Intrinsic value of Allscripts Healthcare Solutions - MDRX

Previous Close

$14.32

  Intrinsic Value

$18.51

stock screener

  Rating & Target

buy

+29%

Previous close

$14.32

 
Intrinsic value

$18.51

 
Up/down potential

+29%

 
Rating

buy

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

We calculate the intrinsic value of MDRX 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 2.6

 

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, %
  11.83
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  1,550
  1,707
  1,870
  2,041
  2,219
  2,404
  2,597
  2,797
  3,005
  3,221
  3,446
  3,679
  3,922
  4,175
  4,438
  4,712
  4,997
  5,294
  5,603
  5,926
  6,264
  6,616
  6,983
  7,367
  7,769
  8,189
  8,629
  9,088
  9,570
  10,074
  10,602
Variable operating expenses, $m
 
  1,385
  1,499
  1,619
  1,743
  1,873
  2,007
  2,147
  2,293
  2,444
  2,601
  2,571
  2,741
  2,918
  3,101
  3,293
  3,492
  3,700
  3,916
  4,142
  4,377
  4,623
  4,880
  5,149
  5,430
  5,723
  6,030
  6,352
  6,688
  7,040
  7,409
Fixed operating expenses, $m
 
  224
  230
  236
  242
  248
  254
  260
  267
  274
  280
  287
  295
  302
  309
  317
  325
  333
  342
  350
  359
  368
  377
  386
  396
  406
  416
  427
  437
  448
  459
Total operating expenses, $m
  1,490
  1,609
  1,729
  1,855
  1,985
  2,121
  2,261
  2,407
  2,560
  2,718
  2,881
  2,858
  3,036
  3,220
  3,410
  3,610
  3,817
  4,033
  4,258
  4,492
  4,736
  4,991
  5,257
  5,535
  5,826
  6,129
  6,446
  6,779
  7,125
  7,488
  7,868
Operating income, $m
  60
  97
  141
  186
  234
  284
  336
  390
  446
  504
  565
  821
  887
  955
  1,027
  1,102
  1,180
  1,261
  1,346
  1,434
  1,527
  1,624
  1,726
  1,832
  1,943
  2,060
  2,182
  2,310
  2,445
  2,585
  2,733
EBITDA, $m
  232
  354
  404
  456
  510
  567
  626
  687
  751
  818
  887
  959
  1,034
  1,113
  1,194
  1,279
  1,368
  1,460
  1,557
  1,658
  1,763
  1,874
  1,989
  2,110
  2,236
  2,369
  2,507
  2,653
  2,805
  2,965
  3,133
Interest expense (income), $m
  42
  56
  67
  79
  91
  104
  117
  131
  145
  160
  175
  191
  208
  225
  243
  262
  282
  302
  323
  345
  369
  393
  418
  444
  471
  500
  530
  561
  594
  629
  665
Earnings before tax, $m
  -15
  41
  73
  107
  143
  180
  219
  259
  301
  344
  390
  629
  678
  730
  783
  839
  898
  959
  1,022
  1,089
  1,159
  1,232
  1,308
  1,388
  1,472
  1,560
  1,652
  1,749
  1,850
  1,957
  2,069
Tax expense, $m
  -18
  11
  20
  29
  39
  49
  59
  70
  81
  93
  105
  170
  183
  197
  212
  227
  242
  259
  276
  294
  313
  333
  353
  375
  397
  421
  446
  472
  500
  528
  559
Net income, $m
  3
  30
  54
  78
  104
  131
  160
  189
  219
  251
  284
  459
  495
  533
  572
  613
  655
  700
  746
  795
  846
  899
  955
  1,013
  1,075
  1,139
  1,206
  1,277
  1,351
  1,428
  1,510

