Calculations for your Equity Analysis assignmentTo start, put .docx

Calculations for your Equity Analysis assignment
To start, put this section after of your paper’s RERFERENCES
page. You’ll have a page (probably more) for
CALCULATIONS and then an APPENDIX where you should
paste the extra detail of the work you did.
I have provided a sample (immediately below) of what I’d like
pasted into the this section of your project. I would like you to
bold and underline the actual answer for each calculation. For
example:
· Betai VHT = 0.48294
NOT SHOWN in my example below: Your data table for Beta
and other calculations should be pasted into your appendix as a
JPG (to reduce false positives in the plagiarism scanning). An
appendix is required, as is a reference page using an acceptable
citation format. If you do your other calculations with a
calculator and choose to paste in all the detail you see below –
for example, “gsimple = ( 1 – 0.1700 ) * 0.1991 = 0.1653”, that
is fine. Don’t create extra work for yourself, but the input
values that got you to your answer are necessary.
When you get to the Guidelines to do the Calculations, you will
see that I have bolded everything you should copy and paste
into your submission. Just bold and underline the actual
answer. All of this is to help you not forget to provide
something important, and it helps me grade your work.
With the exception of the Beta and Options Spread, all values
you will need to do these calculations are included in an
updated spreadsheet “Company and Industry data – equity
analysis 2016.” The only new data added are the prices for each
company when I got the data from Yahoo. Make sure you use

the “STOCK PRICE (P0)” provided in the spreadsheet or your
calculations will be off.
SAMPLE ======= [ provide all the values you see whether
bolded or not ] =========
CALCULATIONS 50 points
Company: Landauer Inc. (LDR) in the Health Care Services
Industry
BETA:
· Betai VHT = 0.48294
· Sample values from the inputs used
· LDR36-moAvgRet = 0.004827
· VHT36-moAvgRet = ____________ (answer not provided)
· T-Bill36-moAvgRet = ____________(answer not provided)
· LDRRiskPrem = 0.004751935
· VHTRiskPrem = 0.011510395
GROWTH:
Industry values:
· Trailing P/E (ttm, intraday):18.2168
· Forward P/E (fye Jun 30, 2018)1:15.7994
· PEG Ratio (5 yr expected)1:1.2000
· Return on Equity (ttm):0.1991
· Payout Ratio4:0.1700
· gsimple = ( 1 – 0.1700 ) * 0.1991 = 0.1653
· g0-1yr = 18.2168 / 15.7994 – 1 = 0.1530
· gPEG = 15.7994 / 1.20 = 13.166
Landauer (LDR):

· Return on Equity (ttm):103.03%
· Payout Ratio4:59.46%
· gsimple = ( 1 – 0.5946 ) * 1.0303 = 0.4179
· g0-1yr = 23.67 / 22.34 – 1 = 0.0595
· gPEG = 22.34 / 1.73 = 12.9133--- this value should be
adjusted to 0.129133 for future use in calculations
DISCOUNT RATE (6 points): Estimate of ‘k’ using the Growth
Dividend Discount Model (DDM)
· P0 = 43.81 (Landauer example)
· EPS0 (Diluted Earnings) = 1.85
· g0-1yr = 0.0595
· gPEG = 0.129133
· EPS1 = ( 1 + g0-1yr )* EPS0 = (1 + 0.0595 ) * 1.85 = 1.9601
· Div1 = EPS1 * Payout Ratio = 1.9601 * 0.5946 = 1.1655
· DDM: 43.81 = 1.1655 / (kDDM – 0.129133 )
· kDDM = 0.155738
PVGO #1 – Two calculations for PVGO from [ RE1 * (ROE/
kDDM – 1) / (kDDM-gPEG) ] using (1) ROE i ttm for your firm
and (2) then again using ROEIndAvg over the same period
· kDDM = 0.155738
· gPEG = 0.129133
· ROEi ttm = 103.03% or 1.0303.
· RE1 = EPS1 – Div1 = 0.79464
· PVGOROEi = 167.726
· ROEIndAvg ttm = 0.1991
· PVGOROEIndAvg = 8.318
PVGO #2: Using the simple formula from Vcs (or P0) = Non-
growth + PVGO
· P0 = 43.81
· EPS1 = 1.9601
· kDDM = 0.129133

· PVGO = 31.224
· Extra credit calculation (10 points):
· What is the ROE that would make PVGO = 31.224?
· ROESolved = 0.31853
CALL SPREAD: Bullish call spread at or near the money,
January 2017 options. Provide premiums paid, tickers, payoff,
profit per the guidelines.
· LONG 1 bullish call spread costing-$190.00
· SELL 1 DGX $85 Jan 2017 CALL – DGX170120C00085000,
+$1.00/sh or +$100.00
· BUY 1 DGX $80 Jan 2017 CALL – DGX170120C00080000, -
$2.90/sh or -$290.00
· Max payoff: $85 – 80 = $5 * 100 shares per options
contract;$500.00
· Max profit: $500 – 190 =$310.00
END sample =====================
GUIDELINES to do the CALCULATIONS
Below are detailed steps for each calculation with guidance as
to what I should recieve in your final submission. It may look
complex, but it’s just a summary of what you’ve learned
throughout the course.
What is below in BOLD – including intermediate calculations
and input values – should be pasted into your Word submission
so I can more easily check your work. You are also required to
upload your Excel sheet with your Word submission in case I
need to check it further.
You may start with the spreadsheet of Yahoo data I provided, or
begin with a blank spreadsheet and copy the data you need in,
but your spreadsheet work should be your own, and you need to

upload it to Canvas to get credit on this part of the assignment.
Just to clarify, there is nothing to say you can’t study and/or
work together to understand how to do things, but what you do
and what you submit needs to be your own original work here
(and in the rest of the project, of course).
For Beta and your Options Spread, you will need to download
new data from Yahoo Finance. For all other calculations below,
use the spreadsheet provided. I will be checking your
submission with my own calculations for your assigned
companies.
1. BETA (10 points): Calculate Beta for your assigned firm
using “VHT” as a proxy for the “market”
· Download 37 months of Yahoo price data and calculate 36
months of returns and risk premiums per the “Calculating Beta”
PDF and related video.
· Important: Use the September 30, 2016 as the last month in
your pricing and returns data so that everyone is using the same
final, full month in their calculations.
· ALSO, substitute the ETF VHT as the benchmark against
which you will calculate Beta. This will measure your
company’s risk relative to the Health Care Sector, rather than
the risk relative to the S&P500, a value which is readily
available elsewhere.
· Remember to adjust the ^IRX values correctly and calculate
on the risk premium and not the unadjusted returns of both your
stock and the benchmark (which, again, is VHT and not ^GPSC
for our exercise).
· If you have already calculated your Beta using the ^GPSC
index from Yahoo, i.e. the S&P500 index values, just take a
couple minutes to download and copy/paste in the values for
VHT, and this should automatically update to the requested Beta
· Ignore the PDF and video’s suggested way to calculate ‘k’ as

we will be doing a different version below using the current
stock price, expected growth and earnings.
· It is not required that you discuss this different Beta in your
report, but you may or may not find it relevant to discuss.
· Betai VHT = 0.48294(LDR example)
· Also provide average values for each of your columns of data
used so I can check your work.
· LDR36-moAvgRet = 0.004827
· VHT36-moAvgRet = ____________
· you’ll need to calculate these, remember it’s VHT not ^GSPC
· T-Bill36-moAvgRet = ____________
· And adjust the ^IRX correctly
· LDRRiskPrem = 0.004751935
· VHTRiskPrem = 0.011510395
· Remember that you use =SLOPE ( ) or run your regression on
these “risk premium” values not just the returns
· Last thing for Beta, as stated above – paste your Excel data
table into your paper’s Appendix as a JPG. Any other
calculations you did in Excel for the values below should also
be pasted into the Appendix. If you do things on your
calculator, paste in some version of the formulas you see in my
examples below.
2. GROWTH (10 points): Calculate growth three ways from
methods provided in Lecture 12 for your firm’s Industry and the
firm itself.
Industry values: For Industry values use Excel formula
=AVERAGE( ) on the appropriate rows/cells for your firm’s
Industry. Below are the results for the Health Care Services
industry
· Trailing P/E (ttm, intraday):18.2168 (these are all industry
means)

· Return on Equity (ttm):0.1991
· Payout Ratio4:0.1700
Now calculate growth three ways for your Industry (Health Care
Services example provided)
· gsimple = b * ROE
· ( 1 – 0.1700 ) * 0.1991 = 0.1653
· Note that ‘b’ = the retention or plowback ratio, and ‘b’ = (1 –
Payout Ratio)
· g0-1yr = the growth rate of earnings implied by the P/ETTM
and P/EForward
· 18.2168 / 15.7994 – 1 = 0.1530
· gPEG = is the growth rate implied by the PEG ratio (5 year
growth assumption)
· 15.7994 / 1.20 = 13.166
· Note that growth here when extracted from the PEG ratio is
always presented as a percentage, i.e. 13.166%. This value is
not 1316.6%.
Assigned company (example): Landauer (LDR):
· Return on Equity (ttm):103.03%
· Payout Ratio4:59.46%
For Landauer, the input values and calculations would be
· gsimple = b * ROE
· ( 1 – 0.5946 ) * 1.0303 = 0.4179
· Note that the industry estimate above is already high for an
estimate of future growth into perpetuity. This result of 41.79%
is the result of what is probably a very good but not sustainable
1-year, trailing ROE.
· Therefore this “simple” estimate of growth will only be as
accurate as the ROE used.
· g0-1yr = the growth rate of earnings implied by the P/ETTM
and P/EForward

· 23.67 / 22.34 – 1 = 0.0595
· You can see here that the consensus estimate for growth from
all analysts – which is the result of taking the current and ever-
changing Price of the stock (P0) and dividing it by EPS1
(average estimate for future earnings) – is MUCH lower than
the result for gsimple.
· gPEG = is the growth rate implied by the PEG ratio (5 year
growth assumption)
· 22.34 / 1.73 = 12.9133
· Note that the 5 year growth estimate for Landauer (12.9133%)
is much closer to the 5 year average estimate for the Health
Care Services industry (13.166% above).
· ALSO, remember to adjust this percentage value to 0.129133
when using it for your calculations.
3. DISCOUNT RATE (6 points): Estimate the discount rate
(‘k’) the market is factoring into the price of your company’s
stock using the Growth Dividend Discount Model (DDM)
· Where Stock price (P0) = Div1 / ( kDDM – gPEG ), solve for
what we’ll call ‘kDDM’.
· Estimate Div1 by growing Diluted EPS (the trailing year’s
earnings) to EPS1 by growing it by the 1 year growth you
calculated from the P/Ettm and P/EForward calculation above
for your company.
· That is, EPS1 = ( 1 + g0-1yr )* EPS0
· Div1 = EPS1 * Payout Ratio
· P0 = the then-current stock price for your company = 43.81
(Landauer example)
· EPS0 (Diluted Earnings) = 1.85
· g0-1yr = 0.0595
· gPEG = 0.129133
· EPS1 = ( 1 + g0-1yr )* EPS0 = (1 + 0.0595 ) * 1.85 = 1.9601
· Div1 = EPS1 * Payout Ratio = 1.9601 * 0.5946 = 1.1655
· Therefore: (P0) = Div1 / ( kDDM – gPEG ), 43.81 = 1.1655 /

(kDDM – 0.129133 )
· Solving for the missing ‘k’: kDDM equals 0.155738
· Note that we’re using the 1 year growth estimate of earnings
to get EPS1, but we use the 5 year growth estimate (a longer
term one, albeit not perfect) for ‘g’ into the future.
4. PVGO #1 (8 points): Calculate the Present Value of Growth
Opportunities (PVGO) for your company using two different
ROE values
· Use the ‘k’ from the DDM calculation above (which we’ll call
‘kDDM’) and the 5 year growth estimate you calculated from
the PEG ratio (gPEG).
· Next calculate PVGO using the Return on Equity from the
Yahoo Statistics provided for your company (ROEttm). You
may find that the trailing twelve month (ttm) ROE will produce
an estimate for the firm’s Growth that does not make much
sense (too high or too low).
· Input values for PVGO
· kDDM = 0.155738
· gPEG = 0.129133
· ROEi ttm = 103.03% or 1.0303.
· This is a good example of an ROE that won’t work well in a
simple formula. It is unrealistic to assume an ROE like this
would continue into perpetuity.
· RE1 = EPS1 – Div1 = 0.79464
· PVGOROEi = $167.726
· THEN calculate PVGO using the average ROEttm for the
Industry (example: Health Care Services) – again using kDDM
and gPEG where appropriate.
· ROEIndAvg ttm = 0.1991
· PVGOROEIndAvg = $8.318

5. PVGO #2 (6 points with extra credit opportunity for 10
points): What is the PVGO for your company using the simple
formula from the practice that merely subtracts the “non-
growth” value of the firm from the current stock price?
· Stock price (P0) = EPS1 / kDDM + PVGO; therefore PVGO =
P0 – EPS1/kDDM
· P0 = 43.81
· EPS1 = 1.9601
· kDDM = 0.129133
· PVGO = $31.224
· Extra credit calculation (10 points): What is the ROE that
would make the PVGO equal to the number you calculated
above, as in PVGO #2 in 5.a? You may arrive at this value
formulaically or using Excel, but provide at least 4 digits of
precision for a correct answer.
· ROESolved = 0.31853
· Set PVGO to 31.221 (in this example for Landauer only) and
solve for ROE
6. CALL SPREAD (10 points): How would you buy a bullish,
vertical call spread on your stock using call options that expire
in January 2017?
· For full credit,
· you need to provide the premiums paid/received,
· the net price for the spread contract (not just per share
pricing),
· which legs are long/short (bought/sold),

· the tickers used to put on the spread,
· the maximum payoff (for the contract),
· and the maximum profit (for the contract) you could receive
ignoring commissions.
· Buy your call spread as close to “at the money” as possible
with a $5.00 “spread.”
· Use current options chains from Yahoo Finance and paste in
the tickers of the exact contracts you would buy and/or sell.
· Post the prices you would be buying and selling each leg of
the options spread.
· NOTE, if January options are not available, move to March or
April.
· If you don’t have much or any options chain data for even
those months, let me know. I will suggest a solution for this
part.
· This should not be an issue for many of you, but it happens
that LDR is only a $520million stock, and the options are not
actively traded.
· With LDR options being in short supply, I will shift to Quest
Diagnostics (DGX) for my example.
· From the lecture on options, if you are going LONG a vertical
call (bullish or money) spread, you are making a directional bet
the stock will rise, so you need to buy a call.
· DGX is currently trading ~$80.44 (again, I changed tickers
because LDR is not very active in options)
· The closest “at the money” January 2017 option is an $80
strike (exercise price) with current price (premium) of $2.90
(Last Price).
· Because I am now and most of you will likely get your data
after hours, use the Last Price.
· Normally, you would buy at the Ask and sell at the Bid, but
these prices are not representative of the true market after
hours. The Last trade is fine for our needs.
· Buying this option costs you $2.90 (negative cash flow) per
share. Options contracts represent 100 shares per contract.

