Intrinsic value of Alere - ALR

Previous Close

$49.62

  Intrinsic Value

$8.71

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

-19%

Previous close

$49.62

 
Intrinsic value

$8.71

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

-19%

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

We calculate the intrinsic value of ALR 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 4.2

 

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, %
  -3.53
  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
  2,376
  2,424
  2,479
  2,543
  2,615
  2,694
  2,781
  2,875
  2,978
  3,088
  3,207
  3,334
  3,469
  3,613
  3,766
  3,929
  4,101
  4,283
  4,476
  4,679
  4,894
  5,121
  5,361
  5,613
  5,878
  6,158
  6,453
  6,763
  7,089
  7,433
  7,794
Variable operating expenses, $m
 
  2,288
  2,340
  2,401
  2,468
  2,543
  2,625
  2,714
  2,811
  2,915
  3,027
  3,147
  3,275
  3,411
  3,555
  3,709
  3,871
  4,043
  4,225
  4,417
  4,620
  4,835
  5,060
  5,298
  5,549
  5,813
  6,092
  6,384
  6,692
  7,017
  7,357
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
  2,364
  2,288
  2,340
  2,401
  2,468
  2,543
  2,625
  2,714
  2,811
  2,915
  3,027
  3,147
  3,275
  3,411
  3,555
  3,709
  3,871
  4,043
  4,225
  4,417
  4,620
  4,835
  5,060
  5,298
  5,549
  5,813
  6,092
  6,384
  6,692
  7,017
  7,357
Operating income, $m
  12
  136
  139
  142
  146
  151
  156
  161
  167
  173
  180
  187
  194
  202
  211
  220
  230
  240
  251
  262
  274
  287
  300
  314
  329
  345
  361
  379
  397
  416
  436
EBITDA, $m
  298
  317
  324
  333
  342
  352
  364
  376
  389
  404
  419
  436
  454
  472
  493
  514
  536
  560
  585
  612
  640
  670
  701
  734
  769
  805
  844
  884
  927
  972
  1,019
Interest expense (income), $m
  0
  100
  103
  106
  109
  113
  118
  122
  128
  133
  139
  146
  153
  160
  168
  177
  186
  195
  205
  216
  227
  239
  251
  264
  278
  293
  308
  324
  341
  359
  378
Earnings before tax, $m
  -155
  35
  36
  37
  37
  38
  38
  39
  39
  40
  40
  41
  41
  42
  43
  43
  44
  45
  46
  46
  47
  48
  49
  50
  51
  52
  53
  54
  56
  57
  58
Tax expense, $m
  36
  10
  10
  10
  10
  10
  10
  10
  11
  11
  11
  11
  11
  11
  12
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  14
  15
  15
  15
  16
Net income, $m
  -140
  26
  26
  27
  27
  27
  28
  28
  29
  29
  29
  30
  30
  31
  31
  32
  32
  33
  33
  34
  34
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  567
  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
  5,648
  5,178
  5,298
  5,434
  5,587
  5,756
  5,942
  6,144
  6,363
  6,599
  6,852
  7,123
  7,412
  7,720
  8,047
  8,395
  8,762
  9,152
  9,564
  9,999
  10,458
  10,943
  11,454
  11,993
  12,561
  13,159
  13,788
  14,451
  15,148
  15,882
  16,654
Adjusted assets (=assets-cash), $m
  5,081
  5,178
  5,298
  5,434
  5,587
  5,756
  5,942
  6,144
  6,363
  6,599
  6,852
  7,123
  7,412
  7,720
  8,047
  8,395
  8,762
  9,152
  9,564
  9,999
  10,458
  10,943
  11,454
  11,993
  12,561
  13,159
  13,788
  14,451
  15,148
  15,882
  16,654
Revenue / Adjusted assets
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
  0.468
Average production assets, $m
  2,309
  2,356
  2,410
  2,472
  2,541
  2,618
  2,703
  2,795
  2,895
  3,002
  3,117
  3,240
  3,372
  3,512
  3,661
  3,819
  3,986
  4,163
  4,350
  4,548
  4,757
  4,978
  5,210
  5,456
  5,714
  5,986
  6,272
  6,574
  6,891
  7,225
  7,576
Working capital, $m
  781
  305
  312
  320
  329
  339
  350
  362
  375
  389
  404
  420
  437
  455
  475
  495
  517
  540
  564
  590
  617
  645
  675
  707
  741
  776
  813
  852
  893
  937
  982
Total debt, $m
  2,951
  2,938
  3,026
  3,126
  3,238
  3,363
  3,499
  3,648
  3,809
  3,982
  4,169
  4,368
  4,580
  4,806
  5,047
  5,302
  5,572
  5,859
  6,161
  6,481
  6,819
  7,175
  7,551
  7,947
  8,364
  8,804
  9,266
  9,754
  10,266
  10,805
  11,372
Total liabilities, $m
  3,820
  3,806
  3,894
  3,994
  4,106
  4,231
  4,367
  4,516
  4,677
  4,850
  5,037
  5,236
  5,448
  5,674
  5,915
  6,170
  6,440
  6,727
  7,029
  7,349
  7,687
  8,043
  8,419
  8,815
  9,232
  9,672
  10,134
  10,622
  11,134
  11,673
  12,240
Total equity, $m
  1,829
  1,372
  1,404
  1,440
  1,480
  1,525
  1,575
  1,628
  1,686
  1,749
  1,816
  1,888
  1,964
  2,046
  2,133
  2,225
  2,322
  2,425
  2,534
  2,650
  2,771
  2,900
  3,035
  3,178
  3,329
  3,487
  3,654
  3,830
  4,014
  4,209
  4,413
Total liabilities and equity, $m
  5,649
  5,178
  5,298
  5,434
  5,586
  5,756
  5,942
  6,144
  6,363
  6,599
  6,853
  7,124
  7,412
  7,720
  8,048
  8,395
  8,762
  9,152
  9,563
  9,999
  10,458
  10,943
  11,454
  11,993
  12,561
  13,159
  13,788
  14,452
  15,148
  15,882
  16,653
Debt-to-equity ratio
  1.613
  2.140
  2.160
  2.170
  2.190
  2.200
  2.220
  2.240
  2.260
  2.280
  2.300
  2.310
  2.330
  2.350
  2.370
  2.380
  2.400
  2.420
  2.430
  2.450
  2.460
  2.470
  2.490
  2.500
  2.510
  2.520
  2.540
  2.550
  2.560
  2.570
  2.580
Adjusted equity ratio
  0.248
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265
  0.265