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  3,832
  4,112
  4,507
  4,918
  5,347
  5,793
  6,257
  6,740
  7,241
  7,762
  8,303
  8,866
  9,451
  10,060
  10,694
  11,353
  12,040
  12,756
  13,502
  14,280
  15,093
  15,941
  16,827
  17,753
  18,721
  19,733
  20,792
  21,900
  23,060
  24,274
  25,547
Adjusted assets (=assets-cash), $m
  3,735
  4,112
  4,507
  4,918
  5,347
  5,793
  6,257
  6,740
  7,241
  7,762
  8,303
  8,866
  9,451
  10,060
  10,694
  11,353
  12,040
  12,756
  13,502
  14,280
  15,093
  15,941
  16,827
  17,753
  18,721
  19,733
  20,792
  21,900
  23,060
  24,274
  25,547
Revenue / Adjusted assets
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
  0.415
Average production assets, $m
  806
  887
  973
  1,061
  1,154
  1,250
  1,350
  1,454
  1,563
  1,675
  1,792
  1,913
  2,040
  2,171
  2,308
  2,450
  2,598
  2,753
  2,914
  3,082
  3,257
  3,440
  3,631
  3,831
  4,040
  4,258
  4,487
  4,726
  4,976
  5,238
  5,513
Working capital, $m
  -63
  -147
  -161
  -176
  -191
  -207
  -223
  -241
  -258
  -277
  -296
  -316
  -337
  -359
  -382
  -405
  -430
  -455
  -482
  -510
  -539
  -569
  -601
  -634
  -668
  -704
  -742
  -782
  -823
  -866
  -912
Total debt, $m
  1,331
  1,564
  1,836
  2,120
  2,415
  2,722
  3,042
  3,375
  3,720
  4,079
  4,452
  4,840
  5,243
  5,662
  6,099
  6,553
  7,026
  7,520
  8,034
  8,570
  9,130
  9,714
  10,325
  10,963
  11,630
  12,327
  13,057
  13,820
  14,619
  15,456
  16,333
Total liabilities, $m
  2,600
  2,833
  3,105
  3,389
  3,684
  3,991
  4,311
  4,644
  4,989
  5,348
  5,721
  6,109
  6,512
  6,931
  7,368
  7,822
  8,295
  8,789
  9,303
  9,839
  10,399
  10,983
  11,594
  12,232
  12,899
  13,596
  14,326
  15,089
  15,888
  16,725
  17,602
Total equity, $m
  1,232
  1,279
  1,402
  1,530
  1,663
  1,802
  1,946
  2,096
  2,252
  2,414
  2,582
  2,757
  2,939
  3,129
  3,326
  3,531
  3,744
  3,967
  4,199
  4,441
  4,694
  4,958
  5,233
  5,521
  5,822
  6,137
  6,466
  6,811
  7,172
  7,549
  7,945
Total liabilities and equity, $m
  3,832
  4,112
  4,507
  4,919
  5,347
  5,793
  6,257
  6,740
  7,241
  7,762
  8,303
  8,866
  9,451
  10,060
  10,694
  11,353
  12,039
  12,756
  13,502
  14,280
  15,093
  15,941
  16,827
  17,753
  18,721
  19,733
  20,792
  21,900
  23,060
  24,274
  25,547
Debt-to-equity ratio
  1.080
  1.220
  1.310
  1.390
  1.450
  1.510
  1.560
  1.610
  1.650
  1.690
  1.720
  1.760
  1.780
  1.810
  1.830
  1.860
  1.880
  1.900
  1.910
  1.930
  1.950
  1.960
  1.970
  1.990
  2.000
  2.010
  2.020
  2.030
  2.040
  2.050
  2.060
Adjusted equity ratio
  0.304
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  30
  54
  78
  104
  131
  160
  189
  219
  251
  284
  459
  495
  533
  572
  613
  655
  700
  746
  795
  846
  899
  955
  1,013
  1,075
  1,139
  1,206
  1,277
  1,351
  1,428
  1,510
Depreciation, amort., depletion, $m
  172
  257
  263
  269
  276
  283
  290
  298
  306
  314
  322
  139
  148
  157
  167
  178
  188
  199
  211
  223
  236
  249
  263
  278
  293
  309
  325
  342
  361
  380
  399
Funds from operations, $m
  323
  287
  316
  348
  380
  414
  450
  487
  525
  565
  607
  598
  643
  690
  739
  790
  844
  899
  957
  1,018
  1,082
  1,148
  1,218
  1,291
  1,367
  1,447
  1,531
  1,619
  1,711
  1,808
  1,910
Change in working capital, $m
  54
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
Cash from operations, $m
  269
  300
  331
  362
  396
  430
  466
  504
  543
  584
  626
  618
  664
  712
  762
  814
  868
  925
  984
  1,046
  1,111
  1,179
  1,250
  1,324
  1,402
  1,483
  1,569
  1,659
  1,753
  1,851
  1,955
Maintenance CAPEX, $m
  0
  -58
  -64
  -70
  -77
  -84
  -91
  -98
  -105
  -113
  -121
  -130
  -139
  -148
  -157
  -167
  -178
  -188
  -199
  -211
  -223
  -236
  -249
  -263
  -278
  -293
  -309
  -325
  -342
  -361
  -380
New CAPEX, $m
  -138
  -81
  -85
  -89
  -93
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -137
  -142
  -148
  -154
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -218
  -229
  -239
  -250
  -262
  -275
Cash from investing activities, $m
  -1,154
  -139
  -149
  -159
  -170
  -180
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -279
  -294
  -309
  -326
  -342
  -360
  -379
  -398
  -419
  -440
  -463
  -487
  -511
  -538
  -564
  -592
  -623
  -655
Free cash flow, $m
  -885
  160
  181
  203
  226
  250
  276
  302
  329
  358
  388
  367
  399
  433
  468
  504
  542
  582
  624
  667
  712
  760
  809
  861
  915
  972
  1,032
  1,094
  1,160
  1,229
  1,301
Issuance/(repayment) of debt, $m
  660
  260
  272
  284
  295
  307
  320
  332
  345
  359
  373
  388
  403
  419
  436
  454
  473
  493
  514
  536
  560
  584
  610
  638
  667
  697
  730
  763
  799
  837
  876
Issuance/(repurchase) of shares, $m
  212
  87
  69
  50
  29
  7
  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  
  865
  347
  341
  334
  324
  314
  320
  332
  345
  359
  373
  388
  403
  419
  436
  454
  473
  493
  514
  536
  560
  584
  610
  638
  667
  697
  730
  763
  799
  837
  876
Total cash flow (excl. dividends), $m
  -20
  508
  522
  536
  551
  565
  595
  634
  675
  717
  761
  755
  802
  852
  904
  959
  1,016
  1,075
  1,138
  1,203
  1,272
  1,344
  1,420
  1,499
  1,582
  1,670
  1,761
  1,858
  1,959
  2,065
  2,177
Retained Cash Flow (-), $m
  176
  -117
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -232
  -242
  -253
  -264
  -276
  -288
  -301
  -315
  -329
  -345
  -361
  -378
  -396
Prev. year cash balance distribution, $m
 