You cash flow is -$290.00 (ignoring commissions) for the
contract.
· You then would sell the $85 January call (going SHORT) and
realize a premium of $1.00, positive cash flow of $1.00/share or
+$100 on the options contract.
· The call spread would thus be
· LONG 1 bullish call spread costing -$190.00
· SELL 1 DGX $85 Jan 2017 CALL –
· Ticker: DGX170120C00085000
· +$1.00/share or +$100.00
· BUY 1 DGX $80 Jan 2017 CALL
· Ticker: DGX170120C00080000
· -$2.90/share or -$290.00
· Maximum payoff is the difference between the strike you sold
and the one you bought. The maximum profit is this number
minus the cost of buying the spread.
· Max payoff: $85 – 80 = $5 * 100 shares per options contract;
$500.00
· This is a DEBIT spread costing you $100 - $290 = -$190.00.
A credit spread would be one where you realize positive cash
flow
· Max profit: $500 – 190 = $310.00
Remember that all items above in bold are required for a
complete answer here, especially the ticker symbols used.
Investments - Equity Analysis Project 8Calculations section
ROE
i ttm
for firm1.03030
1.03030.15574
( 0.15574-
0.12913 )
0.02661

$0.79464 (5.6156)
=167.726$
$0.79464 ( - 1 )
=167.726$
ROE
ttm
for Industry0.19911
0.199110530.15574
( 0.15574-
0.12913 )
0.02661
=8.318$
$0.79464 ( - 1 )
=8.318$
$0.79464 (0.2785)
PVGO=P
0
-Non-growth
$1.960
0.15574
=43.81$ -12.59$
=31.224$
-43.81$ =
What is the ROE 0.31853
that would produce0.15574
the first PVGO? ( 0.15574-
0.12913 )
You can solve for this algebraically or by doing some "what if"
analysis in Excel
$0.79464 ( - 1 )
=31.221$
U.S. Presidents Foreign Policy toward the Middle East
In this research paper, you must choose 3 U.S. presidents who
have had a substantial impact on U.S. Foreign Policy toward the

Middle East, and write a 6–8-page research paper providing a
concise but detailed enough analysis of the impact of each on
U.S. foreign policy toward the Middle East. The Research Paper
is due by 1:00 p.m. (ET) Wednesday, November 30, 2016.
AVOID COPYING AND PASTING FROM SOURCES/CHECK
YOUR PAPER FOR PLAGIARISM IN TURNIT IN!
YOU ARE NOT PERMITTED TO DISCUSS THE FOLLOWING
PRESIDENTS:
1. THOMAS JEFFERSON
2. JOHN ADAMS
3. GEORGE BUSH Jr., and
4. BARAK OBAMA
Consider the following guidelines:
· In effect, your choice of presidents may include negative
examples of presidential leadership deemed to have failed.
· Stay focused on a balanced assessment that includes both
positive and critical elements, but does not exaggerate the
obvious as a unique achievement
· Distinguish the unique influence of your subject with what
could reasonably be predicted as understandable policy
behavior.
· Even so, offer some critical assessment of what is otherwise
claimed as unique.
· In summary, distinguish the act of describing a particular
policy of President X from the process of critically
analyzing why you believe his behavior actually had an
important influence on the Middle East. Go beyond description
to analysis.
· Does the current Middle East (or its history before or after
WWII) look like US presidents deserve a standing ovation?
· DO NOT exaggerate your case--there are always pluses and
minuses with all cases of presidential leadership.
· As much as possible, try to eliminate the need for using
quotes.
AGAIN, DO NOT DISCUS ANY OF THE PRESIDENTS
LISTED BELOW.

1. THOMAS JEFFERSON
2. JOHN ADAMS
3. GEORGE BUSH Jr., and
4. BARAK OBAMA
Investments -- Equity Analysis Project
This project involves the analysis and recommendation of one
stock that has been assigned to you.
Your company to analyze will be distributed to you via Canvas
message or in class.
Note the Company name, Ticker, S&P Sector, and S&P Industry
VIDEO: Equity Project Goals and Overview
https://drive.google.com/file/d/0B7qQ9vFXl9ytRERlTUtaQU1C
czQ/edit?usp=sharing
Your final report should be greater than 1000 words, but this
would indicate a relatively minimal effort. More
comprehensive projects go much further than that. Supporting
charts or graphics – if included – are not part of the minimum
and are highly recommended.
You will find that if you do all that’s outlined below, this
minimum won’t be an issue. Extra credit is available for
exceptional work. Great length does not necessarily equal
“exceptional.” However, barely meeting or exceeding the
minimum is usually just “satisfactory” work.
Your submission via Canvas:
· Submit two documents via the Canvas link:
· MS-Word document via the Canvas link provided
· Also submit your Excel sheet used to do the calculations

section.
· Double-spaced text is not required, in fact 1.15 or 1.5 spacing
is preferred.
· Embed graphs or charts within the text as you like, preferably
near your discussion of the graphic in the text.
· Cite all sources used at the end. (Use an appropriate format of
your choosing – AP, MLA, etc.)
· Add an appendix of data used. (Paste the data in as a
JPG/picture, please.)
· If you are referring to many ratios or data points you collect
or calculate from one or many sources (other than the #3
Calculations, below), please put these in a table near the part of
the paper you are discussing them. That is, make things easier
for me to read and follow.
Address these topics keeping in mind the percentage of each
section toward your grade. Use headers for each topic and sub-
topic as appropriate to improve readability:
1. SECTOR, INDUSTRY and BUSINESS UNITS (30 points)
a. Recommendation
b. Trends, prospects and key ratios
2. ANALYSIS (50 points)
a. QUALITATIVE FACTORS
b. QUANTITATIVE FACTORS
3. RECOMMENDATION & SUMMARY (20 points)
4. REFERENCES (required – use an appropriate format and cite
everything)
5. CALCULATIONS (50 points – add an Appendix of data and
tables used for your calculations)
VIDEO: Industry Analysis segment
https://drive.google.com/file/d/0B7qQ9vFXl9ytanZjYmJGWEU
zbHM/edit?usp=sharing

1. SECTOR, INDUSTRY and BUSINESS UNITS
· SECTOR and INDUSTRY:
· Make a recommendation as to whether you think the Industry
should be “Over-”, “Market-”, or “Underweighted” by
prospective investors, and justify it.
· Note that your recommendation for the Industry and your
recommendation the company may not agree with each other
· You could “Overweight” an industry but might think the stock
is a “Hold” within that industry, or vice versa.
· This recommendation and all timeframes for the project should
be looking about 1+ year(s) into the future.
· Discuss trends for the overall SECTOR of your company –
revenue, margin and earnings. Discuss the balance sheet and
valuation ratios of interest for this sector.
· Describe and discuss the INDUSTRY of your company –
revenues, margin, growth, ratios, etc.
· What are the prospects for this industry (and/or sub-
industries) in the future, and why do you think so?
· What are the key industry ratios and statistics one needs to
consider when analyzing the industry?
· You may rely heavily on the research and forecasts of others
for this and parts to follow. You’re not expected to be an
expert at this stage, but the analysis and word chosen must be
your own.
· You should at least refer to the S&P Capital IQ /
NetAdvantage report for your company’s Industry as a source.
·
http://www.netadvantage.standardandpoors.com.dax.lib.unf.edu/
NASApp/NetAdvantage/loadIndustrySurvey.do?task=loadIndust
riesPage
· IMPORTANT: Make sure you get the latest report for your
Industry. S&P will regroup categories or industries at times,
and they may keep old categories in the list to provide history.
· BUSINESS UNITS:

· Describe the distinct Business Units of your company. This
section may also include channels of distribution and/or how the
business varies by geographic distribution. Some companies are
organized by products, customers, geography, etc.
1. Many of these firms are large conglomerates, so they may be
known for one major product, but they often have many smaller
lines of business that are very significant.
· These businesses could be growing or declining, and it may be
worth discussing them.
· Try to include the relative size of the business units ($ and/or
% of sales).
· NOTE: Your company may not have very distinct and
separate “business units,” but there usually is at least some
organization or at least distinction of the business by products,
customers, geography, etc.
· Apple (AAPL) has iPhone, iPad, Mac, iTunes, etc – all multi-
billion dollar businesses – all with different cash flows and
growth opportunities.
· Boston Beer Co. (SAM) is in the Consumer Staples sector, the
Alcohol Beverages & Tobacco industry, the Brewers sub-
industry, and its business varies little if at all outside
“Brewers.”
· If your company is more like SAM than AAPL, dedicate more
time and space to the analysis of the “sector” or “industry”
section (above).
· You might also delve into the varying aspects of a company’s
business, e.g. channels of distribution.
· Starbucks (SBUX), part of the Consumer Discretionary sector
and the Restaurants industry, is known for coffee sold in its
stores, but over 20% of its business is now derived from other
retail partners.
· In its stores, 20% of sales are now food-related – an area
identified as a growth opportunity years ago.
2. ANALYSIS: Analyze your company based on how the S&P

industry report recommends. See the section on “How to
analyze a company in the _________ industry.”
· Be sure to use the S&P industry and company reports as part
of your source material (cite all sources used)
· At a minimum in this section, you should have bolded sections
where you cover:
· QUALITATIVE FACTORS
· QUANTITATIVE FACTORS
· These should include industry and competitive comparisons
· When searching for a company report, make sure “Resources”
under “Companies” is set to “Stock Reports” AND you are
searching by “Ticker” if that’s what you want to use. (This
S&P website has some design issues, as you’ll find out.)
· Portions of the Standard & Poor’s Net Advantage Stock Report
might only be accessible while you are on the UNF network.
· As with the Mutual Fund Project, I’m less interested in your
ability to report on random data points
· … I want you to tell me what they mean.
· This section of your report is your main chance to impress.
VIDEO: Analyzing your company
https://drive.google.com/file/d/0B7qQ9vFXl9ytR0JKajhQTEZG
b0k/edit?usp=sharing
3. RECOMMENDATION & SUMMARY: Summarize and
support the recommendation you’ve made for your stock as one
of the following
· Clearly state your recommendation as a STRONG BUY, BUY,
HOLD, SELL, or STRONG SELL, and justify it.
· Do not suggest your recommendation is based on the fact that
the majority of analysts are currently making the same
recommendation.
· All conclusions should be supported by your detailed analysis
of the ratios or additional topics you discussed.

