Intrinsic value of Medical Transcription Billing - MTBC

Previous Close

$1.44

  Intrinsic Value

$0.12

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-150%

Previous close

$1.44

 
Intrinsic value

$0.12

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-150%

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

We calculate the intrinsic value of MTBC 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 0.0

 

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, %
  4.35
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  24
  38
  59
  89
  129
  182
  250
  335
  440
  566
  715
  888
  1,086
  1,309
  1,557
  1,831
  2,130
  2,454
  2,801
  3,173
  3,567
  3,984
  4,423
  4,884
  5,366
  5,870
  6,395
  6,942
  7,511
  8,103
  8,718
Variable operating expenses, $m
 
  46
  70
  104
  150
  212
  290
  389
  511
  657
  829
  1,029
  1,257
  1,516
  1,803
  2,120
  2,467
  2,841
  3,244
  3,674
  4,131
  4,613
  5,122
  5,655
  6,214
  6,797
  7,405
  8,039
  8,698
  9,383
  10,095
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
  32
  46
  70
  104
  150
  212
  290
  389
  511
  657
  829
  1,029
  1,257
  1,516
  1,803
  2,120
  2,467
  2,841
  3,244
  3,674
  4,131
  4,613
  5,122
  5,655
  6,214
  6,797
  7,405
  8,039
  8,698
  9,383
  10,095
Operating income, $m
  -8
  -7
  -11
  -15
  -22
  -30
  -41
  -54
  -71
  -91
  -114
  -140
  -172
  -207
  -246
  -289
  -337
  -388
  -443
  -501
  -564
  -629
  -699
  -772
  -848
  -927
  -1,010
  -1,097
  -1,187
  -1,280
  -1,377
EBITDA, $m
  -3
  -5
  -8
  -12
  -17
  -25
  -34
  -45
  -59
  -77
  -97
  -120
  -147
  -177
  -210
  -247
  -288
  -331
  -378
  -429
  -482
  -538
  -598
  -660
  -725
  -793
  -864
  -938
  -1,015
  -1,095
  -1,178
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  5
  6
  9
  11
  15
  19
  23
  28
  34
  41
  48
  56
  64
  73
  83
  93
  104
  116
  128
  141
  154
  168
  182
  197
  212
Earnings before tax, $m
  -9
  -8
  -11
  -17
  -24
  -33
  -45
  -60
  -79
  -102
  -129
  -159
  -195
  -235
  -280
  -330
  -384
  -443
  -507
  -575
  -647
  -723
  -803
  -887
  -976
  -1,068
  -1,164
  -1,264
  -1,369
  -1,477
  -1,590
Tax expense, $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
  0
Net income, $m
  -9
  -8
  -11
  -17
  -24
  -33
  -45
  -60
  -79
  -102
  -129
  -159
  -195
  -235
  -280
  -330
  -384
  -443
  -507
  -575
  -647
  -723
  -803
  -887
  -976
  -1,068
  -1,164
  -1,264
  -1,369
  -1,477
  -1,590

