Intrinsic value of athenahealth - ATHN

Previous Close

$116.41

  Intrinsic Value

$50.22

stock screener

  Rating & Target

str. sell

-57%

  Value-price divergence*

+643%

Previous close

$116.41

 
Intrinsic value

$50.22

 
Up/down potential

-57%

 
Rating

str. sell

 
Value-price divergence*

+643%

*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 4.7

 

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
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  1,083
  1,244
  1,417
  1,602
  1,798
  2,004
  2,222
  2,450
  2,688
  2,937
  3,197
  3,467
  3,748
  4,040
  4,344
  4,659
  4,987
  5,328
  5,683
  6,051
  6,435
  6,834
  7,250
  7,683
  8,134
  8,605
  9,097
  9,610
  10,145
  10,705
  11,290
Variable operating expenses, $m
 
  997
  1,132
  1,276
  1,429
  1,591
  1,761
  1,939
  2,126
  2,320
  2,523
  2,710
  2,930
  3,158
  3,396
  3,642
  3,899
  4,165
  4,442
  4,730
  5,030
  5,342
  5,667
  6,006
  6,359
  6,727
  7,111
  7,512
  7,931
  8,369
  8,826
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
  1,192
  1,332
  1,481
  1,639
  1,806
  1,981
  2,165
  2,357
  2,557
  2,766
  2,959
  3,186
  3,420
  3,664
  3,917
  4,181
  4,454
  4,738
  5,034
  5,341
  5,661
  5,994
  6,341
  6,703
  7,079
  7,472
  7,882
  8,310
  8,758
  9,225
Operating income, $m
  27
  53
  86
  121
  159
  198
  240
  285
  331
  380
  430
  507
  562
  620
  680
  742
  806
  874
  944
  1,017
  1,093
  1,172
  1,255
  1,341
  1,432
  1,526
  1,624
  1,727
  1,835
  1,948
  2,066
EBITDA, $m
  170
  194
  243
  296
  352
  411
  474
  539
  608
  680
  755
  834
  915
  1,000
  1,088
  1,180
  1,276
  1,375
  1,479
  1,586
  1,699
  1,815
  1,937
  2,064
  2,197
  2,336
  2,480
  2,632
  2,790
  2,955
  3,128
Interest expense (income), $m
  5
  10
  12
  15
  19
  22
  26
  29
  33
  37
  42
  46
  51
  56
  61
  66
  72
  77
  83
  89
  96
  103
  110
  117
  124
  132
  140
  149
  158
  167
  177
Earnings before tax, $m
  21
  43
  73
  106
  140
  176
  215
  255
  298
  342
  389
  461
  511
  564
  619
  676
  735
  796
  861
  927
  997
  1,070
  1,146
  1,225
  1,307
  1,394
  1,484
  1,578
  1,677
  1,781
  1,889
Tax expense, $m
  0
  12
  20
  29
  38
  48
  58
  69
  80
  92
  105
  124
  138
  152
  167
  182
  198
  215
  232
  250
  269
  289
  309
  331
  353
  376
  401
  426
  453
  481
  510
Net income, $m
  21
  32
  54
  77
  102
  129
  157
  186
  217
  250
  284
  337
  373
  412
  452
  493
  536
  581
  628
  677
  728
  781
  836
  894
  954
  1,017
  1,083
  1,152
  1,224
  1,300
  1,379

