AVNS - Avanos Medical Inc Stock Price, Fair Value and News

18.17USD+0.32 (+1.79%)Delayed as of 26 Apr 2024, 11:37 am ET

Market Summary

USD18.17+0.32

Delayedas of 26 Apr 2024, 11:37 am

1.79%

AVNS Stock Price

View Fullscreen

AVNS RSI Chart

AVNS Valuation

Market Cap

824.7M

Price/Earnings (Trailing)

-13.35

Price/Sales (Trailing)

1.2

EV/EBITDA

15.58

Price/Free Cashflow

25.45

AVNS Price/Sales (Trailing)

AVNS Profitability

EBT Margin

-0.51%

Return on Equity

-5%

Return on Assets

-3.65%

Free Cashflow Yield

3.93%

AVNS Fundamentals

AVNS Revenue

Revenue (TTM)

689.5M

Rev. Growth (Yr)

-3.35%

Rev. Growth (Qtr)

-8.29%

AVNS Earnings

Earnings (TTM)

-61.8M

Earnings Growth (Yr)

-37.87%

Earnings Growth (Qtr)

383.78%

Breaking Down AVNS Revenue

52 Week Range

17.7930.28

(Low)(High)

Last 7 days

-4.6%

Last 30 days

-8.9%

Last 90 days

-6.9%

Trailing 12 Months

-39.1%

How does AVNS drawdown profile look like?

AVNS Financial Health

Current Ratio

2.08

Debt/Equity

0.13

Debt/Cashflow

0.2

AVNS Investor Care

Buy Backs (1Y)

0.85%

Diluted EPS (TTM)

-1.32

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	697.5M	696.0M	695.0M	689.5M
2022	603.7M	588.2M	576.4M	703.1M
2021	715.1M	737.8M	736.2M	587.0M
2020	713.8M	705.3M	719.6M	714.8M
2019	660.1M	671.4M	677.7M	697.6M
2018	622.3M	634.1M	648.7M	652.3M
2017	577.5M	588.9M	600.3M	611.6M
2016	523.3M	537.6M	551.9M	566.2M
2015	1.7B	1.6B	1.6B	509.0M
2014	1.7B	1.7B	1.7B	1.7B
2013	0	0	1.7B	1.7B
2012	0	0	0	1.7B

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Avanos Medical Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 18, 2024	holbrook kerr	acquired	-	-	2,531	svp, chief commercial officer
Mar 18, 2024	woody joseph fralin	acquired	-	-	15,821	chief executive officer
Mar 18, 2024	woody joseph fralin	sold (taxes)	-644,574	19.09	-33,765	chief executive officer
Mar 18, 2024	holbrook kerr	sold (taxes)	-68,647	19.09	-3,596	svp, chief commercial officer
Mar 18, 2024	greiner michael	sold (taxes)	-171,905	19.09	-9,005	svp - chief financial officer
Mar 18, 2024	greiner michael	acquired	-	-	4,219	svp - chief financial officer
Mar 14, 2024	greiner michael	sold	-152,980	19.1225	-8,000	svp - chief financial officer
Mar 11, 2024	shimer julie ann	bought	9,925	19.85	500	-
Mar 06, 2024	greiner michael	acquired	1,100,000	19.14	57,471	svp - chief financial officer
Mar 06, 2024	varshney sudhakar	sold (taxes)	-26,486	19.00	-1,394	svp, global supply chain

Which funds bought or sold AVNS recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 24, 2024	BROWN ADVISORY INC	new	-	27,791,600	27,791,600	0.04%
Apr 24, 2024	CENTRAL TRUST Co	unchanged	-	-4,332	34,226	-%
Apr 24, 2024	Newbridge Financial Services Group, Inc.	unchanged	-	-30.00	239	-%
Apr 24, 2024	PSI Advisors, LLC	sold off	-100	-45.00	-	-%
Apr 24, 2024	IAG Wealth Partners, LLC	unchanged	-	-5.00	40.00	-%
Apr 24, 2024	Spire Wealth Management	unchanged	-	31.00	617	-%
Apr 24, 2024	NBT BANK N A /NY	sold off	-100	-449	-	-%
Apr 24, 2024	Costello Asset Management, INC	unchanged	-	-590	4,659	-%
Apr 24, 2024	Keene & Associates, Inc.	added	57.74	91,331	319,556	0.24%
Apr 23, 2024	Louisiana State Employees Retirement System	reduced	-1.71	-66,932	457,930	0.01%

Are Funds Buying or Selling AVNS?

