Intrinsic value of Blucora - BCOR

Previous Close

$37.65

  Intrinsic Value

$18.97

stock screener

  Rating & Target

sell

-50%

Previous close

$37.65

 
Intrinsic value

$18.97

 
Up/down potential

-50%

 
Rating

sell

We calculate the intrinsic value of BCOR 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  286.44
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  456
  570
  634
  700
  770
  843
  919
  998
  1,080
  1,166
  1,255
  1,347
  1,443
  1,543
  1,647
  1,755
  1,867
  1,984
  2,106
  2,233
  2,365
  2,503
  2,647
  2,797
  2,953
  3,117
  3,288
  3,467
  3,654
  3,850
  4,055
Variable operating expenses, $m
 
  444
  484
  525
  569
  614
  662
  711
  763
  816
  872
  842
  902
  965
  1,030
  1,097
  1,167
  1,240
  1,316
  1,396
  1,478
  1,564
  1,654
  1,748
  1,846
  1,948
  2,055
  2,167
  2,284
  2,406
  2,534
Fixed operating expenses, $m
 
  58
  60
  61
  62
  64
  65
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  83
  84
  86
  88
  90
  92
  94
  96
  98
  100
  103
  105
  107
  109
Total operating expenses, $m
  420
  502
  544
  586
  631
  678
  727
  777
  831
  885
  943
  914
  976
  1,041
  1,107
  1,176
  1,248
  1,323
  1,400
  1,482
  1,566
  1,654
  1,746
  1,842
  1,942
  2,046
  2,155
  2,270
  2,389
  2,513
  2,643
Operating income, $m
  36
  68
  90
  114
  139
  165
  192
  220
  249
  280
  312
  433
  467
  503
  540
  579
  619
  662
  705
  751
  799
  848
  900
  955
  1,011
  1,071
  1,133
  1,197
  1,265
  1,336
  1,411
EBITDA, $m
  75
  257
  290
  326
  363
  402
  443
  485
  529
  575
  622
  672
  723
  777
  833
  891
  951
  1,014
  1,079
  1,147
  1,219
  1,293
  1,370
  1,451
  1,536
  1,624
  1,716
  1,813
  1,914
  2,020
  2,130
Interest expense (income), $m
  32
  18
  21
  24
  28
  31
  34
  38
  42
  46
  50
  55
  59
  64
  69
  74
  79
  84
  90
  96
  102
  109
  115
  122
  130
  137
  145
  154
  162
  172
  181
Earnings before tax, $m
  -3
  50
  69
  90
  111
  134
  157
  182
  207
  234
  262
  378
  408
  439
  472
  505
  541
  577
  615
  655
  696
  740
  785
  832
  882
  933
  987
  1,044
  1,103
  1,165
  1,230
Tax expense, $m
  -2
  13
  19
  24
  30
  36
  42
  49
  56
  63
  71
  102
  110
  119
  127
  136
  146
  156
  166
  177
  188
  200
  212
  225
  238
  252
  267
  282
  298
  315
  332
Net income, $m
  -65
  36
  50
  65
  81
  98
  115
  133
  151
  171
  191
  276
  298
  321
  344
  369
  395
  421
  449
  478
  508
  540
  573
  608
  644
  681
  721
  762
  805
  850
  898

