Intrinsic value of athenahealth - ATHN

Previous Close

$141.34

  Intrinsic Value

$35.34

stock screener

  Rating & Target

str. sell

-75%

  Value-price divergence*

+1150%

Previous close

$141.34

 
Intrinsic value

$35.34

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence*

+1150%

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

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 5.6

 

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
  11.30
  10.67
  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
Revenue, $m
  1,083
  1,205
  1,334
  1,469
  1,610
  1,757
  1,910
  2,069
  2,235
  2,407
  2,587
  2,773
  2,966
  3,167
  3,376
  3,594
  3,820
  4,056
  4,301
  4,557
  4,824
  5,102
  5,392
  5,695
  6,012
  6,342
  6,688
  7,050
  7,428
  7,824
  8,238
Variable operating expenses, $m
 
  966
  1,067
  1,172
  1,282
  1,397
  1,517
  1,642
  1,771
  1,906
  2,046
  2,168
  2,319
  2,476
  2,639
  2,810
  2,986
  3,171
  3,362
  3,562
  3,771
  3,988
  4,215
  4,452
  4,700
  4,958
  5,228
  5,511
  5,807
  6,116
  6,440
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
  1,161
  1,267
  1,377
  1,492
  1,612
  1,737
  1,868
  2,002
  2,143
  2,289
  2,417
  2,575
  2,738
  2,907
  3,085
  3,268
  3,460
  3,658
  3,866
  4,082
  4,307
  4,542
  4,787
  5,044
  5,310
  5,589
  5,881
  6,186
  6,505
  6,839
Operating income, $m
  27
  44
  67
  92
  117
  144
  172
  202
  232
  264
  297
  356
  392
  429
  468
  509
  552
  596
  642
  691
  741
  794
  850
  908
  968
  1,032
  1,099
  1,169
  1,242
  1,319
  1,400
EBITDA, $m
  170
  132
  162
  193
  226
  261
  297
  335
  374
  415
  458
  502
  548
  596
  646
  699
  753
  810
  869
  931
  996
  1,063
  1,134
  1,208
  1,285
  1,366
  1,451
  1,540
  1,633
  1,731
  1,834
Interest expense (income), $m
  5
  10
  12
  14
  16
  19
  21
  24
  27
  30
  33
  36
  39
  42
  46
  49
  53
  57
  61
  65
  70
  75
  79
  84
  90
  95
  101
  107
  113
  120
  127
Earnings before tax, $m
  21
  35
  56
  78
  101
  126
  151
  178
  206
  234
  265
  320
  353
  387
  423
  460
  499
  539
  581
  625
  671
  720
  770
  823
  879
  937
  998
  1,062
  1,129
  1,199
  1,273
Tax expense, $m
  0
  9
  15
  21
  27
  34
  41
  48
  55
  63
  71
  86
  95
  105
  114
  124
  135
  146
  157
  169
  181
  194
  208
  222
  237
  253
  269
  287
  305
  324
  344
Net income, $m
  21
  25
  41
  57
  74
  92
  110
  130
  150
  171
  193
  234
  258
  283
  309
  336
  364
  393
  424
  456
  490
  525
  562
  601
  641
  684
  728
  775
  824
  875
  929