4. CALCULATIONS for your company
· These will be sent separately. You’ll be asked to do a variety
of company specific calculations based on data downloaded
from Yahoo.
· Note, that these calculations do not have to factor into your
analysis of the company. In fact, you should use any values you
calculate very carefully if at all in making your
recommendation(s).
· For example, you may be asked to do a valuation of your
company based on a dividend or similar discount model, and the
valuation you calculate may vary significantly from the
company’s current selling price. This does not mean you should
make your recommendation on this.
· A very important part of this project is to apply real-world
data with the finance calculations we teach. These formulas are
highly sensitive to the input values used, so you may find your
input values – while technically valid and usable – may not be
appropriate measures into perpetuity, thus any valuation made
on this would be suspect. More on this later in the course.
Remember to organize your paper with headings for each topic
1. SECTOR, INDUSTRY and BUSINESS UNITS (30 points)
a. Recommendation
b. Trends, prospects and key ratios
2. ANALYSIS (50 points)
a. QUALITATIVE FACTORS
b. QUANTITATIVE FACTORS
3. RECOMMENDATION & SUMMARY (20 points)
4. REFERENCES (required – use an appropriate format and cite
everything)
5. CALCULATIONS (50 points – add an Appendix of data and
tables used for your calculations)
This is to guide your discussion and make it easier for me to
read and grade. Points off for not doing so. This will also help

you post information to the Socrative link after your submission
is due. Also don’t forget to post to Socrative link, as well.
Note that you may include as much additional analysis as you
see fit. There is a wealth of information available in S&P
NetAdvantage to guide you and support your research.
Additional sources may be used
Sample research reports are provided in the Projects folder in
Assignments. The examples are from the UNF Library
resources, but you are encouraged to gather additional
information.
VIDEO: Summary, extra credit and the Osprey Finance Group
(OFG)
https://drive.google.com/file/d/0B7qQ9vFXl9ytVnFsZ2dKWHJ1
T1E/edit?usp=sharing
4
Biotechnology12345678910111213141516171819Ticker
NamesACORALXNAMAGBIIBEGRXENTAGILDLGNDMDXG
MNTAREGNRGENSPPIUTHRVRTXABBVAMGNCELGEBSCo
mpany nameAcorda Therapeutics, Inc.Alexion
PharmaceuticalsAMAG Pharmaceuticals, Inc.Biogen IncEagle
Pharmaceuticals Inc.Enanta Pharmaceuticals, Inc.Gilead
SciencesLigand Pharmaceuticals IncorporatedMiMedx Group,
Inc.Momenta Pharmaceuticals Inc.Regeneron
PharmaceuticalsRepligen CorporationSpectrum
Pharmaceuticals, Inc.United Therapeutics CorporationVertex
PharmaceuticalsAbbVie IncAmgen IncCelgene CorpEmergent
Bio

Solution
s, Inc.STOCK PRICE (P0)$ 21.89$ 123.75$ 24.73$
311.61$ 69.69$ 26.36$ 78.84$ 99.76$ 8.58$ 11.83$
428.52$ 31.37$ 4.73$ 118.47$ 87.17$ 64.18$ 169.85$
106.13$ 28.92Valuation Measures1Market Cap (intraday)5:
BILLIONS1.0127.750.8446368.281.090.50198104.072.080.9441
60.8369845.171.060.374685.1521.6106.54127.1182.261.172Ent
erprise Value (Sep 1,
2016)3:1.18B30.52B1.28B71.67B1.01B285.55M117.96B2.18B9
39.14M476.64M43.42B982.95M272.61M4.36B21.83B135B126.
63B91.13B1.07B3Trailing P/E (ttm, intraday):-161.78310.95-
33.0618.2356.4117.446.929.4240.66-7.7565.66125.36-5.515.73-
76.8918.4717.3844.8620.724Forward P/E (fye Jun 30,
2018)1:32.1221.193.9414.9514.3-175.86.8322.226-
14.0828.9956.98-5.098.6429.4611.3113.6215.1814.565PEG
Ratio (5 yr expected)1:1.621.49-2.591.83N/AN/A-
32.10.662.83N/A22.82N/A-
3.351.660.831.910.851.246Price/Sales
(ttm):1.939.841.916.0811.515.593.2123.654.4610.159.7211.082.
393.2713.874.35.668.092.157Price/Book
(mrq):1.53.380.925.9910.081.876.765.317.762.4310.86.451.382.
8722.0118.494.2214.821.748Enterprise Value/Revenue

(ttm)3:2.2510.822.916.3810.743.183.6424.744.445.789.3410.29
1.742.7714.025.455.638.971.969Enterprise Value/EBITDA
(ttm)6:29.2629.517.6411.65355.57.325.546.3536.15-
4.932.539.06-14.143.575646.9812.6511.1624.297.98Financial
HighlightsFiscal Year10Fiscal Year
Ends:12/31/1512/31/1512/31/1512/31/1512/31/159/30/1512/31/
1512/31/1512/31/1512/31/1512/31/1512/31/1512/31/1512/31/15
12/31/1512/31/1512/31/1512/31/1512/31/1511Most Recent
Quarter
(mrq):6/30/166/30/166/30/166/30/166/30/166/30/166/30/166/30/
166/30/166/30/166/30/166/30/166/30/166/30/166/30/166/30/166
/30/166/30/166/30/16Profitability12Profit Margin (ttm):-
1.08%3.19%-
4.87%33.97%3.44%32.59%50.50%265.53%10.92%-
126.37%15.98%8.69%-36.04%64.26%-
17.66%23.11%33.07%18.95%11.61%13Operating Margin
(ttm):4.35%25.25%20.84%49.26%2.34%41.87%62.74%45.74%1
0.24%-128.70%26.77%21.36%-29.21%75.73%-
3.55%38.89%41.54%32.29%17.96%Management
Effectiveness14Return on Assets
(ttm):1.16%3.40%2.79%18.08%1.02%9.05%28.48%5.46%9.31%
-14.92%14.50%6.08%-6.48%37.80%-
1.40%9.94%7.96%9.26%6.12%15Return on Equity (ttm):-
1.02%1.07%-
2.64%32.25%3.18%11.71%99.77%101.14%21.50%-

27.74%20.04%5.89%-24.04%71.00%-
21.72%102.66%25.80%32.45%10.26%Income
Statement16Revenue
(ttm):522.46M2.82B441.61M11.24B94.42M89.84M32.37B88.06
M211.56M82.47M4.65B95.53M156.77M1.57B1.56B24.75B22.4
7B10.16B545.53M17Revenue Per Share
(ttm):11.9412.5212.950.476.054.7723.064.3321.2144.72.882.38
34.796.415.1829.8112.9813.8418Qtrly Revenue Growth
(yoy):12.10%18.40%2.90%11.70%581.70%20.50%-
5.70%6.00%25.50%-41.10%21.40%35.90%-
24.50%18.80%159.90%17.80%5.90%20.90%-19.50%19Gross
Profit
(ttm):399.73M2.37B329.77M9.52B50.58M160.88M28.63B66.11
M167.09M89.65M3.71B48.29M134.87M1.4B907.82M18.36B17.
43B8.84B398.49M20EBITDA
(ttm)6:40.17M1.03B167.98M6.15B2.85M39.02M21.43B47M25.
98M-97.27M1.34B25.16M-
19.28M1.22B3.87M10.67B11.34B3.75B133.77M21Net Income
Avl to Common (ttm):-5.65M89.96M-
21.51M3.82B3.25M29.28M16.35B233.1M23.1M-
104.21M743M8.3M-56.49M1.01B-
275.04M5.69B7.43B1.93B63.33M22Diluted EPS (ttm):-0.140.4-
0.7517.120.191.5111.3910.60.21-1.536.410.25-0.8620.68-
1.133.479.772.371.423Qtrly Earnings Growth (yoy):N/A-
0.325N/A0.132N/AN/A-0.222N/A-

0.636N/A0.0080.072N/A1.078N/A0.1790.1310.679N/ABalance
Sheet24Total Cash
(mrq):137.4M1.18B546.47M3.8B75.56M218.46M8.75B106.95M
23.8M336.92M1.05B181.8M156.01M944.7M1.07B8B35.03B6.4
4B333.39M25Total Cash Per Share
(mrq):2.985.261617.334.8311.486.635.130.224.919.995.382.282
1.734.324.9146.818.318.2426Total Debt
(mrq):295.98M3.45B989.11M6.54BN/A707k22.13B207.36M72k
N/A365.22M93.38M102.52M900k820.63M37.85B33.22B14.32B
247.39M27Total Debt/Equity
(mrq):43.4342.11107.9657.38N/A0.26137.3152.910.06N/A8.965
7.0343.460.0570.21671.01110.25258.0736.7828Current Ratio
(mrq):1.933.592.242.963.7925.271.760.572.648.363.3710.213.5
44.52.341.813.974.615.0829Book Value Per Share
(mrq):14.5736.5726.8352.046.914.1311.6718.791.114.8838.964.
863.4441.33.963.4640.247.1616.64Cash Flow
Statement30Operating Cash Flow
(ttm):41.63M825.86M134.93M3.9B-
22.95M35.56M17.82B47.59M17.97M-35.77M1.62B16.69M-
30.39M484.16M-7.21M8.16B8.9B3.25B143.51M31Levered Free
Cash Flow (ttm):85.42M459.75M214.81M2.98B-
22.81M24.85M13.88B20.95M14.82M-30.64M693.58M18.26M-
10.51M718.34M117.97M8.23B6.34B2.6B89.63MTrading
InformationStock Price
History32Beta:0.961.250.910.4N/A0.5310.911.171.651.40.891.1

21.561.531.421.341.471.323352-Week Change3:-15.83%-
13.48%-38.23%15.52%-1.62%-24.33%-16.40%20.89%-7.70%-
27.64%-7.17%0.28%-23.05%-9.05%-
9.52%22.99%29.79%2.49%-3.32%34S&P500 52-Week
Change3:14.78%14.78%14.78%14.78%14.78%14.78%14.78%14
.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78
%14.78%14.78%14.78%3552-Week High (Aug 26,
2016)3:43.63193.4542.95333.65102.4841.77111.11139.7910.14
18.85592.59367.74164.04134.7168.12176.85128.3944.383652-
Week Low (Sep 4,
2015)3:21.7110.5617.92223.0233.0216.7576.6781.136.647.8632
9.0920.074.1497.5275.945.45135.6493.0526.123750-Day
Moving
Average3:24.82130.1624.33309.4161.5123.7279.45110.537.951
2405.7531.795.43124.1396.0164.97172.07109.2827.5238200-
Day Moving
Average3:26.14135.3823.77276.7847.7724.9585.72117.17.8810.
81390.3627.586.49115.9989.6762.23160.76105.2734.19Share
Statistics39Avg Vol (3
month)3:544.42k1.6M826.13k1.77M419.25k276.72k10.65M441.
1k855.49k527.79k767.68k270.55k893.22k547.23k1.34M7.02M2
.86M4.18M549.98k40Avg Vol (10
day)3:1.03M1.39M437.17k1.15M439.58k286.73k10.91M624.24
k804.04k413.57k698.68k283.01k925.83k647.06k1.37M5.83M2.
64M3.34M420.31k41Shares Outstanding5:

millions46.14224.2534.15219.1215.6419.04132020.85110.0470.
75105.4133.7979.2143.47247.781660748.36775.1240.4642Float
:38.43M223.19M28.08M218.78M4.58M14.04M1.31B19.06M10
1.59M62.32M71.49M33.51M57.71M38.46M232.52M1.63B747.
32M773.24M34.71M43% Held by
Insiders1:1.87%0.36%12.68%0.10%9.79%24.70%0.60%0.62%8.
84%9.05%24.87%1.49%13.06%1.45%0.55%0.10%0.13%0.27%2
0.30%44% Held by
Institutions1:107.60%98.30%106.80%91.20%86.10%78.40%83.
40%105.30%52.70%89.40%73.30%97.20%76.80%113.70%95.5
0%73.60%81.70%81.50%84.10%45Shares Short (as of Jul 29,
2016)3:5.55M5.05M6.22M2.16M3.66M2.32M16.13M3.78M24.1
6M4.42M3.38M3.19M7.38M7.63M5.56M39.05M8.01M5.86M4.
46M46Short Ratio (as of Jul 29,
2016)3:11.823.85.881.148.249.091.628.6638.915.964.5312.877.
8915.315.025.972.851.467.747Short % of Float (as of Jul 29,
2016)3:16.30%3.13%28.82%0.99%43.35%12.91%1.19%20.11%
23.88%7.54%4.47%10.91%12.74%20.56%2.53%2.42%1.22%0.7
6%13.84%48Shares Short (prior
month)3:5.72M6.03M7.45M2.53M3.71M2.3M17.37M3.98M24.2
1M4.31M3.63M3.05M7.19M8.42M5.43M48M8.1M6.09M4.67M
Dividends & Splits49Forward Annual Dividend
Rate4:N/AN/AN/AN/AN/AN/A1.88N/AN/AN/AN/AN/AN/AN/A
N/A2.284N/AN/A50Forward Annual Dividend
Yield4:N/AN/AN/AN/AN/AN/A2.33%0.00%N/AN/AN/AN/A0.0

0%N/AN/A3.56%2.31%N/AN/A51Trailing Annual Dividend
Yield3:N/AN/AN/AN/AN/AN/A1.76N/AN/AN/AN/AN/AN/AN/
AN/A2.223.58N/AN/A52Trailing Annual Dividend
Yield3:N/AN/AN/AN/AN/AN/A2.22%N/AN/AN/AN/AN/AN/A
N/AN/A3.44%2.09%N/AN/A535 Year Average Dividend
Yield4:N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/
AN/AN/A1.66N/AN/A54Payout
Ratio4:N/AN/AN/AN/AN/AN/A15.52%0.00%N/AN/AN/AN/A0.
00%N/AN/A62.25%36.64%N/AN/A55Dividend
Date3:N/AN/AN/AN/AN/AN/A9/29/16N/AN/AN/AN/AN/A12/2
8/12N/AN/A8/15/169/8/16N/AN/A56Ex-Dividend
Date4:N/AN/AN/AN/AN/AN/A9/14/167/2/10N/AN/AN/AN/A12
/18/12N/AN/A7/13/168/15/16N/AN/A57Last Split Factor (new
per
old)2:N/A2/1/163/2/163/1/16N/AN/A2/1/161/6/163235/10000N/
AN/AN/A1/25/162/1/162/1/16N/A2/1/162/1/16N/A58Last Split
Date3:N/A5/23/119/26/911/18/01N/AN/A1/28/1311/19/104/2/08
N/AN/AN/A9/6/029/23/098/24/00N/A11/22/996/26/14N/A
Pharmaceuticals1234567891011121314151617181920212223Tic
ker
NamesAGNBMYCTLTENDPJNJLLYMYLNKTRPRGOPFEPAH
CSCLNSUPNMDCOZTSAKRXANIPDEPOIPXLLCIMNKMRK
PBHCompany nameAllergan plcBristol-Myers SquibbCatalent,
Inc.Endo International plcJohnson & JohnsonLilly (Eli)Mylan
NVNektar TherapeuticsPerrigo Co PlcPfizer, IncPhibro Animal

