Finance 824
Health Care Stock
Presentation
Fred Macaraeg
g
Chern Yurik Saw
Xin Shen


Increase
as 300 basis
bas s point
po
for
o the sector
s
o
We currently own
◦ Johnson & Johnson - 4.39%
◦ Medtronic – 2.29%
◦ Teva – 2.87%
Recap Health Care Sector






Johnson
o so & Johnson
o so – increase
as 11 basis
bas s
points to maximum allowable holding.
Medtronic – Sell everything
Teva Pharmaceutical – Sell everything
Pfizer – Buy 400 basis point
Covidien – Buy 200 basis point
Amgen – Buy 205 basis point
Recommendation

Business
us
ss Segments
S g
s
◦ Pharmaceutical, Consumer, Medical devices &
Diagnostics


250 subsidiaries
b idi i around
d the
h world
ld
One of the top 4 AAA rating
◦ Would be least affected by the recent US
downgrade
◦ Best interest rate from market -> better profit
p
margin
JNJ Overview

Research
s a
and
a d Development
op
◦ Spends approximate 10% of sales in R&D

Pharmaceutical segment taking off
◦ 7.5% increase in sales

Diversification
◦ More
M
than
th
50% international
i t
ti
l sales
l
 7.3% increase in international sales
 0.6% decrease in domestic sales
JNJ Catalysts

