
  8.52
  8.17
  7.85
  7.56
  7.31
Revenue, $m
  1,763
  2,629
  3,804
  5,353
  7,342
  9,833
  12,885
  16,549
  20,867
  25,872
  31,586
  38,022
  45,185
  53,073
  61,676
  70,982
  80,976
  91,642
  102,964
  114,927
  127,520
  140,733
  154,560
  169,001
  184,056
  199,734
  216,044
  233,002
  250,627
  268,943
Variable operating expenses, $m
  1,238
  1,767
  2,485
  3,431
  4,646
  6,168
  8,033
  10,272
  12,910
  15,968
  19,299
  23,232
  27,608
  32,427
  37,684
  43,370
  49,476
  55,993
  62,911
  70,220
  77,915
  85,988
  94,436
  103,259
  112,458
  122,037
  132,003
  142,364
  153,133
  164,324
Fixed operating expenses, $m
  86
  88
  90
  92
  94
  96
  98
  100
  102
  104
  107
  109
  111
  114
  116
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  154
  158
  161
Total operating expenses, $m
  1,324
  1,855
  2,575
  3,523
  4,740
  6,264
  8,131
  10,372
  13,012
  16,072
  19,406
  23,341
  27,719
  32,541
  37,800
  43,489
  49,598
  56,117
  63,038
  70,350
  78,048
  86,124
  94,575
  103,401
  112,603
  122,185
  132,154
  142,518
  153,291
  164,485
Operating income, $m
  440
  775
  1,230
  1,830
  2,602
  3,569
  4,754
  6,177
  7,855
  9,800
  12,180
  14,682
  17,466
  20,531
  23,875
  27,493
  31,378
  35,524
  39,926
  44,577
  49,473
  54,610
  59,985
  65,600
  71,453
  77,548
  83,890
  90,483
  97,336
  104,457
EBITDA, $m
  649
  1,009
  1,496
  2,140
  2,968
  4,004
  5,275
  6,801
  8,599
  10,683
  13,064
  15,745
  18,729
  22,016
  25,600
  29,478
  33,643
  38,087
  42,805
  47,791
  53,039
  58,545
  64,308
  70,326
  76,601
  83,134
  89,932
  96,999
  104,345
  111,979
Interest expense (income), $m
  79
  108
  176
  293
  453
  663
  933
  1,271
  1,686
  2,184
  2,770
  3,450
  4,226
  5,100
  6,073
  7,144
  8,312
  9,576
  10,934
  12,382
  13,920
  15,545
  17,255
  19,050
  20,928
  22,889
  24,934
  27,063
  29,278
  31,581
  33,975
Earnings before tax, $m
  332
  599
  937
  1,378
  1,939
  2,636
  3,483
  4,491
  5,671
  7,029
  8,730
  10,456
  12,366
  14,458
  16,731
  19,180
  21,802
  24,591
  27,543
  30,657
  33,928
  37,354
  40,936
  44,672
  48,564
  52,615
  56,827
  61,205
  65,755
  70,482
Tax expense, $m
  90
  162
  253
  372
  524
  712
  940
  1,213
  1,531
  1,898
  2,357
  2,823
  3,339
  3,904
  4,517
  5,179
  5,886
  6,639
  7,437
  8,277
  9,160
  10,086
  11,053
  12,061
  13,112
  14,206
  15,343
  16,525
  17,754
  19,030
Net income, $m
  242
  437
  684
  1,006
  1,415
  1,924
  2,542
  3,279
  4,140
  5,131
  6,373
  7,633
  9,027
  10,555
  12,214
  14,002
  15,915
  17,951
  20,107
  22,379
  24,767
  27,269
  29,883
  32,611
  35,452
  38,409
  41,484
  44,680
  48,001
  51,452