Are funds buying AVNS calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own AVNS

No. of Funds

Unveiling Avanos Medical Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	rgm capital, llc	6.83%	3,171,455	SC 13G/A
Feb 13, 2024	vanguard group inc	11.67%	5,417,952	SC 13G/A
Feb 09, 2024	dimensional fund advisors lp	6.1%	2,854,235	SC 13G/A
Feb 07, 2024	paradice investment management llc	3.6%	1,653,312	SC 13G/A
Jan 22, 2024	blackrock inc.	16.1%	7,461,343	SC 13G/A
Feb 13, 2023	rgm capital, llc	5.71%	2,653,104	SC 13G/A
Feb 10, 2023	dimensional fund advisors lp	6.2%	2,891,836	SC 13G
Feb 09, 2023	vanguard group inc	11.83%	5,500,000	SC 13G/A
Feb 08, 2023	paradice investment management llc	5.0%	2,343,232	SC 13G/A
Jan 26, 2023	blackrock inc.	16.3%	7,571,048	SC 13G/A

Recent SEC filings of Avanos Medical Inc

View All Filings

Date Filed	Form Type	Document
Mar 19, 2024	4	Insider Trading
Mar 19, 2024	4	Insider Trading
Mar 19, 2024	4	Insider Trading
Mar 18, 2024	ARS	ARS
Mar 15, 2024	4	Insider Trading
Mar 15, 2024	DEF 14A	DEF 14A
Mar 15, 2024	DEFA14A	DEFA14A
Mar 14, 2024	144	Notice of Insider Sale Intent
Mar 11, 2024	4	Insider Trading
Mar 07, 2024	4	Insider Trading

Peers (Alternatives to Avanos Medical Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ABT	185.5B	40.1B	-4.14%	-1.72%	32.41	4.62	-8.12%	-17.45%
BDX	66.6B	19.5B	-4.72%	-10.85%	53.01	3.42	4.02%	-22.04%
ALGN	23.3B	3.9B	-2.96%	-12.43%	52.39	6.04	3.42%	23.09%
BAX	20.4B	14.8B	-3.18%	-12.72%	7.69	1.38	2.12%	209.17%
MID-CAP
HSIC	9.4B	12.3B	-0.07%	-10.32%	22.5	0.76	-2.44%	-22.68%
ATR	9.3B	3.5B	-1.98%	21.26%	32.53	2.65	4.97%	18.89%
BIO	8.0B	2.7B	-19.10%	-36.82%	-12.63	3.01	-4.68%	82.43%
XRAY	6.3B	4.0B	-6.58%	-25.82%	-46.81	1.59	1.10%	85.84%
AXNX	3.4B	366.4M	-3.44%	15.93%	-559.2	9.26	33.86%	89.83%
PDCO	2.3B	6.6B	-4.62%	-2.20%	11.94	0.35	2.78%	-0.87%
SMALL-CAP
AHCO	1.3B	3.2B	-14.98%	-16.46%	-1.88	0.4	7.73%	-1066.14%
ANIK	379.9M	166.7M	0.99%	-2.77%	-4.6	2.28	6.67%	-456.34%
ANGO	231.5M	324.0M	7.22%	-30.16%	-1.2	0.71	-3.19%	-337.41%
APYX	51.3M	52.3M	13.28%	-50.68%	-2.74	0.98	17.61%	19.28%
AEMD	3.9M	3.7M	-14.29%	284.62%	-0.32	1.05	5.77%	8.23%

Avanos Medical Inc News

Latest updates

Avanos Medical Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In null)

