Intrinsic value of athenahealth - ATHN

Previous Close

$156.76

  Intrinsic Value

$75.44

stock screener

  Rating & Target

str. sell

-52%

Previous close

$156.76

 
Intrinsic value

$75.44

 
Up/down potential

-52%

 
Rating

str. sell

We calculate the intrinsic value of ATHN 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 6.3

 

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, %
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.68
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
Revenue, $m
  1,375
  1,539
  1,712
  1,894
  2,084
  2,283
  2,490
  2,707
  2,932
  3,166
  3,409
  3,662
  3,925
  4,198
  4,482
  4,777
  5,084
  5,403
  5,736
  6,082
  6,443
  6,820
  7,212
  7,622
  8,050
  8,497
  8,964
  9,453
  9,963
  10,498
Variable operating expenses, $m
  927
  1,031
  1,141
  1,257
  1,378
  1,505
  1,637
  1,774
  1,917
  2,066
  2,169
  2,329
  2,497
  2,670
  2,851
  3,039
  3,234
  3,437
  3,649
  3,869
  4,099
  4,338
  4,588
  4,849
  5,121
  5,405
  5,702
  6,013
  6,338
  6,678
Fixed operating expenses, $m
  334
  342
  349
  357
  365
  373
  381
  389
  398
  406
  415
  425
  434
  443
  453
  463
  473
  484
  494
  505
  516
  528
  539
  551
  563
  576
  588
  601
  615
  628
Total operating expenses, $m
  1,261
  1,373
  1,490
  1,614
  1,743
  1,878
  2,018
  2,163
  2,315
  2,472
  2,584
  2,754
  2,931
  3,113
  3,304
  3,502
  3,707
  3,921
  4,143
  4,374
  4,615
  4,866
  5,127
  5,400
  5,684
  5,981
  6,290
  6,614
  6,953
  7,306
Operating income, $m
  114
  166
  222
  280
  341
  406
  473
  543
  617
  693
  825
  908
  994
  1,084
  1,177
  1,275
  1,376
  1,482
  1,593
  1,708
  1,828
  1,954
  2,085
  2,222
  2,366
  2,516
  2,673
  2,838
  3,011
  3,192
EBITDA, $m
  262
  326
  393
  464
  539
  617
  699
  785
  874
  966
  1,063
  1,163
  1,268
  1,377
  1,490
  1,608
  1,731
  1,859
  1,993
  2,132
  2,278
  2,430
  2,588
  2,754
  2,928
  3,109
  3,299
  3,498
  3,706
  3,924
Interest expense (income), $m
  5
  15
  18
  22
  27
  31
  35
  40
  45
  50
  56
  61
  67
  73
  79
  86
  93
  100
  107
  115
  123
  131
  140
  149
  158
  168
  178
  189
  200
  212
  224
Earnings before tax, $m
  99
  148
  199
  253
  311
  370
  433
  498
  566
  637
  764
  841
  921
  1,004
  1,091
  1,182
  1,277
  1,375
  1,478
  1,585
  1,697
  1,814
  1,936
  2,064
  2,198
  2,338
  2,484
  2,638
  2,799
  2,968
Tax expense, $m
  27
  40
  54
  68
  84
  100
  117
  135
  153
  172
  206
  227
  249
  271
  295
  319
  345
  371
  399
  428
  458
  490
  523
  557
  593
  631
  671
  712
  756
  801
Net income, $m
  72
  108
  145
  185
  227
  270
  316
  364
  413
  465
  557
  614
  672
  733
  797
  863
  932
  1,004
  1,079
  1,157
  1,239
  1,324
  1,413
  1,507
  1,604
  1,707
  1,814
  1,926
  2,043
  2,166

