Intrinsic value of B Communications - BCOM

Previous Close

$14.97

  Intrinsic Value

$68.17

stock screener

  Rating & Target

str. buy

+355%

  Value-price divergence*

+41%

Previous close

$14.97

 
Intrinsic value

$68.17

 
Up/down potential

+355%

 
Rating

str. buy

 
Value-price divergence*

+41%

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

We calculate the intrinsic value of BCOM 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 2011), $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 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2011(a)
   2012
   2013
   2014
   2015
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  31.34
  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
  3,076
  3,138
  3,210
  3,292
  3,385
  3,487
  3,600
  3,723
  3,855
  3,998
  4,152
  4,316
  4,491
  4,678
  4,876
  5,086
  5,309
  5,545
  5,794
  6,058
  6,336
  6,630
  6,940
  7,266
  7,610
  7,973
  8,354
  8,756
  9,178
  9,623
  10,090
Variable operating expenses, $m
 
  813
  831
  853
  877
  903
  932
  964
  999
  1,036
  1,075
  1,118
  1,163
  1,211
  1,263
  1,317
  1,375
  1,436
  1,501
  1,569
  1,641
  1,717
  1,797
  1,882
  1,971
  2,065
  2,164
  2,268
  2,377
  2,492
  2,613
Fixed operating expenses, $m
 
  1,474
  1,511
  1,549
  1,587
  1,627
  1,668
  1,709
  1,752
  1,796
  1,841
  1,887
  1,934
  1,982
  2,032
  2,083
  2,135
  2,188
  2,243
  2,299
  2,356
  2,415
  2,476
  2,538
  2,601
  2,666
  2,733
  2,801
  2,871
  2,943
  3,016
Total operating expenses, $m
  2,199
  2,287
  2,342
  2,402
  2,464
  2,530
  2,600
  2,673
  2,751
  2,832
  2,916
  3,005
  3,097
  3,193
  3,295
  3,400
  3,510
  3,624
  3,744
  3,868
  3,997
  4,132
  4,273
  4,420
  4,572
  4,731
  4,897
  5,069
  5,248
  5,435
  5,629
Operating income, $m
  877
  851
  868
  891
  921
  957
  1,000
  1,049
  1,105
  1,167
  1,236
  1,311
  1,394
  1,484
  1,581
  1,686
  1,799
  1,921
  2,051
  2,190
  2,339
  2,498
  2,667
  2,847
  3,038
  3,242
  3,458
  3,687
  3,930
  4,188
  4,460
EBITDA, $m
  1,247
  1,071
  1,093
  1,122
  1,158
  1,202
  1,253
  1,310
  1,375
  1,448
  1,527
  1,614
  1,709
  1,812
  1,923
  2,043
  2,172
  2,310
  2,458
  2,615
  2,784
  2,963
  3,154
  3,357
  3,573
  3,801
  4,044
  4,302
  4,574
  4,863
  5,169
Interest expense (income), $m
  102
  93
  96
  100
  103
  108
  113
  118
  124
  130
  137
  144
  152
  160
  169
  178
  188
  198
  209
  221
  233
  246
  260
  275
  290
  306
  323
  341
  360
  380
  401
Earnings before tax, $m
  762
  758
  771
  791
  817
  849
  887
  931
  981
  1,037
  1,099
  1,167
  1,242
  1,324
  1,413
  1,508
  1,612
  1,723
  1,842
  1,969
  2,106
  2,251
  2,407
  2,572
  2,748
  2,936
  3,135
  3,346
  3,570
  3,808
  4,060
Tax expense, $m
  205
  205
  208
  214
  221
  229
  240
  251
  265
  280
  297
  315
  335
  357
  381
  407
  435
  465
  497
  532
  569
  608
  650
  694
  742
  793
  846
  903
  964
  1,028
  1,096
Net income, $m
  559
  553
  563
  578
  597
  620
  648
  680
  716
  757
  802
  852
  907
  967
  1,031
  1,101
  1,176
  1,257
  1,344
  1,438
  1,537
  1,643
  1,757
  1,878
  2,006
  2,143
  2,288
  2,442
  2,606
  2,780
  2,964

