Intrinsic value of Stryker - SYK

Previous Close

$172.61

  Intrinsic Value

$93.00

stock screener

  Rating & Target

sell

-46%

Previous close

$172.61

 
Intrinsic value

$93.00

 
Up/down potential

-46%

 
Rating

sell

We calculate the intrinsic value of SYK 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 64.6

 

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, %
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  13,726
  15,067
  16,467
  17,926
  19,446
  21,027
  22,671
  24,379
  26,154
  27,999
  29,916
  31,909
  33,983
  36,140
  38,385
  40,723
  43,159
  45,698
  48,347
  51,110
  53,995
  57,008
  60,156
  63,446
  66,887
  70,486
  74,251
  78,193
  82,319
  86,641
Variable operating expenses, $m
  10,994
  11,965
  12,978
  14,034
  15,133
  16,277
  17,466
  18,702
  19,986
  21,320
  21,643
  23,085
  24,585
  26,145
  27,770
  29,461
  31,224
  33,061
  34,977
  36,976
  39,063
  41,243
  43,520
  45,901
  48,390
  50,993
  53,718
  56,569
  59,554
  62,681
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
  10,994
  11,965
  12,978
  14,034
  15,133
  16,277
  17,466
  18,702
  19,986
  21,320
  21,643
  23,085
  24,585
  26,145
  27,770
  29,461
  31,224
  33,061
  34,977
  36,976
  39,063
  41,243
  43,520
  45,901
  48,390
  50,993
  53,718
  56,569
  59,554
  62,681
Operating income, $m
  2,731
  3,102
  3,489
  3,893
  4,313
  4,750
  5,205
  5,677
  6,168
  6,678
  8,273
  8,824
  9,398
  9,994
  10,615
  11,262
  11,935
  12,638
  13,370
  14,134
  14,932
  15,765
  16,636
  17,546
  18,497
  19,492
  20,534
  21,624
  22,765
  23,960
EBITDA, $m
  4,049
  4,445
  4,858
  5,288
  5,737
  6,203
  6,688
  7,192
  7,716
  8,260
  8,826
  9,414
  10,025
  10,662
  11,324
  12,014
  12,732
  13,481
  14,263
  15,078
  15,929
  16,818
  17,747
  18,717
  19,732
  20,794
  21,905
  23,068
  24,285
  25,560
Interest expense (income), $m
  180
  390
  457
  529
  603
  680
  761
  845
  932
  1,023
  1,117
  1,214
  1,316
  1,422
  1,532
  1,646
  1,765
  1,889
  2,019
  2,153
  2,294
  2,440
  2,593
  2,753
  2,920
  3,095
  3,277
  3,468
  3,668
  3,877
  4,096
Earnings before tax, $m
  2,341
  2,645
  2,961
  3,290
  3,633
  3,989
  4,360
  4,745
  5,146
  5,562
  7,059
  7,508
  7,976
  8,462
  8,969
  9,496
  10,046
  10,619
  11,217
  11,840
  12,492
  13,172
  13,883
  14,626
  15,403
  16,215
  17,066
  17,956
  18,888
  19,864
Tax expense, $m
  632
  714
  799
  888
  981
  1,077
  1,177
  1,281
  1,389
  1,502
  1,906
  2,027
  2,153
  2,285
  2,422
  2,564
  2,712
  2,867
  3,029
  3,197
  3,373
  3,556
  3,748
  3,949
  4,159
  4,378
  4,608
  4,848
  5,100
  5,363
Net income, $m
  1,709
  1,931
  2,161
  2,402
  2,652
  2,912
  3,183
  3,464
  3,756
  4,060
  5,153
  5,481
  5,822
  6,177
  6,547
  6,932
  7,334
  7,752
  8,188
  8,644
  9,119
  9,615
  10,134
  10,677
  11,244
  11,837
  12,458
  13,108
  13,788
  14,501