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
  1,198
  1,364
  1,542
  1,730
  1,929
  2,138
  2,358
  2,587
  2,827
  3,077
  3,337
  3,607
  3,888
  4,181
  4,484
  4,800
  5,128
  5,469
  5,824
  6,193
  6,577
  6,977
  7,394
  7,829
  8,282
  8,755
  9,249
  9,765
  10,303
  10,867
Adjusted assets (=assets-cash), $m
  1,042
  1,198
  1,364
  1,542
  1,730
  1,929
  2,138
  2,358
  2,587
  2,827
  3,077
  3,337
  3,607
  3,888
  4,181
  4,484
  4,800
  5,128
  5,469
  5,824
  6,193
  6,577
  6,977
  7,394
  7,829
  8,282
  8,755
  9,249
  9,765
  10,303
  10,867
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
  656
  747
  844
  947
  1,056
  1,171
  1,291
  1,417
  1,548
  1,685
  1,827
  1,975
  2,129
  2,289
  2,455
  2,628
  2,808
  2,995
  3,189
  3,391
  3,601
  3,820
  4,049
  4,287
  4,535
  4,794
  5,064
  5,347
  5,642
  5,950
Working capital, $m
  145
  19
  21
  24
  27
  30
  33
  37
  40
  44
  48
  52
  56
  61
  65
  70
  75
  80
  85
  91
  97
  103
  109
  115
  122
  129
  136
  144
  152
  161
  169
Total debt, $m
  291
  353
  439
  531
  628
  730
  838
  952
  1,070
  1,194
  1,323
  1,457
  1,596
  1,741
  1,892
  2,049
  2,212
  2,381
  2,557
  2,740
  2,931
  3,129
  3,335
  3,550
  3,775
  4,009
  4,253
  4,507
  4,774
  5,052
  5,342
Total liabilities, $m
  556
  618
  704
  796
  893
  995
  1,103
  1,217
  1,335
  1,459
  1,588
  1,722
  1,861
  2,006
  2,157
  2,314
  2,477
  2,646
  2,822
  3,005
  3,196
  3,394
  3,600
  3,815
  4,040
  4,274
  4,518
  4,772
  5,039
  5,317
  5,607
Total equity, $m
  633
  580
  660
  746
  837
  934
  1,035
  1,141
  1,252
  1,368
  1,489
  1,615
  1,746
  1,882
  2,023
  2,170
  2,323
  2,482
  2,647
  2,819
  2,997
  3,183
  3,377
  3,579
  3,789
  4,009
  4,237
  4,476
  4,726
  4,987
  5,259
Total liabilities and equity, $m
  1,189
  1,198
  1,364
  1,542
  1,730
  1,929
  2,138
  2,358
  2,587
  2,827
  3,077
  3,337
  3,607
  3,888
  4,180
  4,484
  4,800
  5,128
  5,469
  5,824
  6,193
  6,577
  6,977
  7,394
  7,829
  8,283
  8,755
  9,248
  9,765
  10,304
  10,866
Debt-to-equity ratio
  0.460
  0.610
  0.660
  0.710
  0.750
  0.780
  0.810
  0.830
  0.850
  0.870
  0.890
  0.900
  0.910
  0.930
  0.940
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
  1.000
  1.010
  1.010
  1.010
  1.020
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
  32
  54
  77
  102
  129
  157
  186
  217
  250
  284
  337
  373
  412
  452
  493
  536
  581
  628
  677
  728
  781
  836
  894
  954
  1,017
  1,083
  1,152
  1,224
  1,300
  1,379
Depreciation, amort., depletion, $m
  143
  141
  157
  175
  193
  213
  233
  255
  277
  301
  325
  326
  353
  380
  409
  438
  469
  501
  535
  569
  606
  643
  682
  723
  765
  810
  856
  904
  955
  1,007
  1,063
Funds from operations, $m
  155
  173
  211
  252
  295
  342
  390
  441
  494
  550
  609
  663
  726
  792
  860
  932
  1,006
  1,083
  1,163
  1,246
  1,333
  1,424
  1,519
  1,617
  1,720
  1,827
  1,939
  2,057
  2,179
  2,307
  2,441
Change in working capital, $m
  -28
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  183
  170
  208
  249
  293
  338
  387
  438
  491
  547
  605
  659
  722
  788
  856
  927
  1,001
  1,078
  1,158
  1,241
  1,328
  1,418
  1,512
  1,611
  1,713
  1,820
  1,932
  2,049
  2,171
  2,299
  2,433
Maintenance CAPEX, $m
  0
  -102
  -117
  -133
  -151
  -169
  -189
  -209
  -231
  -253
  -276
  -301
  -326
  -353
  -380
  -409
  -438
  -469
  -501
  -535
  -569
  -606
  -643
  -682
  -723
  -765
  -810
  -856
  -904
  -955
  -1,007
New CAPEX, $m
  -159
  -85
  -91
  -97
  -103
  -109
  -115
  -120
  -126
  -131
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -219
  -228
  -238
  -248
  -259
  -270
  -282
  -295
  -308
Cash from investing activities, $m
  -175
  -187
  -208
  -230
  -254
  -278
  -304
  -329
  -357
  -384
  -413
  -443
  -474
  -507
  -540
  -575
  -611
  -649
  -688
  -729
  -771
  -816
  -862
  -910
  -961
  -1,013
  -1,069
  -1,126
  -1,186
  -1,250
  -1,315
Free cash flow, $m
  8
  -17
  0
  19
  39
  60
  84
  108
  135
  162
  192
  216
  248
  281
  316
  352
  389
  429
  469
  512
  556
  602
  650
  700
  752
  806
  863
  922
  984
  1,049
  1,117
Issuance/(repayment) of debt, $m
  -8
  80
  86
  92
  97
  103
  108
  113
  118
  124
  129
  134
  140
  145
  151
  157
  163
  169
  176
  183
  190
  198
  206
  215
  224
  234
  244
  255
  266
  278
  291
Issuance/(repurchase) of shares, $m
  16
  44
  27
  9
  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
  124
  113
  101
  97
  103
  108
  113
  118
  124
  129
  134
  140
  145
  151
  157
  163
  169
  176
  183
  190
  198
  206
  215
  224
  234
  244
  255
  266
  278
  291
Total cash flow (excl. dividends), $m
  6
  107
  113
  119
  136
  163
  192
  222
  253
  286
  320
  350
  387
  426
  466
  509
  552
  598
  645
  695
  747
  800
  857
  915
  976
  1,040
  1,107
  1,177
  1,250
  1,327
  1,407
Retained Cash Flow (-), $m
  -90
  -76
  -81
  -86
  -91
  -96
  -101
  -106
  -111
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -210
  -219
  -229
  -239
  -250
  -261
  -273
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
 
  161
  33
  33
  45
  67
  90
  115
  142
  170
  200
  224
  256
  290
  325
  362
  400
  439
  480
  523
  568
  614
  663
  713
  766
  821
  878
  938
  1,001
  1,066
  1,135
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
 
  154
  30
  29
  37
  52
  66
  78
  89
  98
  105
  106
  109
  110
  109
  106
  102
  96
  88
  81
  72
  64
  55
  47
  39
  32
  26
  20
  15
  12
  9
Current shareholders' claim on cash, %
  100
  98.8
  98.2
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0

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 219
Price to Sales 4.2
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow 191.6
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 14.9% 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 40.057 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 $4.7 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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