Regulatory
gu a o y
◦ Drug approval form FDA

Healthcare Budget
◦ Expected to be cut in 2012

Quality Control
◦E
Eg: 130 million
illi
units
it off Tylenol
T l
l and
d other
th drugs
d
recalled in 2010
JNJ Risks
Stock
Earnings per share
JNJ
4.18
TEVA
3.49
ABT
3.28
MDT
2.86
GSK
2.06
WPI
1 13
1.13
PFE
1.07
MRK
0.92
JNJ Business Analysis
Stock
Debt to Equity
JNJ
29.65
TEVA
31.35
WPI
31.84
MRK
32.89
PFE
50.14
MDT
61 59
61.59
ABT
84.5
GSK
169.91
JNJ Financial Analysis
Stock
ROA
JNJ
13.5
MDT
10.58
TEVA
9.43
ABT
8.27
GSK
4.36
PFE
4 07
4.07
WPI
3.13
MRK
0.9
JNJ Financial Analysis
Stock
ROE
JNJ
24.88
ABT
20.45
MDT
20.24
GSK
17.3
TEVA
16.18
PFE
93
9.3
WPI
5.85
MRK
1.51
JNJ Financial Analysis
Stock
ROI
JNJ
17.45
MDT
12.72
TEVA
12.44
ABT
11.36
GSK
6.33
PFE
4 86
4.86
WPI
3.72
MRK
1.08
JNJ Financial Analysis
Relative to
Industry
P/Trailing E
High
Low
Median
Current
1.4
.92
1.2
1.2
P/Forward E
1.3
.94
1.1
1.2
P/B
16
1.6
.77
12
1.2
13
1.3
P/S
1.3
.9
1.1
1.2
P/CF
1.5
1.0
1.3
1.4
JNJ Valuation
Absolute
Valuation
High
Low
Median
Current
#Your
Target
g
Multiple
A.
B.
C.
D.
E.
P/Forward
P/F
d
E
P/S
34
11
17 8
17.8
6.1
2.2
P/B
8.6
P/EBITD
A
P/CF
F.
*Your
Target
g E,,
S, B,
etc/Share
G.
Your
Target
g
Price
(F x G)
H.
14
14
5 00
5.00
70 00
70.00
3.6
3.0
3.0
23.29
69.87
2.7
4.9
3.2
3.2
21.08
67.46
20.39
6.94
11.91
9.38
9.38
7.50
70.35
27
9.0
14.8
11.4
11.4
5.04
57.46
JNJ Valuation
Johnson and Johnson (JNJ)
Analyst: Chern Yuik Saw
Date: 7/10/2011
Year
2011E
64,945
Revenue
% Grow th
17,860
Operating Margin
Interest and Other
Interest % of Sales
69,159
Tax Rate
% of Sales
3.0%
2
22,900
87,360
3.0%
24,461
89,981
3.0%
25,195
93,580
4.0%
26,203
(146)
(151)
(155)
(160)
(165)
(170)
(175)
(180)
(187)
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
-0.2%
4,184
22.0%
14,835
3,250
4,426
22.0%
15,693
5.8%
3,439
4,443
22.0%
15,753
0.4%
3,466
4,576
22.0%
16,225
3.0%
3,415
4,714
22.0%
16,712
3.0%
3,438
4,855
22.0%
17,214
3.0%
3,541
5,001
22.0%
17,730
3.0%
3,647
5,343
22.0%
18,943
6.8%
3,756
5,503
22.0%
19,512
3.0%
3,869
28.0%
5,723
22.0%
20,292
4.0%
4,024
4.7%
4.7%
4.7%
4.6%
4.4%
4.3%
4.3%
4.3%
4.3%
4.3%
4.3%
(213)
(780)
(741)
(452)
(466)
(480)
(494)
(509)
(524)
(540)
(749)
102,221
132,856
235,077
7.46%
13.5
3 5
16.9
10.3
12.5
2,789
67.57
84.29
24.7%
46,329
19,355
6.94
102,908
45.0%
20%
JNJ DCF
22,233
84,816
(138)
-1.1%
2,766
4.0%
14,672
4.3%
$
$
3.0%
(130)
14,064
Shares Outstanding
21,586
82,346
28.0%
% Grow th
Cu e t P/E
Current
/
Projected P/E
Current EV/EBITDA
Projected EV/EBITDA
3.0%
2021E
28.0%
4.0%
NPV of Cash Flow s
NPV of terminal value
Projected Equity Value
Free Cash Flow Yield
20,957
79,947
2020E
27.0%
-0.3%
Free Cash Flow
3.0%
2019E
27.0%
2,598
Capex % of sales
20,347
77,619
2018E
27.0%
3,052
Subtract Cap Ex
3.0%
2017E
27.0%
6.5%
Plus/(minus) Changes WC
20,120
75,358
2016E
27.0%
13,931
% of Sales
5.8%
2015E
27.5%
% Grow th
Add Depreciation/Amort
73,163
2014E
27.5%
22.0%
Net Income
19,019
2013E
10.0%
4.0%
27.5%
3,929
Taxes
Debt
Cash
Cash/share
Total Assets
Debt/Assets
Working Capital % of Grow th
2012E
6.5%
Operating Income
Current Price
Implied equity value/share
Upside/(Dow nside) to DCF
Terminal Discount Rate =
Terminal FCF Grow th =
-1.0%
2,927
4.0%
15,568
6.1%
43%
57%
100%
-0.6%
3,090
4.1%
15,711
0.9%
-0.6%
3,260
4.2%
16,055
2.2%
-0.6%
3,438
4.3%
16,448
2.5%
-0.6%
3,541
4.3%
16,942
3.0%
-0.6%
3,647
4.3%
17,450
3.0%
-0.6%
3,756
4.3%
18,655
6.9%
-0.6%
3,869
4.3%
19,215
3.0%
Terminal Value
Free Cash Yield
12.7
15.8
9.7
11.8
12.0
0
15.0
9.1
11.1
-0.8%
4,024
4.3%
19,880
3.5%
344,593
5.77%
Terminal
e
a P/E
/
17.0
0
Terminal EV/EBITDA
12.3




Potential Upside – 24.7%
Current Price - 61.12 (8/8/2011)
(
)
Final Target Price - $70
Recommendation
◦ Max out quota by increasing JNJ’s weight by 11
basis point to 4.50%
JNJ Recommendation



Cu
Current
Weight:
g
2.29%
9%
Unrealized gain: $21,616
Recommendation: Liquidate
q
entire
position in Medtronic
Medtronic Summary





The largest medical
device company
provide life-long
solutions for people
with chronic diseases.
diseases
Offers therapeutic
and diagnostic
devices for diabetes,
neurological, spinal
and neurosurgery.
Performs its
operations world
wide.
7 business segments
Ticker
MDT
Current Stock
Price
$31.07
52 Wk Range
$43.33-$30.80
V l
Volume
15 337 864
15,337,864
Market Cap.
$35,341MM
1 Year Total
R
Return
-9.73%
Dividend Yield
2.43%
Beta (Historical)
1.06
2011 Revenue
$15,933 M
2011 Earning
$3,069M
Medtronic overview
CARDIAC RHYTHM
DISEASE
MANAGEMENT
CARDIOVASCULAR
4%
8%
13%
7%
31%
PHYSIO-CONTROL
10%
SPINAL
57%
26%
21%
20%
NEUROMODULATION
United State
3%
DIABETES
Europe
Segmentation revenue
Asia Pacific
The rest of the world
SURGICAL
TECHNOLOGIES
Medtronic Performance
For the last three month:
Worse than S&P 500
Worse than the other two stocks in the portfolio
Relative Performance