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  622
  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
  4,688
  4,711
  4,819
  4,943
  5,082
  5,236
  5,405
  5,589
  5,789
  6,003
  6,234
  6,480
  6,743
  7,023
  7,321
  7,637
  7,971
  8,326
  8,700
  9,096
  9,514
  9,955
  10,420
  10,910
  11,427
  11,971
  12,544
  13,147
  13,781
  14,448
  15,150
Adjusted assets (=assets-cash), $m
  4,066
  4,711
  4,819
  4,943
  5,082
  5,236
  5,405
  5,589
  5,789
  6,003
  6,234
  6,480
  6,743
  7,023
  7,321
  7,637
  7,971
  8,326
  8,700
  9,096
  9,514
  9,955
  10,420
  10,910
  11,427
  11,971
  12,544
  13,147
  13,781
  14,448
  15,150
Revenue / Adjusted assets
  0.757
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
  0.666
Average production assets, $m
  2,161
  2,203
  2,253
  2,311
  2,376
  2,448
  2,527
  2,613
  2,706
  2,807
  2,915
  3,030
  3,153
  3,284
  3,423
  3,570
  3,727
  3,893
  4,068
  4,253
  4,448
  4,654
  4,872
  5,101
  5,342
  5,597
  5,865
  6,146
  6,443
  6,755
  7,083
Working capital, $m
  385
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
Total debt, $m
  2,591
  2,601
  2,692
  2,797
  2,915
  3,045
  3,188
  3,343
  3,511
  3,693
  3,888
  4,096
  4,318
  4,555
  4,806
  5,073
  5,356
  5,655
  5,972
  6,306
  6,659
  7,032
  7,425
  7,839
  8,276
  8,735
  9,219
  9,729
  10,265
  10,829
  11,422
Total liabilities, $m
  3,971
  3,981
  4,072
  4,177
  4,295
  4,425
  4,568
  4,723
  4,891
  5,073
  5,268
  5,476
  5,698
  5,935
  6,186
  6,453
  6,736
  7,035
  7,352
  7,686
  8,039
  8,412
  8,805
  9,219
  9,656
  10,115
  10,599
  11,109
  11,645
  12,209
  12,802
Total equity, $m
  717
  730
  747
  766
  788
  812
  838
  866
  897
  931
  966
  1,004
  1,045
  1,089
  1,135
  1,184
  1,236
  1,290
  1,349
  1,410
  1,475
  1,543
  1,615
  1,691
  1,771
  1,855
  1,944
  2,038
  2,136
  2,239
  2,348
Total liabilities and equity, $m
  4,688
  4,711
  4,819
  4,943
  5,083
  5,237
  5,406
  5,589
  5,788
  6,004
  6,234
  6,480
  6,743
  7,024
  7,321
  7,637
  7,972
  8,325
  8,701
  9,096
  9,514
  9,955
  10,420
  10,910
  11,427
  11,970
  12,543
  13,147
  13,781
  14,448
  15,150
Debt-to-equity ratio
  3.614
  3.560
  3.600
  3.650
  3.700
  3.750
  3.800
  3.860
  3.910
  3.970
  4.020
  4.080
  4.130
  4.180
  4.240
  4.290
  4.330
  4.380
  4.430
  4.470
  4.520
  4.560
  4.600
  4.640
  4.670
  4.710
  4.740
  4.770
  4.810
  4.840
  4.860
Adjusted equity ratio
  0.074
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  559
  553
  563
  578
  597
  620
  648
  680
  716
  757
  802
  852
  907
  967
  1,031
  1,101
  1,176
  1,257
  1,344
  1,438
  1,537
  1,643
  1,757
  1,878
  2,006
  2,143
  2,288
  2,442
  2,606
  2,780
  2,964
Depreciation, amort., depletion, $m
  370
  220
  225
  231
  238
  245
  253
  261
  271
  281
  291
  303
  315
  328
  342
  357
  373
  389
  407
  425
  445
  465
  487
  510
  534
  560
  586
  615
  644
  676
  708
Funds from operations, $m
  456
  773
  788
  809
  834
  865
  900
  941
  987
  1,038
  1,094
  1,155
  1,222
  1,295
  1,373
  1,458
  1,549
  1,647
  1,751
  1,863
  1,982
  2,109
  2,244
  2,388
  2,540
  2,703
  2,875
  3,057
  3,250
  3,455
  3,672
Change in working capital, $m
  -406
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  862
  774
  789
  810
  835
  866
  902
  942
  988
  1,039
  1,095
  1,157
  1,224
  1,297
  1,375
  1,460
  1,551
  1,649
  1,754
  1,865
  1,985
  2,112
  2,247
  2,391
  2,544
  2,706
  2,878
  3,061
  3,255
  3,460
  3,677
Maintenance CAPEX, $m
  0
  -216
  -220
  -225
  -231
  -238
  -245
  -253
  -261
  -271
  -281
  -291
  -303
  -315
  -328
  -342
  -357
  -373
  -389
  -407
  -425
  -445
  -465
  -487
  -510
  -534
  -560
  -586
  -615
  -644
  -676
New CAPEX, $m
  -515
  -42
  -51
  -58
  -65
  -72
  -79
  -86
  -93
  -100
  -108
  -115
  -123
  -131
  -139
  -148
  -156
  -166
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -312
  -328
Cash from investing activities, $m
  -674
  -258
  -271
  -283
  -296
  -310
  -324
  -339
  -354
  -371
  -389
  -406
  -426
  -446
  -467
  -490
  -513
  -539
  -564
  -592
  -620
  -651
  -682
  -716
  -751
  -788
  -828
  -868
  -912
  -956
  -1,004
Free cash flow, $m
  188
  516
  518
  526
  539
  556
  578
  604
  634
  668
  707
  750
  798
  851
  908
  970
  1,038
  1,111
  1,189
  1,274
  1,364
  1,461
  1,564
  1,675
  1,792
  1,918
  2,051
  2,193
  2,343
  2,503
  2,673
Issuance/(repayment) of debt, $m
  1,029
  79
  92
  105
  117
  130
  143
  156
  168
  181
  195
  208
  222
  237
  251
  267
  283
  299
  317
  334
  353
  373
  393
  414
  436
  460
  484
  509
  536
  564
  593
Issuance/(repurchase) of shares, $m
  6
  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  
  79
  79
  92
  105
  117
  130
  143
  156
  168
  181
  195
  208
  222
  237
  251
  267
  283
  299
  317
  334
  353
  373
  393
  414
  436
  460
  484
  509
  536
  564
  593
Total cash flow (excl. dividends), $m
  267
  595
  610
  631
  657
  686
  721
  759
  802
  849
  902
  958
  1,020
  1,087
  1,159
  1,237
  1,321
  1,410
  1,506
  1,608
  1,717
  1,833
  1,957
  2,089
  2,229
  2,377
  2,535
  2,702
  2,879
  3,067
  3,266
Retained Cash Flow (-), $m
  -389
  -13
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
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
 
