Intrinsic value of Avid Technology - AVID

Previous Close

$4.29

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

+4%

Previous close

$4.29

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

+4%

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

We calculate the intrinsic value of AVID 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 0.2

 

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, %
  1.19
  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
  512
  522
  534
  548
  563
  580
  599
  620
  642
  666
  691
  718
  748
  779
  812
  847
  884
  923
  964
  1,008
  1,055
  1,104
  1,155
  1,209
  1,267
  1,327
  1,391
  1,457
  1,528
  1,602
  1,680
Variable operating expenses, $m
 
  515
  527
  540
  555
  572
  590
  610
  632
  655
  680
  704
  732
  763
  795
  829
  866
  904
  945
  988
  1,033
  1,081
  1,132
  1,185
  1,241
  1,300
  1,362
  1,428
  1,496
  1,569
  1,645
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
  448
  515
  527
  540
  555
  572
  590
  610
  632
  655
  680
  704
  732
  763
  795
  829
  866
  904
  945
  988
  1,033
  1,081
  1,132
  1,185
  1,241
  1,300
  1,362
  1,428
  1,496
  1,569
  1,645
Operating income, $m
  64
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
EBITDA, $m
  89
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
Interest expense (income), $m
  9
  12
  -6
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -1
  -1
  0
  1
  2
  3
  4
  5
  6
  7
  8
  10
  11
  13
  14
  16
  17
  19
  21
  23
Earnings before tax, $m
  45
  -4
  14
  13
  13
  13
  13
  13
  13
  13
  13
  16
  16
  16
  16
  15
  15
  15
  15
  15
  14
  14
  14
  14
  13
  13
  13
  12
  12
  12
  11
Tax expense, $m
  -3
  0
  4
  4
  4
  4
  4
  4
  4
  4
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  3
  3
  3
  3
  3
Net income, $m
  48
  -4
  10
  10
  10
  10
  10
  10
  10
  9
  9
  12
  12
  12
  11
  11
  11
  11
  11
  11
  11
  10
  10
  10
  10
  10
  9
  9
  9
  9
  8

