Intrinsic value of Almost Family - AFAM

Previous Close

$57.15

  Intrinsic Value

$51.83

stock screener

  Rating & Target

hold

-9%

  Value-price divergence*

-72%

Previous close

$57.15

 
Intrinsic value

$51.83

 
Up/down potential

-9%

 
Rating

hold

 
Value-price divergence*

-72%

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

We calculate the intrinsic value of AFAM 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 0.8

 

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, %
  17.29
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  624
  732
  850
  977
  1,113
  1,259
  1,413
  1,576
  1,747
  1,927
  2,116
  2,312
  2,517
  2,730
  2,952
  3,183
  3,422
  3,672
  3,931
  4,200
  4,479
  4,770
  5,073
  5,388
  5,716
  6,058
  6,415
  6,786
  7,174
  7,579
  8,002
Variable operating expenses, $m
 
  682
  787
  900
  1,021
  1,151
  1,288
  1,433
  1,586
  1,746
  1,914
  2,058
  2,240
  2,430
  2,628
  2,833
  3,046
  3,268
  3,499
  3,738
  3,987
  4,246
  4,516
  4,796
  5,088
  5,392
  5,710
  6,041
  6,386
  6,746
  7,123
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
  589
  682
  787
  900
  1,021
  1,151
  1,288
  1,433
  1,586
  1,746
  1,914
  2,058
  2,240
  2,430
  2,628
  2,833
  3,046
  3,268
  3,499
  3,738
  3,987
  4,246
  4,516
  4,796
  5,088
  5,392
  5,710
  6,041
  6,386
  6,746
  7,123
Operating income, $m
  35
  50
  63
  77
  92
  108
  125
  143
  162
  181
  202
  254
  277
  300
  324
  350
  376
  403
  432
  461
  492
  524
  557
  592
  628
  666
  705
  746
  788
  833
  879
EBITDA, $m
  39
  84
  97
  112
  127
  144
  162
  180
  200
  221
  242
  265
  288
  312
  338
  364
  392
  420
  450
  481
  513
  546
  581
  617
  654
  693
  734
  777
  821
  867
  916
Interest expense (income), $m
  5
  10
  12
  14
  17
  19
  22
  25
  29
  32
  36
  39
  43
  47
  52
  56
  61
  66
  71
  76
  81
  87
  93
  99
  105
  111
  118
  125
  133
  141
  149
Earnings before tax, $m
  29
  40
  51
  63
  75
  88
  102
  117
  133
  149
  166
  215
  233
  252
  273
  294
  315
  338
  361
  386
  411
  437
  465
  493
  523
  554
  587
  620
  655
  692
  731
Tax expense, $m
  11
  11
  14
  17
  20
  24
  28
  32
  36
  40
  45
  58
  63
  68
  74
  79
  85
  91
  98
  104
  111
  118
  126
  133
  141
  150
  158
  167
  177
  187
  197
Net income, $m
  18
  29
  37
  46
  55
  65
  75
  86
  97
  109
  121
  157
  170
  184
  199
  214
  230
  247
  264
  282
  300
  319
  339
  360
  382
  405
  428
  453
  478
  505
  533

