Intrinsic value of Acadia Healthcare - ACHC

Previous Close

$42.25

  Intrinsic Value

$33.06

stock screener

  Rating & Target

sell

-22%

Previous close

$42.25

 
Intrinsic value

$33.06

 
Up/down potential

-22%

 
Rating

sell

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 2017), $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 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  2,893
  2,959
  3,035
  3,121
  3,215
  3,319
  3,432
  3,555
  3,686
  3,828
  3,979
  4,141
  4,313
  4,495
  4,689
  4,895
  5,112
  5,342
  5,585
  5,842
  6,113
  6,398
  6,699
  7,017
  7,351
  7,702
  8,072
  8,462
  8,872
  9,303
Variable operating expenses, $m
  978
  994
  1,012
  1,033
  1,055
  1,080
  1,107
  1,137
  1,168
  1,202
  955
  993
  1,035
  1,078
  1,125
  1,174
  1,226
  1,282
  1,340
  1,401
  1,466
  1,535
  1,607
  1,683
  1,763
  1,848
  1,937
  2,030
  2,128
  2,232
Fixed operating expenses, $m
  1,523
  1,556
  1,591
  1,626
  1,661
  1,698
  1,735
  1,773
  1,812
  1,852
  1,893
  1,935
  1,977
  2,021
  2,065
  2,111
  2,157
  2,204
  2,253
  2,303
  2,353
  2,405
  2,458
  2,512
  2,567
  2,624
  2,681
  2,740
  2,801
  2,862
Total operating expenses, $m
  2,501
  2,550
  2,603
  2,659
  2,716
  2,778
  2,842
  2,910
  2,980
  3,054
  2,848
  2,928
  3,012
  3,099
  3,190
  3,285
  3,383
  3,486
  3,593
  3,704
  3,819
  3,940
  4,065
  4,195
  4,330
  4,472
  4,618
  4,770
  4,929
  5,094
Operating income, $m
  392
  409
  433
  463
  499
  541
  590
  645
  706
  773
  1,132
  1,213
  1,301
  1,396
  1,499
  1,610
  1,729
  1,856
  1,993
  2,138
  2,293
  2,458
  2,634
  2,821
  3,020
  3,231
  3,455
  3,692
  3,943
  4,209
EBITDA, $m
  1,255
  1,286
  1,324
  1,371
  1,426
  1,490
  1,561
  1,640
  1,728
  1,824
  1,928
  2,042
  2,164
  2,296
  2,438
  2,590
  2,752
  2,926
  3,111
  3,308
  3,517
  3,739
  3,976
  4,226
  4,492
  4,773
  5,071
  5,386
  5,719
  6,071
Interest expense (income), $m
  161
  175
  179
  184
  190
  196
  203
  211
  219
  228
  238
  248
  259
  271
  284
  297
  311
  327
  343
  359
  377
  396
  416
  437
  459
  482
  507
  533
  560
  589
  619
Earnings before tax, $m
  217
  230
  248
  273
  303
  338
  379
  425
  478
  536
  883
  953
  1,030
  1,112
  1,202
  1,298
  1,402
  1,514
  1,633
  1,761
  1,897
  2,042
  2,197
  2,362
  2,538
  2,724
  2,922
  3,132
  3,354
  3,590
Tax expense, $m
  59
  62
  67
  74
  82
  91
  102
  115
  129
  145
  239
  257
  278
  300
  325
  351
  379
  409
  441
  475
  512
  551
  593
  638
  685
  735
  789
  846
  906
  969
Net income, $m
  159
  168
  181
  199
  221
  247
  277
  311
  349
  391
  645
  696
  752
  812
  877
  948
  1,024
  1,105
  1,192
  1,285
  1,385
  1,491
  1,604
  1,724
  1,852
  1,988
  2,133
  2,286
  2,449
  2,621