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -140
  26
  26
  27
  27
  27
  28
  28
  29
  29
  29
  30
  30
  31
  31
  32
  32
  33
  33
  34
  34
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
Depreciation, amort., depletion, $m
  286
  181
  185
  190
  195
  201
  208
  215
  223
  231
  240
  249
  259
  270
  282
  294
  307
  320
  335
  350
  366
  383
  401
  420
  440
  460
  482
  506
  530
  556
  583
Funds from operations, $m
  254
  207
  212
  217
  223
  229
  236
  243
  251
  260
  269
  279
  290
  301
  313
  325
  339
  353
  368
  384
  400
  418
  437
  456
  477
  498
  521
  545
  571
  597
  625
Change in working capital, $m
  75
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  46
Cash from operations, $m
  179
  201
  205
  209
  213
  219
  225
  231
  238
  246
  254
  263
  273
  283
  293
  305
  317
  330
  344
  358
  373
  389
  406
  424
  443
  463
  484
  506
  530
  554
  580
Maintenance CAPEX, $m
  0
  -178
  -181
  -185
  -190
  -195
  -201
  -208
  -215
  -223
  -231
  -240
  -249
  -259
  -270
  -282
  -294
  -307
  -320
  -335
  -350
  -366
  -383
  -401
  -420
  -440
  -460
  -482
  -506
  -530
  -556
New CAPEX, $m
  -68
  -47
  -54
  -62
  -70
  -77
  -85
  -92
  -100
  -107
  -115
  -123
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -221
  -233
  -245
  -258
  -272
  -286
  -301
  -317
  -334
  -351
Cash from investing activities, $m
  3
  -225
  -235
  -247
  -260
  -272
  -286
  -300
  -315
  -330
  -346
  -363
  -381
  -399
  -419
  -440
  -461
  -484
  -507
  -533
  -559
  -587
  -616
  -646
  -678
  -712
  -746
  -783
  -823
  -864
  -907
Free cash flow, $m
  182
  -24
  -31
  -39
  -46
  -54
  -61
  -69
  -76
  -84
  -92
  -100
  -108
  -117
  -126
  -135
  -144
  -154
  -164
  -174
  -186
  -197
  -209
  -222
  -235
  -248
  -263
  -278
  -293
  -310
  -327
Issuance/(repayment) of debt, $m
  -78
  72
  88
  100
  112
  124
  137
  149
  161
  173
  186
  199
  212
  226
  240
  255
  270
  286
  303
  320
  338
  356
  376
  396
  417
  440
  463
  487
  513
  539
  567
Issuance/(repurchase) of shares, $m
  19
  0
  5
  9
  13
  17
  21
  25
  30
  34
  38
  42
  46
  51
  56
  60
  65
  70
  76
  81
  87
  93
  100
  106
  113
  120
  128
  136
  144
  153
  162
Cash from financing (excl. dividends), $m  
  -89
  72
  93
  109
  125
  141
  158
  174
  191
  207
  224
  241
  258
  277
  296
  315
  335
  356
  379
  401
  425
  449
  476
  502
  530
  560
  591
  623
  657
  692
  729
Total cash flow (excl. dividends), $m
  86
  48
  62
  71
  80
  88
  97
  105
  114
  123
  132
  141
  151
  160
  170
  181
  192
  203
  215
  227
  239
  253
  266
  281
  296
  312
  328
  345
  363
  382
  402
Retained Cash Flow (-), $m
  225
  -25
  -32
  -36
  -41
  -45
  -49
  -54
  -58
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -122
  -128
  -135
  -143
  -150
  -158
  -167
  -176
  -185
  -194
  -204
Prev. year cash balance distribution, $m
 
