Intrinsic value of Alere - ALR

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$49.10

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$49.10

 
Intrinsic value

$19.94

 
Up/down potential

-59%

 
Rating

str. sell

 
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 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 2015), $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 4.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2015(a)
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.35
  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
  2,463
  2,512
  2,570
  2,636
  2,710
  2,792
  2,883
  2,981
  3,087
  3,201
  3,324
  3,456
  3,596
  3,745
  3,904
  4,073
  4,251
  4,440
  4,640
  4,851
  5,074
  5,309
  5,557
  5,818
  6,094
  6,384
  6,689
  7,011
  7,349
  7,705
  8,079
Variable operating expenses, $m
 
  2,416
  2,465
  2,521
  2,584
  2,654
  2,730
  2,814
  2,904
  3,001
  3,105
  2,933
  3,052
  3,179
  3,314
  3,457
  3,608
  3,769
  3,938
  4,117
  4,307
  4,506
  4,717
  4,939
  5,172
  5,419
  5,678
  5,951
  6,238
  6,540
  6,858
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
  2,325
  2,416
  2,465
  2,521
  2,584
  2,654
  2,730
  2,814
  2,904
  3,001
  3,105
  2,933
  3,052
  3,179
  3,314
  3,457
  3,608
  3,769
  3,938
  4,117
  4,307
  4,506
  4,717
  4,939
  5,172
  5,419
  5,678
  5,951
  6,238
  6,540
  6,858
Operating income, $m
  138
  96
  105
  115
  126
  138
  152
  167
  183
  200
  219
  522
  544
  566
  590
  616
  643
  671
  701
  733
  767
  803
  840
  880
  921
  965
  1,011
  1,060
  1,111
  1,165
  1,221
EBITDA, $m
  447
  482
  494
  506
  520
  536
  554
  572
  593
  615
  638
  664
  691
  719
  750
  782
  816
  853
  891
  932
  974
  1,020
  1,067
  1,117
  1,170
  1,226
  1,285
  1,346
  1,411
  1,480
  1,552
Interest expense (income), $m
  168
  142
  146
  150
  155
  160
  167
  173
  181
  188
  197
  206
  216
  226
  237
  249
  262
  275
  289
  304
  320
  336
  354
  372
  392
  412
  434
  457
  481
  506
  532
Earnings before tax, $m
  -81
  -46
  -41
  -35
  -29
  -22
  -14
  -6
  2
  12
  22
  316
  328
  340
  353
  366
  381
  396
  412
  429
  447
  466
  486
  507
  529
  553
  577
  603
  630
  659
  689
Tax expense, $m
  -53
  0
  0
  0
  0
  0
  0
  0
  1
  3
  6
  85
  88
  92
  95
  99
  103
  107
  111
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
Net income, $m
  206
  -46
  -41
  -35
  -29
  -22
  -14
  -6
  2
  9
  16
  231
  239
  248
  258
  267
  278
  289
  301
  313
  327
  340
  355
  370
  387
  404
  421
  440
  460
  481
  503