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
  3,548
  5,290
  7,654
  10,771
  14,772
  19,785
  25,926
  33,298
  41,987
  52,057
  63,554
  76,504
  90,916
  106,786
  124,096
  142,820
  162,929
  184,389
  207,170
  231,242
  256,579
  283,165
  310,987
  340,042
  370,335
  401,879
  434,696
  468,817
  504,280
  541,132
Adjusted assets (=assets-cash), $m
  3,548
  5,290
  7,654
  10,771
  14,772
  19,785
  25,926
  33,298
  41,987
  52,057
  63,554
  76,504
  90,916
  106,786
  124,096
  142,820
  162,929
  184,389
  207,170
  231,242
  256,579
  283,165
  310,987
  340,042
  370,335
  401,879
  434,696
  468,817
  504,280
  541,132
Revenue / Adjusted assets
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
Average production assets, $m
  1,479
  2,206
  3,192
  4,491
  6,160
  8,250
  10,811
  13,885
  17,508
  21,707
  26,501
  31,901
  37,911
  44,528
  51,746
  59,554
  67,939
  76,887
  86,386
  96,424
  106,989
  118,075
  129,676
  141,792
  154,423
  167,577
  181,261
  195,489
  210,276
  225,643
Working capital, $m
  189
  281
  407
  573
  786
  1,052
  1,379
  1,771
  2,233
  2,768
  3,380
  4,068
  4,835
  5,679
  6,599
  7,595
  8,664
  9,806
  11,017
  12,297
  13,645
  15,058
  16,538
  18,083
  19,694
  21,372
  23,117
  24,931
  26,817
  28,777
Total debt, $m
  2,340
  3,908
  6,036
  8,841
  12,442
  16,953
  22,480
  29,115
  36,935
  45,998
  56,345
  68,000
  80,972
  95,254
  110,833
  127,685
  145,783
  165,097
  185,600
  207,264
  230,068
  253,995
  279,035
  305,185
  332,448
  360,838
  390,373
  421,082
  452,999
  486,166
Total liabilities, $m
  3,193
  4,761
  6,889
  9,694
  13,295
  17,806
  23,333
  29,969
  37,788
  46,851
  57,198
  68,853
  81,825
  96,107
  111,686
  128,538
  146,636
  165,951
  186,453
  208,117
  230,921
  254,848
  279,888
  306,038
  333,301
  361,691
  391,226
  421,935
  453,852
  487,019
Total equity, $m
  355
  529
  765
  1,077
  1,477
  1,978
  2,593
  3,330
  4,199
  5,206
  6,355
  7,650
  9,092
  10,679
  12,410
  14,282
  16,293
  18,439
  20,717
  23,124
  25,658
  28,316
  31,099
  34,004
  37,033
  40,188
  43,470
  46,882
  50,428
  54,113
Total liabilities and equity, $m
  3,548
  5,290
  7,654
  10,771
  14,772
  19,784
  25,926
  33,299
  41,987
  52,057
  63,553
  76,503
  90,917
  106,786
  124,096
  142,820
  162,929
  184,390
  207,170
  231,241
  256,579
  283,164
  310,987
  340,042
  370,334
  401,879
  434,696
  468,817
  504,280
  541,132
Debt-to-equity ratio
  6.600
  7.390
  7.890
  8.210
  8.420
  8.570
  8.670
  8.740
  8.800
  8.840
  8.870
  8.890
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
Adjusted equity ratio
  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
  242
  437
  684
  1,006
  1,415
  1,924
  2,542
  3,279
  4,140
  5,131
  6,373
  7,633
  9,027
  10,555
  12,214
  14,002
  15,915
  17,951
  20,107
  22,379
  24,767
  27,269
  29,883
  32,611
  35,452
  38,409
  41,484
  44,680
  48,001
  51,452
Depreciation, amort., depletion, $m
  210
  234
  267
  310
  366
  435
  521
  623
  744
  884
  883
  1,063
  1,264
  1,484
  1,725
  1,985
  2,265
  2,563
  2,880
  3,214
  3,566
  3,936
  4,323
  4,726
  5,147
  5,586
  6,042
  6,516
  7,009
  7,521
Funds from operations, $m
  452
  671
  950
  1,316
  1,781
  2,359
  3,063
  3,902
  4,884
  6,015
  7,257
  8,696
  10,291
  12,039
  13,939
  15,987
  18,180
  20,514
  22,986
  25,594
  28,334
  31,205
  34,206
  37,337
  40,599
  43,995
  47,526
  51,196
  55,010
  58,974
Change in working capital, $m
