Intrinsic value of athenahealth - ATHN

Previous Close

$132.22

  Intrinsic Value

$32.85

stock screener

  Rating & Target

str. sell

-75%

Previous close

$132.22

 
Intrinsic value

$32.85

 
Up/down potential

-75%

 
Rating

str. sell

We calculate the intrinsic value of ATHN 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 5.3

 

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, %
  17.08
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  1,083
  1,192
  1,307
  1,426
  1,550
  1,680
  1,814
  1,954
  2,100
  2,251
  2,408
  2,571
  2,741
  2,917
  3,101
  3,292
  3,491
  3,699
  3,915
  4,141
  4,376
  4,622
  4,879
  5,148
  5,428
  5,722
  6,029
  6,350
  6,687
  7,039
  7,408
Variable operating expenses, $m
 
  956
  1,046
  1,139
  1,236
  1,337
  1,442
  1,552
  1,665
  1,784
  1,906
  2,010
  2,142
  2,280
  2,424
  2,573
  2,729
  2,891
  3,061
  3,237
  3,421
  3,613
  3,814
  4,024
  4,244
  4,473
  4,713
  4,964
  5,227
  5,503
  5,791
Fixed operating expenses, $m
 
  195
  200
  205
  210
  215
  220
  226
  231
  237
  243
  249
  256
  262
  268
  275
  282
  289
  296
  304
  311
  319
  327
  335
  344
  352
  361
  370
  379
  389
  399
Total operating expenses, $m
  1,056
  1,151
  1,246
  1,344
  1,446
  1,552
  1,662
  1,778
  1,896
  2,021
  2,149
  2,259
  2,398
  2,542
  2,692
  2,848
  3,011
  3,180
  3,357
  3,541
  3,732
  3,932
  4,141
  4,359
  4,588
  4,825
  5,074
  5,334
  5,606
  5,892
  6,190
Operating income, $m
  27
  41
  61
  83
  105
  128
  152
  177
  203
  230
  258
  312
  343
  375
  408
  443
  480
  518
  558
  600
  644
  690
  738
  788
  841
  897
  955
  1,016
  1,080
  1,147
  1,218
EBITDA, $m
  170
  178
  209
  241
  275
  310
  346
  385
  424
  466
  509
  554
  601
  649
  700
  753
  808
  866
  927
  990
  1,056
  1,125
  1,197
  1,273
  1,352
  1,435
  1,522
  1,613
  1,709
  1,810
  1,915
Interest expense (income), $m
  5
  10
  11
  13
  16
  18
  20
  22
  25
  27
  30
  33
  35
  38
  41
  45
  48
  51
  55
  59
  63
  67
  71
  76
  80
  85
  90
  96
  101
  107
  113
Earnings before tax, $m
  21
  32
  50
  69
  89
  110
  132
  154
  178
  203
  228
  279
  307
  336
  367
  399
  432
  467
  503
  541
  581
  623
  667
  713
  761
  811
  865
  920
  979
  1,040
  1,105
Tax expense, $m
  0
  9
  14
  19
  24
  30
  36
  42
  48
  55
  62
  75
  83
  91
  99
  108
  117
  126
  136
  146
  157
  168
  180
  192
  205
  219
  233
  248
  264
  281
  298
Net income, $m
  21
  23
  37
  50
  65
  80
  96
  113
  130
  148
  167
  204
  224
  246
  268
  291
  315
  341
  367
  395
  424
  455
  487
  520
  555
  592
  631
  672
  715
  760
  807