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  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
  1,023
  1,109
  1,233
  1,362
  1,498
  1,640
  1,787
  1,941
  2,102
  2,268
  2,441
  2,621
  2,808
  3,003
  3,205
  3,415
  3,633
  3,861
  4,097
  4,344
  4,601
  4,869
  5,149
  5,441
  5,746
  6,064
  6,397
  6,745
  7,109
  7,490
  7,888
Adjusted assets (=assets-cash), $m
  962
  1,109
  1,233
  1,362
  1,498
  1,640
  1,787
  1,941
  2,102
  2,268
  2,441
  2,621
  2,808
  3,003
  3,205
  3,415
  3,633
  3,861
  4,097
  4,344
  4,601
  4,869
  5,149
  5,441
  5,746
  6,064
  6,397
  6,745
  7,109
  7,490
  7,888
Revenue / Adjusted assets
  0.474
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
Average production assets, $m
  390
  1,012
  1,125
  1,243
  1,367
  1,496
  1,631
  1,771
  1,917
  2,069
  2,227
  2,391
  2,562
  2,739
  2,924
  3,115
  3,315
  3,522
  3,738
  3,963
  4,198
  4,443
  4,698
  4,964
  5,242
  5,533
  5,836
  6,154
  6,486
  6,833
  7,197
Working capital, $m
  44
  -25
  -28
  -31
  -34
  -37
  -40
  -44
  -48
  -51
  -55
  -59
  -64
  -68
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -145
  -153
  -161
  -169
  -178
Total debt, $m
  415
  392
  449
  509
  572
  638
  707
  778
  853
  930
  1,010
  1,094
  1,180
  1,271
  1,364
  1,462
  1,563
  1,669
  1,779
  1,893
  2,012
  2,137
  2,267
  2,402
  2,543
  2,691
  2,846
  3,007
  3,176
  3,353
  3,538
Total liabilities, $m
  606
  515
  572
  632
  695
  761
  829
  901
  975
  1,052
  1,133
  1,216
  1,303
  1,393
  1,487
  1,584
  1,686
  1,791
  1,901
  2,016
  2,135
  2,259
  2,389
  2,525
  2,666
  2,814
  2,968
  3,130
  3,299
  3,475
  3,660
Total equity, $m
  417
  595
  661
  730
  803
  879
  958
  1,041
  1,126
  1,216
  1,309
  1,405
  1,505
  1,609
  1,718
  1,830
  1,947
  2,069
  2,196
  2,328
  2,466
  2,610
  2,760
  2,916
  3,080
  3,250
  3,429
  3,615
  3,810
  4,014
  4,228
Total liabilities and equity, $m
  1,023
  1,110
  1,233
  1,362
  1,498
  1,640
  1,787
  1,942
  2,101
  2,268
  2,442
  2,621
  2,808
  3,002
  3,205
  3,414
  3,633
  3,860
  4,097
  4,344
  4,601
  4,869
  5,149
  5,441
  5,746
  6,064
  6,397
  6,745
  7,109
  7,489
  7,888
Debt-to-equity ratio
  0.995
  0.660
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.780
  0.790
  0.790
  0.800
  0.800
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
Adjusted equity ratio
  0.370
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  36
  50
  65
  81
  98
  115
  133
  151
  171
  191
  276
  298
  321
  344
  369
  395
  421
  449
  478
  508
  540
  573
  608
  644
  681
  721
  762
  805
  850
  898
Depreciation, amort., depletion, $m
  39
  189
  200
  212
  224
  237
  251
  265
  279
  295
  310
  239
  256
  274
  292
  312
  331
  352
  374
  396
  420
  444
  470
  496
  524
  553
  584
  615
  649
  683
  720
Funds from operations, $m
  131
  225
  251
  277
  306
  335
  366
  398
  431
  465
  501
  515
  554
  595
  637
  680
  726
  774
  823
  874
  928
  984
  1,043
  1,104
  1,168
  1,235
  1,304
  1,377
  1,454
  1,534
  1,617
Change in working capital, $m
  46
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from operations, $m
  85
  228
  253
  280
  309
  338
  369
  401
  435
  469
  505
  519
  558
  599
  641
  685
  731
  779
  828
  880
  934
  990
  1,049
  1,111
  1,175
  1,242
  1,312
  1,385
  1,462
  1,542
  1,626
Maintenance CAPEX, $m
  0
  -90
  -101
  -112
  -124
  -137
  -150
  -163
  -177
  -192
  -207
  -223
  -239
  -256
  -274
  -292
  -312
  -331
  -352
  -374
  -396
  -420
  -444
  -470
  -496
  -524
  -553
  -584
  -615
  -649
  -683
New CAPEX, $m
  -4
  -108
  -113
  -118
  -124
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -177
  -184
  -192
  -199
  -208
  -216
  -225
  -235
  -245
  -255
  -266
  -278
  -291
  -304
  -317
  -332
  -347
  -364
Cash from investing activities, $m
  82
  -198
  -214
  -230
  -248
  -266
  -285
  -303
  -323
  -344
  -365
  -387
  -410
  -433
  -458
  -484
  -511
  -539
  -568
  -599
  -631
  -665
  -699
  -736
  -774
  -815
  -857
  -901
  -947
  -996
  -1,047
Free cash flow, $m
  167
  30
  40
  50
  61
  72
  85
  98
  111
  126
  141
  132
  149
  166
  183
  201
  220
  240
  260
  281
  303
  326
  350
  374
  400
  427
  455
  484
  515
  546
  580
Issuance/(repayment) of debt, $m
  -164
  54
  57
  60
  63
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  106
  110
  114
  119
  124
  130
  135
  141
  148
  154
  161
  169
  177
  185
Issuance/(repurchase) of shares, $m
  4
  27
  16
  4
  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  
  -171
  81
  73
  64
  63
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  106
  110
  114
  119
  124
  130
  135
  141
  148
  154
  161
  169
  177
  185
Total cash flow (excl. dividends), $m
  -4
  110
  113
  114
  124
  138
  153
  169
  186
  203
  221
  216
  235
  256
  277
  299
  321
  345
  370
  396
  422
  450
  479
  510
  542
  575
  609
  646
  683
  723
  764
Retained Cash Flow (-), $m
  45
  -63
  -66
  -69
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -156
  -163
  -171
  -178
  -187
  -195
  -204
  -214
Prev. year cash balance distribution, $m
 
