Intrinsic value of Advisory Board - ABCO

Previous Close

$51.85

  Intrinsic Value

$5.83

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

-150%

Previous close

$51.85

 
Intrinsic value

$5.83

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

-150%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ABCO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.56
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  803
  819
  838
  859
  884
  910
  940
  972
  1,006
  1,044
  1,084
  1,127
  1,172
  1,221
  1,273
  1,328
  1,386
  1,448
  1,513
  1,581
  1,654
  1,731
  1,812
  1,897
  1,987
  2,081
  2,181
  2,286
  2,396
  2,512
  2,634
Variable operating expenses, $m
 
  877
  895
  916
  940
  966
  995
  1,026
  1,060
  1,097
  1,136
  1,104
  1,149
  1,196
  1,247
  1,301
  1,358
  1,418
  1,482
  1,550
  1,621
  1,696
  1,775
  1,859
  1,947
  2,039
  2,137
  2,240
  2,348
  2,461
  2,581
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  727
  877
  895
  916
  940
  966
  995
  1,026
  1,060
  1,097
  1,136
  1,104
  1,149
  1,196
  1,247
  1,301
  1,358
  1,418
  1,482
  1,550
  1,621
  1,696
  1,775
  1,859
  1,947
  2,039
  2,137
  2,240
  2,348
  2,461
  2,581
Operating income, $m
  77
  -57
  -57
  -57
  -56
  -56
  -55
  -54
  -54
  -53
  -52
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
EBITDA, $m
  154
  47
  48
  50
  51
  53
  54
  56
  58
  60
  63
  65
  68
  70
  73
  77
  80
  84
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
Interest expense (income), $m
  14
  19
  20
  21
  22
  24
  26
  27
  30
  32
  34
  37
  39
  42
  46
  49
  52
  56
  60
  64
  69
  73
  78
  83
  89
  95
  101
  107
  114
  121
  128
Earnings before tax, $m
  56
  -76
  -77
  -78
  -79
  -80
  -81
  -82
  -83
  -85
  -86
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -75
Tax expense, $m
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  91
  -76
  -77
  -78
  -79
  -80
  -81
  -82
  -83
  -85
  -86
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -75

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  91
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,037
  1,983
  2,029
  2,081
  2,139
  2,204
  2,276
  2,353
  2,437
  2,527
  2,624
  2,728
  2,839
  2,957
  3,082
  3,215
  3,356
  3,505
  3,663
  3,829
  4,005
  4,191
  4,387
  4,593
  4,810
  5,039
  5,281
  5,534
  5,801
  6,082
  6,378
Adjusted assets (=assets-cash), $m
  1,946
  1,983
  2,029
  2,081
  2,139
  2,204
  2,276
  2,353
  2,437
  2,527
  2,624
  2,728
  2,839
  2,957
  3,082
  3,215
  3,356
  3,505
  3,663
  3,829
  4,005
  4,191
  4,387
  4,593
  4,810
  5,039
  5,281
  5,534
  5,801
  6,082
  6,378
Revenue / Adjusted assets
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
Average production assets, $m
  474
  483
  494
  507
  521
  537
  554
  573
  594
  616
  639
  665
  692
  720
  751
  783
  818
  854
  892
  933
  976
  1,021
  1,069
  1,119
  1,172
  1,228
  1,287
  1,349
  1,414
  1,482
  1,554
Working capital, $m
  9
  -34
  -34
  -35
  -36
  -37
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
Total debt, $m
  585
  564
  599
  638
  682
  731
  785
  844
  907
  976
  1,049
  1,127
  1,211
  1,300
  1,395
  1,495
  1,602
  1,715
  1,834
  1,960
  2,093
  2,233
  2,381
  2,537
  2,702
  2,875
  3,057
  3,249
  3,451
  3,663
  3,887
Total liabilities, $m
  1,520
  1,499
  1,534
  1,573
  1,617
  1,666
  1,720
  1,779
  1,842
  1,911
  1,984
  2,062
  2,146
  2,235
  2,330
  2,430
  2,537
  2,650
  2,769
  2,895
  3,028
  3,168
  3,316
  3,472
  3,637
  3,810
  3,992
  4,184
  4,386
  4,598
  4,822
Total equity, $m
  517
  484
  495
  508
  522
  538
  555
  574
  595
  617
  640
  666
  693
  721
  752
  784
  819
  855
  894
  934
  977
  1,023
  1,070
  1,121
  1,174
  1,230
  1,288
  1,350
  1,416
  1,484
  1,556
Total liabilities and equity, $m
  2,037
  1,983
  2,029
  2,081
  2,139
  2,204
  2,275
  2,353
  2,437
  2,528
  2,624
  2,728
  2,839
  2,956
  3,082
  3,214
  3,356
  3,505
  3,663
  3,829
  4,005
  4,191
  4,386
  4,593
  4,811
  5,040
  5,280
  5,534
  5,802
  6,082
  6,378
Debt-to-equity ratio
  1.132
  1.170
  1.210
  1.260
  1.310
  1.360
  1.410
  1.470
  1.530
  1.580
  1.640
  1.690
  1.750
  1.800
  1.850
  1.910
  1.960
  2.010
  2.050
  2.100
  2.140
  2.180
  2.220
  2.260
  2.300
  2.340
  2.370
  2.410
  2.440
  2.470
  2.500
Adjusted equity ratio
  0.219
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244
  0.244

