Intrinsic value of Bright Horizons Family Solutions - BFAM

Previous Close

$79.81

  Intrinsic Value

$43.83

stock screener

  Rating & Target

sell

-45%

  Value-price divergence*

-58%

Previous close

$79.81

 
Intrinsic value

$43.83

 
Up/down potential

-45%

 
Rating

sell

 
Value-price divergence*

-58%

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

We calculate the intrinsic value of BFAM 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, %
  7.68
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  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
  5.22
Revenue, $m
  1,570
  1,721
  1,878
  2,042
  2,212
  2,390
  2,574
  2,766
  2,965
  3,172
  3,387
  3,611
  3,843
  4,086
  4,338
  4,600
  4,874
  5,159
  5,456
  5,767
  6,091
  6,430
  6,784
  7,154
  7,540
  7,945
  8,369
  8,812
  9,276
  9,762
  10,271
Variable operating expenses, $m
 
  1,495
  1,620
  1,751
  1,886
  2,027
  2,174
  2,326
  2,485
  2,649
  2,820
  2,871
  3,056
  3,249
  3,449
  3,658
  3,876
  4,103
  4,339
  4,586
  4,844
  5,113
  5,395
  5,689
  5,996
  6,318
  6,655
  7,007
  7,377
  7,763
  8,168
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
  1,384
  1,495
  1,620
  1,751
  1,886
  2,027
  2,174
  2,326
  2,485
  2,649
  2,820
  2,871
  3,056
  3,249
  3,449
  3,658
  3,876
  4,103
  4,339
  4,586
  4,844
  5,113
  5,395
  5,689
  5,996
  6,318
  6,655
  7,007
  7,377
  7,763
  8,168
Operating income, $m
  186
  226
  258
  291
  326
  363
  400
  440
  480
  523
  567
  739
  787
  837
  888
  942
  998
  1,056
  1,117
  1,181
  1,247
  1,317
  1,389
  1,465
  1,544
  1,627
  1,714
  1,804
  1,899
  1,999
  2,103
EBITDA, $m
  271
  391
  427
  464
  503
  543
  585
  629
  674
  721
  770
  821
  874
  929
  986
  1,046
  1,108
  1,173
  1,241
  1,311
  1,385
  1,462
  1,542
  1,626
  1,714
  1,806
  1,903
  2,003
  2,109
  2,219
  2,335
Interest expense (income), $m
  37
  41
  46
  52
  58
  65
  72
  79
  86
  93
  101
  109
  118
  127
  136
  145
  155
  166
  177
  188
  200
  212
  225
  238
  252
  267
  282
  298
  315
  333
  351
Earnings before tax, $m
  143
  185
  212
  239
  268
  298
  329
  361
  394
  429
  466
  630
  669
  710
  752
  796
  843
  891
  941
  993
  1,048
  1,105
  1,164
  1,227
  1,292
  1,360
  1,431
  1,506
  1,584
  1,666
  1,752
Tax expense, $m
  48
  50
  57
  65
  72
  80
  89
  97
  107
  116
  126
  170
  181
  192
  203
  215
  227
  240
  254
  268
  283
  298
  314
  331
  349
  367
  386
  407
  428
  450
  473
Net income, $m
  95
  135
  154
  175
  196
  217
  240
  264
  288
  313
  340
  460
  488
  518
  549
  581
  615
  650
  687
  725
  765
  806
  850
  895
  943
  993
  1,045
  1,099
  1,156
  1,216
  1,279

