Intrinsic value of Abiomed - ABMD

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$125.03

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$125.03

 
Intrinsic value

$204.47

 
Up/down potential

+64%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 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 5.5

 

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, %
  43.48
  33.70
  30.83
  28.25
  25.92
  23.83
  21.95
  20.25
  18.73
  17.35
  16.12
  15.01
  14.01
  13.11
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
Revenue, $m
  330
  441
  577
  740
  932
  1,154
  1,408
  1,693
  2,010
  2,359
  2,739
  3,150
  3,591
  4,061
  4,561
  5,088
  5,643
  6,226
  6,835
  7,471
  8,134
  8,825
  9,543
  10,290
  11,066
  11,873
  12,711
  13,583
  14,489
  15,431
  16,411
Variable operating expenses, $m
 
  219
  286
  366
  460
  569
  693
  833
  988
  1,159
  1,345
  1,543
  1,760
  1,990
  2,235
  2,493
  2,765
  3,051
  3,349
  3,661
  3,986
  4,324
  4,676
  5,042
  5,423
  5,818
  6,229
  6,656
  7,099
  7,561
  8,041
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
  264
  219
  286
  366
  460
  569
  693
  833
  988
  1,159
  1,345
  1,543
  1,760
  1,990
  2,235
  2,493
  2,765
  3,051
  3,349
  3,661
  3,986
  4,324
  4,676
  5,042
  5,423
  5,818
  6,229
  6,656
  7,099
  7,561
  8,041
Operating income, $m
  65
  222
  291
  374
  472
  585
  715
  860
  1,022
  1,200
  1,393
  1,606
  1,831
  2,071
  2,326
  2,595
  2,878
  3,175
  3,486
  3,810
  4,149
  4,501
  4,867
  5,248
  5,644
  6,055
  6,483
  6,927
  7,389
  7,870
  8,369
EBITDA, $m
  68
  227
  297
  381
  480
  594
  724
  871
  1,034
  1,213
  1,409
  1,620
  1,847
  2,089
  2,346
  2,618
  2,903
  3,203
  3,516
  3,843
  4,185
  4,540
  4,909
  5,294
  5,693
  6,108
  6,539
  6,987
  7,453
  7,938
  8,442
Interest expense (income), $m
  0
  0
  1
  1
  2
  4
  5
  6
  8
  10
  12
  14
  16
  19
  22
  25
  28
  31
  34
  38
  42
  45
  49
  54
  58
  63
  67
  72
  77
  82
  88
Earnings before tax, $m
  66
  222
  290
  373
  470
  582
  710
  854
  1,014
  1,190
  1,382
  1,592
  1,815
  2,052
  2,304
  2,570
  2,850
  3,144
  3,452
  3,772
  4,107
  4,455
  4,818
  5,194
  5,586
  5,993
  6,416
  6,855
  7,312
  7,787
  8,282
Tax expense, $m
  28
  60
  78
  101
  127
  157
  192
  231
  274
  321
  373
  430
  490
  554
  622
  694
  770
  849
  932
  1,019
  1,109
  1,203
  1,301
  1,402
  1,508
  1,618
  1,732
  1,851
  1,974
  2,103
  2,236
Net income, $m
  38
  162
  212
  272
  343
  425
  518
  623
  740
  869
  1,009
  1,162
  1,325
  1,498
  1,682
  1,876
  2,081
  2,295
  2,520
  2,754
  2,998
  3,252
  3,517
  3,792
  4,078
  4,375
  4,683
  5,004
  5,338
  5,685
  6,046