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  147
  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
  1,189
  1,148
  1,258
  1,373
  1,492
  1,617
  1,746
  1,881
  2,021
  2,166
  2,317
  2,474
  2,638
  2,808
  2,984
  3,168
  3,360
  3,560
  3,768
  3,985
  4,212
  4,449
  4,696
  4,954
  5,225
  5,507
  5,803
  6,112
  6,436
  6,775
  7,130
Adjusted assets (=assets-cash), $m
  1,042
  1,148
  1,258
  1,373
  1,492
  1,617
  1,746
  1,881
  2,021
  2,166
  2,317
  2,474
  2,638
  2,808
  2,984
  3,168
  3,360
  3,560
  3,768
  3,985
  4,212
  4,449
  4,696
  4,954
  5,225
  5,507
  5,803
  6,112
  6,436
  6,775
  7,130
Revenue / Adjusted assets
  1.039
  1.038
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
  1.039
Average production assets, $m
  571
  628
  689
  752
  817
  885
  956
  1,030
  1,106
  1,186
  1,269
  1,355
  1,444
  1,537
  1,634
  1,735
  1,840
  1,949
  2,063
  2,182
  2,306
  2,436
  2,571
  2,713
  2,861
  3,015
  3,177
  3,347
  3,524
  3,709
  3,904
Working capital, $m
  145
  18
  20
  21
  23
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  49
  52
  55
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  106
  111
Total debt, $m
  291
  327
  384
  443
  505
  569
  636
  706
  778
  853
  931
  1,012
  1,096
  1,184
  1,275
  1,370
  1,469
  1,572
  1,679
  1,791
  1,908
  2,031
  2,158
  2,292
  2,431
  2,577
  2,729
  2,889
  3,056
  3,231
  3,414
Total liabilities, $m
  556
  592
  649
  708
  770
  834
  901
  971
  1,043
  1,118
  1,196
  1,277
  1,361
  1,449
  1,540
  1,635
  1,734
  1,837
  1,944
  2,056
  2,173
  2,296
  2,423
  2,557
  2,696
  2,842
  2,994
  3,154
  3,321
  3,496
  3,679
Total equity, $m
  633
  555
  609
  664
  722
  782
  845
  910
  978
  1,048
  1,122
  1,198
  1,277
  1,359
  1,444
  1,534
  1,626
  1,723
  1,824
  1,929
  2,039
  2,153
  2,273
  2,398
  2,529
  2,665
  2,808
  2,958
  3,115
  3,279
  3,451
Total liabilities and equity, $m
  1,189
  1,147
  1,258
  1,372
  1,492
  1,616
  1,746
  1,881
  2,021
  2,166
  2,318
  2,475
  2,638
  2,808
  2,984
  3,169
  3,360
  3,560
  3,768
  3,985
  4,212
  4,449
  4,696
  4,955
  5,225
  5,507
  5,802
  6,112
  6,436
  6,775
  7,130
Debt-to-equity ratio
  0.460
  0.590
  0.630
  0.670
  0.700
  0.730
  0.750
  0.780
  0.800
  0.810
  0.830
  0.840
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.940
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
Adjusted equity ratio
  0.466
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  23
  37
  50
  65
  80
  96
  113
  130
  148
  167
  204
  224
  246
  268
  291
  315
  341
  367
  395
  424
  455
  487
  520
  555
  592
  631
  672
  715
  760
  807
Depreciation, amort., depletion, $m
  143
  136
  147
  158
  170
  182
  195
  208
  222
  236
  251
  242
  258
  275
  292
  310
  329
  348
  368
  390
  412
  435
  459
  484
  511
  538
  567
  598
  629
  662
  697
Funds from operations, $m
  155
  160
  184
  209
  235
  262
  291
  321
  352
  384
  417
  446
  482
  520
  560
  601
  644
  689
  736
  785
  836
  890
  946
  1,005
  1,066
  1,131
  1,199
  1,269
  1,344
  1,422
  1,504
Change in working capital, $m
  -28
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
Cash from operations, $m
  183
  158
  182
  207
  233
  260
  289
  319
  349
  382
  415
  443
  480
  517
  557
  598
  641
  686
  732
  781
  833
  886
  942
  1,001
  1,062
  1,126
  1,194
  1,265
  1,339
  1,417
  1,498
Maintenance CAPEX, $m
  0
  -102
  -112
  -123
  -134
  -146
  -158
  -171
  -184
  -198
  -212
  -227
  -242
  -258
  -275
  -292
  -310
  -329
  -348
  -368
  -390
  -412
  -435
  -459
  -484
  -511
  -538
  -567
  -598
  -629
  -662
New CAPEX, $m
  -159
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -135
  -141
  -148
  -155
  -162
  -169
  -177
  -186
  -194
Cash from investing activities, $m
  -175
  -160
  -172
  -186
  -200
  -214
  -229
  -245
  -261
  -278
  -295
  -313
  -331
  -351
  -372
  -393
  -415
  -438
  -462
  -487
  -514
  -542
  -570
  -600
  -632
  -666
  -700
  -736
  -775
  -815
  -856
Free cash flow, $m
  8
  -2
  9
  21
  33
  46
  60
  74
  89
  104
  120
  131
  148
  167
  186
  205
  226
  248
  270
  294
  319
  345
  372
  400
  430
  461
  494
  528
  564
  602
  642
Issuance/(repayment) of debt, $m
  -8
  54
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  128
  133
  139
  146
  152
  160
  167
  175
  183
Issuance/(repurchase) of shares, $m
  16
  28
  17
  5
  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  
  -2
  82
  74
  64
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  128
  133
  139
  146
  152
  160
  167
  175
  183
Total cash flow (excl. dividends), $m
  6
  81
  83
  85
  95
  111
  127
  144
  161
  179
  198
  212
  233
  254
  277
  300
  325
  351
  378
  406
  436
  467
  499
  533
  569
  607
  646
  688
  731
  777
  825
Retained Cash Flow (-), $m
  -90
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
Prev. year cash balance distribution, $m
 
