Intrinsic value of Angie's List - ANGI

Previous Close

$11.85

  Intrinsic Value

$0.20

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

-115%

Previous close

$11.85

 
Intrinsic value

$0.20

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

-115%

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

We calculate the intrinsic value of ANGI 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 0.7

 

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, %
  -6.10
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  323
  329
  337
  346
  355
  366
  378
  391
  405
  420
  436
  453
  472
  491
  512
  534
  557
  582
  608
  636
  665
  696
  729
  763
  799
  837
  877
  919
  964
  1,010
  1,060
Variable operating expenses, $m
 
  78
  80
  82
  85
  87
  90
  93
  96
  100
  104
  108
  112
  117
  122
  127
  133
  138
  145
  151
  158
  165
  173
  181
  190
  199
  209
  219
  229
  240
  252
Fixed operating expenses, $m
 
  261
  268
  275
  281
  289
  296
  303
  311
  318
  326
  335
  343
  352
  360
  369
  379
  388
  398
  408
  418
  428
  439
  450
  461
  473
  485
  497
  509
  522
  535
Total operating expenses, $m
  326
  339
  348
  357
  366
  376
  386
  396
  407
  418
  430
  443
  455
  469
  482
  496
  512
  526
  543
  559
  576
  593
  612
  631
  651
  672
  694
  716
  738
  762
  787
Operating income, $m
  -3
  -10
  -11
  -11
  -11
  -9
  -8
  -5
  -2
  1
  6
  11
  17
  23
  30
  38
  46
  56
  66
  77
  89
  102
  117
  132
  148
  165
  184
  204
  226
  248
  273
EBITDA, $m
  10
  3
  2
  3
  4
  5
  8
  10
  14
  18
  23
  29
  35
  42
  50
  59
  69
  79
  90
  103
  116
  130
  146
  162
  180
  199
  219
  241
  264
  289
  315
Interest expense (income), $m
  5
  5
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  13
  15
  16
  17
  18
  19
  20
Earnings before tax, $m
  -8
  -15
  -12
  -13
  -12
  -11
  -10
  -8
  -5
  -2
  2
  7
  12
  18
  24
  31
  39
  48
  58
  68
  79
  92
  105
  119
  134
  151
  169
  187
  208
  229
  252
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  5
  7
  8
  11
  13
  16
  18
  21
  25
  28
  32
  36
  41
  46
  51
  56
  62
  68
Net income, $m
  -8
  -15
  -12
  -13
  -12
  -11
  -10
  -8
  -5
  -2
  1
  5
  9
  13
  18
  23
  29
  35
  42
  50
  58
  67
  77
  87
  98
  110
  123
  137
  152
  167
  184