  482
  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
 
  505
  31
  35
  39
  43
  48
  52
  56
  60
  65
  69
  74
  79
  84
  89
  94
  100
  105
  111
  118
  124
  131
  138
  145
  153
  161
  170
  179
  188
  198
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  462
  25
  26
  26
  25
  24
  23
  21
  19
  17
  14
  12
  10
  9
  7
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  99.8
  99.5
  99.1
  98.6
  98.0
  97.3
  96.5
  95.7
  94.8
  93.8
  92.8
  91.8
  90.7
  89.6
  88.4
  87.3
  86.1
  84.9
  83.7
  82.5
  81.2
  80.0
  78.8
  77.5
  76.3
  75.1
  73.8
  72.6
  71.4

Alere Inc. provides professional diagnostic products and services for infectious and cardiometabolic disease, and toxicology in the United States, Europe, and internationally. The company’s infectious disease products and services are used to detect various diseases, such as viral hepatitis; respiratory syncytial virus; influenza; streptococcus; pneumonia; tuberculosis; human immunodeficiency virus/acquired immunodeficiency syndrome; and gastrointestinal and vector-borne diseases, as well as syphilis and other sexually-transmitted diseases. It also offers indirect fluorescent antibodies; assays for 17 viral, bacterial, and autoimmune diseases; serology diagnostic products; and 40 enzyme-linked immunosorbent assays (ELISA), as well as a line of automated instrumentation for processing ELISA tests. The company’s cardiometabolic products and services include rapid diagnostic test systems for the diagnosis of critical care issues; point-of-care analyzers and test cassette systems for testing blood glucose, cholesterol, and related lipids; over-the-counter tests for cholesterol monitoring; blood analysis systems for blood gas, electrolyte, and metabolite testing; point-of-care diabetes products; and disposable and lateral flow rapid diagnostic tests for D-dimer and troponin. Its toxicology products and services include various device platforms for the detection of the illicit and prescription drugs of abuse; tests to detect alcohol; consumer drug testing products; and workplace drug and laboratory-based testing services. The company markets its professional diagnostic products through its sales force and distribution networks; and First Check consumer drug testing products through retail drug and food stores, drug wholesalers, and mass merchandisers. The company was formerly known as Inverness Medical Innovations, Inc. and changed its name to Alere Inc. in July 2010. Alere Inc. was founded in 1981 and is headquartered in Waltham, Massachusetts.