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  212
  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
  424
  283
  371
  475
  599
  741
  904
  1,087
  1,291
  1,515
  1,759
  2,023
  2,306
  2,609
  2,929
  3,268
  3,625
  3,999
  4,390
  4,798
  5,224
  5,668
  6,129
  6,609
  7,108
  7,626
  8,164
  8,724
  9,305
  9,910
  10,540
Adjusted assets (=assets-cash), $m
  212
  283
  371
  475
  599
  741
  904
  1,087
  1,291
  1,515
  1,759
  2,023
  2,306
  2,609
  2,929
  3,268
  3,625
  3,999
  4,390
  4,798
  5,224
  5,668
  6,129
  6,609
  7,108
  7,626
  8,164
  8,724
  9,305
  9,910
  10,540
Revenue / Adjusted assets
  1.557
  1.558
  1.555
  1.558
  1.556
  1.557
  1.558
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
  1.557
Average production assets, $m
  31
  41
  54
  70
  88
  109
  132
  159
  189
  222
  257
  296
  338
  382
  429
  478
  530
  585
  642
  702
  765
  830
  897
  967
  1,040
  1,116
  1,195
  1,277
  1,362
  1,450
  1,543
Working capital, $m
  241
  39
  51
  65
  82
  102
  124
  149
  177
  208
  241
  277
  316
  357
  401
  448
  497
  548
  601
  657
  716
  777
  840
  906
  974
  1,045
  1,119
  1,195
  1,275
  1,358
  1,444
Total debt, $m
  0
  18
  41
  68
  100
  137
  179
  227
  279
  337
  401
  469
  542
  621
  704
  791
  884
  981
  1,082
  1,188
  1,298
  1,413
  1,532
  1,657
  1,786
  1,920
  2,059
  2,204
  2,355
  2,512
  2,675
Total liabilities, $m
  55
  73
  96
  123
  155
  192
  234
  282
  334
  392
  456
  524
  597
  676
  759
  846
  939
  1,036
  1,137
  1,243
  1,353
  1,468
  1,587
  1,712
  1,841
  1,975
  2,114
  2,259
  2,410
  2,567
  2,730
Total equity, $m
  369
  210
  275
  352
  444
  549
  670
  806
  956
  1,122
  1,303
  1,499
  1,709
  1,933
  2,171
  2,422
  2,686
  2,963
  3,253
  3,556
  3,871
  4,200
  4,542
  4,897
  5,267
  5,651
  6,050
  6,464
  6,895
  7,344
  7,810
Total liabilities and equity, $m
  424
  283
  371
  475
  599
  741
  904
  1,088
  1,290
  1,514
  1,759
  2,023
  2,306
  2,609
  2,930
  3,268
  3,625
  3,999
  4,390
  4,799
  5,224
  5,668
  6,129
  6,609
  7,108
  7,626
  8,164
  8,723
  9,305
  9,911
  10,540
Debt-to-equity ratio
  0.000
  0.090
  0.150
  0.190
  0.230
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
Adjusted equity ratio
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741
  0.741

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  162
  212
  272
  343
  425
  518
  623
  740
  869
  1,009
  1,162
  1,325
  1,498
  1,682
  1,876
  2,081
  2,295
  2,520
  2,754
  2,998
  3,252
  3,517
  3,792
  4,078
  4,375
  4,683
  5,004
  5,338
  5,685
  6,046
Depreciation, amort., depletion, $m
  3
  5
  6
  7
  7
  8
  10
  11
  12
  14
  15
  14
  16
  18
  20
  23
  25
  28
  30
  33
  36
  39
  42
  46
  49
  53
  56
  60
  64
  68
  73
Funds from operations, $m
  61
  167
  218
  279
  350
  433
  528
  634
  752
  882
  1,024
  1,176
  1,341
  1,516
  1,702
  1,899
  2,106
  2,323
  2,550
  2,787
  3,034
  3,291
  3,559
  3,838
  4,127
  4,427
  4,740
  5,064
  5,402
  5,753
  6,118
Change in working capital, $m
  -16
  10
  12
  14
  17
  20
  22
  25
  28
  31
  33
  36
  39
  41
  44
  46
  49
  51
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
Cash from operations, $m
  77
  164
  206
  264
  333
  414
  505
  609
  724
  852
  991
  1,140
  1,302
  1,475
  1,658
  1,853
  2,057
  2,272
  2,496
  2,731
  2,976
  3,231
  3,496
  3,772
  4,058
  4,356
  4,666
  4,988
  5,322
  5,670
  6,032
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -8
  -9
  -10
  -12
  -14
  -16
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -53
  -56
  -60
  -64
  -68
New CAPEX, $m
  -16
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
Cash from investing activities, $m
  -58
  -11
  -15
  -18
  -21
  -25
  -29
  -33
  -38
  -42
  -46
  -51
  -55
  -60
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -112
  -119
  -125
  -132
  -138
  -145
  -153
  -160
Free cash flow, $m
  19
  152
  191
  246
  312
  389
  476
  576
  687
  810
  944
  1,089
  1,247
  1,415
  1,593
  1,783
  1,982
  2,192
  2,411
  2,641
  2,880
  3,130
  3,389
  3,659
  3,940
  4,232
  4,535
  4,850
  5,177
  5,517
  5,871
Issuance/(repayment) of debt, $m
  0
  18
  23
  27
  32
  37
  42
  47
  53
  58
  63
  68
  73
  78
  83
  88
  92
  97
  101
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  163
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  7
  18
  23
  27
  32
  37
  42
  47
  53
  58
  63
  68
  73
  78
  83
  88
  92
  97
  101
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  163
Total cash flow (excl. dividends), $m
  26
  171
  214
  274
  344
  426
  519
  623
  740
  868
  1,008
  1,158
  1,320
  1,493
  1,677
  1,870
  2,075
  2,289
  2,513
  2,747
  2,991
  3,245
  3,509
  3,784
  4,069
  4,366
  4,674
  4,994
  5,328
  5,674
  6,035
Retained Cash Flow (-), $m
  -77
  -53
  -65
  -78
  -91
  -106
  -121
  -136
  -151
  -166
  -181
  -196
  -210
  -224
  -238
  -251
  -264
  -277
  -290
  -303
  -316
  -329
  -342
  -355
  -369
  -384
  -399
  -415
  -431
  -448
  -466
Prev. year cash balance distribution, $m
 