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,559
  6,710
  6,883
  7,076
  7,291
  7,526
  7,783
  8,060
  8,359
  8,680
  9,023
  9,389
  9,779
  10,194
  10,633
  11,099
  11,592
  12,114
  12,665
  13,247
  13,861
  14,509
  15,191
  15,911
  16,668
  17,465
  18,305
  19,188
  20,118
  21,095
Adjusted assets (=assets-cash), $m
  6,559
  6,710
  6,883
  7,076
  7,291
  7,526
  7,783
  8,060
  8,359
  8,680
  9,023
  9,389
  9,779
  10,194
  10,633
  11,099
  11,592
  12,114
  12,665
  13,247
  13,861
  14,509
  15,191
  15,911
  16,668
  17,465
  18,305
  19,188
  20,118
  21,095
Revenue / Adjusted assets
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
  0.441
Average production assets, $m
  5,791
  5,924
  6,077
  6,248
  6,437
  6,645
  6,871
  7,116
  7,380
  7,663
  7,966
  8,290
  8,634
  9,000
  9,388
  9,799
  10,235
  10,695
  11,182
  11,696
  12,238
  12,810
  13,412
  14,047
  14,716
  15,420
  16,161
  16,941
  17,761
  18,624
Working capital, $m
  -104
  -107
  -109
  -112
  -116
  -119
  -124
  -128
  -133
  -138
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -192
  -201
  -210
  -220
  -230
  -241
  -253
  -265
  -277
  -291
  -305
  -319
  -335
Total debt, $m
  3,324
  3,415
  3,518
  3,634
  3,763
  3,904
  4,058
  4,224
  4,404
  4,596
  4,802
  5,022
  5,256
  5,504
  5,768
  6,048
  6,344
  6,657
  6,988
  7,337
  7,705
  8,094
  8,503
  8,935
  9,389
  9,868
  10,371
  10,901
  11,459
  12,045
Total liabilities, $m
  3,936
  4,026
  4,130
  4,246
  4,375
  4,516
  4,670
  4,836
  5,015
  5,208
  5,414
  5,634
  5,867
  6,116
  6,380
  6,660
  6,955
  7,268
  7,599
  7,948
  8,317
  8,705
  9,115
  9,546
  10,001
  10,479
  10,983
  11,513
  12,071
  12,657
Total equity, $m
  2,624
  2,684
  2,753
  2,831
  2,916
  3,011
  3,113
  3,224
  3,344
  3,472
  3,609
  3,756
  3,912
  4,077
  4,253
  4,440
  4,637
  4,846
  5,066
  5,299
  5,544
  5,804
  6,077
  6,364
  6,667
  6,986
  7,322
  7,675
  8,047
  8,438
Total liabilities and equity, $m
  6,560
  6,710
  6,883
  7,077
  7,291
  7,527
  7,783
  8,060
  8,359
  8,680
  9,023
  9,390
  9,779
  10,193
  10,633
  11,100
  11,592
  12,114
  12,665
  13,247
  13,861
  14,509
  15,192
  15,910
  16,668
  17,465
  18,305
  19,188
  20,118
  21,095
Debt-to-equity ratio
  1.270
  1.270
  1.280
  1.280
  1.290
  1.300
  1.300
  1.310
  1.320
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.390
  1.390
  1.400
  1.400
  1.410
  1.410
  1.420
  1.420
  1.420
  1.430
Adjusted equity ratio
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400
  0.400

