Intrinsic value of Abiomed - ABMD

Previous Close

$159.79

  Intrinsic Value

$66.13

stock screener

  Rating & Target

str. sell

-59%

  Value-price divergence*

-92%

Previous close

$159.79

 
Intrinsic value

$66.13

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence*

-92%

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

We calculate the intrinsic value of ABMD 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 2017), $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 7.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  34.85
  28.20
  25.88
  23.79
  21.91
  20.22
  18.70
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
Revenue, $m
  445
  570
  718
  889
  1,084
  1,303
  1,547
  1,815
  2,107
  2,422
  2,761
  3,123
  3,506
  3,911
  4,337
  4,785
  5,252
  5,741
  6,250
  6,780
  7,331
  7,905
  8,501
  9,120
  9,764
  10,432
  11,128
  11,851
  12,603
  13,387
  14,202
Variable operating expenses, $m
 
  450
  566
  700
  853
  1,025
  1,216
  1,426
  1,655
  1,902
  2,168
  2,448
  2,749
  3,067
  3,401
  3,751
  4,118
  4,501
  4,900
  5,316
  5,748
  6,198
  6,665
  7,150
  7,655
  8,179
  8,725
  9,292
  9,881
  10,496
  11,135
Fixed operating expenses, $m
 
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
Total operating expenses, $m
  355
  453
  569
  703
  856
  1,028
  1,219
  1,430
  1,659
  1,906
  2,172
  2,452
  2,753
  3,071
  3,405
  3,755
  4,122
  4,506
  4,905
  5,321
  5,753
  6,203
  6,670
  7,155
  7,660
  8,185
  8,731
  9,298
  9,887
  10,502
  11,141
Operating income, $m
  90
  117
  149
  186
  228
  275
  327
  385
  448
  516
  589
  670
  753
  841
  933
  1,029
  1,130
  1,235
  1,345
  1,459
  1,578
  1,702
  1,831
  1,964
  2,103
  2,247
  2,398
  2,554
  2,716
  2,885
  3,061
EBITDA, $m
  96
  125
  159
  197
  241
  290
  345
  405
  471
  542
  618
  699
  786
  877
  973
  1,073
  1,178
  1,288
  1,403
  1,522
  1,646
  1,775
  1,909
  2,049
  2,193
  2,344
  2,500
  2,663
  2,832
  3,009
  3,192
Interest expense (income), $m
  0
  1
  1
  3
  4
  5
  7
  9
  11
  13
  16
  18
  21
  24
  27
  30
  34
  37
  41
  45
  49
  53
  57
  62
  67
  72
  77
  82
  87
  93
  99
Earnings before tax, $m
  91
  117
  147
  183
  224
  270
  320
  376
  437
  503
  574
  652
  732
  817
  906
  999
  1,096
  1,198
  1,304
  1,415
  1,530
  1,649
  1,773
  1,902
  2,037
  2,176
  2,321
  2,472
  2,628
  2,792
  2,962
Tax expense, $m
  39
  31
  40
  49
  60
  73
  86
  102
  118
  136
  155
  176
  198
  221
  245
  270
  296
  323
  352
  382
  413
  445
  479
  514
  550
  587
  627
  667
  710
  754
  800
Net income, $m
  52
  85
  108
  134
  163
  197
  234
  275
  319
  367
  419
  476
  535
  596
  661
  729
  800
  875
  952
  1,033
  1,117
  1,204
  1,295
  1,389
  1,487
  1,588
  1,694
  1,804
  1,919
  2,038
  2,162