  582
  593
  612
  635
  663
  694
  731
  771
  816
  866
  920
  979
  1,044
  1,113
  1,188
  1,269
  1,355
  1,448
  1,547
  1,652
  1,765
  1,885
  2,013
  2,149
  2,293
  2,446
  2,609
  2,781
  2,964
  3,157
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  551
  529
  511
  494
  477
  459
  440
  420
  399
  376
  352
  327
  300
  273
  245
  218
  191
  165
  140
  117
  96
  78
  61
  48
  36
  27
  19
  14
  9
  6
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

B Communications Ltd. provides various communications services for business and private customers in Israel. The company offers fixed-line telephony, fixed-line broadband Internet infrastructure access, Internet service provider, cellular telephony, international telephony, international and domestic data transfer and network, information and communication technology, pay television, multi-channel television, radio, satellite, and customer call center services, as well as other communications infrastructures and services. It is also involved in the maintenance and development of communications infrastructures; provision of communications services to other communications providers; and supply and maintenance of equipment on customer premises, such as network end point services. The company was formerly known as 012 Smile.Communications Ltd. and changed its name to B Communications Ltd. in March 2010. B Communications Ltd. was founded in 1999 and is headquartered in Ramat Gan, Israel. B Communications Ltd. operates as a subsidiary of Internet Gold Golden Lines Ltd.

FINANCIAL RATIOS  of  B Communications (BCOM)

Valuation Ratios
P/E Ratio 0.8
Price to Sales 0.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 0.5
Price to Free Cash Flow 1.3
Growth Rates
Sales Growth Rate 31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.9%
Cap. Spend. - 3 Yr. Gr. Rate 83.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 332.5%
Total Debt to Equity 361.4%
Interest Coverage 8
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 17%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 107%
Return On Equity - 3 Yr. Avg. 37.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 99.3%
EBITDA Margin 40.1%
EBITDA Margin - 3 Yr. Avg. 35.3%
Operating Margin 28.5%
Oper. Margin - 3 Yr. Avg. 19%
Pre-Tax Margin 24.8%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 18.2%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 0%

BCOM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCOM stock intrinsic value calculation we used $3076 million for the last fiscal year's total revenue generated by B Communications. The default revenue input number comes from 2011 income statement of B Communications. 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 BCOM 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 5.6%, whose default value for BCOM is calculated based on our internal credit rating of B Communications, 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 B Communications.
    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 BCOM stock the variable cost ratio is equal to 25.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1438 million in the base year in the intrinsic value calculation for BCOM 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 3.7% for B Communications.

Corporate tax rate of 27% is the nominal tax rate for B Communications. 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 BCOM 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 BCOM are equal to 70.2%.

Life of production assets of 10 years is the average useful life of capital assets used in B Communications 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 BCOM is equal to -1%. 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 - $717 million for B Communications - 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 108.397 million for B Communications 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 B Communications at the current share price and the inputted number of shares is $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ B Communications posts 1Q profit   [May-18-17 06:54AM  Associated Press]
▶ ETFs with exposure to B Communications Ltd. : May 3, 2017   [May-03-17 03:39PM  Capital Cube]
▶ B Communications Ltd. Announces Filing of Annual Report   [Apr-26-17 03:28PM  PR Newswire]
▶ Gold, lumber buck rough first quarter for commodities   [Mar-31-17 03:49PM  MarketWatch]
▶ B Communications reports 3Q loss   [Nov-23-16 06:22AM  AP]
▶ B Communications posts 2Q profit   [Aug-04-16 07:41AM  AP]
Stock chart of BCOM Financial statements of BCOM
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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