Intrinsic value of WebMD Health - WBMD

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$59.64

  Intrinsic Value

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  Value-price divergence*

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*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 2.3

 

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
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  705
  760
  817
  877
  938
  1,002
  1,069
  1,138
  1,211
  1,286
  1,364
  1,445
  1,530
  1,619
  1,712
  1,808
  1,909
  2,014
  2,124
  2,240
  2,360
  2,486
  2,618
  2,756
  2,901
  3,052
  3,211
  3,377
  3,552
  3,735
  3,926
Variable operating expenses, $m
 
  241
  257
  275
  293
  311
  331
  351
  372
  393
  416
  419
  444
  470
  497
  525
  554
  585
  617
  650
  685
  721
  760
  800
  842
  886
  932
  980
  1,031
  1,084
  1,139
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
  568
  592
  619
  645
  672
  701
  730
  761
  791
  824
  838
  873
  910
  948
  987
  1,028
  1,070
  1,115
  1,160
  1,208
  1,257
  1,309
  1,363
  1,419
  1,477
  1,538
  1,601
  1,668
  1,737
  1,808
Operating income, $m
  169
  192
  225
  258
  294
  330
  369
  409
  450
  494
  539
  607
  657
  709
  764
  821
  881
  944
  1,010
  1,080
  1,152
  1,229
  1,309
  1,393
  1,482
  1,575
  1,673
  1,776
  1,884
  1,998
  2,118
EBITDA, $m
  200
  214
  246
  280
  316
  352
  391
  431
  473
  517
  562
  610
  660
  713
  767
  825
  885
  948
  1,014
  1,084
  1,157
  1,233
  1,314
  1,399
  1,487
  1,581
  1,679
  1,782
  1,891
  2,005
  2,125
Interest expense (income), $m
  21
  37
  10
  11
  13
  14
  15
  17
  19
  20
  22
  24
  26
  27
  29
  32
  34
  36
  38
  41
  44
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
Earnings before tax, $m
  147
  156
  215
  247
  281
  316
  353
  392
  432
  474
  518
  584
  632
  682
  735
  790
  848
  908
  972
  1,039
  1,109
  1,182
  1,260
  1,341
  1,427
  1,516
  1,611
  1,710
  1,815
  1,924
  2,040
Tax expense, $m
  56
  42
  58
  67
  76
  85
  95
  106
  117
  128
  140
  158
  171
  184
  198
  213
  229
  245
  262
  280
  299
  319
  340
  362
  385
  409
  435
  462
  490
  520
  551
Net income, $m
  91
  114
  157
  180
  205
  231
  258
  286
  315
  346
  378
  426
  461
  498
  536
  577
  619
  663
  709
  758
  809
  863
  920
  979
  1,041
  1,107
  1,176
  1,248
  1,325
  1,405
  1,489