Emerging market

Stronger presence in
◦ Help
l to offset
ff
the
h revenue decrease
d
in other
h line
l
◦ Neuromodulation, Diabetes, and Surgical
T h l i
Technologies
Lots of acquisitions to open new market
Often the first player to announce new
products
d t
 Aging population


◦ MDT highly involved in chronic disease treatment

N
New
CEO
◦ Help the company to streamline its products
Medtronic Catalysts

Saturated market

Revenue % in Neuromodulation, Diabetes, and Surgical
Technologies too small
◦ Cardiac and spin (the major business lines)
◦ Cannot offset the revenue decrease in its major business lines

Product problem: Infuse

Voluntary recalls of its products

FDA regulation

Ob
Obamacare:
◦ Paid Yale 2.5 million to review the data
◦ Trigger more attention to patient safety
◦ Battery failure for ICDs
◦ Uncertainty about the new approval process
◦ Reluctant to approve new products
◦ Restrictions to prevent overuse
◦ More price competition
◦ Indirectly related to the lower reimbursement rate of Medicare
Medtronic Risks
High
Low
Median
Curren
t
Target
Multipl
es
Target
Metric
Per
Share
Target
Weight
Price
P/Forward
E
39 7
39.7
90
9.0
20 9
20.9
10 8
10.8
13 3
13.3
3 14
3.14
41 76
41.76
25%
P/S
11.1
2.2
5.6
2.5
3.0
14.72
44.16
25%
P/B
11 2
11.2
23
2.3
62
6.2
23
2.3
35
3.5
11 04
11.04
38 64
38.64
25%
P/EBITDA
33.06
6.99
16.27
7.23
12.50
4.92
61.5
12.5%
P/CF
38 6
38.6
79
7.9
19 4
19.4
91
9.1
11 5
11.5
3 07
3.07
35 31
35.31
12 5%
12.5%
Price Target $43.24
$43 24
Medtronic Valuation
Terminal Discount Rate =
Terminal FCF Grow th =
Year
2012E
16,994
Revenue
% Grow th
2013E
17,959
5.7%
EBIT
4,367
EBIT % of Sales
25.7%
Interest and Other
Interest % of Sales
Taxes
Tax Rate
Net Income
4,615
% of Sales
Subtract Cap Ex
Capex % of sales
Free Cash Flow
Current Price
Implied equity value/share
Upside/(Dow nside) to DCF
Debt
D
bt
Cash
Cash/share
Total Assets
Debt/Assets
Working Capital % of Grow th
5,010
2.0%
5,110
1.0%
5,056
1.5%
5,131
2.0%
5,125
3.0%
5,279
3.0%
5,437
307
313
316
321
327
337
347
1.5%
1.5%
1.5%
1.5%
1.5%
1.5%
878
3 520
3,520
3 742
3,742
6.3%
1,000
19.0%
3 666
3,666
-2.0%
1,010
19.0%
3 693
3,693
0.7%
1,030
19.0%
3 767
3,767
2.0%
1,021
19.0%
3 719
3,719
-1.3%
1,036
19.0%
3 775
3,775
1,036
19.0%
3 762
3,762
23.5%
23,136
1.5%
19.0%
23.5%
22,463
1.5%
826
24.0%
21,808
298
19.0%
24.0%
21,381
1.5%
781
24.5%
21,065
2022E
286
19.0%
24.5%
20,856
2021E
269
1,067
19.0%
3 875
3,875
23.5%
1,099
19.0%
3 991
3,991
1.5%
-0.3%
3.0%
3.0%
850
898
954
953
981
980
990
984
1,003
1,033
1,064
5.0%
5.0%
5.0%
4.8%
4.8%
4.7%
4.7%
4.6%
4.6%
4.6%
4.6%
-228
-297
-348
-199
-153
-104
-53
-80
-109
-168
-174
-1.3%
-1.7%
-1.8%
-1.0%
-0.8%
-0.5%
-0.3%
-0.4%
-0.5%
-0.8%
-0.8%
637
673
716
744
818
834
906
919
1,003
1,033
1,064
3.8%
3.8%
3.8%
3.8%
4.0%
4.0%
4.3%
4.3%
4.6%
4.6%
4.6%
3,321
3,471
3,668
3,672
3,700
3,795
3,740
3,764
3,688
3,761
3,874
4.5%
5.7%
0.1%
0.7%
2.6%
-1.4%
0.6%
-2.0%
2.0%
3.0%
53%
47%
100%
Terminal Value
Free Cash Yield
9.5
11.9
9
7.6
9.1
9.0
11.2
7.2
8.6
1,082
$
$
3.0%
2020E
1.5%
10.1
12.5
5
8.1
9.6
Shares Outstanding
4,963
20,447
2019E
1.5%
22,195
19,601
41,796
9.88%
Current P/E
Projected
ojected P/E
/
Current EV/EBITDA
Projected EV/EBITDA
4.0%
2018E
255
% Grow th
NPV of Cash Flow s
NPV of terminal value
Projected Equity Value
Free Cash Flow Yield
4,906
19,852
2017E
25.0%
5.7%
Plus/(minus) Changes WC
6.3%
2016E
25.7%
3 331
3,331
% of Sales
19,088
2015E
25.7%
% Grow th
Add Depreciation/Amort
2014E
10.5%
3.0%
31.07
38.64
24.4%
9 835
9,835
1,382
1.28
30,424
32.3%
25%
Medtronic DCF
53,198
7.28%
Terminal P/E
13.3
Terminal EV/EBITDA
9.5






