Intrinsic value of Zimmer Biomet Holdings - ZBH

Previous Close

$114.61

  Intrinsic Value

$72.49

stock screener

  Rating & Target

sell

-37%

Previous close

$114.61

 
Intrinsic value

$72.49

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of ZBH 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 23.3

 

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, %
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  8,059
  8,317
  8,598
  8,902
  9,231
  9,583
  9,960
  10,363
  10,792
  11,248
  11,732
  12,245
  12,788
  13,363
  13,970
  14,610
  15,287
  16,000
  16,752
  17,545
  18,379
  19,258
  20,183
  21,156
  22,180
  23,257
  24,390
  25,581
  26,834
  28,150
Variable operating expenses, $m
  7,139
  7,307
  7,490
  7,688
  7,901
  8,130
  8,375
  8,637
  8,916
  9,212
  7,624
  7,958
  8,311
  8,684
  9,079
  9,495
  9,935
  10,398
  10,887
  11,402
  11,944
  12,515
  13,116
  13,749
  14,415
  15,115
  15,851
  16,625
  17,439
  18,294
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
  7,139
  7,307
  7,490
  7,688
  7,901
  8,130
  8,375
  8,637
  8,916
  9,212
  7,624
  7,958
  8,311
  8,684
  9,079
  9,495
  9,935
  10,398
  10,887
  11,402
  11,944
  12,515
  13,116
  13,749
  14,415
  15,115
  15,851
  16,625
  17,439
  18,294
Operating income, $m
  919
  1,010
  1,108
  1,215
  1,330
  1,453
  1,585
  1,726
  1,876
  2,036
  4,108
  4,287
  4,477
  4,678
  4,891
  5,115
  5,352
  5,602
  5,865
  6,143
  6,435
  6,743
  7,066
  7,407
  7,766
  8,143
  8,539
  8,957
  9,395
  9,856
EBITDA, $m
  3,422
  3,531
  3,650
  3,780
  3,919
  4,069
  4,229
  4,400
  4,582
  4,776
  4,981
  5,199
  5,429
  5,673
  5,931
  6,203
  6,490
  6,793
  7,112
  7,449
  7,803
  8,176
  8,569
  8,982
  9,417
  9,874
  10,355
  10,861
  11,393
  11,952
Interest expense (income), $m
  0
  548
  570
  596
  623
  653
  686
  721
  758
  797
  840
  885
  932
  983
  1,036
  1,093
  1,153
  1,216
  1,282
  1,353
  1,427
  1,505
  1,587
  1,673
  1,765
  1,860
  1,961
  2,067
  2,179
  2,296
  2,420
Earnings before tax, $m
  372
  439
  512
  591
  676
  767
  865
  968
  1,079
  1,196
  3,223
  3,355
  3,495
  3,642
  3,798
  3,963
  4,137
  4,320
  4,513
  4,716
  4,930
  5,156
  5,393
  5,643
  5,905
  6,182
  6,472
  6,778
  7,099
  7,436
Tax expense, $m
  100
  119
  138
  160
  183
  207
  233
  261
  291
  323
  870
  906
  944
  983
  1,026
  1,070
  1,117
  1,166
  1,218
  1,273
  1,331
  1,392
  1,456
  1,524
  1,594
  1,669
  1,747
  1,830
  1,917
  2,008
Net income, $m
  271
  321
  374
  432
  494
  560
  631
  707
  788
  873
  2,353
  2,449
  2,551
  2,659
  2,773
  2,893
  3,020
  3,153
  3,294
  3,443
  3,599
  3,764
  3,937
  4,119
  4,311
  4,513
  4,725
  4,948
  5,182
  5,428