  66
  93
  126
  166
  213
  267
  327
  392
  462
  536
  611
  689
  766
  844
  921
  996
  1,069
  1,141
  1,211
  1,280
  1,347
  1,414
  1,480
  1,545
  1,611
  1,677
  1,745
  1,815
  1,886
  1,960
Cash from operations, $m
  386
  579
  825
  1,150
  1,568
  2,093
  2,736
  3,510
  4,422
  5,480
  6,645
  8,007
  9,524
  11,195
  13,018
  14,991
  17,110
  19,373
  21,775
  24,314
  26,986
  29,791
  32,726
  35,792
  38,988
  42,317
  45,781
  49,382
  53,124
  57,014
Maintenance CAPEX, $m
  -32
  -49
  -74
  -106
  -150
  -205
  -275
  -360
  -463
  -584
  -724
  -883
  -1,063
  -1,264
  -1,484
  -1,725
  -1,985
  -2,265
  -2,563
  -2,880
  -3,214
  -3,566
  -3,936
  -4,323
  -4,726
  -5,147
  -5,586
  -6,042
  -6,516
  -7,009
New CAPEX, $m
  -519
  -726
  -986
  -1,300
  -1,668
  -2,090
  -2,561
  -3,074
  -3,623
  -4,199
  -4,794
  -5,400
  -6,010
  -6,617
  -7,218
  -7,808
  -8,385
  -8,949
  -9,499
  -10,037
  -10,565
  -11,086
  -11,601
  -12,115
  -12,632
  -13,153
  -13,684
  -14,228
  -14,788
  -15,367
Cash from investing activities, $m
  -551
  -775
  -1,060
  -1,406
  -1,818
  -2,295
  -2,836
  -3,434
  -4,086
  -4,783
  -5,518
  -6,283
  -7,073
  -7,881
  -8,702
  -9,533
  -10,370
  -11,214
  -12,062
  -12,917
  -13,779
  -14,652
  -15,537
  -16,438
  -17,358
  -18,300
  -19,270
  -20,270
  -21,304
  -22,376
Free cash flow, $m
  -165
  -197
  -235
  -256
  -250
  -203
  -99
  75
  336
  697
  1,128
  1,724
  2,451
  3,314
  4,316
  5,458
  6,740
  8,159
  9,713
  11,397
  13,207
  15,139
  17,189
  19,354
  21,630
  24,017
  26,511
  29,112
  31,821
  34,638
Issuance/(repayment) of debt, $m
  898
  1,568
  2,128
  2,805
  3,601
  4,511
  5,527
  6,635
  7,820
  9,063
  10,347
  11,655
  12,971
  14,283
  15,579
  16,852
  18,098
  19,315
  20,503
  21,664
  22,804
  23,927
  25,040
  26,150
  27,264
  28,390
  29,535
  30,709
  31,917
  33,167
Issuance/(repurchase) of shares, $m
  103
  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  
  1,001
  1,568
  2,128
  2,805
  3,601
  4,511
  5,527
  6,635
  7,820
  9,063
  10,347
  11,655
  12,971
  14,283
  15,579
  16,852
  18,098
  19,315
  20,503
  21,664
  22,804
  23,927
  25,040
  26,150
  27,264
  28,390
  29,535
  30,709
  31,917
  33,167
Total cash flow (excl. dividends), $m
  836
  1,371
  1,893
  2,549
  3,351
  4,309
  5,428
  6,710
  8,156
  9,760
  11,475
  13,379
  15,422
  17,597
  19,895
  22,310
  24,838
  27,474
  30,215
  33,061
  36,011
  39,066
  42,229
  45,503
  48,894
  52,406
  56,046
  59,820
  63,737
  67,805
Retained Cash Flow (-), $m
  -345
  -174
  -236
  -312
  -400
  -501
  -614
  -737
  -869
  -1,007
  -1,150
  -1,295
  -1,441
  -1,587
  -1,731
  -1,872
  -2,011
  -2,146
  -2,278
  -2,407
  -2,534
  -2,659
  -2,782
  -2,906
  -3,029
  -3,154
  -3,282
  -3,412
  -3,546
  -3,685
Prev. year cash balance distribution, $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 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
  490
  1,196
  1,657
  2,237
  2,951
  3,808
  4,814
  5,973
  7,287
  8,753
  10,325
  12,084
  13,981
  16,010
  18,164
  20,438
  22,827
  25,328
  27,937
  30,654
  33,477
  36,407
  39,447
  42,598
  45,865
  49,252
  52,764
  56,408
  60,191
  64,120
Discount rate, %
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
  432
  916
  1,089
  1,247
  1,373
  1,457
  1,491
  1,472
  1,402
  1,291
  1,143
  982
  816
  655
  508
  380
  275
  192
  129
  83
  52
  31
  18
  10
  5
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4
  48.4

