Intrinsic value of WebMD Health - WBMD

Previous Close

$66.28

  Intrinsic Value

$57.94

stock screener

  Rating & Target

hold

-13%

  Value-price divergence*

-16%

Previous close

$66.28

 
Intrinsic value

$57.94

 
Up/down potential

-13%

 
Rating

hold

 
Value-price divergence*

-16%

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

We calculate the intrinsic value of WBMD 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 2.5

 

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, %
  10.85
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  705
  719
  736
  755
  776
  799
  825
  853
  884
  916
  952
  989
  1,029
  1,072
  1,117
  1,166
  1,217
  1,271
  1,328
  1,388
  1,452
  1,520
  1,591
  1,665
  1,744
  1,827
  1,915
  2,007
  2,104
  2,205
  2,313
Variable operating expenses, $m
 
  229
  234
  239
  245
  252
  260
  268
  277
  286
  296
  287
  299
  311
  324
  338
  353
  369
  385
  403
  421
  441
  462
  483
  506
  530
  556
  582
  610
  640
  671
Fixed operating expenses, $m
 
  327
  335
  344
  352
  361
  370
  379
  389
  398
  408
  419
  429
  440
  451
  462
  474
  485
  498
  510
  523
  536
  549
  563
  577
  591
  606
  621
  637
  653
  669
Total operating expenses, $m
  536
  556
  569
  583
  597
  613
  630
  647
  666
  684
  704
  706
  728
  751
  775
  800
  827
  854
  883
  913
  944
  977
  1,011
  1,046
  1,083
  1,121
  1,162
  1,203
  1,247
  1,293
  1,340
Operating income, $m
  169
  163
  167
  172
  178
  186
  195
  206
  218
  232
  247
  284
  302
  321
  342
  365
  390
  417
  445
  476
  508
  543
  580
  619
  661
  706
  753
  803
  856
  913
  972
EBITDA, $m
  200
  189
  192
  197
  204
  212
  222
  233
  245
  259
  274
  291
  309
  329
  350
  374
  399
  426
  455
  486
  519
  554
  591
  631
  674
  719
  767
  817
  871
  928
  989
Interest expense (income), $m
  21
  37
  37
  38
  40
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  106
  112
  118
  124
  130
Earnings before tax, $m
  147
  127
  129
  133
  139
  145
  153
  162
  172
  184
  197
  232
  247
  264
  283
  303
  325
  348
  373
  400
  429
  460
  493
  527
  565
  604
  646
  691
  739
  789
  842
Tax expense, $m
  56
  34
  35
  36
  37
  39
  41
  44
  47
  50
  53
  63
  67
  71
  76
  82
  88
  94
  101
  108
  116
  124
  133
  142
  152
  163
  175
  187
  199
  213
  227
Net income, $m
  91
  92
  94
  97
  101
  106
  112
  118
  126
  134
  144
  169
  181
  193
  207
  221
  237
  254
  273
  292
  313
  336
  360
  385
  412
  441
  472
  504
  539
  576
  615

