Intrinsic value of Actua - ACTA

Previous Close

$15.65

  Intrinsic Value

$0.92

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

-26%

Previous close

$15.65

 
Intrinsic value

$0.92

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

-26%

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

We calculate the intrinsic value of ACTA 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 0.5

 

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, %
  11.22
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  109
  125
  142
  161
  180
  201
  223
  245
  269
  294
  320
  347
  375
  404
  434
  466
  498
  532
  568
  604
  643
  682
  724
  767
  812
  859
  908
  959
  1,012
  1,068
  1,127
Variable operating expenses, $m
 
  240
  270
  302
  336
  371
  409
  448
  489
  532
  577
  601
  649
  700
  752
  807
  863
  922
  983
  1,047
  1,113
  1,182
  1,254
  1,328
  1,406
  1,488
  1,572
  1,661
  1,754
  1,850
  1,951
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
  154
  240
  270
  302
  336
  371
  409
  448
  489
  532
  577
  601
  649
  700
  752
  807
  863
  922
  983
  1,047
  1,113
  1,182
  1,254
  1,328
  1,406
  1,488
  1,572
  1,661
  1,754
  1,850
  1,951
Operating income, $m
  -44
  -115
  -127
  -141
  -155
  -170
  -186
  -203
  -220
  -238
  -257
  -254
  -274
  -296
  -318
  -341
  -365
  -390
  -416
  -442
  -470
  -500
  -530
  -561
  -594
  -629
  -665
  -702
  -741
  -782
  -825
EBITDA, $m
  -27
  -86
  -98
  -111
  -125
  -139
  -154
  -170
  -186
  -203
  -221
  -240
  -259
  -279
  -300
  -322
  -344
  -368
  -392
  -418
  -444
  -472
  -500
  -530
  -561
  -594
  -627
  -663
  -700
  -738
  -779
Interest expense (income), $m
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  9
  10
  11
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
Earnings before tax, $m
  -41
  -115
  -128
  -142
  -157
  -173
  -189
  -207
  -225
  -244
  -263
  -261
  -282
  -304
  -327
  -351
  -376
  -402
  -429
  -457
  -486
  -517
  -548
  -581
  -616
  -651
  -689
  -728
  -769
  -811
  -856
Tax expense, $m
  -13
  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
Net income, $m
  70
  -115
  -128
  -142
  -157
  -173
  -189
  -207
  -225
  -244
  -263
  -261
  -282
  -304
  -327
  -351
  -376
  -402
  -429
  -457
  -486
  -517
  -548
  -581
  -616
  -651
  -689
  -728
  -769
  -811
  -856