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  91
  -76
  -77
  -78
  -79
  -80
  -81
  -82
  -83
  -85
  -86
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -75
Depreciation, amort., depletion, $m
  77
  105
  105
  106
  107
  108
  109
  111
  112
  113
  115
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
Funds from operations, $m
  80
  29
  29
  29
  29
  29
  29
  29
  29
  29
  28
  28
  28
  28
  28
  28
  28
  28
  27
  27
  27
  27
  26
  26
  26
  26
  25
  25
  25
  24
  24
Change in working capital, $m
  -33
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from operations, $m
  113
  29
  29
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  30
  29
  29
  29
  29
  29
  29
Maintenance CAPEX, $m
  0
  -30
  -31
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
New CAPEX, $m
  -49
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
Cash from investing activities, $m
  -2
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -88
  -92
  -98
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
  -151
  -158
  -166
Free cash flow, $m
  111
  -11
  -12
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -39
  -43
  -46
  -50
  -54
  -58
  -63
  -68
  -72
  -78
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -129
  -138
Issuance/(repayment) of debt, $m
  -29
  28
  34
  39
  44
  49
  54
  59
  63
  68
  73
  78
  84
  89
  95
  101
  107
  113
  119
  126
  133
  140
  148
  156
  164
  173
  182
  192
  202
  212
  223
Issuance/(repurchase) of shares, $m
  -57
  85
  88
  90
  93
  95
  98
  101
  104
  107
  110
  39
  43
  47
  50
  55
  59
  63
  68
  73
  78
  84
  89
  95
  102
  108
  115
  123
  131
  139
  147
Cash from financing (excl. dividends), $m  
  -91
  113
  122
  129
  137
  144
  152
  160
  167
  175
  183
  117
  127
  136
  145
  156
  166
  176
  187
  199
  211
  224
  237
  251
  266
  281
  297
  315
  333
  351
  370
Total cash flow (excl. dividends), $m
  19
  103
  110
  115
  120
  125
  130
  135
  140
  145
  151
  82
  87
  93
  99
  105
  111
  118
  124
  131
  139
  146
  154
  163
  172
  181
  190
  200
  211
  222
  233
Retained Cash Flow (-), $m
  -68
  -85
  -88
  -90
  -93
  -95
  -98
  -101
  -104
  -107
  -110
  -39
  -43
  -47
  -50
  -55
  -59
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -102
  -108
  -115
  -123
  -131
  -139
  -147
Prev. year cash balance distribution, $m
 
  42
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  60
  22
  25
  27
  30
  32
  34
  36
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  65
  67
  70
  72
  75
  77
  80
  83
  86
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  56
  19
  20
  20
  20
  19
  18
  17
  16
  15
  13
  12
  10
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.6
  91.3
  87.2
  83.3
  79.6
  76.0
  72.6
  69.4
  66.4
  63.5
  62.5
  61.5
  60.4
  59.4
  58.3
  57.2
  56.1
  54.9
  53.8
  52.7
  51.5
  50.4
  49.3
  48.2
  47.0
  45.9
  44.8
  43.7
  42.7
  41.6