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  991
  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
  1,501
  1,530
  1,565
  1,605
  1,651
  1,701
  1,756
  1,815
  1,880
  1,950
  2,025
  2,105
  2,190
  2,281
  2,378
  2,480
  2,589
  2,704
  2,826
  2,954
  3,090
  3,233
  3,384
  3,543
  3,711
  3,888
  4,074
  4,270
  4,476
  4,692
  4,920
Adjusted assets (=assets-cash), $m
  510
  1,530
  1,565
  1,605
  1,651
  1,701
  1,756
  1,815
  1,880
  1,950
  2,025
  2,105
  2,190
  2,281
  2,378
  2,480
  2,589
  2,704
  2,826
  2,954
  3,090
  3,233
  3,384
  3,543
  3,711
  3,888
  4,074
  4,270
  4,476
  4,692
  4,920
Revenue / Adjusted assets
  1.382
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
Average production assets, $m
  51
  52
  53
  54
  56
  58
  59
  61
  64
  66
  69
  71
  74
  77
  80
  84
  88
  92
  96
  100
  105
  109
  115
  120
  126
  132
  138
  144
  151
  159
  167
Working capital, $m
  1,002
  12
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
Total debt, $m
  1,045
  1,069
  1,098
  1,132
  1,170
  1,211
  1,257
  1,307
  1,362
  1,420
  1,483
  1,550
  1,621
  1,697
  1,778
  1,864
  1,955
  2,051
  2,153
  2,261
  2,374
  2,494
  2,621
  2,754
  2,894
  3,042
  3,198
  3,362
  3,534
  3,716
  3,906
Total liabilities, $m
  1,257
  1,281
  1,310
  1,344
  1,382
  1,423
  1,469
  1,519
  1,574
  1,632
  1,695
  1,762
  1,833
  1,909
  1,990
  2,076
  2,167
  2,263
  2,365
  2,473
  2,586
  2,706
  2,833
  2,966
  3,106
  3,254
  3,410
  3,574
  3,746
  3,928
  4,118
Total equity, $m
  244
  249
  255
  262
  269
  277
  286
  296
  306
  318
  330
  343
  357
  372
  388
  404
  422
  441
  461
  482
  504
  527
  552
  578
  605
  634
  664
  696
  730
  765
  802
Total liabilities and equity, $m
  1,501
  1,530
  1,565
  1,606
  1,651
  1,700
  1,755
  1,815
  1,880
  1,950
  2,025
  2,105
  2,190
  2,281
  2,378
  2,480
  2,589
  2,704
  2,826
  2,955
  3,090
  3,233
  3,385
  3,544
  3,711
  3,888
  4,074
  4,270
  4,476
  4,693
  4,920
Debt-to-equity ratio
  4.283
  4.280
  4.300
  4.320
  4.350
  4.370
  4.390
  4.420
  4.440
  4.470
  4.490
  4.520
  4.540
  4.560
  4.590
  4.610
  4.630
  4.650
  4.670
  4.690
  4.710
  4.730
  4.750
  4.770
  4.780
  4.800
  4.820
  4.830
  4.840
  4.860
  4.870
Adjusted equity ratio
  -1.465
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  91
  92
  94
  97
  101
  106
  112
  118
  126
  134
  144
  169
  181
  193
  207
  221
  237
  254
  273
  292
  313
  336
  360
  385
  412
  441
  472
  504
  539
  576
  615
Depreciation, amort., depletion, $m
  31
  25
  26
  26
  26
  26
  26
  26
  27
  27
  27
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
Funds from operations, $m
  166
  118
  120
  123
  127
  132
  138
  145
  153
  161
  171
  176
  188
  201
  215
  230
  246
  263
  282
  302
  324
  347
  371
  397
  425
  454
  486
  519
  554
  592
  632
Change in working capital, $m
  5
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
Cash from operations, $m
  161
  118
  120
  123
  127
  132
  138
  144
  152
  161
  170
  176
  187
  200
  214
  229
  245
  262
  281
  301
  323
  345
  370
  396
  424
  453
  484
  517
  553
  590
  630
Maintenance CAPEX, $m
  0
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
New CAPEX, $m
  -30
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from investing activities, $m
  -526
  -6
  -6
  -6
  -7
  -8
  -8
  -8
  -8
  -8
  -10
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -18
  -19
  -19
  -21
  -21
  -22
  -24
Free cash flow, $m
  -365
  112
  113
  116
  120
  124
  130
  136
  144
  152
  161
  166
  177
  190
  203
  217
  233
  250
  268
  287
  308
  330
  354
  379
  406
  434
  465
  497
  531
  568
  606
Issuance/(repayment) of debt, $m
  248
  24
  29
  34
  38
  42
  46
  50
  54
  58
  63
  67
  71
  76
  81
  86
  91
  96
  102
  108
  114
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
Issuance/(repurchase) of shares, $m
  -69
  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  
  216
  24
  29
  34
  38
  42
  46
  50
  54
  58
  63
  67
  71
  76
  81
  86
  91
  96
  102
  108
  114
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
Total cash flow (excl. dividends), $m
  -149
  135
  143
  150
  158
  166
  176
  186
  198
  210
  224
  233
  249
  266
  284
  303
  324
  346
  370
  395
  422
  450
  480
  512
  546
  582
  620
  661
  704
  749
  797
Retained Cash Flow (-), $m
  -88
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
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
 
  130
  137
  143
  150
  158
  167
  177
  187
  199
  212
  220
  235
  251
  268
  287
  306
  327
  350
  374
  399
  427
  456
  486
  519
  553
  590
  629
  670
  714
  760
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
 
  125
  125
  125
  124
  123
  121
  119
  117
  114
  111
  104
  100
  95
  90
  84
  78
  71
  64
  58
  51
  44
  38
  32
  26
  22
  17
  14
  10
  8
  6
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

WebMD Health Corp. provides health information services to consumers, physicians and other healthcare professionals, employers, and health plans through its public and private online portals, mobile platforms, and health-focused publications in the United States. Its primary public portal is WebMD.com, which enables consumers to obtain information on health and wellness topics or on a particular disease or condition; assess personal health status; use online trackers, tools, and quizzes; locate physicians; receive periodic e-mailed newsletters and alerts on topics of individual interest; and participate in online communities with peers and experts. The company’s public portal, Medscape.com also enables physicians and healthcare professionals to access clinical reference sources; stay abreast of the latest clinical information; learn about new treatment options; earn continuing medical education credit; and communicate with peers. It also offers private portals and related services under the WebMD Health Services brand. The company hosts its WebMD Health Services platform for private and public sector employers, and health plans and its cloud-based online services accessed by its employees and plan participants using a computer, a tablet, or a smartphone. In addition, it sells information products and services on a stand-alone basis. WebMD Health Corp. is headquartered in New York, New York.