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
  454
  410
  467
  527
  591
  659
  730
  805
  883
  964
  1,049
  1,137
  1,229
  1,324
  1,424
  1,527
  1,634
  1,745
  1,861
  1,981
  2,107
  2,237
  2,373
  2,514
  2,662
  2,816
  2,976
  3,144
  3,319
  3,502
  3,694
Adjusted assets (=assets-cash), $m
  357
  410
  467
  527
  591
  659
  730
  805
  883
  964
  1,049
  1,137
  1,229
  1,324
  1,424
  1,527
  1,634
  1,745
  1,861
  1,981
  2,107
  2,237
  2,373
  2,514
  2,662
  2,816
  2,976
  3,144
  3,319
  3,502
  3,694
Revenue / Adjusted assets
  0.305
  0.305
  0.304
  0.306
  0.305
  0.305
  0.305
  0.304
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
Average production assets, $m
  81
  93
  106
  120
  134
  149
  165
  182
  200
  218
  238
  258
  278
  300
  323
  346
  370
  395
  422
  449
  477
  507
  538
  570
  603
  638
  675
  713
  752
  794
  837
Working capital, $m
  56
  -46
  -52
  -59
  -66
  -74
  -82
  -90
  -99
  -108
  -117
  -127
  -138
  -148
  -159
  -171
  -183
  -195
  -208
  -222
  -236
  -250
  -266
  -281
  -298
  -315
  -333
  -352
  -372
  -392
  -413
Total debt, $m
  1
  15
  31
  48
  66
  85
  104
  125
  147
  170
  194
  218
  244
  271
  299
  327
  357
  389
  421
  455
  490
  526
  564
  604
  645
  688
  733
  780
  829
  881
  934
Total liabilities, $m
  100
  115
  131
  148
  166
  185
  204
  225
  247
  270
  294
  318
  344
  371
  399
  427
  457
  489
  521
  555
  590
  626
  664
  704
  745
  788
  833
  880
  929
  981
  1,034
Total equity, $m
  353
  295
  336
  380
  426
  475
  526
  579
  635
  694
  755
  819
  885
  954
  1,025
  1,099
  1,176
  1,256
  1,340
  1,427
  1,517
  1,611
  1,708
  1,810
  1,917
  2,027
  2,143
  2,264
  2,390
  2,522
  2,659
Total liabilities and equity, $m
  453
  410
  467
  528
  592
  660
  730
  804
  882
  964
  1,049
  1,137
  1,229
  1,325
  1,424
  1,526
  1,633
  1,745
  1,861
  1,982
  2,107
  2,237
  2,372
  2,514
  2,662
  2,815
  2,976
  3,144
  3,319
  3,503
  3,693
Debt-to-equity ratio
  0.003
  0.050
  0.090
  0.130
  0.150
  0.180
  0.200
  0.220
  0.230
  0.240
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
Adjusted equity ratio
  0.717
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  -115
  -128
  -142
  -157
  -173
  -189
  -207
  -225
  -244
  -263
  -261
  -282
  -304
  -327
  -351
  -376
  -402
  -429
  -457
  -486
  -517
  -548
  -581
  -616
  -651
  -689
  -728
  -769
  -811
  -856
Depreciation, amort., depletion, $m
  17
  28
  29
  30
  31
  31
  32
  33
  34
  35
  36
  14
  15
  17
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  42
  44
  46
Funds from operations, $m
  -1
  -86
  -99
  -112
  -126
  -141
  -157
  -173
  -190
  -208
  -227
  -246
  -267
  -288
  -310
  -332
  -356
  -380
  -406
  -432
  -460
  -489
  -519
  -550
  -582
  -616
  -651
  -688
  -727
  -767
  -809
Change in working capital, $m
  9
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
Cash from operations, $m
  -10
  -81
  -93
  -105
  -119
  -134
  -149
  -165
  -182
  -199
  -218
  -237
  -256
  -277
  -298
  -321
  -344
  -368
  -393
  -419
  -446
  -474
  -503
  -534
  -566
  -599
  -634
  -670
  -707
  -747
  -788
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
New CAPEX, $m
  -3
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
Cash from investing activities, $m
  115
  -16
  -18
  -20
  -22
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -64
  -68
  -71
  -75
  -79
  -83
  -87
Free cash flow, $m
  105
  -97
  -111
  -125
  -140
  -156
  -173
  -191
  -209
  -229
  -249
  -270
  -291
  -314
  -337
  -362
  -387
  -414
  -441
  -469
  -499
  -530
  -562
  -596
  -631
  -667
  -705
  -745
  -786
  -830
  -875
Issuance/(repayment) of debt, $m
  0
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
Issuance/(repurchase) of shares, $m
  -74
  153
  169
  186
  203
  221
  240
  260
  281
  302
  324
  324
  348
  373
  399
  426
  453
  482
  513
  544
  577
  611
  646
  683
  722
  762
  804
  848
  895
  943
  993
Cash from financing (excl. dividends), $m  
  -84
  168
  185
  203
  221
  240
  260
  281
  303
  325
  348
  349
  374
  400
  427
  455
  483
  513
  545
  578
  612
  648
  684
  723
  763
  805
  849
  895
  944
  994
  1,047
Total cash flow (excl. dividends), $m
  21
  71
  74
  77
  81
  84
  87
  90
  93
  96
  99
  79
  82
  86
  89
  93
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  164
  172
Retained Cash Flow (-), $m
  -10
  -153
  -169
  -186
  -203
  -221
  -240
  -260
  -281
  -302
  -324
  -324
  -348
  -373
  -399
  -426
  -453
  -482
  -513
  -544
  -577
  -611
  -646
  -683
  -722
  -762
  -804
  -848
  -895
  -943
  -993
Prev. year cash balance distribution, $m
 
  96
  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
 
  14
  -95
  -108
  -122
  -137
  -153
  -170
  -188
  -206
  -225
  -245
  -266
  -287
  -310
  -333
  -357
  -382
  -409
  -436
  -464
  -493
  -524
  -556
  -589
  -624
  -660
  -698
  -737
  -779
  -822
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
 
  13
  -87
  -94
  -101
  -107
  -111
  -115
  -117
  -118
  -118
  -116
  -113
  -109
  -104
  -98
  -91
  -83
  -75
  -67
  -59
  -51
  -43
  -36
  -30
  -24
  -19
  -15
  -11
  -8
  -6
Current shareholders' claim on cash, %
  100
  70.9
  50.8
  36.8
  26.9
  19.8
  14.7
  10.9
  8.2
  6.2
  4.7
  3.6
  2.8
  2.2
  1.7
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0