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
  26,773
  27,630
  28,564
  29,576
  30,667
  31,838
  33,091
  34,429
  35,854
  37,369
  38,977
  40,681
  42,486
  44,394
  46,410
  48,540
  50,787
  53,157
  55,655
  58,288
  61,060
  63,980
  67,053
  70,286
  73,689
  77,267
  81,031
  84,988
  89,148
  93,522
Adjusted assets (=assets-cash), $m
  26,773
  27,630
  28,564
  29,576
  30,667
  31,838
  33,091
  34,429
  35,854
  37,369
  38,977
  40,681
  42,486
  44,394
  46,410
  48,540
  50,787
  53,157
  55,655
  58,288
  61,060
  63,980
  67,053
  70,286
  73,689
  77,267
  81,031
  84,988
  89,148
  93,522
Revenue / Adjusted assets
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
Average production assets, $m
  12,000
  12,384
  12,802
  13,256
  13,744
  14,269
  14,831
  15,431
  16,070
  16,748
  17,469
  18,233
  19,042
  19,897
  20,801
  21,755
  22,762
  23,824
  24,944
  26,124
  27,367
  28,675
  30,052
  31,502
  33,026
  34,630
  36,317
  38,091
  39,955
  41,915
Working capital, $m
  2,265
  2,337
  2,416
  2,502
  2,594
  2,693
  2,799
  2,912
  3,033
  3,161
  3,297
  3,441
  3,593
  3,755
  3,925
  4,106
  4,296
  4,496
  4,707
  4,930
  5,165
  5,411
  5,671
  5,945
  6,233
  6,535
  6,854
  7,188
  7,540
  7,910
Total debt, $m
  10,563
  11,033
  11,546
  12,101
  12,700
  13,343
  14,031
  14,766
  15,548
  16,380
  17,263
  18,198
  19,189
  20,237
  21,344
  22,513
  23,746
  25,047
  26,419
  27,864
  29,386
  30,989
  32,676
  34,452
  36,319
  38,284
  40,350
  42,523
  44,807
  47,208
Total liabilities, $m
  14,699
  15,169
  15,682
  16,237
  16,836
  17,479
  18,167
  18,902
  19,684
  20,516
  21,398
  22,334
  23,325
  24,372
  25,479
  26,648
  27,882
  29,183
  30,555
  32,000
  33,522
  35,125
  36,812
  38,587
  40,455
  42,420
  44,486
  46,658
  48,942
  51,344
Total equity, $m
  12,075
  12,461
  12,882
  13,339
  13,831
  14,359
  14,924
  15,528
  16,170
  16,854
  17,579
  18,347
  19,161
  20,022
  20,931
  21,891
  22,905
  23,974
  25,100
  26,288
  27,538
  28,855
  30,241
  31,699
  33,234
  34,847
  36,545
  38,330
  40,206
  42,178
Total liabilities and equity, $m
  26,774
  27,630
  28,564
  29,576
  30,667
  31,838
  33,091
  34,430
  35,854
  37,370
  38,977
  40,681
  42,486
  44,394
  46,410
  48,539
  50,787
  53,157
  55,655
  58,288
  61,060
  63,980
  67,053
  70,286
  73,689
  77,267
  81,031
  84,988
  89,148
  93,522
Debt-to-equity ratio
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.090
  1.100
  1.100
  1.110
  1.110
  1.120
Adjusted equity ratio
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  271
  321
  374
  432
  494
  560
  631
  707
  788
  873
  2,353
  2,449
  2,551
  2,659
  2,773
  2,893
  3,020
  3,153
  3,294
  3,443
  3,599
  3,764
  3,937
  4,119
  4,311
  4,513
  4,725
  4,948
  5,182
  5,428
Depreciation, amort., depletion, $m
  2,502
  2,521
  2,542
  2,565
  2,589
  2,616
  2,644
  2,674
  2,706
  2,740
  873
  912
  952
  995
  1,040
  1,088
  1,138
  1,191
  1,247
  1,306
  1,368
  1,434
  1,503
  1,575
  1,651
  1,732
  1,816
  1,905
  1,998
  2,096
Funds from operations, $m
  2,773
  2,842
  2,916
  2,997
  3,083
  3,176
  3,275
  3,381
  3,493
  3,613
  3,226
  3,361
  3,503
  3,654
  3,813
  3,981
  4,158
  4,345
  4,541
  4,749
  4,967
  5,197
  5,439
  5,694