Health CorporationSciClone Pharmaceuticals, Inc.Supernus
Pharmaceuticals, Inc.The Medicines CompanyZoetis
Inc'A'Akorn, Inc.ANI Pharmaceuticals, Inc.Depomed, Inc.Impax
Laboratories Inc.Lannett Company, Inc.Mallinckrodt plcMerck
& CoPrestige Brands HldgsSTOCK PRICE (P0)$ 237.73$
55.11$ 26.13$ 22.09$ 118.88$ 79.99$ 40.83$ 17.55$
96.87$ 33.76$ 65.33$ 10.49$ 26.26$ 39.67$ 51.41$
27.30$ 67.04$ 24.12$ 24.91$ 28.19$ 70.65$ 62.61$
48.00Valuation Measures1Market Cap
(intraday)5:94.1392.043.264.92325.7384.7921.842.413.88204.9
1.210.523861.32.7625.453.440.771591.481.841.047.61173.432.
542Enterprise Value (Sep 1,
2016)3:133.85B95.22B5.02B12.67B309.86B90.93B28.99B2.35
B19.59B228.47B1.38B397.27M1.26B2.79B29.49B4.15B887.96
M2.1B1.9B1.88B13.45B185.47B4.1B3Trailing P/E (ttm,
intraday):22.6332.2129.35-5.0522.1934.6325.84-18.15-
155.2429.9512.8914.1653.71-12.3140.0518.3778.74-
19.7552.723.5413.3334.437.164Forward P/E (fye Jun 30,
2018)1:13.9418.3616.964.4416.7519.697.09-
20.4312.5612.817.43N/A19.21-
8.4522.1611.5514.4116.2410.637.838.5316.2519.115PEG Ratio
(5 yr
expected)1:1.271.092.511.092.731.730.642.141.732.116.57N/A0
.52-0.422.141.571.081.050.720.421.032.662.296Price/Sales
(ttm):5.695.221.761.334.64.122.212.582.383.921.613.257.4612.

015.243.168.583.372.041.842.074.43.087Price/Book
(mrq):1.316.175.120.794.55.812.01N/A1.43.2711.622.719.243.3
318.774.414.714.971.651.871.4643.448Enterprise
Value/Revenue
(ttm)3:8.095.412.713.424.374.412.9212.293.374.371.832.467.22
12.176.073.829.884.82.113.333.654.74.989Enterprise
Value/EBITDA (ttm)6:20.9817.9113.3832.2713.4517.989.32-
39.714.6611.5112.399.5544.25-
9.1918.669.0720.3215.139.837.628.4512.8213.88Financial
Ends:12/31/1512/31/156/30/1612/31/151/3/1612/31/1512/31/15
12/31/1512/31/1512/31/156/30/1612/31/1512/31/1512/31/1512/
31/1512/31/1512/31/1512/31/1512/31/156/30/169/25/1512/31/1
53/31/1611Most Recent Quarter
(mrq):6/30/166/30/166/30/166/30/167/3/166/30/166/30/166/30/1
67/2/167/3/166/30/166/30/166/30/166/30/167/3/166/30/166/30/1
66/30/166/30/166/30/166/24/166/30/166/30/16Profitability12Pr
ofit Margin (ttm):26.74%16.29%6.03%-
25.90%21.20%11.97%8.10%-68.30%-
1.56%13.38%11.01%24.02%14.94%-
96.42%13.15%17.00%11.02%-
16.89%3.78%7.91%16.39%13.01%8.28%13Operating Margin
(ttm):-0.41%27.27%12.69%11.56%27.22%17.46%19.56%-
38.62%10.41%27.79%12.06%25.24%15.40%-
147.50%28.18%34.17%32.23%6.42%13.07%37.75%21.34%21.4

9%32.86%Management Effectiveness14Return on Assets (ttm):-
0.03%9.27%4.71%1.57%8.87%6.20%4.71%-
10.02%N/A5.48%10.26%12.39%9.02%-
10.79%12.12%11.77%6.27%1.37%3.79%11.75%3.20%5.32%6.1
4%15Return on Equity (ttm):-2.83%19.34%17.43%-
0.95%20.93%16.80%8.09%N/AN/A10.79%137.76%21.90%21.4
5%-7.49%49.59%28.10%6.32%-
22.98%3.31%8.81%9.93%11.44%9.74%Income
Statement16Revenue
(ttm):16.54B17.62B1.85B3.7B70.88B20.61B9.94B190.97M5.82
B52.29B751.53M161.23M174.74M229.41M4.86B1.09B89.9M43
7.49M901.29M566.09M3.69B39.44B823.69M17Revenue Per
Share
(ttm):41.9110.5514.8116.8725.6919.4420.131.4240.038.5219.15
3.243.563.349.769.067.897.212.7815.5332.6314.1615.5918Qtrly
Revenue Growth
(yoy):1.50%17.00%4.30%25.30%3.90%8.60%8.00%44.60%-
3.30%10.90%2.30%2.80%43.80%-
26.60%2.80%27.10%60.60%23.50%-
19.40%70.10%10.60%0.60%9.10%19Gross Profit
(ttm):10.26B12.65B587.6M1.19B48.54B14.92B4.22B196.68M1.
71B39.2B239.03M134.91M136M189.08M3.03B596.01M63.63M
274.84M352.4M286.49M1.85B24.56B467.21M20EBITDA
(ttm)6:6.38B5.32B375.1M392.59M23.04B5.06B3.11B-
59.1M1.34B19.86B111.14M41.59M28.5M-

303.89M1.58B457.42M43.7M138.89M193.05M247.15M1.59B1
4.46B295.46M21Net Income Avl to Common (ttm):-
2.39B2.87B111.5M-58.79M15.03B2.47B805.5M-130.44M-
90.7M6.99B82.73M38.73M26.1M-67.38M639M184.63M9.86M-
73.91M34.07M44.78M521.7M5.13B68.2M22Diluted EPS
(ttm):10.51.710.89-4.375.372.321.58-0.97-
0.621.132.070.740.49-3.221.281.480.85-
1.220.471.25.31.821.2923Qtrly Earnings Growth
(yoy):N/AN/A-0.597N/A-0.1150.2450.004N/A2.445-
0.2310.463N/A3.997N/AN/A0.907-0.685N/AN/A-
0.8952.4360.754N/ABalance Sheet24Total Cash
(mrq):506.6M4.65B131.6M667.85M42.87B3.94B6.44B274.85M
681.8M21B33.6M117.61M60.21M644.2M658M157.77M15.01M
117.75M366.85M238.86M521.9M11.83B28.88M25Total Cash
Per Share
(mrq):1.282.781.05315.673.7312.042.014.763.460.852.361.229.
241.331.251.31.925.156.474.844.280.5526Total Debt
(mrq):39.58B6.74B1.86B8.32B26.56B9.33B13.33B248.94M6.41
B44.19B352.71MN/A5.7M663.92M4.47B807.37M116.99M709.
73M435.27M1.06B6.3B24.29B1.58B27Total Debt/Equity
(mrq):51.6544.67292.58132.8336.6463.67129.02N/A64.7570.06
389.82N/A4.0480.14326.33103.7371.43238.8840.55191.51120.9
655.9213.8928Current Ratio
(mrq):0.991.562.020.93.081.543.234.011.451.373.157.841.743.5
93.24.283.231.062.9221.681.872.8129Book Value Per Share

(mrq):181.198.935.128.1126.4713.8420.32-
0.2969.1410.342.33.872.8511.892.746.1814.224.8415.0715.144
8.3815.6813.94Cash Flow Statement30Operating Cash Flow
(ttm):5.2B1.16B155.3M695.21M17.69B2.98B2.12B-
126.39M315.3M14.97B37.22M34.8M30.59M-
328.29M670M152.68M29.24M118.35M128.29M135.28M1.33B1
1.21B181.58M31Levered Free Cash Flow
(ttm):6.62B3.59B23.65M3.17B16.9B1.18B3.53B-
38.88MN/A13.81B6.82M19.78M32.75M-
160M746.25M158.78M-147.86M162.24M256.09M-
6.62M1.36B9.8B89.19MTrading InformationStock Price
History32Beta:1.171.01N/A0.350.70.091.461.620.750.96N/A1.3
61.50.091.171.993.311.461.42.61.580.731.013352-Week
Change3:-6.09%-2.99%5.82%-
63.56%30.48%1.43%1.10%54.50%-36.57%9.77%-
13.86%56.45%83.18%4.00%29.80%-5.16%72.33%37.70%-
29.28%-38.22%19.11%29.22%8.04%34S&P500 52-Week
Change3:14.78%14.78%14.78%14.78%14.78%14.78%14.78%14
.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78
%14.78%14.78%14.78%14.78%14.78%14.78%14.78%3552-
Week High (Aug 26,
2016)3:322.6877.1232.2472.85126.0788.4855.5119.98167.9237.
3935.6915.0326.824352.6439.4670.9225.54549.4485.836458.09
3652-Week Low (Sep 4,
2015)3:195.554.9318.9212.5691.7667.8837.599.9282.528.2516.

86.79.5127.538.2617.5726.812.2520.9716.9150.947.9743.63375
0-Day Moving
Average3:243.9757.6225.1621.51119.6879.2943.7818.2191.523
4.623.9110.3623.1238.5651.2728.3164.8521.7824.3731.9176.43
62.7948.0338200-Day Moving
Average3:241.2567.3225.6621.28116.5677.0244.6215.71101.09
34.022211.819.5635.9348.2228.1153.218.9230.1225.2865.9857.
952.85Share Statistics39Avg Vol (3
month)3:3.04M11.21M1.21M7.15M6.43M3.59M5.73M1.16M2.1
5M19.32M133.45k443.87k579.1k847.22k3.24M1.23M231.67k1.
31M971.28k963.13k1.62M9.62M420.13k40Avg Vol (10
day)3:3.4M9.78M1.74M7.38M5.48M3.73M5.49M2.04M1.41M1
7.41M119.94k245.4k712.59k839.54k2.69M1.18M185.14k1.48M
973.53k1.19M1.34M8.29M367.5k41Shares
Outstanding5:395.951670124.74222.7727401060534.91136.731
43.28607018.5249.9449.5169.57495.04126.0311.5161.3773.863
6.89107.71277052.9242Float:366.8M1.54B124.21M199.24M2.7
3B929.2M389.72M135.91M137.14M6.06B18.44M44.87M45.32
M57.67M494.81M81.97M7.06M50.41M57.67M29.2M98.7M2.5
9B52.72M43% Held by
Insiders1:0.23%0.11%24.00%9.21%0.02%11.81%14.24%0.44%
0.47%0.03%0.40%12.48%3.68%15.61%0.01%27.33%34.08%1.0
8%5.92%25.91%5.46%0.04%0.39%44% Held by
Institutions1:88.40%73.50%75.90%92.20%67.30%65.90%37.80
%105.70%46.40%72.00%102.90%80.80%91.40%110.90%93.50

%75.20%58.00%109.40%98.00%67.40%92.60%75.20%102.40%
45Shares Short (as of Jul 29,
2016)3:6.63M12.34M4.74M13.71M20.09M6.02M21.51M43k5.9
6M39.45M485.32k2.96M2.37M10.88M8.28M9.05M863.5k13.19
M2.73M6.46M5.09M30.01M1.52M46Short Ratio (as of Jul 29,
2016)3:2.140.736.361.653.341.9839.932.311.893.745.354.7414.
932.347.393.5112.051.955.622.462.673.0447Short % of Float
(as of Jul 29,
2016)3:1.68%0.74%7.71%6.93%0.73%0.62%4.95%13.00%4.34
%0.64%2.70%6.02%4.99%28.06%1.67%10.66%10.94%24.48%4
.21%23.40%5.09%1.08%3.78%48Shares Short (prior
month)3:5.88M9.65M5.39M11.96M23.19M7.48M21.75M9.4M6.
65M39.63M499.23k2.2M2.57M10.61M7.6M8.92M919.51k11.62
M3.24M7.45M7.01M31.29M1.46MDividends &
Splits49Forward Annual Dividend
Rate4:N/A1.52N/AN/A3.22.04N/AN/A0.581.20.4N/AN/AN/A0.
38N/AN/AN/AN/AN/AN/A1.84N/A50Forward Annual Dividend
Yield4:N/A2.74%N/AN/A2.72%2.57%0.00%N/A0.61%3.57%1.
49%N/AN/AN/A0.74%0.00%N/AN/AN/AN/AN/A2.96%0.00%5
1Trailing Annual Dividend
Yield3:N/A1.51N/AN/A3.052.02N/AN/A0.541.160.4N/AN/AN/
A0.36N/AN/AN/AN/AN/AN/A1.82N/A52Trailing Annual
Dividend
Yield3:N/A2.71%N/AN/A2.56%2.50%N/AN/A0.56%3.43%1.49
%N/AN/AN/A0.69%N/AN/AN/AN/AN/AN/A2.91%N/A535