Actua Corporation, formerly ICG Group, Inc., is a multi-vertical cloud technology company. The Company operates through two segments, which include the vertical cloud segment and the vertical cloud (venture) segment. The Company's vertical cloud-based businesses include Bolt Solutions Inc. (Bolt), Folio Dynamics Holdings Inc. (FolioDynamix), GovDelivery Holdings, Inc. (GovDelivery) and VelocityEHS Holdings, Inc. (VelocityEHS), which operate in the commercial and personal property and casualty insurance, wealth management, government communications and environmental, health and safety (EH&S) markets, respectively. The vertical cloud (venture) businesses include InstaMed Holdings, Inc. (InstaMed) and Parchment Inc. (Parchment), which operate a cloud-based healthcare payments network and an education credentials technology, respectively.

FINANCIAL RATIOS  of  Actua (ACTA)

Valuation Ratios
P/E Ratio 7.8
Price to Sales 5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -54.7
Price to Free Cash Flow -42.1
Growth Rates
Sales Growth Rate 11.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 97
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. -2.9%
Return On Total Capital 20.1%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. -3.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 73.4%
Gross Margin - 3 Yr. Avg. 72.6%
EBITDA Margin -22%
EBITDA Margin - 3 Yr. Avg. -55.7%
Operating Margin -41.3%
Oper. Margin - 3 Yr. Avg. -76.4%
Pre-Tax Margin -37.6%
Pre-Tax Margin - 3 Yr. Avg. -72.1%
Net Profit Margin 64.2%
Net Profit Margin - 3 Yr. Avg. -25.3%
Effective Tax Rate 31.7%
Eff/ Tax Rate - 3 Yr. Avg. 18.1%
Payout Ratio 0%

ACTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACTA stock intrinsic value calculation we used $109 million for the last fiscal year's total revenue generated by Actua. The default revenue input number comes from 2016 income statement of Actua. 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 ACTA stock valuation model: a) initial revenue growth rate of 14.8% 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 ACTA is calculated based on our internal credit rating of Actua, 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 Actua.
    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 ACTA stock the variable cost ratio is equal to 194.5%.

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 ACTA 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 3.5% for Actua.

Corporate tax rate of 27% is the nominal tax rate for Actua. 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 ACTA 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 ACTA are equal to 74.3%.

Life of production assets of 18.1 years is the average useful life of capital assets used in Actua 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 ACTA is equal to -36.7%. 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 - $353 million for Actua - 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 32.722 million for Actua 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 Actua at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Is It The Right Time To Buy Actua Corporation (ACTA)?   [Oct-12-17 11:14AM  Simply Wall St.]
▶ Why Snap, Greenhill, and Actua Jumped Today   [Sep-26-17 04:30PM  Motley Fool]
▶ Envestnet Climbs on Rival Acquisition   [11:12AM  Barrons.com]
▶ [$$] CVC's Growth Unit to Buy VelocityEHS   [Sep-25-17 05:55PM  The Wall Street Journal]
▶ Envestnet to Acquire FolioDynamix   [04:05PM  Business Wire]
▶ Citizens Property Insurance Renews Contract with BOLT   [Aug-22-17 09:00AM  PR Newswire]
▶ Actua reports 2Q loss   [Aug-09-17 11:43PM  Associated Press]
▶ Actua Corp. Value Analysis (NASDAQ:ACTA) : July 31, 2017   [Jul-31-17 05:27PM  Capital Cube]
▶ ETFs with exposure to Actua Corp. : July 11, 2017   [Jul-11-17 01:56PM  Capital Cube]
▶ ETFs with exposure to Actua Corp. : June 28, 2017   [Jun-28-17 02:30PM  Capital Cube]
▶ Actua to Hold Annual Stockholders Meeting on June 16, 2017   [Jun-06-17 11:13AM  GlobeNewswire]
▶ Actua Corp. Value Analysis (NASDAQ:ACTA) : May 12, 2017   [May-12-17 04:51PM  Capital Cube]
▶ Actua reports 1Q loss   [May-04-17 09:37AM  Associated Press]
▶ ETFs with exposure to Actua Corp. : April 7, 2017   [Apr-07-17 03:41PM  Capital Cube]
▶ Actua posts 4Q profit   [Mar-09-17 08:58AM  Associated Press]
▶ Is Actua Corp (ACTA) a Good Stock to Buy?   [03:01AM  at Insider Monkey]
Financial statements of ACTA
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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