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  2,359
  2,568
  2,803
  3,048
  3,302
  3,567
  3,842
  4,128
  4,425
  4,734
  5,055
  5,389
  5,737
  6,098
  6,474
  6,866
  7,274
  7,700
  8,144
  8,607
  9,091
  9,597
  10,125
  10,677
  11,254
  11,858
  12,490
  13,152
  13,845
  14,570
  15,330
Adjusted assets (=assets-cash), $m
  2,344
  2,568
  2,803
  3,048
  3,302
  3,567
  3,842
  4,128
  4,425
  4,734
  5,055
  5,389
  5,737
  6,098
  6,474
  6,866
  7,274
  7,700
  8,144
  8,607
  9,091
  9,597
  10,125
  10,677
  11,254
  11,858
  12,490
  13,152
  13,845
  14,570
  15,330
Revenue / Adjusted assets
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Average production assets, $m
  862
  945
  1,031
  1,121
  1,215
  1,312
  1,413
  1,518
  1,628
  1,741
  1,860
  1,982
  2,110
  2,243
  2,381
  2,525
  2,676
  2,832
  2,996
  3,166
  3,344
  3,530
  3,724
  3,927
  4,140
  4,362
  4,594
  4,838
  5,093
  5,359
  5,639
Working capital, $m
  -234
  -172
  -188
  -204
  -221
  -239
  -257
  -277
  -297
  -317
  -339
  -361
  -384
  -409
  -434
  -460
  -487
  -516
  -546
  -577
  -609
  -643
  -678
  -715
  -754
  -795
  -837
  -881
  -928
  -976
  -1,027
Total debt, $m
  1,141
  1,283
  1,449
  1,622
  1,801
  1,988
  2,183
  2,384
  2,594
  2,812
  3,039
  3,275
  3,520
  3,775
  4,041
  4,317
  4,606
  4,906
  5,220
  5,547
  5,888
  6,245
  6,618
  7,008
  7,416
  7,842
  8,288
  8,755
  9,244
  9,757
  10,293
Total liabilities, $m
  1,671
  1,813
  1,979
  2,152
  2,331
  2,518
  2,713
  2,914
  3,124
  3,342
  3,569
  3,805
  4,050
  4,305
  4,571
  4,847
  5,136
  5,436
  5,750
  6,077
  6,418
  6,775
  7,148
  7,538
  7,946
  8,372
  8,818
  9,285
  9,774
  10,287
  10,823
Total equity, $m
  688
  755
  824
  896
  971
  1,049
  1,130
  1,214
  1,301
  1,392
  1,486
  1,584
  1,687
  1,793
  1,903
  2,019
  2,139
  2,264
  2,394
  2,531
  2,673
  2,821
  2,977
  3,139
  3,309
  3,486
  3,672
  3,867
  4,070
  4,284
  4,507
Total liabilities and equity, $m
  2,359
  2,568
  2,803
  3,048
  3,302
  3,567
  3,843
  4,128
  4,425
  4,734
  5,055
  5,389
  5,737
  6,098
  6,474
  6,866
  7,275
  7,700
  8,144
  8,608
  9,091
  9,596
  10,125
  10,677
  11,255
  11,858
  12,490
  13,152
  13,844
  14,571
  15,330
Debt-to-equity ratio
  1.658
  1.700
  1.760
  1.810
  1.860
  1.900
  1.930
  1.960
  1.990
  2.020
  2.040
  2.070
  2.090
  2.110
  2.120
  2.140
  2.150
  2.170
  2.180
  2.190
  2.200
  2.210
  2.220
  2.230
  2.240
  2.250
  2.260
  2.260
  2.270
  2.280
  2.280
Adjusted equity ratio
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  135
  154
  175
  196
  217
  240
  264
  288
  313
  340
  460
  488
  518
  549
  581
  615
  650
  687
  725
  765
  806
  850
  895
  943
  993
  1,045
  1,099
  1,156
  1,216
  1,279
Depreciation, amort., depletion, $m
  85
  166
  169
  173
  177
  181
  185
  189
  194
  198
  203
  82
  87
  92
  98
  104
  110
  117
  123
  130
  138
  145
  153
  162
  170
  179
  189
  199
  210
  221
  232
Funds from operations, $m
  230
  301
  324
  348
  372
  398
  425
  453
  482
  512
  543
  541
  575
  611
  647
  685
  725
  767
  810
  855
  902
  952
  1,003
  1,057
  1,113
  1,172
  1,234
  1,298
  1,366
  1,437
  1,511
Change in working capital, $m
  17
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
Cash from operations, $m
  213
  316
  339
  364
  389
  416
  443
  472
  502
  533
  565
  564
  599
  635
  672
  712
  753
  795
  840
  886
  935
  985
  1,039
  1,094
  1,152
  1,213
  1,276
  1,343
  1,412
  1,485
  1,562
Maintenance CAPEX, $m
  0
  -35
  -39
  -42
  -46
  -50
  -54
  -58
  -62
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -117
  -123
  -130
  -138
  -145
  -153
  -162
  -170
  -179
  -189
  -199
  -210
  -221
New CAPEX, $m
  -75
  -83
  -86
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -157
  -163
  -170
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -255
  -267
  -280
Cash from investing activities, $m
  -303
  -118
  -125
  -132
  -140
  -147
  -155
  -163
  -171
  -181
  -190
  -200
  -210
  -220
  -230
  -242
  -254
  -267
  -280
  -293
  -308
  -324
  -339
  -356
  -374
  -392
  -411
  -432
  -454
  -477
  -501
Free cash flow, $m
  -90
  197
  214
  231
  250
  268
  288
  309
  330
  352
  375
  364
  389
  415
  442
  469
  498
  528
  560
  592
  626
  662
  699
  738
  778
  820
  864
  910
  959
  1,009
  1,062
Issuance/(repayment) of debt, $m
  188
  157
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
  266
  277
  288
  301
  314
  327
  342
  357
  373
  390
  408
  426
  446
  467
  489
  512
  537
Issuance/(repurchase) of shares, $m
  -97
  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  
  94
  157
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
  266
  277
  288
  301
  314
  327
  342
  357
  373
  390
  408
  426
  446
  467
  489
  512
  537
Total cash flow (excl. dividends), $m
  3
  354
  380
  404
  429
  455
  482
  511
  540
  570
  602
  600
  634
  670
  707
  746
  787
  829
  873
  920
  968
  1,019
  1,072
  1,127
  1,186
  1,247
  1,310
  1,377
  1,448
  1,521
  1,598
Retained Cash Flow (-), $m
  40
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -131
  -136
  -142
  -149
  -155
  -162
  -170
  -178
  -186
  -195
  -204
  -213
  -223
Prev. year cash balance distribution, $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 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
 