FINANCIAL RATIOS  of  WebMD Health (WBMD)

Valuation Ratios
P/E Ratio 26.8
Price to Sales 3.5
Price to Book 10
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 18.6
Growth Rates
Sales Growth Rate 10.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -37.5%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 428.3%
Total Debt to Equity 428.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 45.5%
Return On Equity - 3 Yr. Avg. 45.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 62.1%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 28.2%
EBITDA Margin - 3 Yr. Avg. 24.3%
Operating Margin 24%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 20.9%
Pre-Tax Margin - 3 Yr. Avg. 16.3%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. 10.1%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 39.1%
Payout Ratio 0%

WBMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WBMD stock intrinsic value calculation we used $705 million for the last fiscal year's total revenue generated by WebMD Health. The default revenue input number comes from 2016 income statement of WebMD Health. 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 WBMD stock valuation model: a) initial revenue growth rate of 2% 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 WBMD is calculated based on our internal credit rating of WebMD Health, 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 WebMD Health.
    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 WBMD stock the variable cost ratio is equal to 31.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $319 million in the base year in the intrinsic value calculation for WBMD 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 WebMD Health.

Corporate tax rate of 27% is the nominal tax rate for WebMD Health. 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 WBMD 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 WBMD are equal to 7.2%.

Life of production assets of 10 years is the average useful life of capital assets used in WebMD Health 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 WBMD is equal to 1.6%. 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 - $244 million for WebMD Health - 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 38.462 million for WebMD Health 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 WebMD Health at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Corrections & Amplifications   [Aug-14-17 08:40PM  The Wall Street Journal]
▶ Corrections & Amplifications   [06:07PM  The Wall Street Journal]
▶ WebMD Wants to Go Beyond Medical Information   [12:21AM  The Wall Street Journal]
▶ WebMD Wants to Go Beyond Medical Information   [Aug-13-17 10:12PM  The Wall Street Journal]
▶ WebMD Wants to Go Beyond Medical Information   [10:12PM  The Wall Street Journal]
▶ 5 reasons to expect big media and telco deals soon   [Aug-02-17 05:16PM  Yahoo Finance]
▶ KKR's Buyout of WebMD Is Part of a Big, Long-Term Trend   [Jul-30-17 01:55PM  Motley Fool]
▶ [$$] KKR Earnings Soar as Its Portfolio and Fees Grow   [Jul-28-17 02:04AM  The Wall Street Journal]
▶ [$$] KKR Earnings Soar   [02:01PM  The Wall Street Journal]
▶ Company News for July 25, 2017   [10:18AM  Zacks]
▶ [$$] Health-Care Media Funding in the Pink   [07:55AM  The Wall Street Journal]
▶ [$$] KKR to Buy WebMD in $2.8 Billion Deal   [12:56AM  The Wall Street Journal]
▶ WebMD tops Street 2Q forecasts   [Jul-24-17 10:28PM  Associated Press]
▶ KKR to Buy WebMD for $2.8 Billion   [07:55PM  Bloomberg Video]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ WebMD Agrees To $2.8 Billion Buyout By KKR   [04:52PM  Investor's Business Daily]
▶ [$$] WebMD/KKR: second opinion   [03:15PM  Financial Times]
▶ KKR to buy WebMD for $2.8 bln   [01:10PM  Reuters Videos]
▶ Story Stocks from Briefing.com   [12:24PM  Briefing.com]
▶ WebMD is sold   [12:08PM  American City Business Journals]
▶ KKR Deal Revives WebMD Shares   [09:45AM  Barrons.com]
▶ [$$] KKR to Buy WebMD in $2.8 Billion Deal   [08:16AM  The Wall Street Journal]
▶ KKR's Internet Brands buying WebMD in $2.8B deal   [07:25AM  Associated Press]
▶ KKR to Buy WebMD for $2.8 Billion   [07:13AM  Bloomberg]
▶ [$$] KKR & Co. Near Deal to Buy WebMD   [12:09AM  The Wall Street Journal]
▶ [$$] KKR Near Deal to Buy WebMD   [Jul-23-17 07:15PM  The Wall Street Journal]
▶ KKR said to be in talks to buy WebMD   [06:46PM  TechCrunch]
▶ ETFs with exposure to WebMD Health Corp. : July 21, 2017   [Jul-21-17 02:03PM  Capital Cube]
▶ WebMD's Strategic Review Ripe for Update   [Jul-11-17 09:41PM  TheStreet.com]
▶ ETFs with exposure to WebMD Health Corp. : July 10, 2017   [Jul-10-17 03:31PM  Capital Cube]
▶ ETFs with exposure to WebMD Health Corp. : June 27, 2017   [Jun-27-17 03:59PM  Capital Cube]
▶ WebMD Stock Jumps on IAC Takeover Interest   [Jun-05-17 10:12AM  TheStreet.com]
▶ WebMD to Webcast Annual Meeting of Stockholders   [May-24-17 08:30AM  PR Newswire]
▶ WebMD beats Street 1Q forecasts   [May-02-17 04:32PM  Associated Press]
▶ Friendly activist 'big believer' in WebMD's future: CEO   [Apr-11-17 07:12AM  CNBC Videos]
▶ Is Amazon Dreaming of Challenging IBMs Watson?   [Apr-06-17 10:35AM  Market Realist]
▶ WebMD Said to Begin Formal Sale Process   [Mar-29-17 03:37PM  TheStreet.com]
Stock chart of WBMD Financial statements of WBMD
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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