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  502
  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
  5,923
  5,534
  5,661
  5,806
  5,970
  6,151
  6,349
  6,565
  6,800
  7,052
  7,322
  7,612
  7,921
  8,250
  8,599
  8,970
  9,363
  9,779
  10,220
  10,685
  11,175
  11,693
  12,240
  12,816
  13,422
  14,061
  14,734
  15,442
  16,187
  16,971
  17,796
Adjusted assets (=assets-cash), $m
  5,421
  5,534
  5,661
  5,806
  5,970
  6,151
  6,349
  6,565
  6,800
  7,052
  7,322
  7,612
  7,921
  8,250
  8,599
  8,970
  9,363
  9,779
  10,220
  10,685
  11,175
  11,693
  12,240
  12,816
  13,422
  14,061
  14,734
  15,442
  16,187
  16,971
  17,796
Revenue / Adjusted assets
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
  0.454
Average production assets, $m
  1,400
  1,427
  1,460
  1,497
  1,539
  1,586
  1,637
  1,693
  1,753
  1,818
  1,888
  1,963
  2,043
  2,127
  2,218
  2,313
  2,415
  2,522
  2,635
  2,755
  2,882
  3,015
  3,156
  3,305
  3,461
  3,626
  3,799
  3,982
  4,174
  4,376
  4,589
Working capital, $m
  732
  442
  452
  464
  477
  491
  507
  525
  543
  563
  585
  608
  633
  659
  687
  717
  748
  781
  817
  854
  893
  934
  978
  1,024
  1,072
  1,124
  1,177
  1,234
  1,293
  1,356
  1,422
Total debt, $m
  3,042
  2,914
  3,000
  3,098
  3,209
  3,331
  3,465
  3,611
  3,770
  3,940
  4,123
  4,319
  4,527
  4,750
  4,986
  5,237
  5,503
  5,784
  6,081
  6,396
  6,728
  7,078
  7,447
  7,836
  8,246
  8,678
  9,133
  9,612
  10,116
  10,646
  11,203
Total liabilities, $m
  3,869
  3,741
  3,827
  3,925
  4,036
  4,158
  4,292
  4,438
  4,597
  4,767
  4,950
  5,146
  5,354
  5,577
  5,813
  6,064
  6,330
  6,611
  6,908
  7,223
  7,555
  7,905
  8,274
  8,663
  9,073
  9,505
  9,960
  10,439
  10,943
  11,473
  12,030
Total equity, $m
  2,054
  1,793
  1,834
  1,881
  1,934
  1,993
  2,057
  2,127
  2,203
  2,285
  2,372
  2,466
  2,566
  2,673
  2,786
  2,906
  3,034
  3,169
  3,311
  3,462
  3,621
  3,789
  3,966
  4,152
  4,349
  4,556
  4,774
  5,003
  5,245
  5,499
  5,766
Total liabilities and equity, $m
  5,923
  5,534
  5,661
  5,806
  5,970
  6,151
  6,349
  6,565
  6,800
  7,052
  7,322
  7,612
  7,920
  8,250
  8,599
  8,970
  9,364
  9,780
  10,219
  10,685
  11,176
  11,694
  12,240
  12,815
  13,422
  14,061
  14,734
  15,442
  16,188
  16,972
  17,796
Debt-to-equity ratio
  1.481
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.700
  1.710
  1.720
  1.740
  1.750
  1.760
  1.780
  1.790
  1.800
  1.810
  1.830
  1.840
  1.850
  1.860
  1.870
  1.880
  1.890
  1.900
  1.900
  1.910
  1.920
  1.930
  1.940
  1.940
Adjusted equity ratio
  0.286
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  206
  -46
  -41
  -35
  -29
  -22
  -14
  -6
  2
  9
  16
  231
  239
  248
  258
  267
  278
  289
  301
  313
  327
  340
  355
  370
  387
  404
  421
  440
  460
  481
  503
Depreciation, amort., depletion, $m
  309
  386
  389
  391
  394
  398
  401
  406
  410
  415
  420
  141
  147
  153
  160
  166
  174
  181
  190
  198
  207
  217
  227
  238
  249
  261
  273
  286
  300
  315
  330
Funds from operations, $m
  137
  341
  348
  356
  366
  376
  387
  399
  412
  423
  436
  372
  386
  401
  417
  434
  452
  471
  491
  512
  534
  557
  582
  608
  636
  664
  695
  727
  761
  796
  833
Change in working capital, $m
  -70
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
Cash from operations, $m
  207
  -43
  338
  345
  353
  361
  371
  382
  393
  403
  414
  349
  362
  375
  389
  404
  420
  437
  455
  474
  495
  516
  538
  562
  587
  613
  641
  670
  701
  733
  767
Maintenance CAPEX, $m
  0
  -101
  -103
  -105
  -108
  -111
  -114
  -118
  -122
  -126
  -131
  -136
  -141
  -147
  -153
  -160
  -166
  -174
  -181
  -190
  -198
  -207
  -217
  -227
  -238
  -249
  -261
  -273
  -286
  -300
  -315
New CAPEX, $m
  -91
  -27
  -33
  -38
  -42
  -47
  -51
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -148
  -156
  -165
  -173
  -183
  -192
  -202
  -213
Cash from investing activities, $m
  538
  -128
  -136
  -143
  -150
  -158
  -165
  -174
  -182
  -191
  -201
  -211
  -221
  -232
  -243
  -256
  -267
  -281
  -294
  -310
  -325
  -341
  -358
  -375
  -394
  -414
  -434
  -456
  -478
  -502
  -528
Free cash flow, $m
  745
  -171
  202
  202
  203
  204
  206
  208
  211
  212
  213
  138
  141
  143
  146
  149
  153
  156
  160
  165
  170
  175
  181
  186
  193
  200
  207
  214
  222
  231
  240
Issuance/(repayment) of debt, $m
  -651
  76
  86
  98
  110
  122
  134
  146
  158
  170
  183
  196
  209
  222
  236
  251
  266
  281
  297
  314
  332
  350
  369
  389
  410
  432
  455
  479
  504
  530
  557
Issuance/(repurchase) of shares, $m
  79
  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  
  -612
  76
  86
  98
  110
  122
  134
  146
  158
  170
  183
  196
  209
  222
  236
  251
  266
  281
  297
  314
  332
  350
  369
  389
  410
  432
  455
  479
  504
  530
  557
Total cash flow (excl. dividends), $m
  121
  -95
  288
  300
  313
  326
  340
  355
  369
  382
  396
  334
  349
  365
  382
  400
  418
  438
  458
  479
  502
  525
  550
  576
  603
  632
  662
  693
  726
  761
  797
Retained Cash Flow (-), $m
  -142
  -37
  -41
  -47
  -53
  -59
  -64
  -70
  -76
  -82
  -88
  -94
  -100
  -107
  -113
  -120
  -127
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -267
Prev. year cash balance distribution, $m
 
