Intrinsic value of Bright Horizons Family Solutions - BFAM

Previous Close

$108.57

  Intrinsic Value

$38.75

stock screener

  Rating & Target

str. sell

-64%

Previous close

$108.57

 
Intrinsic value

$38.75

 
Up/down potential

-64%

 
Rating

str. sell

We calculate the intrinsic value of BFAM 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 6.4

 

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, %
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  1,931
  2,130
  2,338
  2,556
  2,782
  3,018
  3,264
  3,519
  3,785
  4,060
  4,347
  4,645
  4,954
  5,276
  5,611
  5,960
  6,323
  6,702
  7,096
  7,507
  7,937
  8,385
  8,853
  9,341
  9,852
  10,387
  10,946
  11,531
  12,143
  12,784
Variable operating expenses, $m
  1,669
  1,825
  1,987
  2,156
  2,333
  2,517
  2,708
  2,907
  3,113
  3,328
  3,386
  3,618
  3,859
  4,110
  4,371
  4,642
  4,925
  5,220
  5,527
  5,848
  6,182
  6,531
  6,896
  7,276
  7,674
  8,091
  8,526
  8,982
  9,458
  9,958
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
  1,669
  1,825
  1,987
  2,156
  2,333
  2,517
  2,708
  2,907
  3,113
  3,328
  3,386
  3,618
  3,859
  4,110
  4,371
  4,642
  4,925
  5,220
  5,527
  5,848
  6,182
  6,531
  6,896
  7,276
  7,674
  8,091
  8,526
  8,982
  9,458
  9,958
Operating income, $m
  261
  305
  351
  399
  450
  502
  556
  612
  671
  732
  961
  1,027
  1,095
  1,166
  1,240
  1,318
  1,398
  1,481
  1,569
  1,660
  1,754
  1,854
  1,957
  2,065
  2,178
  2,296
  2,420
  2,549
  2,684
  2,826
EBITDA, $m
  671
  740
  812
  888
  967
  1,049
  1,134
  1,223
  1,315
  1,411
  1,510
  1,614
  1,721
  1,833
  1,950
  2,071
  2,197
  2,329
  2,466
  2,608
  2,758
  2,913
  3,076
  3,246
  3,423
  3,609
  3,803
  4,006
  4,219
  4,442
Interest expense (income), $m
  37
  64
  74
  85
  96
  108
  120
  132
  145
  159
  173
  188
  203
  219
  236
  253
  271
  289
  309
  329
  350
  372
  395
  419
  444
  470
  497
  526
  555
  587
  619
Earnings before tax, $m
  197
  231
  267
  304
  342
  382
  424
  467
  512
  559
  773
  824
  876
  931
  988
  1,047
  1,109
  1,173
  1,240
  1,310
  1,383
  1,459
  1,538
  1,621
  1,708
  1,799
  1,894
  1,994
  2,098
  2,207
Tax expense, $m
  53
  62
  72
  82
  92
  103
  114
  126
  138
  151
  209
  222
  237
  251
  267
  283
  299
  317
  335
  354
  373
  394
  415
  438
  461
  486
  511
  538
  566
  596
Net income, $m
  144
  169
  195
  222
  250
  279
  309
  341
  374
  408
  564
  601
  640
  679
  721
  764
  809
  856
  905
  956
  1,009
  1,065
  1,123
  1,184
  1,247
  1,313
  1,383
  1,455
  1,531
  1,611

