Intrinsic value of Bright Horizons Family Solutions - BFAM

Previous Close

$91.56

  Intrinsic Value

$46.69

stock screener

  Rating & Target

sell

-49%

Previous close

$91.56

 
Intrinsic value

$46.69

 
Up/down potential

-49%

 
Rating

sell

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

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 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 5.4

 

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, %
  7.68
  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
  1,570
  1,741
  1,921
  2,108
  2,305
  2,509
  2,722
  2,943
  3,174
  3,413
  3,661
  3,920
  4,188
  4,468
  4,758
  5,060
  5,375
  5,702
  6,043
  6,399
  6,770
  7,157
  7,561
  7,983
  8,424
  8,885
  9,367
  9,871
  10,398
  10,950
  11,528
Variable operating expenses, $m
 
  1,511
  1,654
  1,804
  1,959
  2,122
  2,291
  2,467
  2,651
  2,841
  3,039
  3,117
  3,331
  3,553
  3,784
  4,024
  4,274
  4,535
  4,806
  5,089
  5,384
  5,692
  6,013
  6,348
  6,699
  7,066
  7,449
  7,850
  8,269
  8,708
  9,168
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
  1,384
  1,511
  1,654
  1,804
  1,959
  2,122
  2,291
  2,467
  2,651
  2,841
  3,039
  3,117
  3,331
  3,553
  3,784
  4,024
  4,274
  4,535
  4,806
  5,089
  5,384
  5,692
  6,013
  6,348
  6,699
  7,066
  7,449
  7,850
  8,269
  8,708
  9,168
Operating income, $m
  186
  230
  266
  305
  345
  387
  431
  476
  523
  572
  623
  803
  858
  915
  974
  1,036
  1,101
  1,168
  1,237
  1,310
  1,386
  1,466
  1,548
  1,635
  1,725
  1,819
  1,918
  2,021
  2,129
  2,242
  2,361
EBITDA, $m
  271
  396
  437
  479
  524
  570
  619
  669
  722
  776
  832
  891
  952
  1,016
  1,082
  1,150
  1,222
  1,296
  1,374
  1,455
  1,539
  1,627
  1,719
  1,815
  1,915
  2,020
  2,130
  2,244
  2,364
  2,490
  2,621
Interest expense (income), $m
  37
  41
  47
  54
  61
  68
  76
  84
  93
  101
  110
  120
  130
  140
  150
  161
  173
  185
  197
  210
  224
  238
  252
  268
  284
  300
  318
  336
  355
  375
  396
Earnings before tax, $m
  143
  189
  220
  251
  284
  319
  354
  392
  430
  471
  513
  683
  728
  775
  824
  875
  928
  983
  1,040
  1,100
  1,163
  1,228
  1,296
  1,367
  1,441
  1,519
  1,600
  1,685
  1,774
  1,867
  1,964
Tax expense, $m
  48
  51
  59
  68
  77
  86
  96
  106
  116
  127
  138
  184
  197
  209
  222
  236
  250
  265
  281
  297
  314
  331
  350
  369
  389
  410
  432
  455
  479
  504
  530
Net income, $m
  95
  138
  160
  183
  207
  233
  259
  286
  314
  344
  374
  498
  531
  566
  601
  639
  677
  717
  759
  803
  849
  896
  946
  998
  1,052
  1,109
  1,168
  1,230
  1,295
  1,363
  1,434