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  28
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Adjusted assets (=assets-cash), $m
  25
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Revenue / Adjusted assets
  0.960
  0.950
  0.952
  0.967
  0.963
  0.963
  0.962
  0.960
  0.961
  0.959
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
Average production assets, $m
  6
  9
  14
  20
  29
  42
  57
  77
  101
  130
  164
  203
  249
  300
  357
  419
  488
  562
  642
  727
  817
  912
  1,013
  1,118
  1,229
  1,344
  1,464
  1,590
  1,720
  1,855
  1,996
Working capital, $m
  -8
  -2
  -2
  -4
  -5
  -8
  -10
  -14
  -18
  -24
  -30
  -37
  -46
  -55
  -65
  -77
  -89
  -103
  -118
  -133
  -150
  -167
  -186
  -205
  -225
  -247
  -269
  -292
  -315
  -340
  -366
Total debt, $m
  14
  22
  37
  60
  90
  129
  180
  244
  323
  418
  529
  659
  807
  975
  1,161
  1,366
  1,591
  1,833
  2,094
  2,373
  2,668
  2,981
  3,310
  3,656
  4,017
  4,395
  4,789
  5,199
  5,626
  6,070
  6,531
Total liabilities, $m
  21
  29
  44
  67
  97
  136
  187
  251
  330
  425
  536
  666
  814
  982
  1,168
  1,373
  1,598
  1,840
  2,101
  2,380
  2,675
  2,988
  3,317
  3,663
  4,024
  4,402
  4,796
  5,206
  5,633
  6,077
  6,538
Total equity, $m
  7
  11
  17
  26
  38
  53
  73
  98
  128
  165
  209
  259
  317
  382
  454
  534
  621
  716
  817
  925
  1,040
  1,162
  1,290
  1,424
  1,565
  1,712
  1,865
  2,025
  2,191
  2,363
  2,543
Total liabilities and equity, $m
  28
  40
  61
  93
  135
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,364
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,715
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Debt-to-equity ratio
  2.000
  1.950
  2.170
  2.300
  2.380
  2.440
  2.480
  2.500
  2.520
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
  2.570
  2.570
  2.570
  2.570
  2.570
  2.570
  2.570
  2.570
  2.570
  2.570
Adjusted equity ratio
  0.240
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -9
  -8
  -11
  -17
  -24
  -33
  -45
  -60
  -79
  -102
  -129
  -159
  -195
  -235
  -280
  -330
  -384
  -443
  -507
  -575
  -647
  -723
  -803
  -887
  -976
  -1,068
  -1,164
  -1,264
  -1,369
  -1,477
  -1,590
Depreciation, amort., depletion, $m
  5
  2
  3
  3
  4
  5
  7
  9
  11
  14
  18
  20
  25
  30
  36
  42
  49
  56
  64
  73
  82
  91
  101
  112
  123
  134
  146
  159
  172
  186
  200
Funds from operations, $m
  0
  -6
  -9
  -13
  -19
  -28
  -38
  -52
  -68
  -88
  -111
  -139
  -170
  -205
  -245
  -288
  -336
  -387
  -443
  -502
  -565
  -632
  -702
  -776
  -853
  -934
  -1,018
  -1,105
  -1,197
  -1,292
  -1,390
Change in working capital, $m
  1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from operations, $m
  -1
  -5
  -8
  -12
  -18
  -25
  -35
  -48
  -64
  -83
  -105
  -131
  -161
  -196
  -234
  -277
  -323
  -374
  -428
  -486
  -548
  -614
  -683
  -756
  -833
  -912
  -996
  -1,082
  -1,173
  -1,267
  -1,364
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -16
  -20
  -25
  -30
  -36
  -42
  -49
  -56
  -64
  -73
  -82
  -91
  -101
  -112
  -123
  -134
  -146
  -159
  -172
  -186
New CAPEX, $m
  0
  -3
  -5
  -7
  -9
  -12
  -16
  -20
  -24
  -29
  -34
  -40
  -45
  -51
  -57
  -63
  -68
  -74
  -80
  -85
  -90
  -95
  -101
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -141
Cash from investing activities, $m
  -4
  -4
  -6
  -8
  -11
  -15
  -20
  -26
  -32
  -39
  -47
  -56
  -65
  -76
  -87
  -99
  -110
  -123
  -136
  -149
  -163
  -177
  -192
  -207
  -222
  -238
  -254
  -271
  -289
  -308
  -327
Free cash flow, $m
  -5
  -9
  -14
  -20
  -29
  -41
  -55
  -73
  -95
  -121
  -152
  -187
  -227
  -272
  -321
  -375
  -433
  -496
  -564
  -636
  -711
  -791
  -875
  -963
  -1,055
  -1,151
  -1,250
  -1,354
  -1,462
  -1,574
  -1,691
Issuance/(repayment) of debt, $m
  1
  11
  16
  22
  30
  40
  51
  64
  79
  95
  112
  130
  148
  167
  186
  205
  224
  243
  261
  278
  296
  313
  329
  346
  362
  378
  394
  410
  427
  444
  461
Issuance/(repurchase) of shares, $m
  1
  12
  17
  25
  35
  48
  65
  85
  110
  139
  172
  209
  252
  300
  353
  410
  472
  538
  608
  683
  762
  844
  931
  1,022
  1,116
  1,215
  1,317
  1,424
  1,535
  1,650
  1,769
Cash from financing (excl. dividends), $m  
  1
  23
  33
  47
  65
  88
  116
  149
  189
  234
  284
  339
  400
  467
  539
  615
  696
  781
  869
  961
  1,058
  1,157
  1,260
  1,368
  1,478
  1,593
  1,711
  1,834
  1,962
  2,094
  2,230
Total cash flow (excl. dividends), $m
  -4
  14
  20
  27
  36
  48
  61
  76
  93
  112
  132
  152
  174
  196
  218
  240
  262
  284
  305
  326
  346
  366
  385
  404
  423
  442
  461
  480
  499
  519
  540
Retained Cash Flow (-), $m
  8
  -12
  -17
  -25
  -35
  -48
  -65
  -85
  -110
  -139
  -172
  -209
  -252
  -300
  -353
  -410
  -472
  -538
  -608
  -683
  -762
  -844
  -931
  -1,022
  -1,116
  -1,215
  -1,317
  -1,424
  -1,535
  -1,650
  -1,769
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
 
  2
  2
  2
  1
  -1
  -4
  -9
  -17
  -27
  -40
  -58
  -79
  -104
  -135
  -170
  -209
  -254
  -303
  -357
  -416
  -479
  -546
  -618
  -693
  -773
  -856
  -944
  -1,035
  -1,130
  -1,229
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  2
  2
  1
  1
  0
  -2
  -4
  -6
  -8
  -9
  -11
  -12
  -12
  -12
  -11
  -10
  -9
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  55.2
  31.6
  18.6
  11.2
  6.9
  4.4
  2.8
  1.8
  1.2
  0.8
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  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