FINANCIAL RATIOS  of  Alere (ALR)

Valuation Ratios
P/E Ratio -30.8
Price to Sales 1.8
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 38.9
Growth Rates
Sales Growth Rate -3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.3%
Cap. Spend. - 3 Yr. Gr. Rate -7.4%
Financial Strength
Quick Ratio 7
Current Ratio 0.1
LT Debt to Equity 156.7%
Total Debt to Equity 161.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.4%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity -7.2%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 45.9%
Gross Margin - 3 Yr. Avg. 46.2%
EBITDA Margin 5.5%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 0.5%
Oper. Margin - 3 Yr. Avg. 3.2%
Pre-Tax Margin -6.5%
Pre-Tax Margin - 3 Yr. Avg. -4.8%
Net Profit Margin -5.9%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate -23.2%
Eff/ Tax Rate - 3 Yr. Avg. -6%
Payout Ratio -15%

ALR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALR stock intrinsic value calculation we used $2376 million for the last fiscal year's total revenue generated by Alere. The default revenue input number comes from 2016 income statement of Alere. 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 ALR 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 9.4%, whose default value for ALR is calculated based on our internal credit rating of Alere, 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 Alere.
    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 ALR stock the variable cost ratio is equal to 94.4%.

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 ALR 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 Alere.

Corporate tax rate of 27% is the nominal tax rate for Alere. 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 ALR 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 ALR are equal to 97.2%.

Life of production assets of 13 years is the average useful life of capital assets used in Alere 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 ALR is equal to 12.6%. 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 - $1829 million for Alere - 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 83.664 million for Alere 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 Alere at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Alere Reports Second Quarter 2017 Financial Results   [Aug-03-17 06:41AM  PR Newswire]
▶ What Were Abbotts Key Growth Drivers for 2Q17?   [Jul-25-17 02:06PM  Market Realist]
▶ Abbott deal will cost Alere three business units and untold employees   [Jul-24-17 03:25PM  American City Business Journals]
▶ Abbott CEO: Another Alere-Related Divestiture Coming Soon   [Jul-20-17 12:00PM  TheStreet.com]
▶ Quidel Diversifies With Alere's Triage Assets   [Jul-18-17 05:21PM  TheStreet.com]
▶ ETFs with exposure to Alere, Inc. : July 4, 2017   [Jul-04-17 02:29PM  Capital Cube]
▶ [$$] Abbott Labs May Raise Guidance   [Jun-30-17 12:48PM  Barrons.com]
▶ ETFs with exposure to Alere, Inc. : June 20, 2017   [Jun-20-17 02:40PM  Capital Cube]
▶ Alere says feds wont take action in billing probe   [Jun-15-17 06:00AM  American City Business Journals]
▶ Alere reports 1Q loss   [Jun-14-17 04:36PM  Associated Press]
▶ Alere reports 4Q loss   [Jun-05-17 05:33PM  Associated Press]
▶ Alere, set to be acquired by Abbott, dealt setback in Medicare case   [May-01-17 03:15PM  American City Business Journals]
▶ Abbott CEO Upbeat Despite Ongoing Merger Headaches   [Apr-19-17 08:10PM  TheStreet.com]
▶ Company News for April 18, 2017   [Apr-18-17 10:52AM  Zacks]
▶ Will Abbott, Alere Make It To Altar In New Merger Deal?   [04:17PM  Investor's Business Daily]
▶ Abbott and Alere: It's an M&A Miracle   [09:38AM  Bloomberg]
▶ [$$] Abbott, Alere Advance Contentious Merger With Reduced Price   [Apr-15-17 12:33AM  The Wall Street Journal]
▶ Abbott finalizes discounted deal with Alere, ending legal battle   [11:30AM  American City Business Journals]
▶ [$$] Abbott, Alere Advance Merger With Reduced Price   [11:14AM  The Wall Street Journal]
▶ Can Abbott Outperform Despite Alere?   [Mar-22-17 02:47PM  TheStreet.com]
▶ Dealpolitik: Abbott Vs. Alere: A Case for Revising the MAE   [Mar-15-17 11:34AM  The Wall Street Journal]
▶ Judge rules Alere unit cant reinstate Medicare privileges during appeal   [03:05PM  American City Business Journals]
▶ Alere Provides Update on Arriva Medical   [Mar-09-17 07:38PM  PR Newswire]
▶ Alere delays annual filing for second year in a row   [Mar-01-17 02:15PM  at bizjournals.com]
▶ Alere delays annual filing for second year in a row   [02:15PM  American City Business Journals]
▶ European Commission Clears Abbott Acquisition of Alere   [Jan-25-17 11:00AM  PR Newswire]
Stock chart of ALR Financial statements of ALR
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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