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
  1,501
  1,680
  1,869
  2,067
  2,275
  2,492
  2,719
  2,955
  3,201
  3,456
  3,722
  3,998
  4,285
  4,583
  4,892
  5,215
  5,550
  5,899
  6,262
  6,640
  7,034
  7,445
  7,874
  8,321
  8,788
  9,276
  9,786
  10,319
  10,877
  11,460
Adjusted assets (=assets-cash), $m
  1,501
  1,680
  1,869
  2,067
  2,275
  2,492
  2,719
  2,955
  3,201
  3,456
  3,722
  3,998
  4,285
  4,583
  4,892
  5,215
  5,550
  5,899
  6,262
  6,640
  7,034
  7,445
  7,874
  8,321
  8,788
  9,276
  9,786
  10,319
  10,877
  11,460
Revenue / Adjusted assets
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
  0.916
Average production assets, $m
  960
  1,074
  1,195
  1,322
  1,455
  1,593
  1,738
  1,889
  2,046
  2,210
  2,380
  2,556
  2,739
  2,930
  3,128
  3,334
  3,548
  3,771
  4,003
  4,245
  4,497
  4,760
  5,034
  5,320
  5,619
  5,931
  6,257
  6,598
  6,954
  7,327
Working capital, $m
  -12
  -14
  -15
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -69
  -72
  -76
  -81
  -85
  -90
  -94
Total debt, $m
  342
  415
  491
  572
  656
  744
  836
  932
  1,032
  1,136
  1,244
  1,356
  1,472
  1,593
  1,719
  1,850
  1,986
  2,127
  2,275
  2,428
  2,588
  2,755
  2,929
  3,111
  3,301
  3,499
  3,706
  3,922
  4,149
  4,385
Total liabilities, $m
  609
  682
  759
  839
  924
  1,012
  1,104
  1,200
  1,299
  1,403
  1,511
  1,623
  1,740
  1,861
  1,986
  2,117
  2,253
  2,395
  2,542
  2,696
  2,856
  3,023
  3,197
  3,378
  3,568
  3,766
  3,973
  4,190
  4,416
  4,653
Total equity, $m
  892
  998
  1,110
  1,228
  1,351
  1,480
  1,615
  1,755
  1,901
  2,053
  2,211
  2,375
  2,545
  2,722
  2,906
  3,098
  3,297
  3,504
  3,719
  3,944
  4,178
  4,422
  4,677
  4,943
  5,220
  5,510
  5,813
  6,130
  6,461
  6,807
Total liabilities and equity, $m
  1,501
  1,680
  1,869
  2,067
  2,275
  2,492
  2,719
  2,955
  3,200
  3,456
  3,722
  3,998
  4,285
  4,583
  4,892
  5,215
  5,550
  5,899
  6,261
  6,640
  7,034
  7,445
  7,874
  8,321
  8,788
  9,276
  9,786
  10,320
  10,877
  11,460
Debt-to-equity ratio
  0.380
  0.420
  0.440
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
Adjusted equity ratio
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  72
  108
  145
  185
  227
  270
  316
  364
  413
  465
  557
  614
  672
  733
  797
  863
  932
  1,004
  1,079
  1,157
  1,239
  1,324
  1,413
  1,507
  1,604
  1,707
  1,814
  1,926
  2,043
  2,166
Depreciation, amort., depletion, $m
  148
  160
  172
  184
  198
  212
  226
  241
  257
  273
  238
  256
  274
  293
  313
  333
  355
  377
  400
  425
  450
  476
  503
  532
  562
  593
  626
  660
  695
  733
Funds from operations, $m
  221
  268
  317
  369
  424
  482
  542
  605
  670
  739
  795
  869
  946
  1,026
  1,110
  1,196
  1,287
  1,381
  1,479
  1,582
  1,688
  1,800
  1,917
  2,039
  2,166
  2,300
  2,439
  2,585
  2,739
  2,899
Change in working capital, $m
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from operations, $m
  222
  269
  319
  371
  426
  484
  544
  607
  672
  741
  798
  872
  949
  1,029
  1,112
  1,199
  1,289
  1,384
  1,482
  1,585
  1,692
  1,804
  1,920
  2,042
  2,170
  2,304
  2,444
  2,590
  2,743
  2,904
Maintenance CAPEX, $m
  -85
  -96
  -107
  -119
  -132
  -145
  -159
  -174
  -189
  -205
  -221
  -238
  -256
  -274
  -293
  -313
  -333
  -355
  -377
  -400
  -425
  -450
  -476
  -503
  -532
  -562
  -593
  -626
  -660
  -695
New CAPEX, $m
  -108
  -114
  -121
  -127
  -133
  -139
  -145
  -151
  -157
  -163
  -170
  -176
  -183
  -191
  -198
  -206
  -214
  -223
  -232
  -242
  -252
  -263
  -274
  -286
  -299
  -312
  -326
  -341
  -356
  -373
Cash from investing activities, $m
  -193
  -210
  -228
  -246
  -265
  -284
  -304
  -325
  -346
  -368
  -391
  -414
  -439
  -465
  -491
  -519
  -547
  -578
  -609
  -642
  -677
  -713
  -750
  -789
  -831
  -874
  -919
  -967
  -1,016
  -1,068
Free cash flow, $m
  29
  59
  91
  125
  161
  199
  240
  282
  326
  373
  407
  457
  510
  564
  621
  680
  742
  806
  873
  942
  1,015
  1,091
  1,170
  1,253
  1,339
  1,430
  1,524
  1,623
  1,727
  1,835
Issuance/(repayment) of debt, $m
  69
  73
  77
  81
  84
  88
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  147
  154
  160
  167
  174
  182
  190
  198
  207
  216
  226
  237
Issuance/(repurchase) of shares, $m
  27
  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  
  96
  73
  77
  81
  84
  88
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  147
  154
  160
  167
  174
  182
  190
  198
  207
  216
  226
  237
Total cash flow (excl. dividends), $m
  126
  131
  167
  205
  245
  288
  332
  378
  426
  476
  515
  569
  626
  685
  747
  811
  878
  948
  1,020
  1,096
  1,175
  1,258
  1,344
  1,435
  1,529
  1,628
  1,731
  1,840
  1,953
  2,072
Retained Cash Flow (-), $m
  -100
  -106
  -112
  -118
  -123
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -234
  -244
  -255
  -266
  -277
  -290
  -303
  -317
  -331
  -346
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
  54
  60
  68
  75
  83
  92
  100
  110
  119
  129
  139
  150
  161
  173
  185
  197
  210
  224
  238
  252
  268
  283
  300
  317
  335
  354
  374
  394
  416
  438
Cash available for distribution, $m
  26
  25
  55
  88
  122
  159
  197
  238
  280
  325
  357
  405
  456
  508
  563
  620
  679
  740
  805
  871
  941
  1,014
  1,090
  1,169
  1,252
  1,338
  1,428
  1,523
  1,622
  1,726
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
  25
  23
  48
  72
  95
  115
  133
  149
  161
  170
  169
  173
  173
  171
  165
  157
  148
  136
  124
  111
  97
  84
  71
  60
  49
  39
  31
  24
  18
  13
Current shareholders' claim on cash, %
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6