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  550
  410
  516
  639
  779
  937
  1,112
  1,305
  1,515
  1,742
  1,985
  2,245
  2,521
  2,812
  3,118
  3,440
  3,776
  4,127
  4,493
  4,874
  5,271
  5,683
  6,111
  6,556
  7,019
  7,500
  8,000
  8,520
  9,061
  9,624
  10,210
Adjusted assets (=assets-cash), $m
  320
  410
  516
  639
  779
  937
  1,112
  1,305
  1,515
  1,742
  1,985
  2,245
  2,521
  2,812
  3,118
  3,440
  3,776
  4,127
  4,493
  4,874
  5,271
  5,683
  6,111
  6,556
  7,019
  7,500
  8,000
  8,520
  9,061
  9,624
  10,210
Revenue / Adjusted assets
  1.391
  1.390
  1.391
  1.391
  1.392
  1.391
  1.391
  1.391
  1.391
  1.390
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
  1.391
Average production assets, $m
  70
  90
  113
  140
  170
  205
  243
  285
  331
  380
  434
  490
  550
  614
  681
  751
  825
  901
  981
  1,064
  1,151
  1,241
  1,335
  1,432
  1,533
  1,638
  1,747
  1,861
  1,979
  2,102
  2,230
Working capital, $m
  257
  36
  45
  56
  68
  82
  97
  114
  133
  153
  174
  197
  221
  246
  273
  301
  331
  362
  394
  427
  462
  498
  536
  575
  615
  657
  701
  747
  794
  843
  895
Total debt, $m
  16
  42
  74
  112
  154
  202
  255
  313
  377
  446
  519
  598
  682
  770
  863
  960
  1,062
  1,168
  1,279
  1,395
  1,515
  1,640
  1,770
  1,905
  2,045
  2,190
  2,342
  2,499
  2,663
  2,834
  3,012
Total liabilities, $m
  98
  124
  156
  194
  236
  284
  337
  395
  459
  528
  601
  680
  764
  852
  945
  1,042
  1,144
  1,250
  1,361
  1,477
  1,597
  1,722
  1,852
  1,987
  2,127
  2,272
  2,424
  2,581
  2,745
  2,916
  3,094
Total equity, $m
  452
  286
  360
  445
  543
  653
  775
  909
  1,056
  1,214
  1,384
  1,565
  1,757
  1,960
  2,173
  2,397
  2,632
  2,877
  3,132
  3,397
  3,674
  3,961
  4,260
  4,570
  4,892
  5,227
  5,576
  5,938
  6,315
  6,708
  7,116
Total liabilities and equity, $m
  550
  410
  516
  639
  779
  937
  1,112
  1,304
  1,515
  1,742
  1,985
  2,245
  2,521
  2,812
  3,118
  3,439
  3,776
  4,127
  4,493
  4,874
  5,271
  5,683
  6,112
  6,557
  7,019
  7,499
  8,000
  8,519
  9,060
  9,624
  10,210
Debt-to-equity ratio
  0.035
  0.150
  0.210
  0.250
  0.280
  0.310
  0.330
  0.340
  0.360
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  0.410
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
  0.420
Adjusted equity ratio
  0.694
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  85
  108
  134
  163
  197
  234
  275
  319
  367
  419
  476
  535
  596
  661
  729
  800
  875
  952
  1,033
  1,117
  1,204
  1,295
  1,389
  1,487
  1,588
  1,694
  1,804
  1,919
  2,038
  2,162
Depreciation, amort., depletion, $m
  6
  8
  10
  11
  13
  15
  17
  20
  23
  25
  29
  29
  32
  36
  40
  44
  49
  53
  58
  63
  68
  73
  79
  84
  90
  96
  103
  109
  116
  124
  131
Funds from operations, $m
  120
  93
  117
  145
  176
  212
  251
  295
  342
  393
  447
  505
  567
  632
  701
  773
  849
  928
  1,010
  1,095
  1,184
  1,277
  1,373
  1,473
  1,577
  1,685
  1,797
  1,914
  2,035
  2,162
  2,293
Change in working capital, $m
  5
  8
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  24
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
Cash from operations, $m
  115
  86
  108
  134
  164
  198
  236
  278
  323
  373
  426
  482
  543
  607
  674
  745
  819
  897
  978
  1,062
  1,150
  1,241
  1,335
  1,434
  1,536
  1,643
  1,753
  1,868
  1,988
  2,112
  2,242
Maintenance CAPEX, $m
  0
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -26
  -29
  -32
  -36
  -40
  -44
  -49
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -103
  -109
  -116
  -124
New CAPEX, $m
  -50
  -20
  -23
  -27
  -31
  -34
  -38
  -42
  -46
  -50
  -53
  -57
  -60
  -64
  -67
  -70
  -73
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
Cash from investing activities, $m
  -126
  -24
  -28
  -34
  -39
  -44
  -50
  -56
  -63
  -69
  -75
  -83
  -89
  -96
  -103
  -110
  -117
  -126
  -133
  -141
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -217
  -227
  -239
  -252
Free cash flow, $m
  -11
  62
  80
  101
  125
  154
  186
  221
  261
  304
  351
  400
  454
  511
  571
  635
  702
  772
  845
  921
  1,000
  1,083
  1,169
  1,258
  1,351
  1,447
  1,548
  1,652
  1,760
  1,873
  1,990
Issuance/(repayment) of debt, $m
  0
  27
  32
  37
  42
  48
  53
  58
  64
  69
  74
  79
  84
  88
  93
  97
  102
  106
  111
  115
  120
  125
  130
  135
  140
  146
  151
  158
  164
  171
  178
Issuance/(repurchase) of shares, $m
  12
  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 from financing (excl. dividends), $m  
  4
  27
  32
  37
  42
  48
  53
  58
  64
  69
  74
  79
  84
  88
  93
  97
  102
  106
  111
  115
  120
  125
  130
  135
  140
  146
  151
  158
  164
  171
  178
Total cash flow (excl. dividends), $m
  -9
  89
  112
  138
  168
  201
  239
  280
  324
  373
  424
  479
  537
  599
  664
  732
  804
  878
  956
  1,036
  1,121
  1,208
  1,299
  1,393
  1,491
  1,593
  1,699
  1,809
  1,924
  2,043
  2,168
Retained Cash Flow (-), $m
  -83
  -63
  -74
  -86
  -98
  -110
  -122
  -134
  -146
  -158
  -170
  -181
  -192
  -203
  -214
  -224
  -234
  -245
  -255
  -266
  -276
  -287
  -299
  -310
  -322
  -335
  -348
  -362
  -377
  -392
  -409
Prev. year cash balance distribution, $m
 