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  2,359
  2,599
  2,867
  3,147
  3,440
  3,745
  4,062
  4,393
  4,737
  5,094
  5,465
  5,851
  6,251
  6,668
  7,102
  7,552
  8,022
  8,511
  9,020
  9,551
  10,104
  10,682
  11,285
  11,915
  12,573
  13,261
  13,980
  14,732
  15,520
  16,343
  17,206
Adjusted assets (=assets-cash), $m
  2,344
  2,599
  2,867
  3,147
  3,440
  3,745
  4,062
  4,393
  4,737
  5,094
  5,465
  5,851
  6,251
  6,668
  7,102
  7,552
  8,022
  8,511
  9,020
  9,551
  10,104
  10,682
  11,285
  11,915
  12,573
  13,261
  13,980
  14,732
  15,520
  16,343
  17,206
Revenue / Adjusted assets
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Average production assets, $m
  862
  956
  1,054
  1,158
  1,265
  1,377
  1,494
  1,616
  1,742
  1,874
  2,010
  2,152
  2,299
  2,453
  2,612
  2,778
  2,951
  3,130
  3,318
  3,513
  3,717
  3,929
  4,151
  4,383
  4,625
  4,878
  5,142
  5,419
  5,709
  6,012
  6,329
Working capital, $m
  -234
  -179
  -198
  -217
  -237
  -258
  -280
  -303
  -327
  -352
  -377
  -404
  -431
  -460
  -490
  -521
  -554
  -587
  -622
  -659
  -697
  -737
  -779
  -822
  -868
  -915
  -965
  -1,017
  -1,071
  -1,128
  -1,187
Total debt, $m
  1,141
  1,305
  1,494
  1,692
  1,898
  2,114
  2,338
  2,571
  2,814
  3,066
  3,328
  3,600
  3,883
  4,178
  4,484
  4,802
  5,133
  5,478
  5,838
  6,213
  6,604
  7,012
  7,437
  7,882
  8,347
  8,832
  9,340
  9,871
  10,427
  11,008
  11,617
Total liabilities, $m
  1,671
  1,835
  2,024
  2,222
  2,428
  2,644
  2,868
  3,101
  3,344
  3,596
  3,858
  4,130
  4,413
  4,708
  5,014
  5,332
  5,663
  6,008
  6,368
  6,743
  7,134
  7,542
  7,967
  8,412
  8,877
  9,362
  9,870
  10,401
  10,957
  11,538
  12,147
Total equity, $m
  688
  764
  843
  925
  1,011
  1,101
  1,194
  1,292
  1,393
  1,498
  1,607
  1,720
  1,838
  1,960
  2,088
  2,220
  2,358
  2,502
  2,652
  2,808
  2,971
  3,141
  3,318
  3,503
  3,696
  3,899
  4,110
  4,331
  4,563
  4,805
  5,059
Total liabilities and equity, $m
  2,359
  2,599
  2,867
  3,147
  3,439
  3,745
  4,062
  4,393
  4,737
  5,094
  5,465
  5,850
  6,251
  6,668
  7,102
  7,552
  8,021
  8,510
  9,020
  9,551
  10,105
  10,683
  11,285
  11,915
  12,573
  13,261
  13,980
  14,732
  15,520
  16,343
  17,206
Debt-to-equity ratio
  1.658
  1.710
  1.770
  1.830
  1.880
  1.920
  1.960
  1.990
  2.020
  2.050
  2.070
  2.090
  2.110
  2.130
  2.150
  2.160
  2.180
  2.190
  2.200
  2.210
  2.220
  2.230
  2.240
  2.250
  2.260
  2.270
  2.270
  2.280
  2.290
  2.290
  2.300
Adjusted equity ratio
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  95
  138
  160
  183
  207
  233
  259
  286
  314
  344
  374
  498
  531
  566
  601
  639
  677
  717
  759
  803
  849
  896
  946
  998
  1,052
  1,109
  1,168
  1,230
  1,295
  1,363
  1,434
Depreciation, amort., depletion, $m
  85
  166
  170
  174
  179
  183
  188
  193
  198
  204
  210
  89
  95
  101
  107
  114
  121
  129
  137
  145
  153
  162
  171
  180
  190
  201
  212
  223
  235
  247
  260
Funds from operations, $m
  230
  304
  330
  358
  386
  416
  447
  479
  513
  548
  584
  587
  626
  667
  709
  753
  799
  846
  896
  948
  1,002
  1,058
  1,117
  1,178
  1,242
  1,309
  1,380
  1,453
  1,530
  1,610
  1,694
Change in working capital, $m
  17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
Cash from operations, $m
  213
  322
  349
  377
  407
  437
  469
  502
  536
  572
  609
  614
  654
  695
  739
  784
  831
  880
  931
  984
  1,040
  1,098
  1,158
  1,222
  1,288
  1,357
  1,429
  1,505
  1,584
  1,667
  1,754
Maintenance CAPEX, $m
  0
  -35
  -39
  -43
  -48
  -52
  -57
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -129
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -201
  -212
  -223
  -235
  -247
New CAPEX, $m
  -75
  -94
  -99
  -103
  -108
  -112
  -117
  -122
  -126
  -131
  -137
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -187
  -195
  -204
  -212
  -222
  -232
  -242
  -253
  -265
  -277
  -290
  -303
  -317
Cash from investing activities, $m
  -303
  -129
  -138
  -146
  -156
  -164
  -174
  -183
  -192
  -203
  -214
  -225
  -236
  -248
  -260
  -273
  -287
  -301
  -316
  -332
  -349
  -365
  -384
  -403
  -422
  -443
  -466
  -489
  -513
  -538
  -564
Free cash flow, $m
  -90
  192
  211
  231
  251
  273
  295
  319
  344
  369
  396
  389
  418
  448
  478
  511
  544
  579
  615
  652
  692
  732
  775
  819
  865
  914
  964
  1,017
  1,072
  1,129
  1,189
Issuance/(repayment) of debt, $m
  188
  179
  189
  198
  207
  215
  224
  233
  243
  252
  262
  272
  283
  294
  306
  318
  331
  345
  360
  375
  391
  408
  426
  445
  465
  486
  508
  531
  556
  582
  609
Issuance/(repurchase) of shares, $m
  -97
  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  
  94
  179
  189
  198
  207
  215
  224
  233
  243
  252
  262
  272
  283
  294
  306
  318
  331
  345
  360
  375
  391
  408
  426
  445
  465
  486
  508
  531
  556
  582
  609
Total cash flow (excl. dividends), $m
  3
  371
  400
  429
  458
  488
  520
  552
  586
  621
  658
  661
  701
  742
  784
  829
  875
  924
  974
  1,027
  1,083
  1,140
  1,201
  1,264
  1,330
  1,399
  1,472
  1,548
  1,627
  1,711
  1,798
Retained Cash Flow (-), $m
  40
  -76
  -79
  -82
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -127
  -133
  -138
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -254
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
 