  5,962
  6,244
  6,541
  6,852
  7,180
  7,524
Change in working capital, $m
  66
  72
  79
  86
  92
  99
  106
  113
  121
  128
  136
  144
  153
  161
  171
  180
  190
  200
  211
  223
  235
  247
  260
  274
  288
  303
  318
  335
  352
  370
Cash from operations, $m
  2,708
  2,770
  2,837
  2,911
  2,991
  3,077
  3,169
  3,268
  3,373
  3,485
  3,090
  3,217
  3,351
  3,492
  3,642
  3,801
  3,968
  4,144
  4,330
  4,526
  4,733
  4,950
  5,180
  5,421
  5,674
  5,941
  6,222
  6,517
  6,828
  7,154
Maintenance CAPEX, $m
  -583
  -600
  -619
  -640
  -663
  -687
  -713
  -742
  -772
  -803
  -837
  -873
  -912
  -952
  -995
  -1,040
  -1,088
  -1,138
  -1,191
  -1,247
  -1,306
  -1,368
  -1,434
  -1,503
  -1,575
  -1,651
  -1,732
  -1,816
  -1,905
  -1,998
New CAPEX, $m
  -349
  -384
  -419
  -453
  -489
  -525
  -562
  -600
  -639
  -679
  -721
  -764
  -809
  -855
  -904
  -954
  -1,007
  -1,062
  -1,120
  -1,180
  -1,243
  -1,308
  -1,377
  -1,449
  -1,525
  -1,604
  -1,687
  -1,774
  -1,865
  -1,960
Cash from investing activities, $m
  -932
  -984
  -1,038
  -1,093
  -1,152
  -1,212
  -1,275
  -1,342
  -1,411
  -1,482
  -1,558
  -1,637
  -1,721
  -1,807
  -1,899
  -1,994
  -2,095
  -2,200
  -2,311
  -2,427
  -2,549
  -2,676
  -2,811
  -2,952
  -3,100
  -3,255
  -3,419
  -3,590
  -3,770
  -3,958
Free cash flow, $m
  1,776
  1,786
  1,800
  1,817
  1,839
  1,865
  1,894
  1,926
  1,963
  2,002
  1,532
  1,579
  1,630
  1,685
  1,744
  1,806
  1,873
  1,944
  2,019
  2,099
  2,184
  2,274
  2,369
  2,469
  2,575
  2,686
  2,804
  2,928
  3,059
  3,196
Issuance/(repayment) of debt, $m
  420
  470
  513
  555
  599
  643
  688
  735
  782
  832
  883
  936
  991
  1,048
  1,107
  1,169
  1,234
  1,301
  1,372
  1,445
  1,522
  1,603
  1,687
  1,775
  1,868
  1,965
  2,066
  2,173
  2,284
  2,401
Issuance/(repurchase) of shares, $m
  68
  66
  47
  25
  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  
  488
  536
  560
  580
  599
  643
  688
  735
  782
  832
  883
  936
  991
  1,048
  1,107
  1,169
  1,234
  1,301
  1,372
  1,445
  1,522
  1,603
  1,687
  1,775
  1,868
  1,965
  2,066
  2,173
  2,284
  2,401
Total cash flow (excl. dividends), $m
  2,265
  2,322
  2,359
  2,398
  2,438
  2,508
  2,582
  2,661
  2,745
  2,834
  2,415
  2,515
  2,621
  2,733
  2,851
  2,975
  3,106
  3,245
  3,391
  3,544
  3,706
  3,876
  4,056
  4,244
  4,442
  4,651
  4,870
  5,101
  5,343
  5,597
Retained Cash Flow (-), $m
  -339
  -386
  -421
  -456
  -492
  -528
  -565
  -603
  -643
  -683
  -725
  -769
  -814
  -861
  -909
  -960
  -1,013
  -1,069
  -1,127
  -1,187
  -1,250
  -1,317
  -1,386
  -1,458
  -1,534
  -1,614
  -1,697
  -1,785
  -1,876
  -1,972
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
  1,926
  1,935
  1,938
  1,941
  1,946
  1,979
  2,016
  2,057
  2,102
  2,151
  1,690
  1,746
  1,807
  1,872
  1,941
  2,015
  2,093
  2,176
  2,264
  2,357
  2,456
  2,560
  2,670
  2,786
  2,908
  3,037
  3,173
  3,316
  3,466
  3,625
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  1,791
  1,663
  1,527
  1,391
  1,258
  1,144
  1,031
  922
  816
  715
  476
  410
  350
  294
  243
  198
  159
  125
  97
  73
  54
  39
  28
  19
  13
  8
  5
  3
  2
  1
Current shareholders' claim on cash, %
  99.7
  99.4
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2