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
  2,739
  3,021
  3,316
  3,625
  3,946
  4,281
  4,630
  4,992
  5,368
  5,759
  6,166
  6,588
  7,027
  7,484
  7,959
  8,454
  8,969
  9,506
  10,065
  10,649
  11,257
  11,893
  12,557
  13,250
  13,975
  14,733
  15,526
  16,356
  17,224
  18,133
Adjusted assets (=assets-cash), $m
  2,739
  3,021
  3,316
  3,625
  3,946
  4,281
  4,630
  4,992
  5,368
  5,759
  6,166
  6,588
  7,027
  7,484
  7,959
  8,454
  8,969
  9,506
  10,065
  10,649
  11,257
  11,893
  12,557
  13,250
  13,975
  14,733
  15,526
  16,356
  17,224
  18,133
Revenue / Adjusted assets
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
  0.705
Average production assets, $m
  2,440
  2,692
  2,955
  3,230
  3,517
  3,815
  4,126
  4,448
  4,784
  5,132
  5,494
  5,871
  6,262
  6,669
  7,093
  7,533
  7,992
  8,471
  8,969
  9,489
  10,032
  10,598
  11,190
  11,808
  12,454
  13,129
  13,835
  14,575
  15,348
  16,159
Working capital, $m
  -147
  -162
  -178
  -194
  -211
  -229
  -248
  -267
  -288
  -309
  -330
  -353
  -377
  -401
  -426
  -453
  -481
  -509
  -539
  -571
  -603
  -637
  -673
  -710
  -749
  -789
  -832
  -876
  -923
  -972
Total debt, $m
  1,373
  1,570
  1,776
  1,991
  2,215
  2,448
  2,691
  2,943
  3,206
  3,478
  3,762
  4,056
  4,362
  4,681
  5,012
  5,357
  5,716
  6,090
  6,480
  6,886
  7,311
  7,754
  8,216
  8,700
  9,205
  9,733
  10,286
  10,864
  11,469
  12,103
Total liabilities, $m
  1,909
  2,106
  2,312
  2,527
  2,751
  2,984
  3,227
  3,479
  3,742
  4,014
  4,297
  4,592
  4,898
  5,216
  5,548
  5,892
  6,251
  6,625
  7,015
  7,422
  7,846
  8,289
  8,752
  9,235
  9,741
  10,269
  10,822
  11,400
  12,005
  12,639
Total equity, $m
  830
  915
  1,005
  1,098
  1,196
  1,297
  1,403
  1,513
  1,627
  1,745
  1,868
  1,996
  2,129
  2,268
  2,412
  2,562
  2,718
  2,880
  3,050
  3,227
  3,411
  3,604
  3,805
  4,015
  4,234
  4,464
  4,704
  4,956
  5,219
  5,494
Total liabilities and equity, $m
  2,739
  3,021
  3,317
  3,625
  3,947
  4,281
  4,630
  4,992
  5,369
  5,759
  6,165
  6,588
  7,027
  7,484
  7,960
  8,454
  8,969
  9,505
  10,065
  10,649
  11,257
  11,893
  12,557
  13,250
  13,975
  14,733
  15,526
  16,356
  17,224
  18,133
Debt-to-equity ratio
  1.650
  1.720
  1.770
  1.810
  1.850
  1.890
  1.920
  1.950
  1.970
  1.990
  2.010
  2.030
  2.050
  2.060
  2.080
  2.090
  2.100
  2.110
  2.120
  2.130
  2.140
  2.150
  2.160
  2.170
  2.170
  2.180
  2.190
  2.190
  2.200
  2.200
Adjusted equity ratio
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  169
  195
  222
  250
  279
  309
  341
  374
  408
  564
  601
  640
  679
  721
  764
  809
  856
  905
  956
  1,009
  1,065
  1,123
  1,184
  1,247
  1,313
  1,383
  1,455
  1,531
  1,611
Depreciation, amort., depletion, $m
  410
  435
  461
  489
  517
  547
  578
  610
  644
  679
  549
  587
  626
  667
  709
  753
  799
  847
  897
  949
  1,003
  1,060
  1,119
  1,181
  1,245
  1,313
  1,384
  1,457
  1,535
  1,616
Funds from operations, $m
  554
  603
  656
  710
  767
  826
  887
  951
  1,018
  1,087
  1,114
  1,188
  1,266
  1,346
  1,430
  1,518
  1,608
  1,703
  1,802
  1,905
  2,012
  2,125
  2,242
  2,364
  2,492
  2,626
  2,766
  2,913
  3,066
  3,227
Change in working capital, $m
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -47
  -49
Cash from operations, $m
  568
  619
  671
  727
  784
  844
  906
  971
  1,038
  1,108
  1,136
  1,211
  1,289
  1,371
  1,456
  1,544
  1,636
  1,732
  1,832
  1,936
  2,045
  2,159
  2,277
  2,402
  2,531
  2,667
  2,809
  2,957
  3,113
  3,275
Maintenance CAPEX, $m
  -220
  -244
  -269
  -296
  -323
  -352
  -382
  -413
  -445
  -478
  -513
  -549
  -587
  -626
  -667
  -709
  -753
  -799
  -847
  -897
  -949
  -1,003
  -1,060
  -1,119
  -1,181
  -1,245
  -1,313
  -1,384
  -1,457
  -1,535
New CAPEX, $m
  -239
  -252
  -263
  -275
  -287
  -298
  -310
  -323
  -335
  -349
  -362
  -376
  -391
  -407
  -423
  -441
  -459
  -478
  -499
  -520
  -543
  -566
  -591
  -618
  -646
  -675
  -706
  -739
  -774
  -810
Cash from investing activities, $m
  -459
  -496
  -532
  -571
  -610
  -650
  -692
  -736
  -780
  -827
  -875
  -925
  -978
  -1,033
  -1,090
  -1,150
  -1,212
  -1,277
  -1,346
  -1,417
  -1,492
  -1,569
  -1,651
  -1,737
  -1,827
  -1,920
  -2,019
  -2,123
  -2,231
  -2,345
Free cash flow, $m
  109
  123
  139
  156
  175
  194
  214
  235
  258
  281
  260
  285
  311
  338
  365
  394
  424
  454
  486
  519
  554
  589
  626
  665
  704
  746
  789
  834
  881
  930
Issuance/(repayment) of debt, $m
  189
  197
  206
  215
  224
  233
  243
  252
  262
  273
  283
  294
  306
  318
  331
  345
  359
  374
  390
  407
  424
  443
  463
  483
  505
  528
  553
  578
  605
  634
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  
  189
  197
  206
  215
  224
  233
  243
  252
  262
  273
  283
  294
  306
  318
  331
  345
  359
  374
  390
  407
  424
  443
  463
  483
  505
  528
  553
  578
  605
  634
Total cash flow (excl. dividends), $m
  298
  320
  345
  371
  399
  427
  457
  488
  520
  553
  543
  580
  617
  656
  697
  739
  783
  829
  876
  926
  978
  1,032
  1,089
  1,148
  1,210
  1,274
  1,342
  1,413
  1,487
  1,564
Retained Cash Flow (-), $m
  -81
  -86
  -90
  -93
  -97
  -101
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -177
  -184
  -193
  -201
  -210
  -220
  -230
  -240
  -251
  -263
  -275
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
  12
  14
  15
  16
  18
  19
  21
  23
  25
  26
  28
  30
  33
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  73
  77
  81
  85
Cash available for distribution, $m
  217
  234
  255
  278
  301
  326
  351
  378
  406
  435
  420
  452
  484
  518
  553
  589
  627
  666
  707
  749
  794
  840
  888
  938
  990
  1,045
  1,102
  1,161
  1,224
  1,289
Discount rate, %
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
  200
  197
  195
  191
  184
  176
  165
  153
  140
  126
  101
  89
  76
  65
  54
  44
  35
  27
  21
  15
  11
  8
  5
  4
  2
  1
  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