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  659
  762
  884
  1,016
  1,158
  1,310
  1,470
  1,640
  1,818
  2,006
  2,201
  2,406
  2,619
  2,841
  3,072
  3,312
  3,561
  3,821
  4,090
  4,370
  4,661
  4,964
  5,279
  5,607
  5,948
  6,304
  6,675
  7,062
  7,465
  7,887
  8,327
Adjusted assets (=assets-cash), $m
  649
  762
  884
  1,016
  1,158
  1,310
  1,470
  1,640
  1,818
  2,006
  2,201
  2,406
  2,619
  2,841
  3,072
  3,312
  3,561
  3,821
  4,090
  4,370
  4,661
  4,964
  5,279
  5,607
  5,948
  6,304
  6,675
  7,062
  7,465
  7,887
  8,327
Revenue / Adjusted assets
  0.961
  0.961
  0.962
  0.962
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
Average production assets, $m
  86
  100
  116
  134
  152
  172
  194
  216
  239
  264
  290
  317
  345
  374
  404
  436
  469
  503
  538
  575
  614
  654
  695
  738
  783
  830
  879
  930
  983
  1,038
  1,096
Working capital, $m
  69
  70
  81
  93
  106
  120
  134
  150
  166
  183
  201
  220
  239
  259
  280
  302
  325
  349
  373
  399
  426
  453
  482
  512
  543
  576
  609
  645
  682
  720
  760
Total debt, $m
  275
  337
  404
  477
  555
  638
  726
  819
  917
  1,020
  1,128
  1,240
  1,357
  1,479
  1,605
  1,737
  1,874
  2,017
  2,164
  2,318
  2,478
  2,644
  2,817
  2,997
  3,185
  3,380
  3,584
  3,796
  4,017
  4,249
  4,490
Total liabilities, $m
  356
  418
  485
  558
  636
  719
  807
  900
  998
  1,101
  1,209
  1,321
  1,438
  1,560
  1,686
  1,818
  1,955
  2,098
  2,245
  2,399
  2,559
  2,725
  2,898
  3,078
  3,266
  3,461
  3,665
  3,877
  4,098
  4,330
  4,571
Total equity, $m
  303
  344
  399
  458
  522
  591
  663
  740
  820
  905
  993
  1,085
  1,181
  1,281
  1,385
  1,494
  1,606
  1,723
  1,845
  1,971
  2,102
  2,239
  2,381
  2,529
  2,683
  2,843
  3,010
  3,185
  3,367
  3,557
  3,755
Total liabilities and equity, $m
  659
  762
  884
  1,016
  1,158
  1,310
  1,470
  1,640
  1,818
  2,006
  2,202
  2,406
  2,619
  2,841
  3,071
  3,312
  3,561
  3,821
  4,090
  4,370
  4,661
  4,964
  5,279
  5,607
  5,949
  6,304
  6,675
  7,062
  7,465
  7,887
  8,326
Debt-to-equity ratio
  0.908
  0.980
  1.010
  1.040
  1.060
  1.080
  1.100
  1.110
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
  1.180
  1.180
  1.180
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.190
  1.200
Adjusted equity ratio
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  29
  37
  46
  55
  65
  75
  86
  97
  109
  121
  157
  170
  184
  199
  214
  230
  247
  264
  282
  300
  319
  339
  360
  382
  405
  428
  453
  478
  505
  533
Depreciation, amort., depletion, $m
  4
  34
  34
  35
  36
  36
  37
  38
  38
  39
  40
  11
  11
  12
  13
  15
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
Funds from operations, $m
  2
  63
  72
  81
  90
  101
  112
  123
  135
  148
  162
  167
  182
  197
  212
  229
  246
  263
  282
  301
  321
  341
  363
  385
  408
  432
  457
  484
  511
  540
  570
Change in working capital, $m
  -22
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
Cash from operations, $m
  24
  53
  60
  69
  77
  87
  97
  108
  119
  131
  144
  149
  162
  177
  191
  207
  223
  240
  257
  275
  294
  313
  334
  355
  377
  400
  424
  448
  474
  501
  530
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
New CAPEX, $m
  -6
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
Cash from investing activities, $m
  -167
  -18
  -19
  -21
  -23
  -25
  -27
  -28
  -30
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -88
  -93
Free cash flow, $m
  -143
  35
  41
  47
  54
  62
  70
  79
  88
  98
  109
  112
  124
  136
  149
  162
  176
  190
  205
  220
  236
  253
  271
  289
  307
  327
  347
  368
  390
  413
  437
Issuance/(repayment) of debt, $m
  149
  62
  67
  73
  78
  83
  88
  93
  98
  103
  108
  112
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  187
  195
  204
  212
  222
  231
  242
Issuance/(repurchase) of shares, $m
  0
  21
  18
  14
  9
  4
  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  
  145
  83
  85
  87
  87
  87
  88
  93
  98
  103
  108
  112
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  187
  195
  204
  212
  222
  231
  242
Total cash flow (excl. dividends), $m
  3
  119
  126
  134
  141
  149
  158
  172
  186
  201
  217
  224
  241
  258
  275
  294
  313
  332
  353
  374
  396
  419
  443
  469
  495
  522
  551
  581
  612
  644
  679
Retained Cash Flow (-), $m
  -32
  -51
  -55
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -126
  -131
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -190
  -198
Prev. year cash balance distribution, $m
 
  10
  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
 
  78
  71
  74
  77
  81
  86
  96
  106
  117
  128
  132
  145
  158
  171
  185
  200
  215
  231
  248
  265
  283
  301
  321
  341
  362
  383
  406
  430
  454
  480
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  72
  60
  58
  55
  51
  48
  47
  46
  43
  40
  35
  32
  28
  24
  21
  18
  14
  12
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.2
  95.2
  93.9
  93.2
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9
  92.9