  229
  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
 
  255
  38
  52
  70
  92
  117
  145
  178
  214
  255
  298
  345
  396
  451
  508
  569
  633
  701
  771
  844
  921
  1,000
  1,083
  1,169
  1,258
  1,351
  1,447
  1,547
  1,651
  1,759
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  245
  35
  46
  58
  71
  85
  98
  111
  123
  133
  141
  147
  151
  151
  149
  145
  138
  129
  119
  107
  95
  83
  71
  60
  49
  39
  31
  24
  18
  13
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ABIOMED, Inc. is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart. The Company's product portfolio includes the Impella 2.5, Impella CP, Impella RP, Impella LD, Impella 5.0 and AB5000. The Company's products are used in the cardiac catheterization lab (cath lab), by interventional cardiologists, the electrophysiology lab, the hybrid lab and in the heart surgery suite by heart surgeons.

FINANCIAL RATIOS  of  Abiomed (ABMD)

Valuation Ratios
P/E Ratio 134.2
Price to Sales 15.7
Price to Book 15.4
Price to Tangible Book
Price to Cash Flow 60.7
Price to Free Cash Flow 107.4
Growth Rates
Sales Growth Rate 34.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 212.5%
Cap. Spend. - 3 Yr. Gr. Rate 75.5%
Financial Strength
Quick Ratio 230
Current Ratio 0
LT Debt to Equity 3.3%
Total Debt to Equity 3.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.7%
Ret/ On Assets - 3 Yr. Avg. 20.9%
Return On Total Capital 12.4%
Ret/ On T. Cap. - 3 Yr. Avg. 24.5%
Return On Equity 12.7%
Return On Equity - 3 Yr. Avg. 24.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 84.3%
Gross Margin - 3 Yr. Avg. 83.8%
EBITDA Margin 21.8%
EBITDA Margin - 3 Yr. Avg. 18.9%
Operating Margin 20.2%
Oper. Margin - 3 Yr. Avg. 17.5%
Pre-Tax Margin 20.4%
Pre-Tax Margin - 3 Yr. Avg. 17.7%
Net Profit Margin 11.7%
Net Profit Margin - 3 Yr. Avg. 24.3%
Effective Tax Rate 42.9%
Eff/ Tax Rate - 3 Yr. Avg. -69.3%
Payout Ratio 0%

ABMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ABMD stock intrinsic value calculation we used $445 million for the last fiscal year's total revenue generated by Abiomed. The default revenue input number comes from 2017 income statement of Abiomed. 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 ABMD stock valuation model: a) initial revenue growth rate of 28.2% 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 4.3%, whose default value for ABMD is calculated based on our internal credit rating of Abiomed, 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 Abiomed.
    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 ABMD stock the variable cost ratio is equal to 79.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 million in the base year in the intrinsic value calculation for ABMD 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 Abiomed.

Corporate tax rate of 27% is the nominal tax rate for Abiomed. 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 ABMD 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 ABMD are equal to 15.7%.

Life of production assets of 17 years is the average useful life of capital assets used in Abiomed 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 ABMD is equal to 6.3%. 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 - $452 million for Abiomed - 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 43.746 million for Abiomed 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 Abiomed at the current share price and the inputted number of shares is $7.0 billion.

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COMPANY NEWS

▶ 3 Stocks That Could Soar More Than Priceline   [Sep-19-17 09:45AM  Motley Fool]
▶ Abiomed searches for new CFO after Tomsicek resigns   [Aug-28-17 04:27PM  MarketWatch]
▶ ETFs with exposure to ABIOMED, Inc. : August 15, 2017   [Aug-15-17 03:07PM  Capital Cube]
▶ Abiomed beats Street 1Q forecasts   [01:24AM  Associated Press]
▶ China, Medicals Lead Market; Why Apple Has Hit A Buy Point Now   [Jul-24-17 03:45PM  Investor's Business Daily]
▶ Abiomed Aims to Expand Impella RPs Penetration Going Forward   [Jul-21-17 04:35PM  Market Realist]
▶ Abiomed in 2017: The Analysts View   [Jul-20-17 05:47PM  Market Realist]
▶ ETFs with exposure to ABIOMED, Inc. : July 13, 2017   [Jul-13-17 03:21PM  Capital Cube]
▶ ETFs with exposure to ABIOMED, Inc. : June 30, 2017   [Jun-30-17 02:38PM  Capital Cube]
▶ 3 Growth Stocks for Daring Investors   [Jun-22-17 11:05AM  Motley Fool]
▶ ETFs with exposure to ABIOMED, Inc. : June 19, 2017   [Jun-19-17 02:49PM  Capital Cube]
▶ ETFs with exposure to ABIOMED, Inc. : May 31, 2017   [May-31-17 12:18PM  Capital Cube]
▶ Big-Cap Growth Fund, Up 15% In 2017, Recently Bought 3 IBD 50 Stocks   [May-26-17 08:05AM  Investor's Business Daily]
▶ Can This 2015 Medical IPO Inject New Life Into Its Stock?   [May-24-17 12:03PM  Investor's Business Daily]
▶ Abiomed, Inc. Pumps Out 33% Revenue Growth   [May-05-17 02:28PM  Motley Fool]
▶ Abiomed meets 4Q profit forecasts   [May-04-17 07:33AM  Associated Press]
▶ Diagnostic Kit Maker Tests Resistance In Base; Gets Rating Upgrade   [Apr-28-17 11:29AM  Investor's Business Daily]
▶ 3 Top Stocks to Buy With Your Tax Refund   [Apr-22-17 07:26AM  Motley Fool]
▶ Abiomed unveils expanded Danvers HQ as headcount soars   [Mar-30-17 07:19PM  at bizjournals.com]
▶ Abiomed unveils expanded Danvers HQ as headcount soars   [07:19PM  American City Business Journals]
▶ Has Masimo Become Too Expensive to Hold?   [Mar-20-17 07:09PM  Investopedia]
▶ Has Masimo Become Too Expensive to Hold?   [07:09PM  at Investopedia]
▶ 3 Most Wildly Overvalued Stocks in Healthcare   [Feb-24-17 09:24AM  at Motley Fool]
Financial statements of ABMD
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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