Bright Horizons Family Solutions Inc. is a provider of child care, early education and other services. The Company provides services under multi-year contracts with employers offering child care and other dependent care solutions as part of their employee benefits packages. Its segments include full service center-based care services, back-up dependent care services and other educational advisory services. Full service center-based care segment includes center-based child care, preschool and elementary education. Back-up dependent care segment includes center-based back-up child care, in-home well child care, in home mildly ill child care and adult/elder care. The Company's other educational advisory services segment includes its college preparation and admissions advisory services, as well as tuition reimbursement administration and educational advising services. The Company operates over 300 nurseries in the United Kingdom and approximately 1,000 across the world.

FINANCIAL RATIOS  of  Bright Horizons Family Solutions (BFAM)

Valuation Ratios
P/E Ratio 67.3
Price to Sales 4.1
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 30
Price to Free Cash Flow 46.3
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 153.2%
Total Debt to Equity 165.8%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 24.9%
Gross Margin - 3 Yr. Avg. 24.2%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 9%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 33.6%
Eff/ Tax Rate - 3 Yr. Avg. 34%
Payout Ratio 0%

BFAM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BFAM stock intrinsic value calculation we used $1741 million for the last fiscal year's total revenue generated by Bright Horizons Family Solutions. The default revenue input number comes from 2017 income statement of Bright Horizons Family Solutions. 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 BFAM stock valuation model: a) initial revenue growth rate of 10.9% 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 8.5%, whose default value for BFAM is calculated based on our internal credit rating of Bright Horizons Family Solutions, 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 Bright Horizons Family Solutions.
    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 BFAM stock the variable cost ratio is equal to 87.4%.

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 BFAM 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 Bright Horizons Family Solutions.

Corporate tax rate of 27% is the nominal tax rate for Bright Horizons Family Solutions. 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 BFAM stock is equal to 0.7%.

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 BFAM are equal to 126.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Bright Horizons Family Solutions 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 BFAM is equal to -7.6%. 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 - $749 million for Bright Horizons Family Solutions - 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 59 million for Bright Horizons Family Solutions 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 Bright Horizons Family Solutions at the current share price and the inputted number of shares is $6.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Bright Horizons: 1Q Earnings Snapshot   [05:17PM  Associated Press]
▶ Company Profile for Bright Horizons Family Solutions   [Mar-09-18 10:40AM  Business Wire]
▶ Bright Horizons beats 4Q profit forecasts   [Feb-08-18 07:21PM  Associated Press]
▶ New Study Shows the Lasting Impact of Tuition Assistance   [Jan-08-18 12:17PM  Business Wire]
▶ Bright Horizons tops Street 3Q forecasts   [05:47AM  Associated Press]
▶ Is Bright Horizons (BFAM) a Great Growth Stock?   [Aug-25-17 08:36AM  Zacks]
▶ Bright Horizons beats 2Q profit forecasts   [Aug-01-17 11:35PM  Associated Press]
▶ Bright Horizons beats 2Q profit forecasts   [06:35PM  Associated Press]
▶ Is There Another Breakout On The Horizon For This 2013 IPO?   [Jun-22-17 04:50PM  Investor's Business Daily]
▶ Are The Horizons Bright For This Breakout Stock?   [May-09-17 11:44AM  Investor's Business Daily]
▶ Bright Horizons tops 1Q profit forecasts   [May-04-17 06:45PM  Associated Press]
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