DCF target price: $38.64
Multiples target price: $43.24
Final target price: $40.94
Current price (August 4th):$30.13
):$30 13
Potential upside: 35.87%
Recommendation:
◦
◦
◦
◦
Sell Medtronic
The high upside is due to the recent price dropping
Cannot
Ca
o beat
bea S&P
S& 500 for
o the
e past
pas month
o
Negative 1 year yield
Pfizer Price Target Summary
Research-based
 Global biopharmaceutical
company
 Three major business
segments:
◦ Biopharmaceutical
◦ Diversified
◦ Corporation/Other

Ticker
Current Stock
Price
$17.49
52 Wk Range
$21.45-$15.66
V l
Volume
86 443 600
86,443,600
Market Cap.
$138,191MM
1 Year Total
R
Return
12.61%
Dividend Yield
Beta (Historical)
Pfizer overview
PFE
4.57%
0.87
2010 Revenue
$67,809 M
2010 Earning
$9,024M
15%
13%
1%
42%
18%
86%
25%
Biopharmaceutical
United States
Diversified
Coprorate/Others
Europe/Canada
Latin America/AFME
Rest of the World
Segmentation revenue 2010
Pfizer 12
12--month performance
Pfizer three month performance

Expansion in the emerging markets
◦ 2nd best market p
position world wide
◦ Exclusivity for branded drugs
 Against the counterfeit generic drug
 Offset the disregard of patent protection


Cost-cutting plan
Strong new product pipeline
◦ More than 100 drug in the early-phase
◦ Potential huge revenue from two new drugs
 JAK-inhibitor-rheumatoid arthritis
 Alk-inhibitor-lung cancer

The divestiture of the animal health and nutrition business units
◦ Reveal the undervalue of the segments
◦ Lots of companies are interested in (ex. Eli Lilly)

The acquisition of Wyeth
◦ Decrease the revenue share of Lipitor
◦ Stronger position in biologic industry