athenahealth, Inc. provides network-based medical record, revenue cycle, patient engagement, care coordination and population health services. The Company also offers Epocrates and other point-of-care mobile applications. The Company delivers majority of its service offerings through a single instance of cloud-based software, athenaNet. The Company has a range of network-enabled services to support healthcare providers across the continuum of care. The Company offers various combinations of its services to its clients, including athenaOne and athenaOne for Hospitals and Health Systems, depending on whether they are medical groups and practices or hospitals and larger health systems. As of December 31, 2016, the Company connected care across a national network of approximately 88,000 providers and approximately 86 million patients. Its suite of network-enabled services includes athenaCollector, athenaClinicals, athenaCommunicator, athenaCoordinator, Population Health and Epocrates.

FINANCIAL RATIOS  of  athenahealth (ATHN)

Valuation Ratios
P/E Ratio 294.9
Price to Sales 5.7
Price to Book 9.8
Price to Tangible Book
Price to Cash Flow 33.8
Price to Free Cash Flow 258
Growth Rates
Sales Growth Rate 17.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.1%
Cap. Spend. - 3 Yr. Gr. Rate 18.9%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 43.1%
Total Debt to Equity 46%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 1.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 50.7%
Gross Margin - 3 Yr. Avg. 50.6%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 14.6%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 17.1%
Payout Ratio 0%

ATHN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATHN stock intrinsic value calculation we used $1220 million for the last fiscal year's total revenue generated by athenahealth. The default revenue input number comes from 2017 income statement of athenahealth. 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 ATHN stock valuation model: a) initial revenue growth rate of 12.7% 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 ATHN is calculated based on our internal credit rating of athenahealth, 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 athenahealth.
    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 ATHN stock the variable cost ratio is equal to 67.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $327 million in the base year in the intrinsic value calculation for ATHN 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 athenahealth.