The Advisory Board Company provides best practices research and insight, performance technology software, consulting and management, and data-and tech-enabled services in the United States and internationally. Its best practices research and insight programs include published studies, executive education, proprietary databases and online services, access to experts, executive briefings, and other services. The company’s best practices research and insight programs are focused on understanding industry dynamics, identifying best-demonstrated management practices, critically evaluating widely-followed but ineffective practices, and analyzing emerging trends within the health care and education industries. It also offers cloud-based business intelligence and software applications that allow members to combine insights derived from best practices research with their operational and financial data to identify and assess revenue, cost-saving, or performance improvement opportunities; and consulting and management services that provide on-the-ground support for turnaround and performance improvement initiatives, as well as best practice and day-in-day-out professional management of the hospital or medical group areas. In addition, the company provides data- and tech-enabled services that optimize hospital and health system supply chain, as well as strategic, data-driven student engagement and enrollment management, financial aid optimization, and alumni fundraising solutions to the education industry. It offers its services through discrete programs to hospitals, health systems, independent medical groups, pharmaceutical and biotechnology companies, health care insurers, medical device companies, colleges, universities, and other health care-focused organizations and educational institutions. The Advisory Board Company was founded in 1979 and is headquartered in Washington, District of Columbia.

FINANCIAL RATIOS  of  Advisory Board (ABCO)

Valuation Ratios
P/E Ratio 22.9
Price to Sales 2.6
Price to Book 4
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow 32.6
Growth Rates
Sales Growth Rate 4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 103.7%
Total Debt to Equity 113.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. -0.5%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. -3.3%
Return On Equity 18.8%
Return On Equity - 3 Yr. Avg. -4.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 51.1%
Gross Margin - 3 Yr. Avg. 49%
EBITDA Margin 18.3%
EBITDA Margin - 3 Yr. Avg. 9.3%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 2.1%
Pre-Tax Margin 7%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. -1.5%
Effective Tax Rate 19.6%
Eff/ Tax Rate - 3 Yr. Avg. 11.6%
Payout Ratio 0%

ABCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ABCO stock intrinsic value calculation we used $803 million for the last fiscal year's total revenue generated by Advisory Board. The default revenue input number comes from 2016 income statement of Advisory Board. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ABCO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.9%, whose default value for ABCO is calculated based on our internal credit rating of Advisory Board, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Advisory Board.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ABCO stock the variable cost ratio is equal to 107.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ABCO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Advisory Board.

Corporate tax rate of 27% is the nominal tax rate for Advisory Board. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ABCO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ABCO are equal to 59%.

Life of production assets of 15.7 years is the average useful life of capital assets used in Advisory Board operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ABCO is equal to -4.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $517 million for Advisory Board - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 38.822 million for Advisory Board is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Advisory Board at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Advisory Board CEO: It's 'business as usual, as much as possible'   [01:00AM  American City Business Journals]
▶ Advisory Board misses 2Q profit forecasts   [Aug-08-17 11:54PM  Associated Press]
▶ Decoding the Advisory Boards Net Profit Margins in 2017   [Jul-13-17 02:05PM  Market Realist]
▶ Analysts: Advisory Board acquisition by UnitedHealthcare, Vista would make sense   [Jul-10-17 05:24PM  American City Business Journals]
▶ Company News for July 10, 2017   [10:13AM  Zacks]
▶ EAB Announces the Student Success Management System   [Jul-05-17 08:25AM  PR Newswire]
▶ Advisory Board alum raises $5 million for his kidney care startup   [May-12-17 05:20AM  American City Business Journals]
▶ Advisory Board reports massive jump in income despite tumultuous first quarter   [May-05-17 03:15PM  American City Business Journals]
▶ Advisory Board beats Street 1Q forecasts   [May-04-17 04:52PM  Associated Press]
▶ Report: Evolent Health weighs merger with Advisory Board   [10:24AM  American City Business Journals]
▶ Advisory Board fights off potential board takeover   [01:33PM  at bizjournals.com]
▶ Advisory Board and Elliott Management Reach a Standstill   [Mar-06-17 03:07PM  at Investopedia]
Stock chart of ABCO Financial statements of ABCO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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