High dividend yield
R&D tax credit may turn to be permanent
Pfizer catalysts

Patent protection expiration


The loss of the exclusivity of Lipitor
New drug cannot reach the market




Flat growth rate
More debt and diluted equity to acquire Wyeth
FDA’s increasing risk-sensitivity
Government influence
◦ O
Over th
the nextt four
f
years, the
th products
d t that
th t generate
t
more than 1/3 of the revenue will loss patent protection
◦ The failure of Torcetrapib (drug to increase the HDL)
◦ More price negotiation
◦ Losing sales force
 Insurance’s unwillingness to cover follow-up drugs
Pfizer risk
Terminal Discount Rate =
Terminal FCF Grow th =
Year
2012E
67,440
Revenue
% Grow th
2013E
62,819
-6.9%
EBIT
18,490
EBIT % of Sales
Interest and Other
Interest % of Sales
Tax Rate
Debt
Cash
Cash/share
Total Assets
Debt/Assets
18,902
77,876
3.0%
19,469
80,212
82,618
3.0%
3.0%
20,053
20,655
(1,570)
(1,630)
(1,679)
(1,730)
(1,782)
(1,835)
(1,890)
(1,947)
(2,005)
(2,065)
-2.5%
-2.5%
-2.5%
-2.5%
-2.5%
-2.5%
-2.5%
-2.5%
-2.5%
-2.5%
-2.5%
2,298
12.0%
16 820
16,820
30,731
6,910
121,544
90,731
212,275
21.76%
8.0
12.0
7.1
9.8
2,569
12.0%
18 804
18,804
11.8%
7,174
1,894
12.0%
17 251
17,251
-8.3%
6,046
1,951
12.0%
17 768
17,768
3.0%
6,227
2,010
12.0%
18 301
18,301
3.0%
5,701
1,982
12.0%
18 205
18,205
-0.5%
5,872
2,041
12.0%
18 751
18,751
3.0%
5,293
2,103
12.0%
19 313
19,313
3.0%
5,451
2,166
2,231
12.0%
12.0%
19 893
19,893
20 489
20,489
3.0%
3.0%
4,813
4,957
11.0%
11.0%
9.0%
9.0%
8.0%
8.0%
7.0%
7.0%
6.0%
6.0%
555
(288)
(504)
(519)
(535)
(551)
(567)
(584)
(602)
(620)
0.9%
1,445
2.3%
21,481
-30.1%
Current Price
Implied equity value/share
Upside/(Dow nside) to DCF
3.0%
(1,686)
% Grow th
Shares Outstanding
18,351
75,607
25.0%
2.3%
Current P/E
Projected P/E
Current EV/EBITDA
Projected EV/EBITDA
3.0%
25.0%
16.2%
NPV of Cash Flow s
NPV of terminal value
Projected Equity Value
Free Cash Flow Yield
18,529
73,405
25.0%
1,551
Free Cash Flow
3.0%
2022E
25.0%
10,898
Capex % of sales
17,990
71,267
2021E
25.0%
11.0%
% of Sales
3.0%
2020E
26.0%
7,418
Subtract Cap Ex
17,466
69,192
2019E
26.0%
-5.2%
Plus/(minus) Changes WC
3.0%
2018E
26.0%
17 751
17,751
% of Sales
19,743
67,176
2017E
30.3%
% Grow th
Add Depreciation/Amort
3.8%
2016E
27.9%
12.0%
N t IIncome
Net
65,220
2015E
27.4%
2,425
Taxes
17,548
2014E
11.0%
3.0%
-0.4%
1,500
2.3%
22,974
7.0%
57%
43%
100%
-0.8%
2,015
3.0%
19,981
-13.0%
-0.8%
2,076
3.0%
20,581
3.0%
-0.8%
2,851
4.0%
20,095
-2.4%
-0.8%
2,936
4.0%
20,052
-0.2%
-0.8%
3,780
5.0%
19,482
-2.8%
-0.8%
3,894
5.0%
20,067
3.0%
-0.8%
-0.8%
4,813
4,957
6.0%
6.0%
19,427
20,010
-3.2%
Terminal Value
3.0%
257,624
Free Cash Yield
8.4
12.6
7.5
10.4
7.5
11.3
6.8
9.5
Terminal P/E
12.6
Terminal EV/EBITDA
11.7
8,074
$
$
17.49
26.29
50.3%
44,033
1,735
0.21
195,014
22.6%
7.77%
Pfizer discounted cash flows

Expansion in the emerging markets
◦ 2nd best market p
position world wide
◦ Exclusivity for branded drugs
 Against the counterfeit generic drug
 Offset the disregard of patent protection


Cost-cutting plan
Strong new product pipeline
◦ More than 100 drug in the early-phase
◦ Potential huge revenue from two new drugs
 JAK-inhibitor-rheumatoid arthritis
 Alk-inhibitor-lung cancer

The divestiture of the animal health and nutrition business units
◦ Reveal the undervalue of the segments
◦ Lots of companies are interested in (ex. Eli Lilly)