  129
  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
 
  158
  30
  30
  37
  50
  64
  78
  93
  109
  125
  136
  153
  172
  191
  211
  232
  254
  277
  301
  326
  352
  380
  408
  438
  470
  503
  538
  574
  613
  653
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
 
  152
  27
  26
  31
  39
  46
  53
  58
  63
  66
  64
  65
  65
  64
  62
  59
  55
  51
  46
  41
  36
  31
  27
  22
  18
  15
  12
  9
  7
  5
Current shareholders' claim on cash, %
  100
  99.3
  99.0
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9

athenahealth, Inc. provides network-based medical record, revenue cycle, patient engagement, care coordination and population health services. The Company also offers Epocrates and other point-of-care mobile applications. The Company delivers majority of its service offerings through a single instance of cloud-based software, athenaNet. The Company has a range of network-enabled services to support healthcare providers across the continuum of care. The Company offers various combinations of its services to its clients, including athenaOne and athenaOne for Hospitals and Health Systems, depending on whether they are medical groups and practices or hospitals and larger health systems. As of December 31, 2016, the Company connected care across a national network of approximately 88,000 providers and approximately 86 million patients. Its suite of network-enabled services includes athenaCollector, athenaClinicals, athenaCommunicator, athenaCoordinator, Population Health and Epocrates.

FINANCIAL RATIOS  of  athenahealth (ATHN)

Valuation Ratios
P/E Ratio 248.7
Price to Sales 4.8
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 28.5
Price to Free Cash Flow 217.6
Growth Rates
Sales Growth Rate 17.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.1%
Cap. Spend. - 3 Yr. Gr. Rate 18.9%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 43.1%
Total Debt to Equity 46%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 1.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 50.7%
Gross Margin - 3 Yr. Avg. 50.6%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 14.6%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 17.1%
Payout Ratio 0%

ATHN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATHN stock intrinsic value calculation we used $1083 million for the last fiscal year's total revenue generated by athenahealth. The default revenue input number comes from 2016 income statement of athenahealth. 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 ATHN stock valuation model: a) initial revenue growth rate of 10.1% 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 ATHN is calculated based on our internal credit rating of athenahealth, 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 athenahealth.
    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 ATHN stock the variable cost ratio is equal to 80.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $190 million in the base year in the intrinsic value calculation for ATHN 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 athenahealth.

