Intrinsic value of Acadia Healthcare - ACHC

Previous Close

$31.41

  Intrinsic Value

$35.15

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  Rating & Target

hold

+12%

Previous close

$31.41

 
Intrinsic value

$35.15

 
Up/down potential

+12%

 
Rating

hold

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

We calculate the intrinsic value of ACHC 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 2.8

 

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, %
  56.69
  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
  2,811
  2,867
  2,933
  3,009
  3,093
  3,187
  3,290
  3,402
  3,523
  3,654
  3,794
  3,944
  4,104
  4,275
  4,456
  4,648
  4,852
  5,067
  5,295
  5,536
  5,791
  6,059
  6,342
  6,640
  6,955
  7,286
  7,634
  8,001
  8,387
  8,794
  9,221
Variable operating expenses, $m
 
  2,426
  2,476
  2,532
  2,596
  2,667
  2,744
  2,828
  2,920
  3,018
  3,124
  2,968
  3,089
  3,217
  3,353
  3,498
  3,651
  3,814
  3,985
  4,167
  4,358
  4,560
  4,773
  4,998
  5,234
  5,483
  5,746
  6,022
  6,313
  6,618
  6,940
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
  2,418
  2,426
  2,476
  2,532
  2,596
  2,667
  2,744
  2,828
  2,920
  3,018
  3,124
  2,968
  3,089
  3,217
  3,353
  3,498
  3,651
  3,814
  3,985
  4,167
  4,358
  4,560
  4,773
  4,998
  5,234
  5,483
  5,746
  6,022
  6,313
  6,618
  6,940
Operating income, $m
  393
  441
  457
  476
  497
  520
  546
  573
  603
  636
  670
  976
  1,015
  1,057
  1,102
  1,150
  1,200
  1,254
  1,310
  1,370
  1,432
  1,499
  1,569
  1,643
  1,720
  1,802
  1,889
  1,979
  2,075
  2,175
  2,281
EBITDA, $m
  528
  787
  805
  825
  849
  874
  903
  933
  967
  1,003
  1,041
  1,082
  1,126
  1,173
  1,223
  1,275
  1,331
  1,390
  1,453
  1,519
  1,589
  1,662
  1,740
  1,822
  1,908
  1,999
  2,095
  2,195
  2,301
  2,413
  2,530
Interest expense (income), $m
  161
  189
  193
  198
  204
  211
  218
  226
  235
  245
  255
  266
  278
  290
  304
  318
  333
  349
  366
  384
  403
  423
  445
  467
  490
  515
  541
  569
  598
  628
  660
Earnings before tax, $m
  33
  253
  265
  278
  293
  309
  328
  347
  368
  391
  415
  710
  737
  767
  798
  832
  867
  904
  944
  985
  1,029
  1,075
  1,124
  1,176
  1,230
  1,287
  1,347
  1,411
  1,477
  1,547
  1,621
Tax expense, $m
  29
  68
  71
  75
  79
  84
  88
  94
  99
  106
  112
  192
  199
  207
  216
  225
  234
  244
  255
  266
  278
  290
  304
  317
  332
  348
  364
  381
  399
  418
  438
Net income, $m
  6
  184
  193
  203
  214
  226
  239
  253
  269
  286
  303
  518
  538
  560
  583
  607
  633
  660
  689
  719
  751
  785
  821
  858
  898
  940
  984
  1,030
  1,078
  1,130
  1,183