Surgery Partners, Inc. is a healthcare services company. The Company operates in three lines of business across the United States: Surgical Facility Services, Ancillary Services and Optical Services. The Company's Surgical Facility Services segment consists of the operation of ambulatory surgery centers (ASCs) and surgical hospitals, which include its anesthesia services. The Company's surgical facilities primarily provide non-emergency surgical procedures across a range of specialties, which include gastrointestinal (GI), general surgery, ophthalmology, orthopedics and pain management. The Company's Ancillary Services segment consists of a diagnostic laboratory, a specialty pharmacy and multi-specialty physician practices. The Company's physician practices include its owned and operated physician practices pursuant to long-term management service agreements. The Company's Optical Services segment consists of an optical laboratory, an optical products group purchasing organization.

FINANCIAL RATIOS  of  Surgery Partners, Inc. (SGRY)

Valuation Ratios
P/E Ratio 68.2
Price to Sales 0.5
Price to Book 61.4
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 7.1
Growth Rates
Sales Growth Rate 19.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.2%
Cap. Spend. - 3 Yr. Gr. Rate 57.7%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 14670%
Total Debt to Equity 14950%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.8%
Return On Equity 300%
Return On Equity - 3 Yr. Avg. 111.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 28.3%
Gross Margin - 3 Yr. Avg. 31.9%
EBITDA Margin 18.4%
EBITDA Margin - 3 Yr. Avg. 12.6%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 14.9%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. -0.9%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. -5.2%
Effective Tax Rate 7.6%
Eff/ Tax Rate - 3 Yr. Avg. 19.4%
Payout Ratio 0%

SGRY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SGRY stock intrinsic value calculation we used $1145 million for the last fiscal year's total revenue generated by Surgery Partners, Inc.. The default revenue input number comes from 0001 income statement of Surgery Partners, Inc.. 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 SGRY stock valuation model: a) initial revenue growth rate of 54% 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 13.6%, whose default value for SGRY is calculated based on our internal credit rating of Surgery Partners, Inc., 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 Surgery Partners, Inc..
    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 SGRY stock the variable cost ratio is equal to 75.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $84 million in the base year in the intrinsic value calculation for SGRY 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 7.5% for Surgery Partners, Inc..

Corporate tax rate of 27% is the nominal tax rate for Surgery Partners, Inc.. 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 SGRY 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 SGRY are equal to 83.9%.

Life of production assets of 43.7 years is the average useful life of capital assets used in Surgery Partners, Inc. 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 SGRY is equal to 10.7%. 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 - $9.677 million for Surgery Partners, Inc. - 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 48.891 million for Surgery Partners, Inc. 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 Surgery Partners, Inc. at the current share price and the inputted number of shares is $0.6 billion.

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