  70
  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
 
  461
  399
  408
  417
  426
  451
  484
  519
  555
  592
  580
  620
  663
  707
  754
  802
  853
  906
  961
  1,019
  1,080
  1,144
  1,211
  1,281
  1,355
  1,432
  1,513
  1,598
  1,688
  1,782
Discount rate, %
 
  8.00
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
PV of cash for distribution, $m
 
  427
  340
  317
  293
  268
  252
  237
  221
  203
  184
  151
  133
  116
  99
  83
  68
  55
  44
  34
  26
  19
  14
  10
  7
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  96.6
  94.1
  92.6
  91.7
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5

Allscripts Healthcare Solutions, Inc. (Allscripts) delivers information technology (IT) solutions and services to help healthcare organizations. The Company operates through three segments: Clinical and Financial Solutions, Population Health, and Netsmart. The Clinical and Financial Solutions segment includes the sale of integrated clinical software applications and financial and information solutions. The Population Health segment includes the sale of health management and coordinated care solutions, which focus on hospitals, health systems, other care facilities and accountable care organizations (ACOs). The Netsmart segment provides software and technology solutions to the health and human services industry, which includes behavioral health, addiction treatment, intellectual and developmental disability services, child and family services and public health segments, as well as to post-acute home care organizations.

FINANCIAL RATIOS  of  Allscripts Healthcare Solutions (MDRX)

Valuation Ratios
P/E Ratio 861.6
Price to Sales 1.7
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 19.7
Growth Rates
Sales Growth Rate 11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 102.9%
Cap. Spend. - 3 Yr. Gr. Rate 3.5%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 105.8%
Total Debt to Equity 108%
Interest Coverage 1
Management Effectiveness
Return On Assets -0.2%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity 0.2%
Return On Equity - 3 Yr. Avg. -1.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 41.6%
EBITDA Margin 12.8%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 1.1%
Pre-Tax Margin -1%
Pre-Tax Margin - 3 Yr. Avg. -1.9%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. -1.6%
Effective Tax Rate 120%
Eff/ Tax Rate - 3 Yr. Avg. 141%
Payout Ratio 0%

MDRX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDRX stock intrinsic value calculation we used $1550 million for the last fiscal year's total revenue generated by Allscripts Healthcare Solutions. The default revenue input number comes from 2016 income statement of Allscripts Healthcare 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 MDRX stock valuation model: a) initial revenue growth rate of 10.1% 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%, whose default value for MDRX is calculated based on our internal credit rating of Allscripts Healthcare 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 Allscripts Healthcare 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 MDRX stock the variable cost ratio is equal to 82.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $219 million in the base year in the intrinsic value calculation for MDRX 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 4.3% for Allscripts Healthcare Solutions.

Corporate tax rate of 27% is the nominal tax rate for Allscripts Healthcare 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 MDRX 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 MDRX are equal to 52%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Allscripts Healthcare 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 MDRX is equal to -8.6%. 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 - $1232 million for Allscripts Healthcare 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 180.398 million for Allscripts Healthcare 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 Allscripts Healthcare Solutions at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Allscripts to attend upcoming investor events   [Dec-04-17 04:01PM  GlobeNewswire]
▶ Gippsland Health Alliance selects Allscripts EMR   [Nov-06-17 04:01PM  GlobeNewswire]
▶ AllScripts reports 3Q loss   [Nov-02-17 05:26PM  Associated Press]
▶ Allscripts appoints Gaylene Ray   [Oct-05-17 04:30PM  GlobeNewswire]
▶ Stocks Showing Improved Relative Strength: Allscripts Healthcare Solutions   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ Allscripts to hold meeting for investors on August 8   [Aug-07-17 04:01PM  GlobeNewswire]
▶ AllScripts reports 2Q loss   [02:32AM  Associated Press]
▶ Allscripts announces second quarter 2017 results   [Aug-03-17 04:04PM  GlobeNewswire]
▶ Benzinga's Option Alert Recap From June 23   [Jun-23-17 04:09PM  Benzinga]
▶ Allscripts names new director   [May-24-17 04:01PM  GlobeNewswire]
▶ Allscripts to present at upcoming investor events   [May-17-17 08:01AM  GlobeNewswire]
▶ AllScripts reports 1Q loss   [May-04-17 05:01PM  Associated Press]
Financial statements of MDRX
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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