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  57
  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
  6,025
  6,088
  6,228
  6,388
  6,567
  6,766
  6,985
  7,223
  7,480
  7,758
  8,055
  8,374
  8,714
  9,076
  9,460
  9,868
  10,301
  10,758
  11,243
  11,754
  12,294
  12,864
  13,465
  14,098
  14,766
  15,469
  16,209
  16,988
  17,808
  18,670
  19,577
Adjusted assets (=assets-cash), $m
  5,968
  6,088
  6,228
  6,388
  6,567
  6,766
  6,985
  7,223
  7,480
  7,758
  8,055
  8,374
  8,714
  9,076
  9,460
  9,868
  10,301
  10,758
  11,243
  11,754
  12,294
  12,864
  13,465
  14,098
  14,766
  15,469
  16,209
  16,988
  17,808
  18,670
  19,577
Revenue / Adjusted assets
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
Average production assets, $m
  2,278
  2,322
  2,376
  2,437
  2,505
  2,581
  2,665
  2,756
  2,854
  2,960
  3,073
  3,195
  3,324
  3,462
  3,609
  3,765
  3,930
  4,104
  4,289
  4,484
  4,690
  4,908
  5,137
  5,379
  5,633
  5,901
  6,184
  6,481
  6,794
  7,123
  7,469
Working capital, $m
  85
  63
  65
  66
  68
  70
  72
  75
  78
  80
  83
  87
  90
  94
  98
  102
  107
  111
  116
  122
  127
  133
  140
  146
  153
  160
  168
  176
  185
  193
  203
Total debt, $m
  3,288
  3,327
  3,417
  3,519
  3,634
  3,761
  3,901
  4,054
  4,218
  4,396
  4,586
  4,790
  5,008
  5,239
  5,485
  5,747
  6,023
  6,316
  6,626
  6,954
  7,299
  7,664
  8,049
  8,454
  8,881
  9,331
  9,805
  10,303
  10,828
  11,380
  11,960
Total liabilities, $m
  3,857
  3,896
  3,986
  4,088
  4,203
  4,330
  4,470
  4,623
  4,787
  4,965
  5,155
  5,359
  5,577
  5,808
  6,054
  6,316
  6,592
  6,885
  7,195
  7,523
  7,868
  8,233
  8,618
  9,023
  9,450
  9,900
  10,374
  10,872
  11,397
  11,949
  12,529
Total equity, $m
  2,168
  2,192
  2,242
  2,300
  2,364
  2,436
  2,515
  2,600
  2,693
  2,793
  2,900
  3,015
  3,137
  3,267
  3,406
  3,553
  3,708
  3,873
  4,047
  4,231
  4,426
  4,631
  4,847
  5,075
  5,316
  5,569
  5,835
  6,116
  6,411
  6,721
  7,048
Total liabilities and equity, $m
  6,025
  6,088
  6,228
  6,388
  6,567
  6,766
  6,985
  7,223
  7,480
  7,758
  8,055
  8,374
  8,714
  9,075
  9,460
  9,869
  10,300
  10,758
  11,242
  11,754
  12,294
  12,864
  13,465
  14,098
  14,766
  15,469
  16,209
  16,988
  17,808
  18,670
  19,577
Debt-to-equity ratio
  1.517
  1.520
  1.520
  1.530
  1.540
  1.540
  1.550
  1.560
  1.570
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.620
  1.630
  1.640
  1.640
  1.650
  1.650
  1.660
  1.670
  1.670
  1.680
  1.680
  1.680
  1.690
  1.690
  1.700
Adjusted equity ratio
  0.354
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  184
  193
  203
  214
  226
  239
  253
  269
  286
  303
  518
  538
  560
  583
  607
  633
  660
  689
  719
  751
  785
  821
  858
  898
  940
  984
  1,030
  1,078
  1,130
  1,183
Depreciation, amort., depletion, $m
  135
  346
  347
  349
  352
  354
  357
  360
  363
  367
  371
  106
  111
  115
  120
  125
  131
  137
  143
  149
  156
  164
  171
  179
  188
  197
  206
  216
  226
  237
  249
Funds from operations, $m
  339
  530
  540
  552
  565
  580
  596
  613
  632
  652
  674
  625
  649
  675
  703
  733
  764
  797
  832
  869
  908
  949
  992
  1,038
  1,086
  1,136
  1,190
  1,246
  1,305
  1,367
  1,432
Change in working capital, $m
  -22
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Cash from operations, $m
  361
  529
  539
  551
  564
  578
  594
  611
  629
  649
  671
  621
  646
  672
  699
  728
  759
  792
  827
  863
  902
  943
  986
  1,031
  1,079
  1,129
  1,182
  1,238
  1,296
  1,358
  1,423
Maintenance CAPEX, $m
  0
  -76
  -77
  -79
  -81
  -84
  -86
  -89
  -92
  -95
  -99
  -102
  -106
  -111
  -115
  -120
  -125
  -131
  -137
  -143
  -149
  -156
  -164
  -171
  -179
  -188
  -197
  -206
  -216
  -226
  -237
New CAPEX, $m
  -348
  -44
  -53
  -61
  -69
  -76
  -83
  -91
  -98
  -106
  -114
  -122
  -130
  -138
  -147
  -156
  -165
  -175
  -185
  -195
  -206
  -217
  -229
  -242
  -255
  -268
  -282
  -297
  -313
  -329
  -346
Cash from investing activities, $m
  -660
  -120
  -130
  -140
  -150
  -160
  -169
  -180
  -190
  -201
  -213
  -224
  -236
  -249
  -262
  -276
  -290
  -306
  -322
  -338
  -355
  -373
  -393
  -413
  -434
  -456
  -479
  -503
  -529
  -555
  -583
Free cash flow, $m
  -299
  408
  408
  410
  414
  419
  424
  431
  439
  448
  459
  397
  409
  423
  437
  452
  469
  486
  505
  525
  546
  569
  593
  618
  645
  673
  703
  734
  768
  803
  839
Issuance/(repayment) of debt, $m
  -277
  74
  90
  102
  115
  127
  140
  152
  165
  178
  191
  204
  218
  232
  246
  261
  277
  293
  310
  327
  346
  365
  385
  405
  427
  450
  474
  499
  525
  552
  581
Issuance/(repurchase) of shares, $m
  676
  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  
  359
  74
  90
  102
  115
  127
  140
  152
  165
  178
  191
  204
  218
  232
  246
  261
  277
  293
  310
  327
  346
  365
  385
  405
  427
  450
  474
  499
  525
  552
  581
Total cash flow (excl. dividends), $m
  46
  482
  498
  513
  529
  546
  564
  584
  604
  626
  649
  601
  627
  654
  683
  714
  746
  779
  815
  853
  892
  934
  978
  1,024
  1,072
  1,123
  1,177
  1,233
  1,292
  1,354
  1,420
Retained Cash Flow (-), $m
  -485
  -46
  -50
  -58
  -65
  -72
  -79
  -86
  -93
  -100
  -107
  -115
  -122
  -130
  -138
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -295
  -310
  -327
Prev. year cash balance distribution, $m
 