Year Average Dividend
Yield4:N/A3.01N/AN/A2.973.48N/AN/A0.313.41N/AN/AN/AN/
AN/AN/AN/AN/AN/AN/AN/A3.5N/A54Payout
Ratio4:N/A88.30%N/AN/A56.80%87.07%0.00%N/A49.48%102.
65%19.32%N/AN/AN/A35.23%0.00%N/AN/AN/AN/AN/A100.5
5%0.00%55Dividend
Date3:3/20/1511/1/16N/AN/A9/6/169/9/16N/AN/A9/13/169/1/1
69/28/16N/AN/AN/A8/30/16N/AN/AN/AN/AN/AN/A10/7/16N/
A56Ex-Dividend
Date4:N/A10/5/16N/AN/A8/19/168/11/166/27/07N/A8/24/168/3
/169/2/16N/AN/AN/A6/28/165/24/91N/AN/AN/AN/AN/A9/13/1
612/27/1357Last Split Factor (new per
old)2:2/1/161000000/951777N/AN/A2/1/162/1/163/2/162/1/162/
1/163/1/16N/A1/3/16N/AN/AN/AN/A1/6/16N/AN/A3/2/162/1/1
62/1/16N/A58Last Split
Date3:10/30/978/7/01N/AN/A6/13/0110/16/9710/9/038/23/008/
26/937/1/99N/A8/9/93N/AN/AN/AN/A7/18/13N/AN/A3/3/0312/
12/122/17/99N/A
Life Sciences12345678910111213Ticker
NamesABIOCRLILMNLMNXMTDPRXLWATAMRITECHCBM
PKITMOCompany nameAgilent TechnologiesBio-Rad
Laboratories, Inc.Charles River Labs IntlIllumina IncLuminex
CorporationMettler-Toledo International Inc.PAREXEL
IntlWaters CorpAlbany Molecular Research Inc.Bio-Techne
Corp.Cambrex CorporationPerkinElmer IncThermo Fisher

ScientificSTOCK PRICE (P0)$ 46.67$ 195.47$ 83.10$
180.01$ 22.84$ 410.72$ 69.76$ 157.50$ 16.14$ 107.77$
45.10$ 56.03$ 157.56Valuation Measures1Market Cap
(intraday)5:
BILLIONS15.144.753.9326.390.9946610.883.7112.690.671844.
021.456.1362.122Enterprise Value (Sep 1,
2016)3:14.85B4.42B5.16B26.05B908.15M11.57B3.99B12.01B9
07.07M4.08B1.41B6.94B76.13B3Trailing P/E (ttm,
intraday):32.3748.9528.0861.6523.8431.724.4126.39-
16.5438.5322.7526.7931.524Forward P/E (fye Jun 30,
2018)1:21.3247.4716.3944.0136.2525.3915.2122.0612.6127.041
5.4663.71175PEG Ratio (5 yr
expected)1:2.285.161.53.180.642.321.082.451.332.41.248.021.8
6Price/Sales
(ttm):3.672.342.6311.414.014.481.776.051.478.063.122.693.537
Price/Book
(mrq):3.481.824.7312.842.4722.115.835.92.124.574.12.942.928
Enterprise Value/Revenue
(ttm)3:3.62.183.4511.263.664.771.95.721.988.173.053.044.329
Enterprise Value/EBITDA
(ttm)6:17.615.1514.8736.7816.3920.8711.1617.5219.9121.7310.
0616.0817.7Financial HighlightsFiscal Year10Fiscal Year
Ends:10/31/1512/31/1512/26/151/3/1612/31/1512/31/156/30/16
12/31/1512/31/156/30/1612/31/151/3/1612/31/1511Most Recent
Quarter

(mrq):7/31/166/30/166/25/167/3/166/30/166/30/166/30/167/2/16
6/30/166/30/166/30/167/3/167/2/16Profitability12Profit Margin
(ttm):11.54%4.79%9.49%18.70%16.60%14.74%7.40%23.33%-
7.37%20.94%13.96%10.27%11.35%13Operating Margin
(ttm):14.40%7.53%16.10%24.85%15.92%21.22%12.44%28.21%
3.48%31.27%25.45%14.14%14.87%Management
(ttm):4.96%2.58%6.46%9.35%6.14%15.47%8.35%8.73%1.41%8
.89%14.03%4.88%3.89%15Return on Equity
(ttm):11.26%3.91%18.06%21.28%11.33%62.37%23.85%23.99%
-13.17%12.10%20.79%11.03%9.55%Income
Statement16Revenue
(ttm):4.13B2.03B1.49B2.31B248.2M2.43B2.09B2.1B457.38M4
99.02M463M2.28B17.61B17Revenue Per Share
(ttm):12.6269.1932.0515.825.8689.5739.1525.7713.2313.4214.5
720.5844.3418Qtrly Revenue Growth
(yoy):3.00%2.10%27.80%11.30%8.90%4.50%2.60%8.50%34.90
%14.50%11.10%1.60%6.20%19Gross Profit
(ttm):2.04B1.12B531.09M1.55B168.71M1.35B734M1.2B106.28
M336.66M176.97M1.02B7.76B20EBITDA
(ttm)6:844M291.74M346.61M708.12M55.42M554.23M357.4M6
85.14M45.56M187.69M140.27M431.65M4.3B21Net Income
Avl to Common
(ttm):476M97.14M142.56M434.21M41.2M357.47M154.9M489.
6M-33.72M104.48M65.01M232.11M2B22Diluted EPS

(ttm):1.443.32.962.920.9612.952.865.97-
0.982.81.982.09523Qtrly Earnings Growth (yoy):0.117-0.366-
0.2740.1781.150.0260.2490.214N/A-
0.0270.0420.3040.01Balance Sheet24Total Cash
(mrq):2.2B791.59M179.63M1.43B81.72M114.65M248.6M2.6B3
0.68M95.83M52.47M248.08M663.1M25Total Cash Per Share
(mrq):6.7826.93.89.721.884.334.6832.270.892.571.632.271.682
6Total Debt
(mrq):1.9B434.35M1.36B1.03BN/A714.21M501.4M1.76B383.8
8M95.26MN/A1.06B14.15B27Total Debt/Equity
(mrq):43.7416.61158.3547.47N/A145.1879.1681.7414610.83N/
A50.6766.5328Current Ratio
(mrq):3.074.41.73.684.791.521.536.522.54.693.471.921.1429Bo
ok Value Per Share
(mrq):13.488.8617.5814.029.2718.5711.9726.697.6123.610.981
9.0953.93Cash Flow Statement30Operating Cash Flow
(ttm):779M187.94M305.41M678.16M53.65M414.31M261.3M60
9.65M34.86M143.87M108.02M314.24M3.15B31Levered Free
Cash Flow
(ttm):644.12M135.19M289.95M619.52M36.42M300.85M153.45
M389.93M-30.59M125.67M-25.96M306.27M2.76BTrading
History32Beta:1.340.740.840.750.221.060.40.851.050.862.40.8
90.993352-Week
Change3:39.95%20.92%36.29%7.67%33.16%49.14%13.41%38.

40%-8.08%22.98%11.49%26.05%34.50%34S&P500 52-Week
Change3:14.78%14.78%14.78%14.78%14.78%14.78%14.78%14
.78%14.78%14.78%14.78%14.78%14.78%3552-Week High
(Aug 26,
2016)3:48.63162.5189.18196.4723.75416.7571.13162.5320.651
17.4259.4157.28160.683652-Week Low (Sep 4,
2015)3:33.12122.0359.99127.116.16279.315611212.4579.9529.
539.5119.753750-Day Moving
Average3:46.8155.4782.4171.5721.65403.3268.63157.3115.051
08.1145.2854.21152.7238200-Day Moving
Average3:44.35145.782.22154.5820.69376.464.18143.3314.641
05.1147.6953.05149.62Share Statistics39Avg Vol (3
month)3:1.91M109.68k345.99k1.05M217.75k269.55k412.08k46
1.07k260.48k178.66k409.05k507.21k1.4M40Avg Vol (10
day)3:1.91M95.97k288.8k769.09k181.64k236k387k381.87k315.
86k182.1k340.26k595.11k1.57M41Shares Outstanding5:
millions324.3824.347.29146.643.5526.4953.1880.5741.6337.33
2.15109.4394.2642Float:324M12.49M46.54M145.03M39.49M2
5.87M52.12M76.99M15.28M34.91M31.66M108.39M393.23M43
% Held by
Insiders1:0.39%94.30%1.75%11.06%8.31%2.29%2.13%4.35%1
5.91%0.49%1.86%0.92%0.18%44% Held by
Institutions1:85.20%0.90%101.70%93.10%76.80%95.90%102.6
0%94.80%97.30%100.90%90.70%96.30%89.60%45Shares Short
(as of Jul 29,

2016)3:3.57M1.2M1.69M5.05M43k1.39M3.72M2.55M5.32M1.5
5M43k2.69M4.66M46Short Ratio (as of Jul 29,
2016)3:1.8210.824.774.4115.788.1911.025.8418.5810.725.5664.
2347Short % of Float (as of Jul 29,
2016)3:1.23%5.80%3.64%3.94%11.03%5.31%7.09%3.76%20.20
%4.23%6.85%2.77%1.19%48Shares Short (prior
month)3:2.85M1.21M1.71M6.09M3.23M1.33M3.8M2.79M5.11
M1.53M2.26M2.7M5.17MDividends & Splits49Forward Annual
Dividend
Rate4:0.46N/AN/AN/AN/AN/AN/AN/AN/A1.28N/A0.280.650F
orward Annual Dividend
Yield4:0.99%N/AN/AN/AN/AN/AN/A0.00%N/A1.18%0.00%0.5
1%0.38%51Trailing Annual Dividend
Yield3:0.44N/AN/AN/AN/AN/AN/AN/AN/A1.28N/A0.280.652T
railing Annual Dividend
Yield3:0.95%N/AN/AN/AN/AN/AN/AN/AN/A1.17%N/A0.50%0
.38%535 Year Average Dividend
Yield4:N/AN/AN/AN/AN/AN/AN/AN/AN/A1.45N/A0.77N/A54
Payout
Ratio4:30.90%N/AN/AN/AN/AN/AN/A0.00%N/A45.71%0.00%
13.53%11.98%55Dividend
Date3:7/27/16N/AN/AN/AN/AN/AN/AN/AN/A9/12/16N/A11/10
/1610/17/1656Ex-Dividend
Date4:6/30/16N/AN/AN/AN/AN/AN/A11/26/96N/A8/25/165/4/0
710/12/169/13/1657Last Split Factor (new per

old)2:1398/10002/1/16N/A2/1/16N/A2/1/162/1/162/1/162/1/162
/1/162/1/162/1/163/2/1658Last Split
Date3:11/3/143/8/02N/A9/23/08N/A6/25/963/4/088/28/008/25/0
012/4/006/25/986/4/016/6/96
Health Care
Equip123456789101112131415161718192021222324252627282
93031323334353637Ticker
NamesABAXABTABMDANGOBCRBAXBDXCYNODHREWH
RCHOLXIDXXITGRIARTISRGIVCLIVNMASIMDTNUVASTJ
STESYKSRDXTFXVARZBHALOGBSXCMNCNMDCRYINGN
BABYRMDZLTQCompany nameAbaxis, Inc.Abbott
LaboratoriesABIOMED, Inc.AngioDynamics Inc.Bard
(C.R.)Baxter IntlBecton, DickinsonCynosure, Inc.Danaher
CorpEdwards LifesciencesHill-Rom Holdings, Inc.Hologic
IncIDEXX Laboratories, Inc.Integer HoldingsIntegra
LifeSciences HoldingsIntuitive SurgicalInvacare
CorporationLivaNova PLCMasimo CorporationMedtronic
PlcNuVasive, Inc.St. Jude MedicalSteris PlcStryker
CorpSurmodics, Inc.Teleflex IncVarian Medical
SystemsZimmer Biomet HoldingsAnalogic CorporationBoston
ScientificCantel Medical Corp.CONMED CorporationCryoLife
Inc.Inogen, Inc.Natus Medical Inc.ResMed IncZELTIQ
Aesthetics, Inc.STOCK PRICE (P0)$ 51.04$ 42.01$
128.40$ 16.98$ 227.50$ 47.29$ 178.56$ 52.25$ 77.37$
119.83$ 61.25$ 38.53$ 112.58$ 21.49$ 85.12$ 718.37$

11.11$ 60.84$ 59.37$ 86.42$ 66.52$ 79.42$ 72.56$
116.78$ 29.31$ 167.57$ 99.06$ 127.54$ 91.28$ 23.64$
80.10$ 40.26$ 17.83$ 59.20$ 39.35$ 64.46$
39.36Valuation Measures1Market Cap (intraday)5:
Billions1.1561.755.520.6247516.7125.7238.021.2453.4325.514.
0110.6910.080.661923.1827.650.352782.982.93119.263.3422.6
36.2443.710.38257.389.2525.511.1332.153.341.120.608181.191
.289.071.562Enterprise Value (Sep 1,
2016)3:1.01B66.7B5.31B704.06M17.63B26.28B48.31B1.1B64.1
6B25.35B5.94B13.73B10.93B2.38B3.83B25.54B389.68M3.06B
3B139.11B3.73B28.45B7.61B48.08B339.89M8.02B9.09B35.66
B1.01B37.27B3.43B1.6B634.85M1.1B1.19B9.52B1.52B3Trailin
g P/E (ttm, intraday):37.0727.73136.65-
14.0352.915.4334.0861.7715.3949.5263.0942.4751.02-
16.21351.2440.76-11.33-
44.8831.1833.5868.9534.5341.6727.5343.8329.7425.14116.489
5.26-92.2858.6364.7757.1586.8133.925.8859.24Forward P/E
(fye Jun 30,
2018)1:31.46466.7871.3623.2620.082418.8827.8319.8435.2516.
2518.1741.996.8721.5229.68-
25.8716.8227.6616.6631.9617.9716.618.2536.220.5119.8514.45
19.21-1181.2243.5619.7545.7277.6722.4720.0189.485PEG
Ratio (5 yr
expected)1:2.48N/A4.021.532.062.11.541.842.792.361.231.963.
450.812.032.37-