  212
  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
 
  330
  149
  196
  253
  320
  398
  488
  589
  702
  827
  962
  1,110
  1,269
  1,439
  1,619
  1,810
  2,012
  2,223
  2,444
  2,675
  2,916
  3,167
  3,428
  3,700
  3,982
  4,275
  4,580
  4,896
  5,226
  5,568
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
 
  316
  136
  171
  208
  248
  289
  329
  368
  403
  433
  457
  474
  482
  483
  475
  460
  438
  409
  376
  340
  302
  263
  225
  188
  155
  125
  98
  76
  57
  42
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. engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It also provides continuum of care to heart failure patients. The company offers Impella 2.5 catheter, a percutaneous micro heart pump with integrated motor and sensors for use in interventional cardiology; Impella CP that provides partial circulatory support using an extracorporeal bypass control unit; Impella 5.0 catheter and Impella LD, which are percutaneous micro heart pumps with integrated motors and sensors for use primarily in the heart surgery suite; and Impella RP, a percutaneous catheter-based axial flow pump. It also manufactures and sells AB5000 circulatory support system for temporary support of acute heart failure patients in profound shock, including patients suffering from cardiogenic shock after a heart attack, post-cardiotomy cardiogenic shock, or myocarditis. In addition, the company engages in the research, development, prototyping, and the pre-serial production of a percutaneous expandable catheter pump, which enhances blood circulation from the heart with an external drive shaft. It sells its products through direct sales and clinical support personnel in the United States, Canada, Europe, and Japan. ABIOMED, Inc. was founded in 1981 and is headquartered in Danvers, Massachusetts.

FINANCIAL RATIOS  of  Abiomed (ABMD)

Valuation Ratios
P/E Ratio 140.2
Price to Sales 16.1
Price to Book 14.4
Price to Tangible Book
Price to Cash Flow 69.2
Price to Free Cash Flow 87.3
Growth Rates
Sales Growth Rate 43.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 220%
Cap. Spend. - 3 Yr. Gr. Rate 39.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 18.6%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 21.9%
Return On Equity 11.5%
Return On Equity - 3 Yr. Avg. 21.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 84.5%
Gross Margin - 3 Yr. Avg. 82.2%
EBITDA Margin 20.9%
EBITDA Margin - 3 Yr. Avg. 26.2%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 25%
Pre-Tax Margin 20%
Pre-Tax Margin - 3 Yr. Avg. 25%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 21.6%
Effective Tax Rate 42.4%
Eff/ Tax Rate - 3 Yr. Avg. 21.8%
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 $330 million for the last fiscal year's total revenue generated by Abiomed. The default revenue input number comes from 2016 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 33.7% 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 50%.

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 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 9.4%.

Life of production assets of 21.2 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 8.8%. 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 - $369 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 43.61 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 $5.5 billion.


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COMPANY NEWS

▶ 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]
▶ Abiomed Celebrates 2017 American Heart Month   [12:06PM  GlobeNewswire]
▶ Today's Top 5 Stock Picks: Durable Growth   [Nov-23-16 07:48AM  at Barrons.com]
▶ Why Abiomed Is Falling 10.2% Today   [04:23PM  at Motley Fool]
Stock chart of ABMD 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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