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
  24,467
  26,857
  29,353
  31,954
  34,663
  37,481
  40,411
  43,456
  46,620
  49,909
  53,326
  56,880
  60,575
  64,420
  68,422
  72,590
  76,932
  81,459
  86,180
  91,106
  96,248
  101,618
  107,230
  113,095
  119,228
  125,643
  132,355
  139,381
  146,736
  154,440
Adjusted assets (=assets-cash), $m
  24,467
  26,857
  29,353
  31,954
  34,663
  37,481
  40,411
  43,456
  46,620
  49,909
  53,326
  56,880
  60,575
  64,420
  68,422
  72,590
  76,932
  81,459
  86,180
  91,106
  96,248
  101,618
  107,230
  113,095
  119,228
  125,643
  132,355
  139,381
  146,736
  154,440
Revenue / Adjusted assets
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
Average production assets, $m
  7,604
  8,347
  9,123
  9,931
  10,773
  11,649
  12,560
  13,506
  14,489
  15,511
  16,574
  17,678
  18,826
  20,021
  21,265
  22,560
  23,910
  25,317
  26,784
  28,315
  29,913
  31,582
  33,326
  35,149
  37,055
  39,049
  41,135
  43,319
  45,605
  47,999
Working capital, $m
  2,594
  2,848
  3,112
  3,388
  3,675
  3,974
  4,285
  4,608
  4,943
  5,292
  5,654
  6,031
  6,423
  6,830
  7,255
  7,697
  8,157
  8,637
  9,138
  9,660
  10,205
  10,774
  11,369
  11,991
  12,642
  13,322
  14,033
  14,778
  15,558
  16,375
Total debt, $m
  8,472
  9,789
  11,164
  12,598
  14,091
  15,643
  17,258
  18,935
  20,679
  22,491
  24,374
  26,332
  28,368
  30,486
  32,691
  34,988
  37,381
  39,875
  42,476
  45,190
  48,024
  50,983
  54,075
  57,306
  60,685
  64,220
  67,919
  71,790
  75,843
  80,087
Total liabilities, $m
  13,481
  14,798
  16,173
  17,607
  19,100
  20,652
  22,267
  23,944
  25,688
  27,500
  29,383
  31,341
  33,377
  35,495
  37,700
  39,997
  42,390
  44,884
  47,485
  50,199
  53,033
  55,992
  59,084
  62,315
  65,694
  69,229
  72,928
  76,799
  80,852
  85,096
Total equity, $m
  10,985
  12,059
  13,179
  14,348
  15,564
  16,829
  18,145
  19,512
  20,933
  22,409
  23,944
  25,539
  27,198
  28,925
  30,721
  32,593
  34,542
  36,575
  38,695
  40,906
  43,215
  45,627
  48,146
  50,780
  53,533
  56,414
  59,427
  62,582
  65,885
  69,343
Total liabilities and equity, $m
  24,466
  26,857
  29,352
  31,955
  34,664
  37,481
  40,412
  43,456
  46,621
  49,909
  53,327
  56,880
  60,575
  64,420
  68,421
  72,590
  76,932
  81,459
  86,180
  91,105
  96,248
  101,619
  107,230
  113,095
  119,227
  125,643
  132,355
  139,381
  146,737
  154,439
Debt-to-equity ratio
  0.770
  0.810
  0.850
  0.880
  0.910
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
Adjusted equity ratio
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,709
  1,931
  2,161
  2,402
  2,652
  2,912
  3,183
  3,464
  3,756
  4,060
  5,153
  5,481
  5,822
  6,177
  6,547
  6,932
  7,334
  7,752
  8,188
  8,644
  9,119
  9,615
  10,134
  10,677
  11,244
  11,837
  12,458
  13,108
  13,788
  14,501
Depreciation, amort., depletion, $m
  1,318
  1,343
  1,369
  1,396
  1,424
  1,453
  1,483
  1,515
  1,547
  1,582
  552
  589
  628
  667
  709
  752
  797
  844
  893
  944
  997
  1,053
  1,111
  1,172
  1,235
  1,302
  1,371
  1,444
  1,520
  1,600
Funds from operations, $m
  3,027
  3,273
  3,530
  3,797
  4,076
  4,365
  4,666
  4,979
  5,304
  5,642
  5,705
  6,070
  6,450
  6,845
  7,256
  7,684
  8,131
  8,596
  9,081
  9,587
  10,116
  10,668
  11,245
  11,848