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
  1,160
  1,284
  1,414
  1,549
  1,691
  1,838
  1,992
  2,151
  2,317
  2,490
  2,669
  2,855
  3,048
  3,250
  3,459
  3,677
  3,904
  4,140
  4,386
  4,643
  4,910
  5,190
  5,481
  5,786
  6,104
  6,437
  6,785
  7,149
  7,530
  7,929
Adjusted assets (=assets-cash), $m
  1,042
  1,160
  1,284
  1,414
  1,549
  1,691
  1,838
  1,992
  2,151
  2,317
  2,490
  2,669
  2,855
  3,048
  3,250
  3,459
  3,677
  3,904
  4,140
  4,386
  4,643
  4,910
  5,190
  5,481
  5,786
  6,104
  6,437
  6,785
  7,149
  7,530
  7,929
Revenue / Adjusted assets
  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
  1.039
  1.039
Average production assets, $m
  571
  635
  703
  774
  848
  926
  1,006
  1,091
  1,178
  1,269
  1,363
  1,461
  1,563
  1,669
  1,779
  1,894
  2,013
  2,137
  2,267
  2,402
  2,542
  2,689
  2,842
  3,001
  3,168
  3,342
  3,525
  3,715
  3,915
  4,123
  4,342
Working capital, $m
  145
  18
  20
  22
  24
  26
  29
  31
  34
  36
  39
  42
  44
  48
  51
  54
  57
  61
  65
  68
  72
  77
  81
  85
  90
  95
  100
  106
  111
  117
  124
Total debt, $m
  291
  334
  398
  464
  534
  607
  683
  763
  845
  931
  1,020
  1,112
  1,208
  1,308
  1,412
  1,520
  1,632
  1,749
  1,871
  1,998
  2,131
  2,269
  2,413
  2,563
  2,721
  2,885
  3,057
  3,236
  3,424
  3,621
  3,826
Total liabilities, $m
  556
  599
  663
  729
  799
  872
  948
  1,028
  1,110
  1,196
  1,285
  1,377
  1,473
  1,573
  1,677
  1,785
  1,897
  2,014
  2,136
  2,263
  2,396
  2,534
  2,678
  2,828
  2,986
  3,150
  3,322
  3,501
  3,689
  3,886
  4,091
Total equity, $m
  633
  562
  621
  684
  750
  818
  890
  964
  1,041
  1,121
  1,205
  1,292
  1,382
  1,475
  1,573
  1,674
  1,780
  1,889
  2,004
  2,123
  2,247
  2,377
  2,512
  2,653
  2,800
  2,954
  3,116
  3,284
  3,460
  3,645
  3,838
Total liabilities and equity, $m
  1,189
  1,161
  1,284
  1,413
  1,549
  1,690
  1,838
  1,992
  2,151
  2,317
  2,490
  2,669
  2,855
  3,048
  3,250
  3,459
  3,677
  3,903
  4,140
  4,386
  4,643
  4,911
  5,190
  5,481
  5,786
  6,104
  6,438
  6,785
  7,149
  7,531
  7,929
Debt-to-equity ratio
  0.460
  0.590
  0.640
  0.680
  0.710
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  0.990
  1.000
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
  25
  41
  57
  74
  92
  110
  130
  150
  171
  193
  234
  258
  283
  309
  336
  364
  393
  424
  456
  490
  525
  562
  601
  641
  684
  728
  775
  824
  875
  929
Depreciation, amort., depletion, $m
  143
  88
  94
  102
  109
  117
  125
  133
  142
  151
  160
  146
  156
  167
  178
  189
  201
  214
  227
  240
  254
  269
  284
  300
  317
  334
  352
  372
  391
  412
  434
Funds from operations, $m
  155
  113
  135
  158
  183
  208
  235
  263
  292
  322
  354
  380
  414
  449
  486
  525
  565
  607
  651
  697
  744
  794
  846
  901
  958
  1,018
  1,081
  1,146
  1,215
  1,288
  1,363
Change in working capital, $m
  -28
  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
  5
  6
  6
  6
Cash from operations, $m
  183
  111
  133
  156
  181
  206
  233
  261
  289
  320
  351
  377
  411
  446
  483
  522
  562
  604
  647
  693
  740
  790
  842
  897
  953
  1,013
  1,076
  1,141
  1,210
  1,282
  1,357
Maintenance CAPEX, $m
  0
  -57
  -64
  -70
  -77
  -85
  -93
  -101
  -109
  -118
  -127
  -136
  -146
  -156
  -167
  -178
  -189
  -201
  -214
  -227
  -240
  -254
  -269
  -284
  -300
  -317
  -334
  -352
  -372
  -391
  -412
New CAPEX, $m
  -159
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -182
  -191
  -199
  -209
  -218
Cash from investing activities, $m
  -175
  -122
  -132
  -141
  -151
  -162
  -174
  -185
  -196
  -209
  -221
  -234
  -248
  -262
  -277
  -293
  -308
  -325
  -343
  -362
  -381
  -401
  -422
  -444
  -467
  -491
  -516
  -543
  -571
  -600
  -630
Free cash flow, $m
  8
  -11
  2
  15
  29
  44
  59
  76
  93
  111
  130
  143
  163
  184
  206
  229
  253
  278
  304
  331
  360
  389
  420
  453
  487
  522
  559
  598
  639
  682
  726
Issuance/(repayment) of debt, $m
  -8
  61
  64
  67
  70
  73
  76
  79
  82
  86
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  164
  172
  180
  188
  197
  206
Issuance/(repurchase) of shares, $m
  16
  32
  19
  6
  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
  93
  83
  73
  70
  73
  76
  79
  82
  86
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  164
  172
  180
  188
  197
  206
Total cash flow (excl. dividends), $m
  6
  82
  85
  88
  99
  117
  136
  155
  175
  197
  219
  235
  259
  284
  310
  337
  366
  395
  426
  458
  492
  527
  564
  603
  644
  686
  731
  778
  827
  878
  932
Retained Cash Flow (-), $m
  -90
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -130
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
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
 