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  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
  157
  120
  123
  126
  130
  134
  138
  143
  148
  153
  159
  166
  172
  179
  187
  195
  204
  213
  222
  232
  243
  254
  266
  279
  292
  306
  321
  336
  352
  369
  387
Adjusted assets (=assets-cash), $m
  118
  120
  123
  126
  130
  134
  138
  143
  148
  153
  159
  166
  172
  179
  187
  195
  204
  213
  222
  232
  243
  254
  266
  279
  292
  306
  321
  336
  352
  369
  387
Revenue / Adjusted assets
  2.737
  2.742
  2.740
  2.746
  2.731
  2.731
  2.739
  2.734
  2.736
  2.745
  2.742
  2.729
  2.744
  2.743
  2.738
  2.738
  2.730
  2.732
  2.739
  2.741
  2.737
  2.740
  2.741
  2.735
  2.736
  2.735
  2.732
  2.735
  2.739
  2.737
  2.739
Average production assets, $m
  81
  83
  85
  87
  89
  92
  95
  98
  102
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
Working capital, $m
  -21
  -59
  -61
  -62
  -64
  -66
  -68
  -70
  -73
  -76
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -182
  -191
Total debt, $m
  58
  14
  17
  20
  23
  26
  30
  35
  39
  44
  49
  55
  61
  68
  74
  82
  89
  97
  106
  115
  125
  135
  146
  157
  169
  181
  194
  208
  223
  238
  254
Total liabilities, $m
  153
  108
  111
  114
  117
  120
  124
  129
  133
  138
  143
  149
  155
  162
  168
  176
  183
  191
  200
  209
  219
  229
  240
  251
  263
  275
  288
  302
  317
  332
  348
Total equity, $m
  5
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
Total liabilities and equity, $m
  158
  120
  123
  127
  130
  133
  138
  143
  148
  153
  159
  166
  172
  180
  187
  196
  203
  212
  222
  232
  243
  254
  267
  279
  292
  306
  320
  336
  352
  369
  387
Debt-to-equity ratio
  11.600
  1.190
  1.370
  1.560
  1.760
  1.970
  2.190
  2.420
  2.640
  2.870
  3.100
  3.320
  3.540
  3.760
  3.970
  4.180
  4.380
  4.580
  4.770
  4.960
  5.130
  5.300
  5.470
  5.630
  5.780
  5.930
  6.070
  6.200
  6.330
  6.450
  6.570
Adjusted equity ratio
  -0.288
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -8
  -15
  -12
  -13
  -12
  -11
  -10
  -8
  -5
  -2
  1
  5
  9
  13
  18
  23
  29
  35
  42
  50
  58
  67
  77
  87
  98
  110
  123
  137
  152
  167
  184
Depreciation, amort., depletion, $m
  13
  13
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
Funds from operations, $m
  -25
  -2
  1
  1
  2
  3
  5
  8
  11
  15
  19
  23
  27
  32
  38
  44
  51
  58
  66
  75
  85
  95
  106
  117
  130
  144
  158
  173
  190
  208
  226
Change in working capital, $m
  -27
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
Cash from operations, $m
  2
  -1
  3
  3
  4
  5
  7
  10
  14
  18
  22
  26
  31
  36
  42
  48
  55
  63
  71
  80
  90
  100
  111
  124
  137
  150
  165
  181
  198
  216
  235
Maintenance CAPEX, $m
  0
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
New CAPEX, $m
  -19
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from investing activities, $m
  -11
  -15
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -35
  -36
  -38
  -39
  -42
  -43
  -46
  -48
  -50
  -52
Free cash flow, $m
  -9
  -15
  -12
  -13
  -13
  -12
  -10
  -8
  -5
  -2
  1
  4
  8
  12
  17
  22
  28
  34
  41
  49
  57
  66
  76
  86
  97
  109
  122
  136
  150
  166
  183
Issuance/(repayment) of debt, $m
  0
  -42
  2
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
Issuance/(repurchase) of shares, $m
  2
  59
  13
  13
  13
  12
  10
  8
  6
  2
  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  
  0
  17
  15
  16
  16
  16
  14
  12
  11
  7
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
Total cash flow (excl. dividends), $m
  -10
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  10
  14
  19
  24
  30
  36
  43
  50
  58
  67
  76
  86
  97
  109
  121
  135
  149
  165
  181
  199
Retained Cash Flow (-), $m
  -7
  -59
  -13
  -13
  -13
  -12
  -10
  -8
  -6
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
Prev. year cash balance distribution, $m
 
  37
  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
 
  -20
  -10
  -10
  -9
  -8
  -6
  -4
  -1
  3
  6
  9
  13
  18
  23
  29
  35
  42
  49
  57
  66
  75
  85
  96
  108
  120
  134
  148
  163
  180
  197
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
 
  -19
  -9
  -9
  -8
  -6
  -5
  -3
  -1
  2
  3
  4
  6
  7
  8
  8
  9
  9
  9
  9
  8
  8
  7
  6
  5
  5
  4
  3
  3
  2
  1
Current shareholders' claim on cash, %
  100
  50.0
  45.3
  41.0
  37.2
  34.1
  31.7
  29.9
  28.7
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3
  28.3

Angie's List, Inc. operates a national local services consumer review service and marketplace. As of December 31, 2016, the Company helped facilitate transactions between over five million members and its collection of service providers in over 700 categories of service nationwide. Its tools, services and content across multiple platforms enables consumers to research, shop for and purchase local services for needs, as well as rate and review the providers of these services across the United States. Its ratings and reviews assist its members in identifying and hiring the provider for their local service needs. Its services include member services and service provider services. It compiles a breadth of relevant, member-generated ratings and reviews that provide insights, which could otherwise be difficult for consumers to obtain on their own. Its primary source of service provider revenue is term-based sales of advertising to service providers.