Corporate tax rate of 27% is the nominal tax rate for athenahealth. 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 ATHN stock is equal to 4.4%.

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 ATHN are equal to 69.8%.

Life of production assets of 10 years is the average useful life of capital assets used in athenahealth 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 ATHN is equal to -0.9%. 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 - $792 million for athenahealth - 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 40 million for athenahealth 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 athenahealth at the current share price and the inputted number of shares is $6.3 billion.

RELATED COMPANIES Price Int.Val. Rating
QSII Quality System 20.16 2.94  str.sell
CERN Cerner 60.45 28.89  sell
MDRX Allscripts Hea 11.65 13.26  hold
UNH UnitedHealth G 252.70 401.67  str.buy
MCK McKesson 132.90 355.02  str.buy
CPSI Computer Progr 34.05 13.75  str.sell
NH NantHealth 3.07 0.02  str.sell
MTBC Medical Transc 4.80 39.14  str.buy

COMPANY NEWS

▶ And so This Is How It All Ends for General Electric Stock   [Jun-28-18 10:34AM  InvestorPlace]
▶ Why Fundamental Investors Love athenahealth Inc (NASDAQ:ATHN)   [Jun-18-18 12:21PM  Simply Wall St.]
▶ Elliot Management's activism style   [04:47PM  CNBC Videos]
▶ Athenahealth primed for sale after CEO steps down, analyst says   [11:01AM  American City Business Journals]
▶ Athenahealth CEO Jonathan Bush steps down, company mulls sale   [09:27AM  American City Business Journals]
▶ [$$] Jonathan Bush steps down as head of Athenahealth   [Jun-05-18 09:50PM  Financial Times]
▶ Sexual harassment case revealed against Athenahealth CEO   [May-31-18 11:32PM  MarketWatch]
▶ athenahealth Issues Statement   [01:10PM  PR Newswire]
▶ Austin 'key' to Athenahealth's growth as tech company hires   [May-21-18 03:48PM  American City Business Journals]
▶ Fidelity cut athenahealth stake in half before Elliott takeover bid   [May-14-18 09:01PM  American City Business Journals]
▶ Who Else Could Buy athenahealth?   [May-09-18 08:00PM  Motley Fool]
▶ [$$] Elliott Looks to Take Athenahealth Private   [12:11AM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:01PM  Motley Fool]
▶ [$$] Elliott Looks to Take Athenahealth Private   [04:45PM  The Wall Street Journal]
▶ Here's what led up to Elliott's takeover bid for athenahealth   [04:17PM  American City Business Journals]
▶ Elliott Management makes $6.4B bid to acquire Watertown's athenahealth   [10:16AM  American City Business Journals]
▶ [$$] Elliott makes $7bn takeover offer for Athenahealth   [May-06-18 10:44PM  Financial Times]
▶ athenahealth Reports First Quarter Fiscal Year 2018 Results   [Apr-26-18 04:01PM  GlobeNewswire]
▶ April Growth Stocks To Look Out For   [Apr-13-18 12:02PM  Simply Wall St.]
▶ Edited Transcript of ATHN presentation 8-Mar-17 2:15pm GMT   [Apr-10-18 01:34PM  Thomson Reuters StreetEvents]
▶ Better Buy: Veeva Systems Inc vs. athenahealth, Inc   [Mar-23-18 04:05PM  Motley Fool]
▶ [$$] Former GE CEO Jeff Immelt Named Chairman of Athenahealth   [Feb-07-18 05:53PM  The Wall Street Journal]
▶ Athenahealth taps former GE CEO Jeff Immelt as chairman   [05:50PM  American City Business Journals]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.