1.161.051.972.332.51.721.92.011.921.841.871.441.51-
1.433.152.461.753.481.132.15-10.246Price/Sales
(ttm):5.14315.381.784.742.563.093.222.429.31.593.845.960.583
.3110.960.324.784.474.153.853.92.574.175.424.062.963.392.22
4.085.281.523.656.643.394.935.377Price/Book
(mrq):4.722.9914.571.2110.273.014.732.792.1310.323.375.23N/
A0.913.995.340.751.649.942.354.765.282.064.83.723.485.532.6
72.135.167.411.922.948.033.225.3513.678Enterprise
Value/Revenue
(ttm)3:4.523.2414.78252.623.922.852.919.242.354.936.472.084
10.130.354.914.574.844.34.913.134.594.824.412.914.731.994.7
35.422.183.816.143.155.185.229Enterprise Value/EBITDA
(ttm)6:18.9214.8569.4716.8516.4915.115.0620.9612.5931.0412.
813.5427.3810.9518.1626.7130.9131.7922.2215.8918.9417.411
5.216.8512.2317.7215.1712.2717.5218.5127.3612.9422.1733.82
16.9917.89-187.71Financial HighlightsFiscal Year10Fiscal Year
Ends:3/31/1612/31/153/31/165/31/1612/31/1512/31/159/30/151
2/31/1512/31/1512/31/159/30/159/26/1512/31/151/1/1612/31/15
12/31/1512/31/1512/31/151/2/164/29/1612/31/151/2/163/31/161
2/31/159/30/1512/31/1510/2/1512/31/157/31/1612/31/157/31/15
12/31/1512/31/1512/31/1512/31/156/30/1612/31/1511Most
Recent Quarter
(mrq):6/30/166/30/166/30/165/31/166/30/166/30/166/30/166/30/
167/1/166/30/166/30/166/25/166/30/167/1/166/30/166/30/166/3
0/166/30/167/2/167/29/166/30/167/2/166/30/166/30/166/30/166/

26/167/1/166/30/167/31/166/30/164/30/166/30/166/30/166/30/1
66/30/166/30/166/30/16Profitability12Profit Margin
(ttm):14.10%11.08%11.75%-
12.40%9.23%47.74%9.25%5.09%15.88%19.26%2.49%9.47%11.
94%-3.35%0.97%26.90%-2.81%-
7.12%15.38%12.70%5.92%11.40%5.55%15.33%12.32%14.97%
12.28%3.01%2.38%-
4.38%9.00%2.36%5.80%7.86%10.20%19.17%9.64%13Operatin
g Margin
(ttm):20.79%15.07%20.16%4.17%24.79%9.72%17.20%8.37%17
.59%27.33%11.24%19.66%19.23%12.76%14.64%34.35%-
0.41%10.52%18.15%20.54%14.36%21.53%13.38%22.89%33.71
%20.06%16.80%25.00%6.85%15.37%15.80%10.10%13.08%10.
34%14.48%24.22%-3.77%Management Effectiveness14Return
on Assets
(ttm):10.77%4.61%11.58%1.22%10.69%2.66%4.99%3.82%5.49
%12.23%5.91%4.43%13.69%4.72%5.08%10.68%-
0.31%N/A12.56%3.63%5.39%7.00%5.44%8.02%13.34%5.71%8
.99%4.43%3.45%4.33%9.71%3.82%5.69%6.80%7.28%10.23%-
4.49%15Return on Equity (ttm):13.27%8.86%12.31%-
8.28%19.82%57.88%14.90%4.77%11.12%22.20%6.23%12.33%
761698.14%-5.61%1.23%15.11%-
6.40%N/A34.73%7.03%7.20%16.28%6.56%18.24%9.04%13.01
%22.29%2.30%2.28%-
5.39%13.53%3.00%5.56%10.21%10.01%21.47%29.73%Income

Statement16Revenue
(ttm):223.51M20.56B359.11M351.47M3.53B10.05B12.31B385.
86M22.08B2.74B2.52B2.78B1.69B1.14B958.11M2.52B1.1B623
.56M656.75M28.73B867.13M5.8B2.43B10.47B70.58M1.82B3.1
2B7.53B508.85M7.88B632.64M734.84M166.64M178.78M377.8
2M1.84B290.26M17Revenue Per Share
(ttm):9.8813.858.459.7247.718.3758.0516.9132.0612.8139.659.
918.6539.4126.266.8934.119.0513.1420.4717.5320.4731.4727.9
65.4443.1532.3437.3841.035.8415.3226.55.619.0611.6213.117.
4118Qtrly Revenue Growth
(yoy):8.70%3.20%40.30%4.60%9.20%4.40%2.50%31.80%16.60
%23.10%38.10%3.40%12.90%99.20%18.60%15.00%-
3.90%N/A10.90%-
1.50%16.40%10.80%45.10%16.80%25.50%4.80%0.70%65.60%-
10.60%15.40%22.80%6.90%32.50%23.90%4.40%14.50%38.90
%19Gross Profit
(ttm):123.25M11.66B279.12M174.32M2.11B4.15B4.7B193.53
M10.76B1.88B880.3M1.43B890.27M235.13M556.19M1.58B312
.82MN/A409.98M19.69B616.63M3.8B895.48M6.6B53.28M944.
4M1.28B4.2B229.49M5.3B253.47M381.7M90.72M76.26M227.5
4M1.07B181.04M20EBITDA
(ttm)6:53.38M4.49B76.4M41.78M1.07B1.74B3.21B52.44M5.09
B816.6M464M1.01B399.2M217.54M211.03M956.1M12.61M96.
34M135.11M8.76B196.88M1.63B500.6M2.85B27.8M452.29M5
99.42M2.91B57.73M2.01B125.2M123.71M28.63M32.46M69.99

M532.11M-8.07M21Net Income Avl to Common
(ttm):30.97M1.94B42.2M-
43.59M323.6M4.78B1.14B19.64M2.74B528.4M62.8M263.8M20
1.79M-38.31M9.27M678.2M-30.91M-
44.42M101.03M3.65B51.31M661M134.87M1.6B8.7M262.26M3
83.49M226.7M12.13M-
345M56.47M17.34M9.47M14.06M38.53M352.41M27.98M22Dil
uted EPS (ttm):1.381.510.94-
1.214.38.715.240.855.032.420.970.912.21-1.330.2417.62-0.96-
1.361.912.570.962.31.744.240.675.633.941.10.96-
0.261.370.620.310.681.162.490.6723Qtrly Earnings Growth
(yoy):-0.015-0.2160.457N/AN/A2.6515.290.183-
0.0560.1231.3721.8840.181N/A1.5520.372N/AN/A0.5510.1331.
942-0.1790.993-0.0310.020.331-0.13N/A-0.194N/A0.135-
0.613N/A0.4870.0670.064N/ABalance Sheet24Total Cash
(mrq):136.18M4.44B223.17M33.99M797.8M2.63B1.73B170.41
M4.1B1.06B199.6M441.9M370.2M36.59M86.8M2.18B125.31M
70.89M116.06M12.81B317.16M409M242.42M3.66B44.18M476
.49M835.94M976.3M118.7M438M25.5M23.3M46.94M98.12M9
6.28M731.43M51.43M25Total Cash Per Share
(mrq):6.043.025.210.9310.864.848.127.185.934.983.051.594.13
1.192.3256.733.861.452.359.276.321.432.819.773.3910.828.954
.889.60.320.620.841.384.882.975.21.326Total Debt
(mrq):454k8.91BN/A121.41M1.64B3.17B11.93B18.11M14.65B
602.5M2.13B3.42B1.16B1.76B706.14MN/A158.48M155.38M17

5.08M32.15B674.94M6.09B1.55B7.64BN/A1.08B701.44M11.03
BN/A5.43B132.84M518.78M72.24M159k10M1.18B201k27Tota
l Debt/Equity
(mrq):0.1942.86N/A23.94100.7837.23148.524.1158.3324.38177
.96167.53N/A243.0988.85N/A33.548.5259.3263.1895.35142.28
50.984.02N/A50.9941.21115.54N/A87.2529.6889.4936.470.112.
5269.330.1828Current Ratio
(mrq):7.111.56.952.192.361.831.553.171.44.1521.3412.463.35.7
81.961.882.462.982.361.712.632.176.72.741.572.44.951.052.47
3.495.495.13.182.221.8729Book Value Per Share
(mrq):10.8114.068.8113.9822.1615.6937.7318.7636.2711.6218.
167.37-
0.123.4921.3134.5814.5537.175.9836.7813.9815.0435.2624.317
.8848.1317.947.8142.944.5810.8220.846.067.3512.2212.052.88
Cash Flow Statement30Operating Cash Flow
(ttm):37.26M2.84B92.26M45.22M446.8M1.3B2.53B54.58M4.24
B603.7M294.8M793M284.98M23.74M97.99M921.3M-23.81M-
13.93M142.28M5.95B153.76M1.06B293.84M833M21.49M372.
89M357.73M1.18BN/A1.27B77.5M22.89M12.09M41.21M50.32
M547.93M6.18M31Levered Free Cash Flow
(ttm):33.02M3.23B82.06M49.22M477.16M2.66B1.81B60.05M2.
56B401.34M268.8M729.08M229.79M-
32.12M178.25M706.47M13.15MN/A77.26M5.54B152.47M1.03
B160.8M1.26B21.34M359.05M333.85M1.99BN/A2.24B57.25M
35.05M8.53M24.36M61.8M411.11M6.05MTrading

InformationStock Price History32Beta:1.021.54-
0.451.120.580.70.981.541.080.620.910.560.250.50.710.642.420.
920.570.920.891.051.270.580.660.920.691.010.830.621.110.550
.92N/A1.120.641.373352-Week
Change3:16.21%8.37%38.68%26.25%23.33%45.23%37.25%77.
01%24.06%81.06%16.58%2.65%56.34%∞%42.96%55.38%-
25.46%∞%57.34%34.33%41.53%26.79%12.96%27.08%35.48%
34.69%38.31%38.52%9.23%49.37%61.40%-
16.41%85.18%27.82%0.36%30.49%24.70%34S&P500 52-Week
Change3:14.78%14.78%14.78%14.78%14.78%14.78%14.78%14
.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78
%14.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78%14
.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78
%14.78%14.78%14.78%14.78%3552-Week High (Aug 26,
2016)3:58.1546.38131.1117.54239.4349.49181.7655.9482.6412
1.5861.6841.66115.0633.1988.86723.3420.417760.5289.276984
78.77123.5530.26188.7999.23133.1994.3924.7981.6351.918.64
61.8751.0570.940.983652-Week Low (Sep 4,
2015)3:37.713667.819.71172.2132.18129.529.661.669.2242.993
1.8463.4820.6254.754479.8946.7933.0366.2436.8148.8361.388
6.6817.45122.1472.7488.2768.7115.6752.2335.518.9428.8129.5
450.4718.413750-Day Moving
Average3:49.8542.84121.516.54221.347.21175.652.0379.46116.
0958.9738.33111.3722.9685.75691.3711.7660.8158.7986.7565.
0480.2871.24114.6728.8180.1195.74128.0289.3423.8775.6540.