FINANCIAL RATIOS  of  Angie's List (ANGI)

Valuation Ratios
P/E Ratio -88
Price to Sales 2.2
Price to Book 140.8
Price to Tangible Book
Price to Cash Flow 352.1
Price to Free Cash Flow -41.4
Growth Rates
Sales Growth Rate -6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -45.7%
Cap. Spend. - 3 Yr. Gr. Rate 16.1%
Financial Strength
Quick Ratio 20
Current Ratio 0
LT Debt to Equity 1120%
Total Debt to Equity 1160%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital -13.4%
Ret/ On T. Cap. - 3 Yr. Avg. -20.8%
Return On Equity -533.3%
Return On Equity - 3 Yr. Avg. -185.6%
Asset Turnover 2
Profitability Ratios
Gross Margin 87.6%
Gross Margin - 3 Yr. Avg. 84.8%
EBITDA Margin 3.1%
EBITDA Margin - 3 Yr. Avg. 2.5%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. -0.2%
Pre-Tax Margin -2.5%
Pre-Tax Margin - 3 Yr. Avg. -1.1%
Net Profit Margin -2.5%
Net Profit Margin - 3 Yr. Avg. -1.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ANGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANGI stock intrinsic value calculation we used $323 million for the last fiscal year's total revenue generated by Angie's List. The default revenue input number comes from 2016 income statement of Angie's List. 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 ANGI stock valuation model: a) initial revenue growth rate of 2% 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 ANGI is calculated based on our internal credit rating of Angie's List, 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 Angie's List.
    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 ANGI stock the variable cost ratio is equal to 23.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $255 million in the base year in the intrinsic value calculation for ANGI 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 8.6% for Angie's List.

Corporate tax rate of 27% is the nominal tax rate for Angie's List. 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 ANGI 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 ANGI are equal to 25.1%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Angie's List 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 ANGI is equal to -18%. 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 - $5 million for Angie's List - 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 60.235 million for Angie's List 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 Angie's List at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Groupon Falls As IAC, Angi Homeservices Rise On Broker's Note   [Oct-11-17 04:14PM  Investor's Business Daily]
▶ Colorado's HomeAdvisor and Angie's List combine into new public company   [Oct-03-17 12:02AM  American City Business Journals]
▶ IAC Overvalued After Angie's List Buy   [01:13PM  Morningstar]
▶ TrueCar Can't Serve Two Masters   [04:58PM  Forbes]
▶ Angie's List reports 2Q loss   [Jul-26-17 09:54PM  Associated Press]
▶ ETFs with exposure to Angies List, Inc. : July 10, 2017   [Jul-10-17 01:56PM  Capital Cube]
▶ ETFs with exposure to Angies List, Inc. : June 27, 2017   [Jun-27-17 02:52PM  Capital Cube]
▶ Service industries could use a disrupter like Amazon   [Jun-21-17 05:33AM  MarketWatch]
▶ [$$] Angie's List Can Work It Post Merger   [Jun-16-17 01:01PM  Barrons.com]
▶ Why Angie's List Inc Stock Skyrocketed 105% Last Month   [Jun-13-17 09:08PM  Motley Fool]
▶ IAC Interactive: Cramer's Top Takeaways   [06:25AM  TheStreet.com]
▶ How IAC/InterActiveCorp Rose 28.1% in May   [Jun-06-17 11:00AM  Motley Fool]
▶ [$$] IAC Stock Looks Cheap Despite Recent Rally   [May-26-17 07:54AM  Barrons.com]
▶ Chuck Royce Continues to Buy These 10 Stocks   [May-16-17 03:34PM  GuruFocus.com]
▶ Should You Get Rid of DHI Group (DHX) Now?   [May-10-17 08:45AM  Zacks]
▶ New Strong Buy Stocks At 52-Week Highs Today   [May-09-17 07:13PM  Zacks]
▶ Will This Merger Change The Way You Find a Plumber?   [May-05-17 03:51PM  Barrons.com]
▶ Angie's List tops 1Q profit forecasts   [05:02AM  Associated Press]
▶ [$$] Barry Diller: give and take   [04:42PM  Financial Times]
▶ IAC snags Angie's list   [04:10PM  CNBC Videos]
▶ HomeAdvisor, which employs 300 in KC, will merge with Angie's List   [03:05PM  American City Business Journals]
▶ HomeAdvisor to merge with Angie's List, form new public company   [01:20AM  American City Business Journals]
▶ [$$] IAC Plans to Buy Angies List   [12:26AM  The Wall Street Journal]
▶ Angie's List to merge with IAC-owned HomeAdvisor   [06:25PM  American City Business Journals]
▶ [$$] IAC Plans to Buy Angie's List   [05:46PM  The Wall Street Journal]
▶ Angie's List Stock Soars on IAC Takeover   [05:27PM  TheStreet.com]
▶ New Strong Buy Stocks for April 18th   [Apr-18-17 10:35AM  Zacks]
Financial statements of ANGI
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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