  22
  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
 
  459
  447
  455
  464
  474
  486
  498
  511
  526
  542
  486
  505
  524
  545
  567
  590
  615
  641
  668
  698
  729
  761
  796
  832
  870
  910
  953
  997
  1,044
  1,093
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  419
  369
  337
  305
  273
  243
  213
  186
  159
  135
  98
  81
  66
  53
  42
  32
  24
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
  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

Acadia Healthcare Company, Inc. is a provider of behavioral healthcare services, with operations in the United States and the United Kingdom. The Company focuses on acquiring and developing behavioral healthcare facilities. The Company operates through two segments: U.S. Facilities and U.K. Facilities. The Company is engaged in operating acute inpatient psychiatric facilities, specialty treatment facilities, residential treatment centers and facilities providing outpatient behavioral healthcare services. As of December 31, 2016, the U.S. Facilities segment included 208 behavioral healthcare facilities with approximately 8,500 beds in 39 states and Puerto Rico, and the U.K. Facilities segment included 365 behavioral healthcare facilities with approximately 8,600 beds in the United Kingdom. As of December 31, 2016, the Company had operated 573 behavioral healthcare facilities with approximately 17,100 beds in 39 states, the United Kingdom and Puerto Rico.

FINANCIAL RATIOS  of  Acadia Healthcare (ACHC)

Valuation Ratios
P/E Ratio 453.8
Price to Sales 1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 209.5
Growth Rates
Sales Growth Rate 56.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.9%
Cap. Spend. - 3 Yr. Gr. Rate 35.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 150%
Total Debt to Equity 151.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 0.3%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 11.7%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 15%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 87.9%
Eff/ Tax Rate - 3 Yr. Avg. 51.6%
Payout Ratio 0%

ACHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACHC stock intrinsic value calculation we used $2811 million for the last fiscal year's total revenue generated by Acadia Healthcare. The default revenue input number comes from 2016 income statement of Acadia Healthcare. 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 ACHC 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 9.6%, whose default value for ACHC is calculated based on our internal credit rating of Acadia Healthcare, 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 Acadia Healthcare.
    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 ACHC stock the variable cost ratio is equal to 84.8%.

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 ACHC 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 5.8% for Acadia Healthcare.

Corporate tax rate of 27% is the nominal tax rate for Acadia Healthcare. 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 ACHC 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 ACHC are equal to 81%.

Life of production assets of 34.7 years is the average useful life of capital assets used in Acadia Healthcare 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 ACHC is equal to 2.2%. 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 - $2168 million for Acadia Healthcare - 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 87.964 million for Acadia Healthcare 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 Acadia Healthcare at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Acadia Heathcare shares plunge on earnings, revenue miss   [Oct-24-17 04:35PM  MarketWatch]
▶ Acadia Healthcare misses Street 3Q forecasts   [04:21PM  Associated Press]
▶ Do We Need To Worry About Healthcare Reform Yet Again?   [Sep-20-17 10:18AM  Barrons.com]
▶ Acadia Healthcare beats 2Q profit forecasts   [Jul-27-17 09:54PM  Associated Press]
▶ Mount Carmel picks for-profit joint venture partner to build $26M psychiatric hospital   [Jul-24-17 04:57PM  American City Business Journals]
▶ State approves for-profit firms new hospital in partnership with University of Miami   [Jun-05-17 03:15PM  American City Business Journals]
▶ Acadia Healthcare to Present at Three Upcoming Conferences   [Apr-27-17 11:00AM  Business Wire]
▶ Acadia Healthcare meets 1Q profit forecasts   [Apr-25-17 04:49PM  Associated Press]
▶ Acadia Healthcare Set to Join the S&P MidCap 400   [Apr-03-17 06:07PM  PR Newswire]
▶ New Strong Sell Stocks for March 1st   [Mar-01-17 09:34AM  Zacks]
Financial statements of ACHC
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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