  287
  311
  332
  354
  378
  402
  426
  452
  479
  507
  502
  532
  564
  597
  631
  667
  704
  743
  783
  826
  870
  917
  965
  1,016
  1,069
  1,125
  1,183
  1,244
  1,308
  1,375
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  263
  258
  248
  235
  221
  205
  187
  169
  150
  132
  106
  91
  76
  62
  50
  39
  30
  23
  17
  12
  8
  6
  4
  2
  2
  1
  1
  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

Bright Horizons Family Solutions Inc. provides child care, early education, and other services for employers and families. It operates through Full Service Center-Based Child Care, Back-Up Dependent Care, and Other Educational Advisory Services segments. The Full Service Center-Based Child Care segment offers traditional center-based child care, preschool, and elementary education services. The Back-Up Dependent Care segment provides center-based back-up child care, in-home care, mildly-ill care, and adult/elder care services. The Other Educational Advisory Services segment offers college preparation and admissions counseling, tuition reimbursement program administration, and related consulting services. As of June 30, 2016, it operated 935 child care and early education centers in 41 U.S. states and the District of Columbia, Puerto Rico, the United Kingdom, Canada, Ireland, the Netherlands, and India. The company was formerly known as Bright Horizons Solutions Corp. and changed its name to Bright Horizons Family Solutions Inc. in July 2012. Bright Horizons Family Solutions Inc. was founded in 1986 and is headquartered in Watertown, Massachusetts.

FINANCIAL RATIOS  of  Bright Horizons Family Solutions (BFAM)

Valuation Ratios
P/E Ratio 49.5
Price to Sales 3
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 34.1
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 153.2%
Total Debt to Equity 165.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 24.9%
Gross Margin - 3 Yr. Avg. 24.2%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 9%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 33.6%
Eff/ Tax Rate - 3 Yr. Avg. 34%
Payout Ratio 0%

BFAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BFAM stock intrinsic value calculation we used $1570 million for the last fiscal year's total revenue generated by Bright Horizons Family Solutions. The default revenue input number comes from 2016 income statement of Bright Horizons Family Solutions. 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 BFAM stock valuation model: a) initial revenue growth rate of 9.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.3%, whose default value for BFAM is calculated based on our internal credit rating of Bright Horizons Family Solutions, 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 Bright Horizons Family Solutions.
    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 BFAM stock the variable cost ratio is equal to 87.6%.

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 BFAM 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 3.6% for Bright Horizons Family Solutions.

Corporate tax rate of 27% is the nominal tax rate for Bright Horizons Family Solutions. 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 BFAM 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 BFAM are equal to 54.9%.

Life of production assets of 24.3 years is the average useful life of capital assets used in Bright Horizons Family Solutions 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 BFAM is equal to -10%. 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 - $688 million for Bright Horizons Family Solutions - 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 59.307 million for Bright Horizons Family Solutions 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 Bright Horizons Family Solutions at the current share price and the inputted number of shares is $4.7 billion.

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COMPANY NEWS

▶ Bright Horizons beats 2Q profit forecasts   [Aug-01-17 11:35PM  Associated Press]
▶ Bright Horizons beats 2Q profit forecasts   [06:35PM  Associated Press]
▶ Is There Another Breakout On The Horizon For This 2013 IPO?   [Jun-22-17 04:50PM  Investor's Business Daily]
▶ Are The Horizons Bright For This Breakout Stock?   [May-09-17 11:44AM  Investor's Business Daily]
▶ Bright Horizons tops 1Q profit forecasts   [May-04-17 06:45PM  Associated Press]
▶ This Week's Hidden Gems: (BFAM)(CRHM)   [Mar-30-17 05:36PM  Zacks]
▶ Is IDACORP Inc (IDA) A Good Stock to Buy?   [Dec-16-16 10:45PM  at Insider Monkey]
▶ Do Hedge Funds Love Bright Horizons Family Solutions Inc (BFAM)?   [Dec-09-16 04:34AM  at Insider Monkey]
▶ [$$] Bright Horizons Stock Seen Reaching $76   [05:59AM  at Barrons.com]
Stock chart of BFAM Financial statements of BFAM
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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