  12,479
  13,139
  13,829
  14,552
  15,309
  16,101
Change in working capital, $m
  242
  253
  265
  276
  287
  299
  311
  323
  336
  349
  362
  377
  392
  408
  424
  442
  460
  480
  501
  522
  545
  569
  595
  622
  650
  680
  712
  745
  780
  817
Cash from operations, $m
  2,785
  3,020
  3,265
  3,521
  3,788
  4,066
  4,355
  4,656
  4,968
  5,293
  5,343
  5,693
  6,058
  6,437
  6,832
  7,242
  7,670
  8,116
  8,580
  9,065
  9,571
  10,099
  10,650
  11,226
  11,829
  12,459
  13,117
  13,807
  14,529
  15,284
Maintenance CAPEX, $m
  -230
  -253
  -278
  -304
  -331
  -359
  -388
  -419
  -450
  -483
  -517
  -552
  -589
  -628
  -667
  -709
  -752
  -797
  -844
  -893
  -944
  -997
  -1,053
  -1,111
  -1,172
  -1,235
  -1,302
  -1,371
  -1,444
  -1,520
New CAPEX, $m
  -705
  -743
  -776
  -809
  -842
  -876
  -911
  -946
  -983
  -1,022
  -1,062
  -1,104
  -1,149
  -1,195
  -1,244
  -1,295
  -1,350
  -1,407
  -1,467
  -1,531
  -1,598
  -1,669
  -1,744
  -1,823
  -1,906
  -1,994
  -2,086
  -2,184
  -2,286
  -2,394
Cash from investing activities, $m
  -935
  -996
  -1,054
  -1,113
  -1,173
  -1,235
  -1,299
  -1,365
  -1,433
  -1,505
  -1,579
  -1,656
  -1,738
  -1,823
  -1,911
  -2,004
  -2,102
  -2,204
  -2,311
  -2,424
  -2,542
  -2,666
  -2,797
  -2,934
  -3,078
  -3,229
  -3,388
  -3,555
  -3,730
  -3,914
Free cash flow, $m
  1,850
  2,023
  2,211
  2,409
  2,615
  2,831
  3,057
  3,291
  3,535
  3,788
  3,764
  4,037
  4,320
  4,615
  4,921
  5,238
  5,569
  5,912
  6,269
  6,641
  7,029
  7,433
  7,854
  8,293
  8,751
  9,230
  9,730
  10,252
  10,799
  11,370
Issuance/(repayment) of debt, $m
  1,250
  1,317
  1,375
  1,434
  1,493
  1,553
  1,614
  1,678
  1,743
  1,812
  1,883
  1,958
  2,036
  2,118
  2,205
  2,296
  2,393
  2,494
  2,601
  2,714
  2,833
  2,959
  3,092
  3,232
  3,379
  3,535
  3,699
  3,871
  4,053
  4,244
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  
  1,250
  1,317
  1,375
  1,434
  1,493
  1,553
  1,614
  1,678
  1,743
  1,812
  1,883
  1,958
  2,036
  2,118
  2,205
  2,296
  2,393
  2,494
  2,601
  2,714
  2,833
  2,959
  3,092
  3,232
  3,379
  3,535
  3,699
  3,871
  4,053
  4,244
Total cash flow (excl. dividends), $m
  3,100
  3,341
  3,587
  3,842
  4,108
  4,384
  4,671
  4,969
  5,278
  5,600
  5,647
  5,995
  6,356
  6,733
  7,126
  7,535
  7,961
  8,406
  8,871
  9,356
  9,862
  10,392
  10,945
  11,524
  12,130
  12,764
  13,428
  14,123
  14,852
  15,614
Retained Cash Flow (-), $m
  -1,019
  -1,073
  -1,121
  -1,168
  -1,216
  -1,265
  -1,315
  -1,367
  -1,421
  -1,476
  -1,535
  -1,595
  -1,659
  -1,726
  -1,797
  -1,871
  -1,950
  -2,032
  -2,120
  -2,212
  -2,309
  -2,411
  -2,519
  -2,633
  -2,754
  -2,880
  -3,014
  -3,155
  -3,303
  -3,459
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
  2,081
  2,267
  2,466
  2,674
  2,892
  3,119
  3,355
  3,602
  3,857
  4,123
  4,112
  4,399
  4,697
  5,007
  5,329
  5,663
  6,011
  6,374
  6,751
  7,144
  7,553
  7,980
  8,426
  8,891
  9,377
  9,884
  10,414
  10,969
  11,549
  12,156
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  1,980
  2,043
  2,093
  2,126
  2,141
  2,136
  2,112
  2,069
  2,006
  1,926
  1,709
  1,613
  1,503
  1,384
  1,259
  1,129
  999
  871
  748
  632
  526
  429
  344
  270
  208
  157
  116
  83
  58
  40
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