Income Statement (Quarterly)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	-8.3%	157	171	169	192	163	172	171	197	36.00	184	186	181	185	186	164	180	190	171	172	164	170
Gross Profit	-7.4%	88.00	96.00	98.00	105	94.00	100	102	107	32.00	90.00	86.00	91.00	87.00	96.00	87.00	102	110	95.00	99.00	99.00	100
S&GA Expenses	-7.8%	73.00	79.00	93.00	93.00	77.00	78.00	83.00	90.00	60.00	75.00	77.00	73.00	82.00	82.00	77.00	91.00	104	94.00	95.00	106	88.00
R&D Expenses	8.2%	7.00	6.00	7.00	8.00	7.00	7.00	8.00	8.00	6.00	8.00	8.00	8.00	10.00	8.00	8.00	9.00	8.00	10.00	10.00	10.00	11.00
EBITDA Margin	-7.3%	0.08*	0.09*	0.14*	0.15*	0.15*	0.14*	0.12*	0.09*	0.07*	-0.03*	-0.04*	-0.01*	-	-	-	-	-	-	-	-	-
Interest Expenses	-29.8%	3.00	5.00	4.00	4.00	3.00	3.00	3.00	1.00	1.00	1.00	1.00	1.00	3.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00
Income Taxes	-145.2%	-2.80	6.00	-0.80	0.00	3.00	-0.90	3.00	2.00	3.00	38.00	-46.00	-5.80	-0.80	-23.50	-2.90	-6.70	-0.40	-8.80	-3.30	-5.60	-6.70
Earnings Before Taxes	275.0%	5.00	-2.60	-5.10	-0.40	8.00	10.00	8.00	7.00	-23.10	3.00	-7.50	-14.20	-49.80	-4.20	-	-	-6.50	-20.30	-11.30	-25.90	-9.40
EBT Margin	-3475.7%	-0.01*	0.00*	0.06*	0.08*	0.09*	0.07*	0.06*	0.04*	0.01*	-0.09*	-0.10*	-0.09*	-	-	-	-	-	-	-	-	-
Net Income	383.8%	11.00	-3.70	-68.10	-0.50	17.00	16.00	13.00	5.00	12.00	-35.30	39.00	-8.40	-49.00	19.00	-3.00	4.00	-6.10	-11.50	-8.00	-20.30	-2.20
Net Income Margin	-12.4%	-0.09*	-0.08*	-0.04*	0.05*	0.06*	0.06*	-0.01*	0.03*	0.01*	-0.07*	0.00*	-0.06*	-	-	-	-	-	-	-	-	-
Free Cashflow	-56.4%	13.00	29.00	-2.60	-6.80	34.00	28.00	27.00	2.00	52.00	23.00	15.00	-3.30	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	-1.9%	1,692	1,725	1,667	1,735	1,787	1,775	1,753	1,767	1,604	1,598	1,683	1,649	1,673	1,799	1,756	1,764	1,800	1,808	1,783	1,834	1,833
Current Assets	-7.2%	487	525	507	454	624	470	437	439	428	405	444	448	467	568	517	524	539	547	573	660	714
Cash Equivalents	-18.1%	88.00	107	82.00	96.00	128	117	107	104	119	98.00	100	100	112	180	185	188	205	214	288	348	385
Inventory	4.2%	163	157	148	200	132	194	169	158	159	158	160	165	169	184	174	153	146	145	134	130	121
Net PPE	0.3%	117	117	123	164	119	163	164	167	168	170	172	173	175	177	179	179	185	182	174	160	154
Goodwill	0.6%	796	792	763	822	760	824	825	826	743	802	803	802	803	801	800	800	801	19.00	14.00	784	784
Liabilities	-9.3%	456	503	432	436	496	512	501	510	333	336	387	396	416	509	494	507	534	541	507	554	536
Current Liabilities	37.4%	235	171	161	159	191	162	151	153	139	129	158	155	166	179	176	189	213	218	187	238	264
Long Term Debt	-38.3%	159	258	203	205	226	248	249	254	130	145	165	175	180	249	248	248	248	248	248	248	248
LT Debt, Current	38.7%	9.00	6.00	6.00	6.00	6.00	6.00	5.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-
LT Debt, Non Current	-	-	-	-	-	226	-	-	-	130	-	-	-	-	-	-	-	248	-	-	-	248
Shareholder's Equity	1.2%	1,236	1,222	1,235	1,651	1,291	1,264	1,259	1,633	1,271	1,267	1,302	1,257	1,262	1,290	1,262	1,257	1,273	1,267	1,277	1,280	1,297
Retained Earnings	3.2%	-314	-325	-321	-253	-253	-270	-293	-304	-303	-320	-285	-323	-309	-268	-287	-284	-288	-282	-270	-262	-242
Additional Paid-In Capital	0.2%	1,664	1,660	1,655	1,651	1,646	1,642	1,637	1,633	1,629	1,626	1,621	1,617	1,609	1,604	1,600	1,596	1,594	1,592	1,587	1,583	1,578
Shares Outstanding	-0.5%	46.00	46.00	47.00	47.00	47.00	46.00	47.00	47.00	48.00	48.00	48.00	48.00	-	-	-	-	-	-	-	-	-
Float	-	-	-	1,192	-	-	-	1,279	-	-	-	1,748	-	-	-	1,403	-	-	-	2,076	-	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	-56.4%	12,700	29,100	-2,600	-6,800	33,700	28,400	27,000	1,800	52,100	23,200	15,300	-3,300	1,100	1,100	1,100	-5,800	-2,900	-16,600	-31,900	-23,100	-7,400
Share Based Compensation	2.6%	4,000	3,900	3,900	4,000	4,000	4,100	4,000	3,800	3,000	3,500	3,600	3,100	3,200	3,400	3,000	2,500	1,700	2,800	1,800	4,200	2,500
Cashflow From Investing	265.6%	81,000	-48,900	-6,500	-4,000	-4,900	-4,700	-4,100	-121,700	-4,700	-4,800	-5,800	-5,700	-5,100	-7,000	-6,900	-5,200	-8,100	-57,600	-29,900	-12,500	-17,800
Cashflow From Financing	-345.6%	-114,700	46,700	-4,100	-22,100	-21,900	-10,200	-16,900	105,700	-25,800	-19,200	-10,100	-200	-68,300	-2,000	300	-	-100	2,500	800	-1,700	-1,600
Buy Backs	-32.6%	6,200	9,200	2,600	1,100	400	11,000	14,700	19,400	10,900	100	500	-	500	100	300	-	200	100	1,400	1,900	300