  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
 
  295
  321
  346
  372
  399
  426
  455
  485
  516
  549
  548
  583
  619
  657
  696
  737
  780
  825
  871
  920
  970
  1,023
  1,079
  1,136
  1,197
  1,260
  1,327
  1,396
  1,469
  1,545
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  270
  267
  258
  247
  233
  217
  200
  181
  162
  143
  116
  99
  83
  68
  55
  44
  34
  25
  19
  13
  9
  6
  4
  3
  2
  1
  1
  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

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 56.8
Price to Sales 3.4
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 25.3
Price to Free Cash Flow 39.1
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 $1570 million for the last fiscal year's total revenue generated by Bright Horizons Family Solutions. The default revenue input number comes from 2016 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 9.3%, 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 87.6%.

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 3.6% 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%.

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 54.9%.

Life of production assets of 24.3 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 -10.3%. 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 - $688 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 59.159 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 $5.4 billion.

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COMPANY NEWS

▶ 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]
▶ This Week's Hidden Gems: (BFAM)(CRHM)   [Mar-30-17 05:36PM  Zacks]
▶ Is IDACORP Inc (IDA) A Good Stock to Buy?   [Dec-16-16 10:45PM  at Insider Monkey]
▶ Do Hedge Funds Love Bright Horizons Family Solutions Inc (BFAM)?   [Dec-09-16 04:34AM  at Insider Monkey]
Financial statements of BFAM
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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