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  159
  168
  181
  199
  221
  247
  277
  311
  349
  391
  645
  696
  752
  812
  877
  948
  1,024
  1,105
  1,192
  1,285
  1,385
  1,491
  1,604
  1,724
  1,852
  1,988
  2,133
  2,286
  2,449
  2,621
Depreciation, amort., depletion, $m
  863
  876
  892
  909
  928
  948
  971
  996
  1,022
  1,050
  797
  829
  863
  900
  939
  980
  1,023
  1,070
  1,118
  1,170
  1,224
  1,281
  1,341
  1,405
  1,472
  1,542
  1,616
  1,694
  1,776
  1,862
Funds from operations, $m
  1,022
  1,044
  1,073
  1,108
  1,148
  1,195
  1,248
  1,306
  1,371
  1,441
  1,442
  1,525
  1,615
  1,712
  1,816
  1,928
  2,047
  2,175
  2,310
  2,455
  2,609
  2,772
  2,945
  3,129
  3,324
  3,530
  3,749
  3,980
  4,225
  4,483
Change in working capital, $m
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
Cash from operations, $m
  1,024
  1,046
  1,076
  1,111
  1,152
  1,199
  1,252
  1,310
  1,375
  1,446
  1,447
  1,531
  1,621
  1,719
  1,823
  1,935
  2,055
  2,183
  2,319
  2,464
  2,618
  2,782
  2,956
  3,141
  3,336
  3,543
  3,762
  3,994
  4,239
  4,499
Maintenance CAPEX, $m
  -568
  -579
  -592
  -608
  -625
  -644
  -664
  -687
  -712
  -738
  -766
  -797
  -829
  -863
  -900
  -939
  -980
  -1,023
  -1,070
  -1,118
  -1,170
  -1,224
  -1,281
  -1,341
  -1,405
  -1,472
  -1,542
  -1,616
  -1,694
  -1,776
New CAPEX, $m
  -114
  -133
  -152
  -171
  -189
  -208
  -226
  -245
  -264
  -283
  -303
  -323
  -344
  -366
  -388
  -411
  -435
  -461
  -487
  -514
  -542
  -572
  -603
  -635
  -669
  -704
  -741
  -780
  -820
  -863
Cash from investing activities, $m
  -682
  -712
  -744
  -779
  -814
  -852
  -890
  -932
  -976
  -1,021
  -1,069
  -1,120
  -1,173
  -1,229
  -1,288
  -1,350
  -1,415
  -1,484
  -1,557
  -1,632
  -1,712
  -1,796
  -1,884
  -1,976
  -2,074
  -2,176
  -2,283
  -2,396
  -2,514
  -2,639
Free cash flow, $m
  342
  334
  331
  332
  338
  347
  361
  378
  400
  425
  378
  411
  448
  489
  535
  585
  640
  699
  763
  832
  907
  987
  1,073
  1,164
  1,263
  1,367
  1,479
  1,598
  1,725
  1,860
Issuance/(repayment) of debt, $m
  84
  91
  103
  116
  129
  141
  154
  166
  179
  192
  206
  220
  234
  249
  264
  280
  296
  313
  331
  349
  368
  389
  410
  432
  454
  479
  504
  530
  558
  586
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  84
  91
  103
  116
  129
  141
  154
  166
  179
  192
  206
  220
  234
  249
  264
  280
  296
  313
  331
  349
  368
  389
  410
  432
  454
  479
  504
  530
  558
  586
Total cash flow (excl. dividends), $m
  426
  425
  434
  448
  466
  489
  515
  545
  579
  618
  584
  631
  682
  738
  799
  865
  936
  1,012
  1,094
  1,181
  1,275
  1,375
  1,482
  1,596
  1,717
  1,846
  1,983
  2,128
  2,282
  2,446
Retained Cash Flow (-), $m
  -51
  -60
  -69
  -77
  -86
  -94
  -103
  -111
  -120
  -128
  -137
  -146
  -156
  -166
  -176
  -186
  -197
  -209
  -220
  -233
  -246
  -259
  -273
  -288
  -303
  -319
  -336
  -353
  -372
  -391
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
  23
  23
  24
  24
  25
  26
  27
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
Cash available for distribution, $m
  375
  364
  365
  371
  381
  394
  412
  434
  460
  489
  446
  484
  526
  572
  623
  678
  738
  803
  873
  949
  1,029
  1,116
  1,209
  1,308
  1,414
  1,527
  1,647
  1,775
  1,911
  2,055
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  345
  306
  278
  253
  230
  210
  190
  172
  155
  138
  104
  92
  80
  68
  57
  47
  38
  30
  24
  18
  13
  9
  7
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  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 610.4
Price to Sales 1.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 281.7
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 7.6%
Oper. Margin - 3 Yr. Avg. 12.9%
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 $2836 million for the last fiscal year's total revenue generated by Acadia Healthcare. The default revenue input number comes from 2017 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 8.7%, 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 34%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1490 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 5.4% 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 0.8%.

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 200.2%.

Life of production assets of 10 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 -3.6%. 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 - $2573 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 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 $3.7 billion.

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COMPANY NEWS

▶ 3 Top Healthcare Stocks to Buy in June   [Jun-15-18 10:21AM  Motley Fool]
▶ Addiction treatment company previously based in Mass. raises $25M   [May-30-18 03:46PM  American City Business Journals]
▶ Why health care will cost you more next year   [May-22-18 01:22PM  Yahoo Finance Video]
▶ Acadia Healthcare: 1Q Earnings Snapshot   [May-01-18 05:11PM  Associated Press]
▶ Edited Transcript of ACHC presentation 7-Mar-17 6:40pm GMT   [Apr-10-18 11:04AM  Thomson Reuters StreetEvents]
▶ Acadia Healthcare tops Street 4Q forecasts   [Feb-21-18 05:17PM  Associated Press]
▶ Joey Jacobs says Acadia saw the opioid crisis coming and has the deals to prove it   [Feb-08-18 09:05AM  American City Business Journals]
▶ Alan Fournier: Building on the Lessons of David Tepper   [Jan-29-18 03:22PM  GuruFocus.com]
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