Corporate tax rate of 27% is the nominal tax rate for athenahealth. 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 ATHN 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 ATHN are equal to 52.7%.

Life of production assets of 5.6 years is the average useful life of capital assets used in athenahealth 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 ATHN is equal to 1.5%. 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 - $633 million for athenahealth - 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 39.987 million for athenahealth 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 athenahealth at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: Athenahealth   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Athenahealth appoints third CFO in two years   [Nov-27-17 05:48PM  American City Business Journals]
▶ Athenahealth names Marc Levine CFO   [05:29PM  Reuters]
▶ Better Buy: Veeva Systems Inc vs. Athenahealth, Inc   [Nov-15-17 05:14PM  Motley Fool]
▶ Cost-cutting at athenahealth includes the sale of a corporate jet   [05:15AM  American City Business Journals]
▶ Athenahealth axes Atlanta workforce in $100 million cost restructuring (Video)   [Oct-25-17 10:31AM  American City Business Journals]
▶ Why Atlassian, Dover, and athenahealth Jumped Today   [Oct-20-17 04:30PM  Motley Fool]
▶ Athenahealth CEO: Activist investor helped company 'find its way'   [12:55PM  American City Business Journals]
▶ Why Athenahealth Is Soaring Today   [11:39AM  Motley Fool]
▶ Athenahealth lays off hundreds of workers   [04:31PM  American City Business Journals]
▶ Athenahealth beats 3Q profit forecasts   [04:09PM  Associated Press]
▶ Brian McKeon Joins athenahealth Board of Directors   [Sep-05-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to athenahealth, Inc. : August 3, 2017   [Aug-03-17 07:42PM  Capital Cube]
▶ Ex-UMKC coach swishes an entrepreneurial deal   [04:00PM  American City Business Journals]
▶ Athenahealth to make $100M in cost cuts as Bush cedes some control   [Aug-01-17 03:17PM  American City Business Journals]
▶ Three takeaways on athenahealth's 'metamorphosis'   [Jul-24-17 11:30AM  American City Business Journals]
▶ Athenahealth beats Street 2Q forecasts   [Jul-20-17 09:20PM  Associated Press]
▶ Athenahealth beats on top line   [04:57PM  CNBC Videos]
▶ Athenahealth losing its chief financial officer   [Jul-14-17 03:21PM  American City Business Journals]
▶ Better Buy: Veeva Systems Inc. vs. athenahealth, Inc.   [Jul-09-17 07:41AM  Motley Fool]
▶ Athena Health: Cramer's Top Takeaways   [Jun-24-17 06:37AM  TheStreet.com]
▶ Would Apple acquire athenahealth? It might make sense, one analyst says   [Jun-18-17 05:03PM  American City Business Journals]
▶ Nike, Kroger Downgraded; Celgene Upgraded; Lam Research Gets PT Hike   [Jun-16-17 04:06PM  Investor's Business Daily]
▶ Athenahealth buys Palo Alto software firm for $63M   [Jun-08-17 04:10PM  American City Business Journals]
▶ Athenahealth buys Palo Alto software firm for $63M   [01:05PM  American City Business Journals]
▶ [$$] Activist Elliott Management Weighs Athenahealth   [May-26-17 10:58PM  Barrons.com]
▶ [video]Activists Step Up Pressure on Internet Companies   [May-23-17 03:44PM  The Deal Pipeline]
▶ Wall Street Weighs In on Athenahealth's Strategic Options   [May-19-17 04:50PM  TheStreet.com]
▶ [$$] Athenahealth: bird in the hand   [12:18AM  Financial Times]
▶ Athenahealth Is Prime Deal Bait   [01:56PM  Bloomberg]
Financial statements of ATHN
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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