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
  550
  591
  634
  679
  725
  774
  824
  876
  930
  987
  1,046
  1,107
  1,172
  1,238
  1,308
  1,381
  1,458
  1,537
  1,621
  1,708
  1,799
  1,894
  1,994
  2,099
  2,209
  2,323
  2,444
  2,570
  2,702
  2,841
Adjusted assets (=assets-cash), $m
  510
  550
  591
  634
  679
  725
  774
  824
  876
  930
  987
  1,046
  1,107
  1,172
  1,238
  1,308
  1,381
  1,458
  1,537
  1,621
  1,708
  1,799
  1,894
  1,994
  2,099
  2,209
  2,323
  2,444
  2,570
  2,702
  2,841
Revenue / Adjusted assets
  1.382
  1.382
  1.382
  1.383
  1.381
  1.382
  1.381
  1.381
  1.382
  1.383
  1.382
  1.381
  1.382
  1.381
  1.383
  1.382
  1.382
  1.381
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
  1.382
Average production assets, $m
  51
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
Working capital, $m
  1,002
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
Total debt, $m
  1,045
  283
  320
  359
  399
  441
  484
  529
  576
  625
  676
  729
  785
  842
  903
  966
  1,031
  1,100
  1,171
  1,246
  1,325
  1,407
  1,493
  1,583
  1,677
  1,776
  1,879
  1,987
  2,101
  2,220
  2,345
Total liabilities, $m
  1,257
  495
  532
  571
  611
  653
  696
  741
  788
  837
  888
  941
  997
  1,054
  1,115
  1,178
  1,243
  1,312
  1,383
  1,458
  1,537
  1,619
  1,705
  1,795
  1,889
  1,988
  2,091
  2,199
  2,313
  2,432
  2,557
Total equity, $m
  244
  55
  59
  63
  68
  73
  77
  82
  88
  93
  99
  105
  111
  117
  124
  131
  138
  146
  154
  162
  171
  180
  189
  199
  210
  221
  232
  244
  257
  270
  284
Total liabilities and equity, $m
  1,501
  550
  591
  634
  679
  726
  773
  823
  876
  930
  987
  1,046
  1,108
  1,171
  1,239
  1,309
  1,381
  1,458
  1,537
  1,620
  1,708
  1,799
  1,894
  1,994
  2,099
  2,209
  2,323
  2,443
  2,570
  2,702
  2,841
Debt-to-equity ratio
  4.283
  5.140
  5.410
  5.660
  5.880
  6.080
  6.260
  6.430
  6.580
  6.720
  6.850
  6.970
  7.090
  7.190
  7.290
  7.380
  7.470
  7.550
  7.620
  7.690
  7.760
  7.820
  7.880
  7.940
  7.990
  8.040
  8.090
  8.130
  8.180
  8.220
  8.250
Adjusted equity ratio
  -1.465
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  91
  114
  157
  180
  205
  231
  258
  286
  315
  346
  378
  426
  461
  498
  536
  577
  619
  663
  709
  758
  809
  863
  920
  979
  1,041
  1,107
  1,176
  1,248
  1,325
  1,405
  1,489
Depreciation, amort., depletion, $m
  31
  22
  22
  22
  22
  22
  22
  22
  23
  23
  23
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Funds from operations, $m
  166
  135
  179
  202
  227
  253
  280
  308
  338
  369
  401
  429
  464
  501
  540
  580
  622
  667
  713
  762
  814
  868
  925
  984
  1,047
  1,113
  1,182
  1,255
  1,331
  1,412
  1,497
Change in working capital, $m
  5
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Cash from operations, $m
  161
  133
  178
  201
  226
  252
  279
  307
  337
  367
  399
  428
  463
  500
  538
  578
  621
  665
  712
  761
  812
  866
  922
  982
  1,045
  1,110
  1,179
  1,252
  1,329
  1,409
  1,493
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
New CAPEX, $m
  -30
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -526
  -1
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Free cash flow, $m
  -365
  131
  175
  199
  224
  249
  276
  304
  334
  364
  396
  424
  459
  495
  534
  574
  616
  660
  706
  755
  806
  860
  916
  975
  1,037
  1,103
  1,172
  1,244
  1,320
  1,400
  1,484
Issuance/(repayment) of debt, $m
  248
  -762
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
Issuance/(repurchase) of shares, $m
  -69
  442
  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
  -320
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
Total cash flow (excl. dividends), $m
  -149
  -631
  213
  238
  264
  291
  320
  349
  381
  413
  447
  477
  514
  553
  594
  637
  682
  729
  778
  830
  885
  942
  1,002
  1,065
  1,132
  1,202
  1,275
  1,352
  1,433
  1,519
  1,609
Retained Cash Flow (-), $m
  -88
  -802
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
Prev. year cash balance distribution, $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
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
 
  0
  209
  233
  259
  287
  315
  344
  375
  408
  441
  471
  508
  547
  587
  630
  674
  721
  770
  822
  876
  933
  992
  1,055
  1,121
  1,191
  1,263
  1,340
  1,421
  1,506
  1,595
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
 
  0
  191
  203
  214
  222
  229
  233
  235
  234
  231
  224
  217
  208
  197
  185
  171
  157
  142
  127
  111
  96
  82
  69
  57
  46
  37
  29
  22
  16
  12
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

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 24.1
Price to Sales 3.1
Price to Book 9
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 16.7
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 7.8% 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 1.3%.

Life of production assets of 6.9 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 $2.3 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] Blue Harbour Group Has Bought Into WebMD   [Mar-11-17 12:35AM  Barrons.com]
▶ New app claims to accurately diagnose any medical condition   [Mar-09-17 11:20AM  Yahoo Finance]
▶ WebMD's Deal Prognosis: Not Great   [Mar-06-17 02:35PM  Bloomberg]
▶ WebMD Puts Itself Up for Sale   [Feb-16-17 05:30PM  at TheStreet]
▶ WebMD stock halted, company may sell itself   [04:08PM  at MarketWatch]
▶ Ian G. Banwell Joins WebMD's Board of Directors   [Jan-13-17 04:30PM  PR Newswire]
▶ [$$] Fertility Startup Progyny Hires WebMD's Former CEO   [07:30AM  at The Wall Street Journal]
▶ Is WebMD Health Corp. (WBMD) A Good Stock To Buy?   [Dec-01-16 10:48PM  at Insider Monkey]
▶ 5 Small-cap Stocks Billionaires Are Piling Into   [Nov-30-16 02:02PM  at Insider Monkey]
▶ WebMD Health Poised to Execute Tender Offer (WBMD)   [Nov-23-16 09:36AM  at Investopedia]
▶ WebMD May Be a Healthy Long Candidate   [Oct-25-16 08:10AM  at TheStreet]
▶ 5 stocks to watch   [Oct-13-16 02:39PM  at MarketWatch]
▶ CFO Moves: Unified Grocers, WebMD   [Sep-28-16 07:29AM  at The Wall Street Journal]
▶ WebMD to Webcast Annual Meeting of Stockholders   [Sep-22-16 04:02PM  PR Newswire]
▶ [$$] WebMD CEO Departs By Mutual Agreement With Company   [Sep-20-16 12:19AM  at The Wall Street Journal]
▶ [$$] WebMD CEO Departs By "Mutual Agreement"   [09:20AM  at The Wall Street Journal]
Stock chart of WBMD Financial statements of WBMD Annual reports 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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