AVNS Income Statement

2023-12-31

CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net Sales	$ 673.3	$ 684.1	$ 587.0
Cost of products sold	293.6	289.9	287.8
Gross Profit	379.7	394.2	299.2
Research and development	27.2	29.2	30.6
Selling and general expenses	335.0	326.5	285.3
Other expense, net	13.3	3.0	22.3
Operating Income (Loss)	4.2	35.5	(39.0)
Interest income	2.9	1.2	0.2
Interest expense	(15.0)	(10.0)	(3.3)
(Loss) Income Before Income Taxes	(7.9)	26.7	(42.1)
Income tax (provision) benefit	(2.0)	(5.2)	11.2
(Loss) Income from Continuing Operations	(9.9)	21.5	(30.9)
(Loss) Income from discontinued operations, net of tax	(51.9)	29.0	37.2
Net (Loss) Income	$ (61.8)	$ 50.5	$ 6.3
Basic:
Continuing operations (in dollars per share)	$ (0.21)	$ 0.46	$ (0.64)
Discontinued operations (in dollars per share)	(1.11)	0.62	0.77
Basic (Loss) Earnings Per Share (in dollars per share)	(1.32)	1.08	0.13
Diluted:
Continuing operations (in dollars per share)	(0.21)	0.46	(0.64)
Discontinued operations (in dollars per share)	(1.11)	0.61	0.77
Diluted (Loss) Earnings Per Share (in dollars per share)	$ (1.32)	$ 1.07	$ 0.13