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  45
  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
  250
  255
  261
  268
  275
  283
  293
  303
  313
  325
  337
  351
  365
  380
  396
  413
  431
  451
  471
  492
  515
  539
  564
  591
  619
  648
  679
  712
  746
  782
  820
Adjusted assets (=assets-cash), $m
  205
  255
  261
  268
  275
  283
  293
  303
  313
  325
  337
  351
  365
  380
  396
  413
  431
  451
  471
  492
  515
  539
  564
  591
  619
  648
  679
  712
  746
  782
  820
Revenue / Adjusted assets
  2.498
  2.047
  2.046
  2.045
  2.047
  2.049
  2.044
  2.046
  2.051
  2.049
  2.050
  2.046
  2.049
  2.050
  2.051
  2.051
  2.051
  2.047
  2.047
  2.049
  2.049
  2.048
  2.048
  2.046
  2.047
  2.048
  2.049
  2.046
  2.048
  2.049
  2.049
Average production assets, $m
  61
  62
  63
  65
  66
  68
  71
  73
  76
  79
  82
  85
  88
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
  189
  198
Working capital, $m
  -87
  -52
  -53
  -55
  -56
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
Total debt, $m
  194
  -97
  -91
  -85
  -78
  -71
  -63
  -54
  -44
  -34
  -22
  -10
  3
  16
  31
  46
  62
  80
  98
  117
  137
  159
  182
  206
  231
  257
  285
  314
  345
  378
  412
Total liabilities, $m
  519
  230
  235
  241
  248
  255
  263
  272
  282
  292
  304
  316
  329
  342
  357
  372
  388
  406
  424
  443
  463
  485
  508
  532
  557
  583
  611
  640
  671
  704
  738
Total equity, $m
  -270
  26
  26
  27
  28
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
Total liabilities and equity, $m
  249
  256
  261
  268
  276
  283
  292
  302
  313
  324
  338
  351
  366
  380
  397
  413
  431
  451
  471
  492
  514
  539
  564
  591
  619
  648
  679
  711
  746
  782
  820
Debt-to-equity ratio
  -0.719
  -3.780
  -3.500
  -3.180
  -2.850
  -2.500
  -2.140
  -1.780
  -1.400
  -1.030
  -0.660
  -0.290
  0.070
  0.420
  0.770
  1.110
  1.440
  1.770
  2.080
  2.380
  2.670
  2.950
  3.220
  3.480
  3.730
  3.970
  4.200
  4.420
  4.630
  4.830
  5.020
Adjusted equity ratio
  -1.512
  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
  48
  -4
  10
  10
  10
  10
  10
  10
  10
  9
  9
  12
  12
  12
  11
  11
  11
  11
  11
  11
  11
  10
  10
  10
  10
  10
  9
  9
  9
  9
  8
Depreciation, amort., depletion, $m
  25
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Funds from operations, $m
  -187
  5
  19
  20
  20
  20
  20
  20
  20
  21
  21
  20
  20
  21
  21
  21
  22
  22
  22
  23
  23
  23
  24
  24
  25
  25
  26
  26
  27
  27
  28
Change in working capital, $m
  -138
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  -49
  6
  21
  21
  21
  22
  22
  22
  23
  23
  23
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  35
  36
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
New CAPEX, $m
  -11
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
Cash from investing activities, $m
  -16
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
Free cash flow, $m
  -65
  -1
  13
  13
  13
  13
  13
  13
  13
  13
  13
  12
  11
  11
  11
  11
  11
  11
  11
  10
  10
  10
  10
  10
  9
  9
  9
  9
  8
  8
  8
Issuance/(repayment) of debt, $m
  91
  -291
  5
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
Issuance/(repurchase) of shares, $m
  5
  300
  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  
  91
  9
  5
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
Total cash flow (excl. dividends), $m
  27
  8
  18
  19
  20
  20
  21
  22
  22
  23
  24
  24
  24
  25
  26
  26
  27
  28
  29
  30
  31
  32
  32
  34
  35
  36
  37
  38
  39
  41
  42
Retained Cash Flow (-), $m
  -60
  -300
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
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
 
  -292
  18
  18
  19
  20
  20
  21
  21
  22
  23
  22
  23
  23
  24
  25
  25
  26
  27
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  37
  38
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
 
  -280
  16
  16
  16
  15
  15
  14
  13
  13
  12
  11
  10
  9
  8
  7
  6
  6
  5
  4
  4
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Avid Technology, Inc. develops, markets, sells, and supports software and hardware for digital media content production, management, and distribution worldwide. The company offers professional video creative tools, such as Media Composer product line that is used to edit video content; NewsCutter option and iNews systems for news production; Avid Symphony option, which is used during post-production; Media Composer | Cloud solution that enables broadcast news professionals to acquire, access, edit, and finish stories; and Avid Artist | DNxIO, a hardware interface for video production. It also offers media management solutions comprising Avid MediaCentral | UX Web and mobile-based apps that provide real-time access to media assets for media professional; and Avid Interplay asset management solutions that offer network, storage, and database solutions to enable users to simultaneously share and manage media assets across a project or organization. In addition, the company provides Avid ISIS shared storage systems; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and Pro Tools digital audio software and workstation solutions that facilitate the audio production process. Further, it offers complementary control surfaces and consoles; VENUE product family that includes console systems for mixing audio for live sound reinforcement; and Sibelius-branded software that allows users to create, edit, and publish musical scores. Additionally, the company provides workflow design and consulting; program and project management; system installation and commissioning; custom development; and role-based product level training services. It offers its products and solutions to customers in broadcast and media, video and audio post, and professional markets through a network of sales representatives, independent distributors, value-added resellers, dealers, retailers, and digital sales channels. The company was founded in 1987 and is headquartered in Burlington, Massachusetts.