  298
  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
 
  166
  247
  253
  260
  268
  276
  284
  293
  301
  309
  240
  249
  259
  269
  280
  291
  303
  315
  329
  343
  357
  373
  389
  406
  424
  444
  464
  485
  507
  530
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  153
  207
  192
  177
  161
  146
  130
  115
  100
  86
  55
  46
  38
  31
  25
  20
  15
  12
  9
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
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

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 20.6
Price to Sales 1.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow 36.6
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.9%
Cap. Spend. - 3 Yr. Gr. Rate -3.5%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 138.2%
Total Debt to Equity 148.1%
Interest Coverage 1
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 1.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 45.3%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin 16.1%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin 5.6%
Oper. Margin - 3 Yr. Avg. 4.9%
Pre-Tax Margin -3.3%
Pre-Tax Margin - 3 Yr. Avg. -4.2%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 65.4%
Eff/ Tax Rate - 3 Yr. Avg. 14.3%
Payout Ratio 10.2%

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 $2463 million for the last fiscal year's total revenue generated by Alere. The default revenue input number comes from 2015 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 8.8%, 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 96.4%.

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 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 56.8%.

Life of production assets of 13.9 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 17.6%. 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 - $2054 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 87.088 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 $4.3 billion.


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COMPANY NEWS

▶ 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]
▶ Alere Provides Update on Arriva Medical   [Jan-04-17 08:26PM  PR Newswire]
▶ [$$] Alere Files Appeal With CMS Judge Over Medicare Billing Decision   [Dec-29-16 08:51AM  at The Wall Street Journal]
▶ Alere Provides Update on Arriva Medical   [Dec-28-16 05:03PM  PR Newswire]
▶ How Realogy Holdings Corp (RLGY) Stacks Up Against Its Peers   [Dec-14-16 02:41AM  at Insider Monkey]
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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