AVNS Balance Sheet

2023-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 87.7	$ 127.7
Accounts receivable, net of allowances	142.8	167.9
Inventories	163.2	132.3
Prepaid and other current assets	28.8	13.9
Assets held for sale	64.5	182.3
Total Current Assets	487.0	624.1
Property, Plant and Equipment, net	117.2	118.6
Operating Lease Right-of-Use Assets	26.8	27.5
Goodwill	796.1	760.3
Other Intangible Assets, net	239.5	234.2
Deferred Tax Assets	6.5	4.6
Other Assets	19.3	17.6
TOTAL ASSETS	1,692.4	1,786.9
Current Liabilities
Current portion of long-term debt	8.6	6.2
Current portion of operating lease liabilities	12.8	12.0
Trade accounts payable	56.3	67.9
Accrued expenses	93.2	97.8
Liabilities held for sale	63.7	7.1
Total Current Liabilities	234.6	191.0
Long-Term Debt	159.4	226.3
Operating Lease Liabilities	28.3	32.5
Deferred Tax Liabilities	23.8	25.4
Other Long-Term Liabilities	10.0	20.5
Total Liabilities	456.1	495.7
Commitments and Contingencies
Stockholders’ Equity
Preferred stock - $0.01 par value - authorized 20,000,000 shares, none issued	0.0	0.0
Common stock - $0.01 par value - authorized 300,000,000 shares, 46,174,337 outstanding at December 31, 2023 and 46,528,907 outstanding at December 31, 2022	0.5	0.5
Additional paid-in capital	1,663.6	1,646.4
Accumulated deficit	(314.9)	(253.1)
Treasury stock	(85.9)	(66.8)
Accumulated other comprehensive loss	(27.0)	(35.8)
Total Stockholders’ Equity	1,236.3	1,291.2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,692.4	$ 1,786.9

About Avanos Medical Inc

Avanos Medical, Inc., a medical technology company, focuses on delivering medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that include digestive health products, such as Mic-Key enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions; and respiratory health products, such as closed airway suction systems and other airway management devices under the Ballard, Microcuff, and Endoclear brands. The company also provides a portfolio of non-opioid pain solutions, including acute pain products, such as On-Q and ambIT surgical pain pumps, Game Ready cold, and compression therapy systems; and interventional pain solutions, which offers minimally invasive pain-relieving therapies, such as Coolief pain relief therapy and OrthogenRx's knee osteoarthritis pain relief injection products. It markets its products directly to hospitals and other healthcare providers, healthcare facilities, and other end-user customers, as well as through third-party wholesale distributors. The company was formerly known as Halyard Health, Inc. and changed its name to Avanos Medical, Inc. in June 2018. Avanos Medical, Inc. was incorporated in 2014 and is headquartered in Alpharetta, Georgia.

CEO	Mr. Joseph F. Woody
WEBSITE	https://avanos.com
INDUSTRY	Medical Instruments & Supplies
EMPLOYEES	4044

Avanos Medical Inc Frequently Asked Questions

What is the ticker symbol for Avanos Medical Inc? What does AVNS stand for in stocks?

AVNS is the stock ticker symbol of Avanos Medical Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Avanos Medical Inc (AVNS)?

As of Thu Apr 25 2024, market cap of Avanos Medical Inc is 824.72 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of AVNS stock?

You can check AVNS's fair value in chart for subscribers.

What is the fair value of AVNS stock?

You can check AVNS's fair value in chart for subscribers. The fair value of Avanos Medical Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Avanos Medical Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for AVNS so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Avanos Medical Inc a good stock to buy?

The fair value guage provides a quick view whether AVNS is over valued or under valued. Whether Avanos Medical Inc is cheap or expensive depends on the assumptions which impact Avanos Medical Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for AVNS.

What is Avanos Medical Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Thu Apr 25 2024, AVNS's PE ratio (Price to Earnings) is -13.35 and Price to Sales (PS) ratio is 1.2. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. AVNS PE ratio will change depending on the future growth rate expectations of investors.