  154
  25
  25
  33
  48
  64
  81
  98
  116
  135
  148
  169
  190
  213
  236
  260
  285
  312
  339
  368
  398
  429
  462
  496
  532
  570
  609
  650
  694
  739
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
 
  147
  23
  22
  28
  38
  47
  55
  61
  67
  71
  70
  72
  72
  71
  69
  66
  62
  57
  52
  47
  41
  36
  30
  25
  21
  17
  13
  10
  8
  6
Current shareholders' claim on cash, %
  100
  99.3
  98.9
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

athenahealth, Inc., together with its subsidiaries, provides network-based medical record, revenue cycle, patient engagement, care coordination, and population health services for medical groups and health systems. It offers athenaCollector, a network-enabled billing and practice management solution; athenaClinicals, an electronic health record for electronic health record management to help manage patientÂ’s clinical documentation; athenaCommunicator, an engagement and communication solution that provides an automated communication service between patients and provider practices for interactions outside the exam room; and athenaCoordinator for order transmission and care coordination services. The company also provides athenahealth Population Health, a cloud-based population health service; and Epocrates service that include clinical information and decision support services in the areas of drug and disease information, medical calculator and tools, clinical guidelines, clinical messaging, and market research. In addition, it offers athenahealth Health Plan data exchange facilitates to exchange the data between providers and health plans for the healthcare operations of clients; athenaOne Analytics that includes an analytics and dashboard application, as well as provides visibility into the financial and operational health of an organization; and pre-certification processing and referral processing services. The company serves clients in the health care industry through its direct sales force and channel partners in the United States and internationally. athenahealth, Inc. was formerly known as athenahealth.com, Inc. and changed its name to athenahealth, Inc. in November 2000. The company was founded in 1997 and is headquartered in Watertown, Massachusetts.

FINANCIAL RATIOS  of  athenahealth (ATHN)

Valuation Ratios
P/E Ratio 265.9
Price to Sales 5.2
Price to Book 8.8
Price to Tangible Book
Price to Cash Flow 30.5
Price to Free Cash Flow 232.6
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 11.3% 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 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 10 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 39.584 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 $5.6 billion.

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UNH UnitedHealth G 190.82 203.69  hold
MCK McKesson 146.00 1,266.10  str.buy
CPSI Computer Progr 29.05 21.06  sell
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COMPANY NEWS

▶ 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]
▶ Better Buy: Veeva Systems Inc. vs. athenahealth   [May-16-17 04:37PM  Motley Fool]
▶ Here's Why athenahealth, Inc. Fell 13% in April   [May-08-17 12:53PM  Motley Fool]
▶ ETFs with exposure to athenahealth, Inc. : May 2, 2017   [May-02-17 03:42PM  Capital Cube]
▶ Athenahealth shares slump after disappointing first quarter   [02:40PM  American City Business Journals]
▶ Athenahealth reports 1Q loss   [Apr-27-17 05:04PM  Associated Press]
▶ Technology ETF (ARKW) Hits New 52-Week High   [Apr-11-17 12:00PM  Zacks]
Stock chart of ATHN 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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