Zimmer Biomet Holdings, Inc. is engaged in designing, manufacturing and marketing of orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; office-based technologies; spine, craniomaxillofacial and thoracic products; dental implants, and related surgical products. The Company's products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. The Company manages its operations through three geographic operating segments: the Americas, consisting principally of the United States and other North, Central and South American markets; EMEA, consisting principally of Europe and the Middle East and African markets, and Asia Pacific, consisting primarily of Japan and other Asian and Pacific markets. The Company's product category segments include Americas Spine, Office Based Technologies, Craniomaxillofacial and Thoracic (CMF), and Dental.

FINANCIAL RATIOS  of  Zimmer Biomet Holdings (ZBH)

Valuation Ratios
P/E Ratio 75.1
Price to Sales 3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 20.9
Growth Rates
Sales Growth Rate 28.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.1%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 110.3%
Total Debt to Equity 116.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 69%
Gross Margin - 3 Yr. Avg. 70.8%
EBITDA Margin 18.7%
EBITDA Margin - 3 Yr. Avg. 20.4%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 13.6%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin 4%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 17.3%
Payout Ratio 61.4%

ZBH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZBH stock intrinsic value calculation we used $7824.1 million for the last fiscal year's total revenue generated by Zimmer Biomet Holdings. The default revenue input number comes from 0001 income statement of Zimmer Biomet Holdings. 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 ZBH stock valuation model: a) initial revenue growth rate of 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 7.5%, whose default value for ZBH is calculated based on our internal credit rating of Zimmer Biomet Holdings, 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 Zimmer Biomet Holdings.
    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 ZBH stock the variable cost ratio is equal to 89.3%.

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 ZBH 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 Zimmer Biomet Holdings.

Corporate tax rate of 27% is the nominal tax rate for Zimmer Biomet Holdings. 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 ZBH 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 ZBH are equal to 148.9%.

Life of production assets of 20 years is the average useful life of capital assets used in Zimmer Biomet Holdings 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 ZBH is equal to 28.1%. 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 - $11735.8 million for Zimmer Biomet Holdings - 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 203.486 million for Zimmer Biomet Holdings 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 Zimmer Biomet Holdings at the current share price and the inputted number of shares is $23.3 billion.

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COMPANY NEWS

▶ Zimmer: 3Q Earnings Snapshot   [06:12AM  Associated Press]
▶ Barclays Takes Action on Health Care Stocks   [Oct-17-18 11:57AM  GuruFocus.com]
▶ [$$] SEC Whistleblower Payouts Slow Amid Deluge of Reward Seekers   [Aug-05-18 07:41PM  The Wall Street Journal]
▶ Can This Small Medtech Rival Giants With New Skin Graft Method?   [Jun-18-18 04:35PM  Investor's Business Daily]
▶ Intel, Zimmer Holdings, US Silica Holdings & Square   [Apr-27-18 01:49PM  CNBC Videos]
▶ Zimmer: 1Q Earnings Snapshot   [06:32AM  Associated Press]
▶ Zimmer Biomet Prices Offering of Senior Notes   [Mar-08-18 06:00PM  PR Newswire]
▶ Weekly CEO Buys Highlight   [Feb-26-18 10:49AM  GuruFocus.com]
▶ Zimmer Biomet, Amazon & Analog Devices   [Feb-06-18 03:32PM  CNBC Videos]
▶ Zimmer meets 4Q profit forecasts   [07:15AM  Associated Press]

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