Medical Transcription Billing, Corp., a healthcare information technology company, provides an integrated suite of Web-based solutions and related business services to healthcare providers primarily in the United States. It primarily offers PracticePro, a Web-based software-as-a-service platform, which includes practice management solutions and related tools, which facilitate the day-to-day operation of a medical practice; electronic health record (EHR) solutions that enables customers to reduce paperwork and qualify for government incentives; revenue cycle management services, such as end-to-end medical billing, analytics, and related services; and mobile health solutions, including smartphone applications that assist patients and healthcare providers in the provision of healthcare services. The company also provides ChartsPro, a Web-based EHR solution; transcription, coding, indexing, and other ancillary services; clearinghouse services, which enables clients to track claim status; batch electronic claim and payment transaction clearing services; and electronic data interchange management system that audits, manages, and controls the exchange of information. It serves physicians, nurses, nurse practitioners, physician assistants, and other clinical staff that render bills for their services. The company was founded in 1999 and is headquartered in Somerset, New Jersey.

FINANCIAL RATIOS  of  Medical Transcription Billing (MTBC)

Valuation Ratios
P/E Ratio -1.6
Price to Sales 0.6
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow -14.5
Price to Free Cash Flow -14.5
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 57.1%
Total Debt to Equity 200%
Interest Coverage 0
Management Effectiveness
Return On Assets -32.7%
Ret/ On Assets - 3 Yr. Avg. -29.1%
Return On Total Capital -40.9%
Ret/ On T. Cap. - 3 Yr. Avg. -38.9%
Return On Equity -81.8%
Return On Equity - 3 Yr. Avg. -62.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 45.8%
Gross Margin - 3 Yr. Avg. 46%
EBITDA Margin -16.7%
EBITDA Margin - 3 Yr. Avg. -7.4%
Operating Margin -33.3%
Oper. Margin - 3 Yr. Avg. -25.8%
Pre-Tax Margin -37.5%
Pre-Tax Margin - 3 Yr. Avg. -27.2%
Net Profit Margin -37.5%
Net Profit Margin - 3 Yr. Avg. -29%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -8.3%
Payout Ratio -11.1%

MTBC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTBC stock intrinsic value calculation we used $24 million for the last fiscal year's total revenue generated by Medical Transcription Billing. The default revenue input number comes from 2016 income statement of Medical Transcription Billing. 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 MTBC stock valuation model: a) initial revenue growth rate of 60% 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 10.1%, whose default value for MTBC is calculated based on our internal credit rating of Medical Transcription Billing, 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 Medical Transcription Billing.
    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 MTBC stock the variable cost ratio is equal to 120.8%.

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 MTBC 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 Medical Transcription Billing.

Corporate tax rate of 27% is the nominal tax rate for Medical Transcription Billing. 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 MTBC 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 MTBC are equal to 22.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Medical Transcription Billing 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 MTBC is equal to -4.2%. 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 - $7 million for Medical Transcription Billing - 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 10.125 million for Medical Transcription Billing 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 Medical Transcription Billing at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ MTBC talkEHR Passes Another Major Milestone   [Aug-09-17 07:00AM  Marketwired]
▶ MTBC Announces Upward Revision to 2017 Revenue Guidance   [Jul-27-17 07:00AM  Marketwired]
▶ MTBC First Half 2017 Shareholder Update   [Jul-17-17 07:30AM  Marketwired]
▶ MTBC Announces Webinar on Out-of-Network Billing   [Jul-07-17 07:00AM  Marketwired]
▶ MTBC Announces Partnership with Winpoint Health   [Jul-06-17 07:00AM  Marketwired]
▶ MTBC Announces $7.4 Million Public Offering   [Jun-23-17 06:00AM  Marketwired]
▶ MTBC to Present at Annual Industry Conference   [Jun-21-17 07:00AM  Marketwired]
▶ MTBC Announces Successful Phase One Launch of talkEHR   [Jun-08-17 12:35PM  Marketwired]
▶ MTBC Announces Partnership with Fogo Data Centers   [May-11-17 10:21AM  Marketwired]
▶ MTBC Announces June 1 Go-Live of First talkEHR User   [May-08-17 08:30AM  Marketwired]
▶ MTBC Announces Signing of Two Key Healthcare Groups   [Apr-27-17 09:49AM  Marketwired]
▶ MTBC Partners with Pikeville Medical Center   [Feb-16-17 03:48PM  Marketwired]
▶ MTBC in 2016 -- An Exciting Year in Review   [Jan-18-17 08:30AM  Marketwired]
▶ MTBC Names Office Manager of the Year for 2016   [Jan-05-17 04:18PM  Marketwired]
▶ MTBC Named in Deloitte's 2016 Technology Fast 500(TM)   [Nov-16-16 08:30AM  Marketwired]
▶ MTBC Successfully Launches Its Client Loyalty Program   [Sep-27-16 08:30AM  Marketwired]
▶ MTBC Launches Hospital Receivables Management Solution   [Jul-28-16 03:49PM  Marketwired]
Stock chart of MTBC Financial statements of MTBC
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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