Stryker Corporation is a medical technology company. The Company offers a range of medical technologies, including orthopedic, medical and surgical, and neurotechnology and spine products. The Company's segments include Orthopaedics; MedSurg; Neurotechnology and Spine, and Corporate and Other. The Orthopaedics segment includes reconstructive (hip and knee) and trauma implant systems and other related products. The MedSurg segment includes surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling, emergency medical equipment, intensive care disposable products; reprocessed and remanufactured medical devices, and other related products. The Neurotechnology and Spine segment includes neurovascular products, spinal implant systems and other related products. The Company's products include implants, which are used in joint replacement and trauma surgeries, and other products that are used in a range of medical specialties.

FINANCIAL RATIOS  of  Stryker (SYK)

Valuation Ratios
P/E Ratio 39.3
Price to Sales 5.7
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 35.7
Price to Free Cash Flow 49
Growth Rates
Sales Growth Rate 13.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.2%
Financial Strength
Quick Ratio 15
Current Ratio 0
LT Debt to Equity 70%
Total Debt to Equity 72.4%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.6%
Gross Margin - 3 Yr. Avg. 66.2%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin 19.1%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 17%
Pre-Tax Margin - 3 Yr. Avg. 15.5%
Net Profit Margin 14.5%
Net Profit Margin - 3 Yr. Avg. 11.4%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 29%
Payout Ratio 34.5%

SYK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYK stock intrinsic value calculation we used $12444 million for the last fiscal year's total revenue generated by Stryker. The default revenue input number comes from 0001 income statement of Stryker. 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 SYK stock valuation model: a) initial revenue growth rate of 10.3% 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 5.1%, whose default value for SYK is calculated based on our internal credit rating of Stryker, 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 Stryker.
    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 SYK stock the variable cost ratio is equal to 80.9%.

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 SYK 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 Stryker.

Corporate tax rate of 27% is the nominal tax rate for Stryker. 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 SYK 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 SYK are equal to 55.4%.

Life of production assets of 44.4 years is the average useful life of capital assets used in Stryker 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 SYK is equal to 18.9%. 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 - $9966 million for Stryker - 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 373.99 million for Stryker 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 Stryker at the current share price and the inputted number of shares is $64.6 billion.

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COMPANY NEWS

▶ 4 GARP Stocks for a Winning Portfolio   [Dec-12-18 09:38AM  Zacks]
▶ Hedge Funds Are Crazy About Stryker Corporation (SYK)   [Dec-08-18 10:48AM  Insider Monkey]
▶ 7 Stocks to Buy to Survive a Bear Market   [Dec-07-18 11:56AM  InvestorPlace]
▶ How to Ride the Short-Term Interest Rates Bonanza   [Dec-06-18 08:00AM  Barrons.com]
▶ K2M closes $1.4B sale to Stryker   [Nov-16-18 04:06PM  American City Business Journals]
▶ Stryker completes acquisition of K2M   [08:10AM  GlobeNewswire]
▶ IBD Stock Of The Day Breaks Out On Strong Quarterly Report, Outlook   [Nov-01-18 04:19PM  Investor's Business Daily]
▶ Stryker (SYK) Q3 Earnings Surpass Estimates   [Oct-25-18 05:35PM  Zacks]
▶ Stryker: 3Q Earnings Snapshot   [04:29PM  Associated Press]
▶ Medtech Giant Stryker Reports Mixed Third-Quarter Results   [04:18PM  Investor's Business Daily]
▶ K2M addresses lawsuits challenging $1.4B sale to Stryker   [02:50PM  American City Business Journals]
▶ This IBD 50 Stock Jumped As Earnings, Organic Growth Topped Views   [Oct-24-18 05:42PM  Investor's Business Daily]
▶ Stryker completes acquisition of Invuity, Inc.   [Oct-23-18 08:26AM  GlobeNewswire]
▶ 4 MedTech Names to Buy on 'Strong Fundamentals'   [Oct-18-18 11:35AM  Investopedia]
▶ Barclays Takes Action on Health Care Stocks   [Oct-17-18 11:57AM  GuruFocus.com]
▶ Top 3 Healthcare Stocks for 2018   [Oct-10-18 07:20PM  Investopedia]
▶ Stryker to host analyst meeting   [Oct-04-18 06:57PM  GlobeNewswire]
▶ [$$] Stryker Buys HyperBranch for $220 Million   [Oct-01-18 09:58AM  The Wall Street Journal]

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