0216.5658.3140.3367.0538.2938200-Day Moving
Average3:47.1441.26107.3714.03218.8644.99167.5548.9476.32
105.5652.735.9893.4525.7876.58653.031253.9450.4883.1557.5
873.9570.16113.2923.97169.3986.71120.1582.922.370.5542.25
13.1150.5336.7862.1631.12Share Statistics39Avg Vol (3
month)3:150.59k9.62M463.49k247.09k456.52k3.88M803.55k23
4.99k3.39M1.31M526.8k2.35M500.38k289.87k282.47k252.01k3
41.79k400.46k349.97k4.27M622.96k2.99M546.13k1.3M58.79k2
40.23k647.92k1.25M84.86k8.34M157.5k185.52k284.96k198.15
k292.95k959.23k747.74k40Avg Vol (10
day)3:131.09k6.14M393.33k133.64k453.46k3.54M714.26k221.6
7k2.79M958.7k375.13k2.11M377.88k225.37k315.86k278.94k29
5.7k394.76k234.36k3.8M1.61M2.06M450.5k1.28M53.76k372.6
1k484.73k808.46k168.2k9.14M173.1k122.31k255.38k155.24k4
84.53k944.87k604.94k41Shares Outstanding5:
millions22.53147042.9936.873.45543.89212.9323.73690.54212.
8865.47277.4289.5430.837.3638.4931.7448.9849.35138050.212
84.9386374.313.0544.0493.38200.0112.38136041.727.8234.112
0.132.53140.739.6342Float:21.58M1.46B39.67M23.24M73.21M
490.95M211.89M23.66M639.21M211.42M59.34M266.23M88.3
6M24.37M30.05M37.87M30.88M40.87M44.67M1.3B49.36M27
8.14M84.56M328.78M11.06M43.85M93.11M199.6M12.26M1.2
6B35.09M24.73M31.06M16.06M31.33M138.97M39.09M43%
Held by
Insiders1:4.29%0.21%2.15%29.47%0.50%10.11%0.28%0.30%1

2.81%0.78%10.81%10.38%1.31%N/A20.03%1.18%6.12%N/A10
.16%0.05%1.73%2.43%0.37%8.29%1.62%0.32%0.24%15.00%1.
07%0.80%21.75%1.94%10.10%5.04%3.54%1.34%9.38%44%
Held by
Institutions1:106.20%70.50%98.50%69.40%90.60%84.90%85.6
0%91.80%84.30%86.90%89.30%87.30%102.90%N/A75.20%92.
50%91.60%N/A83.80%83.30%104.10%86.30%51.20%76.00%93
.40%102.50%98.80%76.90%103.30%91.60%78.90%99.10%61.8
0%93.30%90.10%60.90%92.80%45Shares Short (as of Jul 29,
2016)3:2.39M64.59M2.06M703.95k1.37M17.64M3.21M1.35M8
.86M3.74M1.03M4.3M3.87M1.38M2.43M982.82k4.17M956.11k
1.02M10.63M3.68M9.78M2.89M43k588.82k1.31M7.73M4.54M
879.96k16.41M473.09k1.4M798.83k2.39M873.65k12.25M9.61
M46Short Ratio (as of Jul 29,
2016)3:25.036.535.652.093.325.393.677.424.143.341.81.866.33
4.5710.735.514.422.22.392.699.532.226.435.48108.4411.23.471
3.722.72.898.223.5511.634.8712.039.0547Short % of Float (as
of Jul 29,
2016)3:18.24%4.50%6.04%2.43%1.87%3.22%1.52%5.97%1.69
%1.78%1.74%1.98%4.38%4.56%10.07%3.14%18.30%2.22%2.6
7%0.76%8.53%3.50%3.42%1.55%5.19%3.55%8.01%2.30%7.15
%1.40%1.59%6.46%2.47%14.88%2.97%8.88%27.60%48Shares
Short (prior
month)3:2.37M72.74M2.08M659.62k1.42M20.85M2.91M1.38M
9.21M3.73M1.01M4.22M3.91M1.36M3.01M1.01M4.29M1.02M

1.08M12.47M3.7M8.83M2.34M5.2M558.64k1.41M8.03M4.73M
881.43k16.12M542.83k1.17M963.26k2.29M942.31k12.55M10.3
1MDividends & Splits49Forward Annual Dividend
Rate4:0.481.04N/AN/A1.040.522.64N/A0.5N/A0.68N/AN/AN/A
N/AN/A0.05N/AN/A1.72N/A1.241.121.52N/A1.36N/A0.960.4N
/A0.120.80.12N/AN/A1.32N/A50Forward Annual Dividend
Yield4:0.95%2.50%N/AN/A0.46%1.10%1.49%N/A0.65%N/A1.
12%N/AN/AN/AN/AN/A0.45%N/A0.00%1.99%N/A1.57%1.53%
1.31%N/A0.81%0.00%0.76%0.44%N/A0.15%2.05%0.67%N/AN
/A2.08%N/A51Trailing Annual Dividend
Yield3:0.451.02N/AN/A0.960.472.58N/A0.59N/A0.66N/AN/AN
/AN/AN/A0.05N/AN/A1.57N/A1.211.49N/A1.36N/A0.920.4N/A
0.110.80.06N/AN/A1.23N/A52Trailing Annual Dividend
Yield3:0.89%2.41%N/AN/A0.42%1.00%1.44%N/A0.76%N/A1.
08%N/AN/AN/AN/AN/A0.46%N/AN/A1.81%N/A1.51%1.37%1.
26%N/A0.81%N/A0.72%0.44%N/A0.14%2.01%0.34%N/AN/A1.
91%N/A535 Year Average Dividend
Yield4:N/A2.59N/AN/A0.632.711.89N/A0.33N/A1.39N/AN/AN
/AN/AN/A0.32N/AN/A2.03N/A1.861.691.43N/A1.49N/AN/A0.5
4N/A0.27N/AN/AN/AN/AN/AN/A54Payout
Ratio4:33.33%77.52%N/AN/A22.33%5.48%49.24%N/A15.01%
N/A71.74%N/AN/AN/AN/AN/A0.00%N/A0.00%61.09%N/A52.
17%58.14%35.02%N/A25.00%0.00%79.31%35.09%N/A8.03%1
29.03%18.75%N/AN/A48.19%N/A55Dividend
Date3:9/15/168/15/16N/AN/A7/29/1610/3/169/30/16N/A7/29/16

N/A9/30/16N/AN/AN/AN/AN/A10/21/16N/A12/11/1210/21/16N
/A10/28/169/27/1610/31/16N/A9/15/16N/A10/28/166/24/16N/A
7/29/1610/5/1612/18/15N/AN/A9/22/16N/A56Ex-Dividend
Date4:8/30/167/13/16N/AN/A7/14/168/31/169/7/16N/A6/1/16N/
A9/14/16N/AN/AN/AN/AN/A10/11/16N/A11/23/129/27/16N/A9
/28/168/26/169/28/16N/A8/11/1612/2/989/21/166/9/16N/A7/13/
169/13/1612/9/15N/AN/A8/16/16N/A57Last Split Factor (new
per
old)2:N/A10000/47982/1/16N/A2/1/161841/10002/1/16N/A1319
/10002/1/1610000/53662/1/162/1/16N/A1106/10001/2/162/1/16
N/AN/A2/1/16N/A2/1/162/1/162/1/162/1/162/1/162/1/16N/AN/
A2/1/163/2/163/2/163/2/16N/AN/A2/1/16N/A58Last Split
Date3:N/A1/2/1310/2/00N/A6/1/047/1/158/21/98N/A7/5/1612/1
4/154/1/084/3/086/16/15N/A7/1/157/1/0310/17/95N/AN/A9/27/
99N/A11/23/048/25/985/17/0412/7/006/17/978/2/04N/AN/A11/6
/037/15/139/10/0112/28/00N/AN/A8/31/10N/A
Health Care Services12345678910111213141516171819Ticker
NamesAHSBEATCCRNDPLOLHLDRLHCGMDPRSCDGXADP
TAIRMAFAMAMEDCHECRVLDVAESRXHWAYCompany
nameAMN Healthcare Services Inc.BioTelemetry, Inc.Cross
Country Healthcare, Inc.Diplomat Pharmacy, Inc.Laboratory
Corp Amer HldgsLandauer Inc.LHC Group, Inc.Mednax
IncProvidence Service Corp.Quest DiagnosticsAdeptus Health
Inc.Air Methods Corp.Almost Family Inc.Amedisys Inc.Chemed
Corp.CorVel CorporationDaVita IncExpress Scripts

HoldingHealthways, Inc.Industry AveragesSTOCK PRICE (P0)$
32.26$ 18.45$ 11.84$ 27.76$ 136.56$ 43.81$ 37.78$
65.86$ 47.55$ 84.23$ 69.72$ 31.77$ 36.58$ 47.69$
140.21$ 39.59$ 65.73$ 70.56$ 25.60Valuation
Measures1Market Cap (intraday)5:
Billions1.550.517070.390541.8313.970.420550.685656.060.689
4311.711.141.210.380071.62.270.7759313.644.470.940522Enter
prise Value (Sep 1,
2016)3:1.97B536.39M461.07M2B19.51B522.51M778.59M7.38
B927.09M15.36B814.83M2.14B511.41M1.69B2.4B725.98M21.
15B59.27B1.17B3Trailing P/E (ttm, intraday):14.9439.26-
40.2742.6822.6723.6719.7718.3711.5614.696.2910.8719.2241.7
622.2626.9338.2417.44-4.23Trailing P/E (ttm,
intraday):18.21684Forward P/E (fye Jun 30,
2018)1:12.6422.2314.6223.9113.9722.3418.1614.3714.6315.451
1.868.7413.8622.118.06N/A15.8810.2911.28Forward P/E (fye
Jun 30, 2018)1:15.79945PEG Ratio (5 yr
expected)1:1.17N/A0.771.471.551.731.291.081.232.180.120.611
.261.111.96N/A1.310.740.82PEG Ratio (5 yr
expected)1:1.20006Price/Sales
(ttm):0.92.830.50.461.522.760.82.030.41.562.791.060.651.181.
451.540.950.441.18Price/Sales (ttm):1.31587Price/Book
(mrq):3.845.842.653.042.6319.651.782.372.72.582.522.071.283.
754.925.522.872.899.76Price/Book (mrq):4.35058Enterprise
Value/Revenue

(ttm)3:1.142.930.590.52.123.420.912.470.532.0521.870.871.241
.531.441.470.581.47Enterprise Value/Revenue
(ttm)3:1.53329Enterprise Value/EBITDA
(ttm)6:9.8814.8911.5919.1711.4612.899.6811.378.5910.4117.62
6.9212.2420.311.0510.838.338.7831.91Enterprise
Value/EBITDA (ttm)6:13.0479Financial HighlightsFiscal
Year10Fiscal Year
Ends:12/31/1512/31/1512/31/1512/31/1512/31/159/30/1512/31/
1512/31/1512/31/1512/31/1512/31/1512/31/151/1/1612/31/1512
/31/153/31/1612/31/1512/31/1512/31/1511Most Recent Quarter
(mrq):6/30/166/30/166/30/166/30/166/30/166/30/166/30/166/30/
166/30/166/30/166/30/166/30/167/1/166/30/166/30/166/30/166/
30/166/30/166/30/16Profitability12Profit Margin
(ttm):6.14%7.46%0.09%1.08%6.77%11.63%3.95%11.17%4.46%
11.04%22.99%10.18%3.29%2.82%6.93%5.76%2.51%2.65%-
27.40%Profit Margin (ttm):0.049213Operating Margin
(ttm):10.09%12.34%3.92%1.65%13.96%19.03%8.00%19.21%2.
96%16.02%7.34%19.31%6.38%4.78%11.94%9.30%13.01%4.80
%2.55%Operating Margin (ttm):0.0982Management
(ttm):10.85%10.21%5.69%3.86%5.59%9.01%7.57%7.93%2.86%
7.57%3.19%8.51%5.29%5.98%13.45%13.22%6.20%5.93%2.01
%Return on Assets (ttm):0.071015Return on Equity
(ttm):30.68%17.50%0.94%7.87%12.33%103.03%11.56%13.94%
-

7.08%19.54%66.09%21.07%7.11%9.61%23.10%21.75%8.73%1
7.32%-6.78%Return on Equity (ttm):0.1991Income
Statement16Revenue
(ttm):1.73B182.76M784.87M4.02B9.19B152.63M854.14M2.99
B1.74B7.5B406.58M1.15B586.14M1.36B1.57B505.1M14.35B1
01.41B796.54M17Revenue Per Share
(ttm):36.116.6624.6462.0690.4715.9948.8532.3112.8152.6228.5
729.4259.3341.0193.6125.6669.14154.3122.0818Qtrly Revenue
Growth
(yoy):35.30%17.30%3.50%34.70%7.40%6.70%13.80%14.10%7.
70%-1.00%11.80%11.00%22.50%14.50%2.20%1.20%8.20%-
0.90%10.20%19Gross Profit
(ttm):469.36M106.56M197.37M263.24M2.9B78.73M335.49M92
8.01M151.08M2.84B364.69M432.89M250.37MN/A455.78M104
.54M3.96B8.4B134.69M20EBITDA
(ttm)6:198.95M36.02M39.78M104.31M1.7B40.54M80.42M649
M107.89M1.48B46.23M309.51M41.79M83.24M217.43M67.02
M2.54B6.75B36.71M21Net Income Avl to Common
(ttm):106M13.63M696k43.49M622.4M17.67M33.73M333.81M-
36.21M825M93.47M115M19.3M38.26M108.49M29.12M360.69
M2.68B-13.93M22Diluted EPS (ttm):2.160.47-
0.290.656.021.851.913.584.115.736.572.931.91.146.31.471.724.
05-6.0523Qtrly Earnings Growth
(yoy):0.6590.997N/A1.5170.1670.7920.057-0.02-
0.3030.6537.1760.006-0.0470.006-0.0770.086-