FINANCIAL RATIOS  of  Avid Technology (AVID)

Valuation Ratios
P/E Ratio 3.6
Price to Sales 0.3
Price to Book -0.6
Price to Tangible Book
Price to Cash Flow -3.6
Price to Free Cash Flow -2.9
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.7%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity -70%
Total Debt to Equity -71.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 23.1%
Ret/ On Assets - 3 Yr. Avg. 11.5%
Return On Total Capital -31.5%
Ret/ On T. Cap. - 3 Yr. Avg. -12.2%
Return On Equity -16%
Return On Equity - 3 Yr. Avg. -7%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 65%
Gross Margin - 3 Yr. Avg. 62.5%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 9.1%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 4.2%
Effective Tax Rate -6.7%
Eff/ Tax Rate - 3 Yr. Avg. -31.6%
Payout Ratio 0%

AVID stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVID stock intrinsic value calculation we used $512 million for the last fiscal year's total revenue generated by Avid Technology. The default revenue input number comes from 2016 income statement of Avid Technology. 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 AVID 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 AVID is calculated based on our internal credit rating of Avid Technology, 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 Avid Technology.
    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 AVID stock the variable cost ratio is equal to 98.6%.

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 AVID 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 6.1% for Avid Technology.

Corporate tax rate of 27% is the nominal tax rate for Avid Technology. 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 AVID 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 AVID are equal to 11.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Avid Technology 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 AVID is equal to -10%. 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 - $-270 million for Avid Technology - 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 39.162 million for Avid Technology 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 Avid Technology at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Avid reports 2Q loss   [Aug-05-17 01:10AM  Associated Press]
▶ ATV Teams up with Avid to Bolster Sports Graphics Workflow   [Jul-20-17 09:30AM  GlobeNewswire]
▶ Avid VENUE | S6L Powers Red Hot Chili Peppers World Tour   [Jun-14-17 09:00AM  GlobeNewswire]
▶ Avid VENUE | S6L Gains Momentum in Lebanon   [May-22-17 08:00AM  GlobeNewswire]
▶ Why Avid Technology, Inc. Stock Gained 20% in April   [May-11-17 06:50PM  Motley Fool]
▶ Avid reports 1Q loss   [06:48AM  Associated Press]
▶ New Book from Avid CEO Explores Media Industry Disruption   [Apr-18-17 09:30AM  GlobeNewswire]
▶ Avid NEXIS Media Storage Seeing Strong Customer Adoption   [Apr-13-17 10:46AM  GlobeNewswire]
▶ Mass. public tech companies that added the most jobs in 2016   [Mar-23-17 11:15AM  at bizjournals.com]
▶ Mass. public tech companies that added the most jobs in 2016   [11:15AM  American City Business Journals]
▶ Avid posts 4Q profit   [06:51AM  Associated Press]
▶ Why Avid Technology Shares Plunged Today   [12:35PM  at Motley Fool]
▶ Avid Signs Multi-Year Enterprise Agreement with DHX Media   [Mar-08-17 12:25PM  GlobeNewswire]
▶ Recent Start Co. graduates have raised $1M   [Feb-22-17 12:35PM  at bizjournals.com]
▶ Avid Customers Sweep the 2017 CAS Awards   [Feb-21-17 01:56PM  GlobeNewswire]
▶ Avid Customers Reign at The BAFTA® Film Awards   [Feb-14-17 12:16PM  GlobeNewswire]
▶ The GRAMMY® Awards Sees Avid Customers Hit the High Note   [Feb-13-17 01:15PM  GlobeNewswire]
▶ Why Avid Technology, Inc. Stock Popped Today   [Jan-31-17 12:26PM  at Motley Fool]
▶ Avids Community of Editors Shine at the ACE Eddie Awards   [Jan-30-17 05:08PM  GlobeNewswire]
▶ Avid Wins Two Prestigious TEC Awards at the 2017 NAMM Show   [Jan-25-17 04:35PM  GlobeNewswire]
Stock chart of AVID Financial statements of AVID
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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