Almost Family, Inc., together with its subsidiaries, provides home health services. Its Visiting Nurse Services segment offers a range of Medicare-certified home health nursing services to patients in need of recuperative care, as well as services to patients in lieu of additional care in other settings, including long term acute care hospitals, inpatient rehabilitation hospitals, or skilled nursing facilities. This segment also provides special clinically-based protocols to medically complex, chronic, and co-morbid patients. The company’s Personal Care Services segment offers personal care, medication management, meal preparation, caregiver respite, and homemaking services in patients’ homes primarily on an as-needed, hourly basis. Its Healthcare Innovations Segment engages in the technology, information, population health management, risk-sharing, care coordination and transitions, clinical advancements, enhanced patient engagement, and informed clinical decision activities. The company operates approximately 94 Medicare-certified home health agencies with 162 locations; and 74 personal care locations. It provides its services through its service locations in Florida, Ohio, Tennessee, New York, Kentucky, Connecticut, New Jersey, Massachusetts, Indiana, Illinois, Pennsylvania, Georgia, Missouri, Mississippi, and Alabama. Almost Family, Inc. was founded in 1976 and is based in Louisville, Kentucky.

FINANCIAL RATIOS  of  Almost Family (AFAM)

Valuation Ratios
P/E Ratio 33
Price to Sales 1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 24.7
Price to Free Cash Flow 33
Growth Rates
Sales Growth Rate 17.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 90.8%
Total Debt to Equity 90.8%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 4.4%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 6.3%
Return On Equity - 3 Yr. Avg. 6.9%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 46.2%
Gross Margin - 3 Yr. Avg. 46.6%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 6.2%
Operating Margin 5.6%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 37.9%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 0%

AFAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AFAM stock intrinsic value calculation we used $624 million for the last fiscal year's total revenue generated by Almost Family. The default revenue input number comes from 2016 income statement of Almost Family. 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 AFAM stock valuation model: a) initial revenue growth rate of 17.3% 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 7.9%, whose default value for AFAM is calculated based on our internal credit rating of Almost Family, 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 Almost Family.
    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 AFAM stock the variable cost ratio is equal to 93.9%.

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 AFAM 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 Almost Family.

Corporate tax rate of 27% is the nominal tax rate for Almost Family. 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 AFAM 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 AFAM are equal to 13.7%.

Life of production assets of 94.1 years is the average useful life of capital assets used in Almost Family 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 AFAM is equal to 9.5%. 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 - $303 million for Almost Family - 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 13.318 million for Almost Family 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 Almost Family at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Almost Family, Inc. : July 11, 2017   [Jul-11-17 01:58PM  Capital Cube]
▶ ETFs with exposure to Almost Family, Inc. : June 29, 2017   [Jun-29-17 02:49PM  Capital Cube]
▶ ETFs with exposure to Almost Family, Inc. : June 8, 2017   [Jun-08-17 01:22PM  Capital Cube]
▶ Almost Family 1Q revenue jumps as acquisition pays off   [02:00PM  American City Business Journals]
▶ Almost Family beats 1Q profit forecasts   [May-10-17 05:02AM  Associated Press]
▶ Almost Family Reports First Quarter 2017 Results   [May-09-17 04:30PM  GlobeNewswire]
▶ To Find Big-Hit Stocks, Always Seek The A In CAN SLIM   [Apr-25-17 05:16PM  Investor's Business Daily]
▶ Here's how much Almost Family paid its top executives in 2016   [Apr-11-17 12:40PM  American City Business Journals]
▶ New Strong Sell Stocks for March 30th   [Mar-30-17 10:55AM  Zacks]
▶ New Strong Sell Stocks for March 30th   [10:55AM  at Investopedia]
▶ Almost Family beats 4Q profit forecasts   [Mar-07-17 06:42PM  Associated Press]
▶ New Strong Sell Stocks for February 15th   [Feb-15-17 08:02AM  Zacks]
▶ Almost Family grows with another acquisition   [Jan-03-17 03:59PM  at bizjournals.com]
▶ Almost Family grows with another acquisition   [03:59PM  American City Business Journals]
▶ [$$] Community Health Sells Home Care and Hospice Business   [11:07AM  at The Wall Street Journal]
▶ CHS announces sale of subsidiary   [09:58AM  at bizjournals.com]
▶ North Tide Capital Cuts Exposure to This Home Healthcare Company   [Jul-28-16 10:55AM  at Insider Monkey]
Stock chart of AFAM Financial statements of AFAM Annual reports of AFAM
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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