0.6870.201N/AQtrly Earnings Growth (yoy):0.6578Balance
Sheet24Total Cash
(mrq):21.06M25.44M10.23M7.91M639.6M11.97M19.73M62.48
M68.82M283M3.72M6.62M5.91M9.97M17.47M36.23M1.68B1.
32B4.63M25Total Cash Per Share
(mrq):0.440.910.310.126.251.251.090.684.752.040.230.170.580.
31.081.858.112.10.1326Total Debt
(mrq):426.16M37.76M79.77M127.2M6.06B112.3M110.67M1.4
4B308.08M3.84B134.27M935.58M147.68M94.5M147.5MN/A9.
1B15.98B225.88M27Total Debt/Equity
(mrq):105.7742.6655.2920.97113.63491.0828.3456.2792.3482.7
537.67159.5850.2122.0931.95N/A154.38103.72234.4728Current
Ratio
(mrq):1.472.072.221.252.081.571.91.651.051.362.793.052.090.9
50.881.621.70.560.6429Book Value Per Share
(mrq):8.393.164.479.1351.992.2321.2427.7517.5832.6416.3715.
428.6712.7428.517.1722.9424.442.62Cash Flow
Statement30Operating Cash Flow
(ttm):77.91M28.89M25.11M115.95M1.14B28.76M42.85M392.9
6M27.18M937M-
3.99M155M26.55M77.64M175.31M44.33M2.06B4.86B63.66M3
1Levered Free Cash Flow
(ttm):63.65M16.11M5.44M57.38M961.61M18.2M31.7M390.56
M61.53M929.88M-21.02M-
112.43M27.43M49.79M152.31M38.71M1.22B5.67B71.77MTrad

ing InformationStock Price
History32Beta:0.231.370.46N/A0.971.370.520.150.860.7N/A1.7
20.581.21.320.710.870.840.67Beta:0.85533352-Week
Change3:3.08%59.15%-15.40%1.72%27.27%21.50%-15.84%-
16.83%9.81%40.27%-51.79%-9.37%-
11.07%25.23%7.29%16.40%-6.49%-11.51%130.28%34S&P500
52-Week
Change3:14.78%14.78%14.78%14.78%14.78%14.78%14.78%14
.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78%14.78
%14.78%14.78%14.78%3552-Week High (Aug 26,
2016)3:44.9921.4218.7638.94141.3249.7449.3483.256.9286.859
0.7146.545.1755.16160.1253.1978.9489.227.33652-Week Low
(Sep 4,
2015)3:21.248.749.7222.4197.7926.9932.7761.441.859.6635.33
30.5734.0831.16124.7730.6161.3665.559.183750-Day Moving
Average3:35.1919.3612.0631.95137.3746.5136.9265.3646.2184.
0441.6333.0437.1448.38136.9539.2265.7373.1824.6138200-Day
Moving
Average3:37.1316.313.0532.03129.5339.7339.9468.248.0779.05
53.0435.339.7949.65135.6643.1673.0373.7215.18Share
Statistics39Avg Vol (3
month)3:910.3k430.4k249.19k501.45k723.95k50.07k118.27k61
4.26k83.12k1.13M515.14k432.12k64.39k266.44k100.3k48.93k1
.59M3.58M771.15k40Avg Vol (10
day)3:917.43k174.34k176.21k835.17k484.76k52.96k141.99k52

6.06k89.64k858.41k455.67k422.58k38.07k216.93k78.69k44.2k1
.73M3.36M634.04k41Shares Outstanding5:
millions48.0528.0332.9865.93102.39.6018.1592.0214.50139.02
16.3538.0910.3933.5516.1919.60206.90630.2236.7442Float:47.
37M27.46M28.15M43.54M96.5M9.41M15.12M90.2M11.46M13
8.55M9.05M34.73M7.74M32.79M15.74M8.69M165.04M628.61
M25.87M43% Held by
Insiders1:1.64%4.47%3.99%44.13%5.66%9.44%23.80%1.91%1.
03%0.34%63.06%8.94%15.60%2.13%3.44%48.79%1.49%0.25%
8.37%44% Held by
Institutions1:93.00%75.10%94.80%58.20%2.80%88.60%69.70%
104.30%93.10%96.90%45.20%115.00%72.80%89.50%109.60%
47.60%85.70%98.10%102.40%45Shares Short (as of Jul 29,
2016)3:5.88M609.76k2.02M7.64M3.07M701.9k193.17k8.72M2
87.57k5.62M7.15M11.41M289k1.13M1.53M91.52k3.64M26.07
M2.82M46Short Ratio (as of Jul 29,
2016)3:4.631.35.6515.654.8812.141.7214.323.175.5827.6831.35
4.572.8613.372.021.756.912.3947Short % of Float (as of Jul 29,
2016)3:13.97%2.31%7.23%17.58%3.02%9.59%1.30%9.58%2.71
%4.44%73.88%37.01%4.47%5.65%9.50%0.93%2.18%3.91%8.9
5%48Shares Short (prior
month)3:5.84M1.33M2.06M8.09M3.03M724.59k254.12k7.61M3
09.19k6.47M7.3M11.54M323.17k1.24M1.58M120.35k2.68M24.
59M2.62MDividends & Splits49Forward Annual Dividend
Rate4:N/AN/AN/AN/AN/A1.1N/AN/AN/A1.6N/AN/AN/AN/A1.

04N/AN/AN/AN/A50Forward Annual Dividend
Yield4:N/AN/AN/AN/A0.00%2.51%N/AN/AN/A1.89%N/A0.00
%0.00%N/A0.73%N/AN/AN/AN/AForward Annual Dividend
Yield4:0.008651Trailing Annual Dividend
Yield3:N/AN/AN/AN/AN/A1.38N/AN/AN/A1.56N/AN/AN/AN/
A0.96N/AN/AN/AN/A52Trailing Annual Dividend
Yield3:N/AN/AN/AN/AN/A3.13%N/AN/AN/A1.84%N/AN/AN/
AN/A0.68%N/AN/AN/AN/A535 Year Average Dividend
Yield4:N/AN/AN/AN/AN/A4.38N/AN/AN/A1.69N/AN/AN/AN/
A0.87N/AN/AN/AN/A5 Year Average Dividend
Yield4:2.313354Payout
Ratio4:N/AN/AN/AN/A0.00%59.46%N/AN/AN/A27.27%N/A0.
00%0.00%N/A15.24%N/AN/AN/AN/APayout
Ratio4:0.17000.830155Dividend
Date3:N/AN/AN/AN/AN/A10/5/16N/AN/AN/A10/19/16N/A12/2
8/1212/28/12N/A9/2/16N/AN/AN/AN/A56Ex-Dividend
Date4:N/AN/AN/AN/A3/29/949/14/16N/AN/AN/A9/30/16N/A1
2/18/1212/18/12N/A8/11/16N/AN/AN/AN/A57Last Split Factor
(new per
old)2:N/AN/AN/AN/A2/1/162/1/16N/A2/1/16N/A2/1/16N/A3/1/
162/1/164/3/162/1/162/1/162/1/162/1/162/1/1658Last Split
Date3:N/AN/AN/AN/A5/13/021/21/92N/A12/20/13N/A6/21/05N
/A12/31/121/16/0712/5/065/12/056/27/139/9/136/8/1012/22/03
Managed Health Care12345678910Ticker
NamesANTMCNCHQYHUMMGLNMOHUNHWCGAETCICom

pany nameAnthem IncCentene Corp.HealthEquity, Inc.Humana
IncMagellan Health, Inc.Molina HealthcareUnitedHealth
GroupWellCare Health PlansAetna IncCigna CorpSTOCK
PRICE
(P0)126.7668.6437.18176.1654.1157.57139.87116.56115.74131
.08Valuation Measures1Market Cap (intraday)5:
BILLIONS33.3611.722.1826.261.333.27133.215.1640.633.632E
nterprise Value (Sep 1,
2016)3:28.52B13.14B2.05B20.86B1.57B613.57M156.31B3.53B
41.32B35.96B3Trailing P/E (ttm,
intraday):14.6626.4895.1527.0636.8224.9321.8929.1116.96174
Forward P/E (fye Jun 30,
2018)1:10.6814.1256.2216.2916.6515.415.4219.6413.0513.85P
EG Ratio (5 yr expected)1:1.070.912.261.29-
17.51.21.181.21.181.456Price/Sales
(ttm):0.410.4214.070.480.280.210.760.370.660.877Price/Book
(mrq):1.382.129.062.411.2323.662.762.292.528Enterprise
Value/Revenue
(ttm)3:0.350.4713.250.380.330.040.890.250.670.939Enterprise
Value/EBITDA
(ttm)6:5.4210.4642.938.337.521.2611.876.267.219.53Financial
Ends:12/31/1512/31/151/31/1612/31/1512/31/1512/31/1512/31/
1512/31/1512/31/1512/31/1511Most Recent Quarter
(mrq):6/30/166/30/167/31/166/30/166/30/166/30/166/30/166/30/

166/30/166/30/16Profitability12Profit Margin
(ttm):2.83%1.27%15.21%1.80%0.77%0.84%3.51%1.26%3.91%5
.16%13Operating Margin
(ttm):6.07%3.88%23.70%4.17%3.16%2.45%6.61%3.75%8.18%8
.99%Management Effectiveness14Return on Assets
(ttm):4.84%5.13%10.10%5.40%4.29%3.73%6.90%6.24%5.03%3
.73%15Return on Equity
(ttm):9.81%9.23%10.92%9.35%2.84%8.57%17.22%10.07%14.5
3%15.95%Income Statement16Revenue
(ttm):81.83B28.06B154.64M54.53B4.74B15.76B176.1B14.07B6
1.65B38.76B17Revenue Per Share
(ttm):312.58209.922.68365.73198.34289.16184.88318.71176.03
151.6518Qtrly Revenue Growth
(yoy):7.20%98.50%44.90%2.00%0.60%23.90%28.20%3.20%5.4
0%4.90%19Gross Profit
(ttm):18.04B5.52B72.6M10.02B178.38M2.23B53.23B1.91B16.5
B14.59B20EBITDA
(ttm)6:5.26B1.26B47.71M2.5B209.05M487M13.17B564.8M5.7
3B3.77B21Net Income Avl to Common
(ttm):2.32B358M23.52M980M36.68M133M6.18B178M2.41B2B
22Diluted EPS
(ttm):8.652.590.396.511.472.316.3946.827.7123Qtrly Earnings
Growth (yoy):-0.0910.920.862-0.278-0.148-
0.1540.1070.7560.081-0.133Balance Sheet24Total Cash
(mrq):21.8B3.15B149.46M9.85B236.29M4.31B10.97B2.71B19.

95B2.92B25Total Cash Per Share
(mrq):82.8318.472.5566.059.6175.9311.5261.2856.8711.3926To
tal Debt
(mrq):17.08B4.49BN/A4.28B476.69M1.63B33.2B1.1B20.66B5.
09B27Total Debt/Equity
(mrq):70.4979.02N/A39.4143.7699.1587.2958.79116.2337.8828
Current Ratio
(mrq):1.580.8919.441.781.871.520.641.841.59129Book Value
Per Share
(mrq):92.0932.44.0972.9544.1328.7938.2642.1650.4952.09Cash
Flow Statement30Operating Cash Flow
(ttm):3.26B38M34.79M1.58B60.33M755M10.31B727.1M4.35B
2.73B31Levered Free Cash Flow (ttm):3.24B1.96B-
12.9M1.82B79.27M177M9.95B1.39B5.69B1.78BTrading
History32Beta:0.620.79N/A0.770.371.020.550.820.370.243352-
Week Change3:-7.34%31.18%31.60%1.76%-0.61%-
14.60%24.92%38.19%9.91%-0.98%34S&P500 52-Week
Change3:14.78%14.78%14.78%14.78%14.78%14.78%14.78%14
.78%14.78%14.78%3552-Week High (Aug 26,
2016)3:149.8775.5737.93191.6572.3170.82144.48117.54123.57
148.993652-Week Low (Sep 4,
2015)3:115.6347.3615.815045.444.5107.5169.1692.42121.8737
50-Day Moving
Average3:126.8868.3832.53177.3655.9556.29138.66113.92117.

19129.9338200-Day Moving
Average3:133.8865.5628.23176.3764.2655.13135.76103.27115.
7132.06Share Statistics39Avg Vol (3
month)3:1.75M1.62M360.42k1.81M221.25k872.62k3.02M442.0
6k2.56M1.64M40Avg Vol (10
day)3:1.31M724.38k477.61k566.14k184.63k610.64k2.92M337.6
3k1.35M980.47k41Shares
Outstanding5:263.17170.7458.64149.0724.5856.8952.3944.2735
0.8256.5742Float:262.78M165.4M44.44M139.93M24.36M42.86
M885.1M40.08M341.16M255.55M43% Held by
Insiders1:0.29%2.01%9.76%0.22%1.14%26.15%1.62%0.57%0.3
5%2.74%44% Held by
Institutions1:89.40%93.70%79.60%96.30%96.20%85.00%89.60
%102.70%90.40%88.50%45Shares Short (as of Jul 29,
2016)3:7.34M7.24M3.25M1.99M305.13k6.93M6.82M1.99M6.3
2M1.73M46Short Ratio (as of Jul 29,
2016)3:4.475.7410.862.171.239.973.14.533.571.2847Short % of
Float (as of Jul 29,
2016)3:2.80%6.09%7.62%1.34%1.38%17.11%0.73%5.05%1.81
%0.68%48Shares Short (prior
month)3:7.45M7.43M3.35M2.74M355.44k7.06M6.6M2.17M6.1
9M1.6MDividends & Splits49Forward Annual Dividend
Rate4:2.6N/AN/A1.16N/AN/A2.5N/A10.0450Forward Annual
Dividend
Yield4:2.08%N/AN/A0.66%N/AN/A1.79%N/A0.87%0.03%51Tr

ailing Annual Dividend
Yield3:2.55N/AN/A1.16N/AN/A2.12N/A10.0452Trailing
Annual Dividend
Yield3:2.02%N/AN/A0.65%N/AN/A1.51%N/A0.86%0.03%535
Year Average Dividend
Yield4:1.6N/AN/A0.95N/AN/A1.38N/A1.160.0554Payout
Ratio4:29.31%N/AN/A17.79%N/AN/A33.26%N/A14.66%0.52%
55Dividend
Date3:9/26/16N/AN/A10/28/16N/AN/A9/20/16N/A7/29/164/11/
1656Ex-Dividend
Date4:9/7/16N/AN/A10/11/16N/AN/A9/7/16N/A7/12/163/9/165
7Last Split Factor (new per
old)2:2/1/162/1/16N/A3/2/16N/A3/2/162/1/16N/A2/1/163/1/165
8Last Split
Date3:6/1/052/20/15N/A8/1/91N/A5/23/115/31/05N/A2/21/066/
5/07
Sheet7

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