The acquisition of Wyeth
◦ Decrease the revenue share of Lipitor
◦ Stronger position in biologic industry


High dividend yield
R&D tax credit may turn to be permanent
Pfizer catalysts






DCF
C target
a g price:
p
$26.29
$ 6 9
Multiples target price: $28.62
Final target
g p
price:27.46
Current price (August 4th):$17.49
Potential upside: 56.98%
Recommendation:
◦ Buy Pfizer
◦ weight
i ht 4% off the
th SIM
Pfizer Price Target Summary
High
Low
Median
Current
Target
Multiple
s
Target
Metric
Per
Share
Target
Price
Weight
P/Forward E
28.9
5.9
12.3
7.9
12.6
2.31
29.11
25%
P/S
9.20
1.70
3.70
2.00
3.00
8.40
25.2
25%
P/B
17.0
1.30
2.70
1.60
2.20
11.95
26.29
25%
P/EBITDA
38.11
4.86
10.20
4.86
5.5
6.78
37.29
12.5%
P/CF
36.90
3.90
9.10
5.30
8.00
3.81
30.48
12.5%
Targett Price
T
P i
=
$28 62
$28.62
Pfizer Valuation





Teva
a Pharmaceutical
a a u a (TEVA)
(
)
Current SIM Portfolio weight: 2.87%
52 Week: $
$36.05 – $
$57.08
Last Trade: $36.34
Recommendation: Liquidate Position and
re-allocate proceeds
Teva Pharmaceutical Highlights
Teva Overview

G
Generic
Drug
ug maker
a
has
as distribution
d s bu o
exposure to 60 countries worldwide

Recently received FDA acceptance of new
drug for chronic and perennial rhinitis

Potential to capture market share of some
majo drug
major
d g labels with
ith patent expiration
e pi ation
Teva Catalysts



FDA will most likely
y not approve
pp
Laquiminod, Teva’s drug for multiple
sclerosis.
The patent on Copaxone will expire in one
year. Copaxone is Teva’s only branded
drug.
g
Increased rivalry within the generic drug
manufacturing industry along with
decreasing stock price means Teva may
have to halt acquisitions.
Teva Risks
Teva DCF Analysis





Amgen,
g , Inc. (AMGN)
(
G )
Current SIM Portfolio Weight: N/A
52 Week Range:
g $
$49.88 – $
$61.53
Last Trade: $49.88
Recommendation: Initiate 205 basis point
purchase of AMGN
Amgen Highlights
Amgen Overview



Favorable
a o ab foreign
o g exchange
a g fluctuation
u ua o
has driven and will continue to drive
international sales
Xgeva reported sales of $73 million, up
from $42 million reported in Q1 2011
P li Xgeva’s
Prolia,
X
’ counterpart,
t
t received
i d FDA
approval in June 2010 and is expected to
have similar sales results as Xgeva
Amgen Catalysts

Healthcare
a
a reform
o
could
ou d cost
os Amgen
g
$400
$ 00
to $500 million in sales

US sales diminished due to price increases

Forex fluctuation, while currently working
in Amgen’s favor, could turn against them.
Amgen Risks
Amgen DCF Analysis





Co d
Covidien
(CO
(COV))
Current SIM Portfolio Weight: N/A
52 Week Range:
g $
$35.12 - $
$57.65
Last Trade: $44.07
Recommendation: Initiate 205 basis point
purchase of COV
Covidien Highlights
Covidien Overview



Co
Continued
u d focus
o us o
on rebranding
b a d g image
ag
since spinning off from Tyco in 2007
Increased sales in medical supplies
continue to drive company revenue
growth
Q3 C
Covidien
idi
announced
d company
restructuring by end of 2014 in order to
boost cost structure
structure. This move could
save the company $175-$225 million/yr.
Covidien Catalysts



Weak p
pharmaceutical lines are being
g
bolstered by strong medical supply sales
Company restructuring, although
designed to cut costs,
costs could lead to
reduced sales growth and potential loss of
talent due to competitive
p
recruiting
g and
hiring initiatives of competitors
5% of revenue growth was due to Forex
fluctuation which could move against
fluctuation,
Covidien at some point.
Covidien Risks
Covidien DCF Analysis
http://www.youtube.com/watch?v=a
DO32ij91O8&NR=1
What Questions Do You Have?