  10
  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
 
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  46
  48
  51
  54
  58
  61
  64
  68
  72
  76
  80
  84
  89
Cash available for distribution, $m
 
  57
  46
  44
  51
  62
  74
  86
  100
  114
  128
  119
  135
  152
  168
  186
  204
  223
  243
  263
  285
  307
  330
  353
  378
  404
  431
  459
  488
  519
  551
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  54
  41
  37
  39
  44
  48
  51
  53
  54
  53
  44
  43
  41
  38
  35
  32
  28
  25
  21
  18
  14
  12
  9
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  98.4
  97.5
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3
  97.3

Blucora, Inc. is a provider of technology-enabled financial solutions to consumers, small business owners and tax professionals. The Company operates through the Wealth Management and Tax Preparation segments. The Company's Wealth Management segment consists of HD Vest, which provides financial advisors with an integrated platform of brokerage, investment advisory and insurance services to assist in making each financial advisor a financial service center for his/her clients The Company's Tax Preparation segment provides digital do-it-yourself (DDIY) tax preparation solutions for consumers, small business owners and tax professionals. TaxAct, a provider of digital tax preparation solutions. HD Vest's specialized model provides an open-architecture investment platform and technology tools to help financial advisors identify investment opportunities for their clients. TaxAct offers pricing and packaging options for tax professionals.

FINANCIAL RATIOS  of  Blucora (BCOR)

Valuation Ratios
P/E Ratio -24.2
Price to Sales 3.5
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 18.5
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate 286.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate -4.4%
Financial Strength
Quick Ratio 20
Current Ratio 0
LT Debt to Equity 98.8%
Total Debt to Equity 99.5%
Interest Coverage 1
Management Effectiveness
Return On Assets -4.7%
Ret/ On Assets - 3 Yr. Avg. -3.7%
Return On Total Capital -7%
Ret/ On T. Cap. - 3 Yr. Avg. -5.4%
Return On Equity -14.8%
Return On Equity - 3 Yr. Avg. -10.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 51.1%
Gross Margin - 3 Yr. Avg. 75.3%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 7.9%
Oper. Margin - 3 Yr. Avg. 3.1%
Pre-Tax Margin -0.7%
Pre-Tax Margin - 3 Yr. Avg. -7.9%
Net Profit Margin -14.3%
Net Profit Margin - 3 Yr. Avg. -27.6%
Effective Tax Rate 66.7%
Eff/ Tax Rate - 3 Yr. Avg. 41.2%
Payout Ratio 0%

BCOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCOR stock intrinsic value calculation we used $510 million for the last fiscal year's total revenue generated by Blucora. The default revenue input number comes from 2016 income statement of Blucora. 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 BCOR stock valuation model: a) initial revenue growth rate of 11.8% 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 5.9%, whose default value for BCOR is calculated based on our internal credit rating of Blucora, 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 Blucora.
    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 BCOR stock the variable cost ratio is equal to 79.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $57 million in the base year in the intrinsic value calculation for BCOR 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 5.4% for Blucora.

Corporate tax rate of 27% is the nominal tax rate for Blucora. 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 BCOR stock is equal to 2.3%.

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 BCOR are equal to 177.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Blucora 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 BCOR is equal to -4.4%. 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 - $541 million for Blucora - 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 44 million for Blucora 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 Blucora at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Blucora: 1Q Earnings Snapshot   [May-09-18 10:24AM  Associated Press]
▶ Blucora Announces First Quarter 2018 Results   [06:30AM  GlobeNewswire]
▶ Fazir Ali Joins TaxAct as Head of Product   [Apr-20-18 08:38AM  PR Newswire]
▶ Chau Haner Joins HD Vest as Head of Marketing   [Apr-03-18 08:48AM  PR Newswire]
▶ Blucora to Present at Upcoming Investor Conference   [Mar-27-18 08:00AM  GlobeNewswire]
▶ TaxAct Launches Enhanced Mobile App   [Feb-28-18 08:38AM  PR Newswire]
▶ HD Vest Trims Advisor Ranks   [Feb-21-18 08:55PM  Barrons.com]
▶ Blucora posts 4Q profit   [07:27AM  Associated Press]
▶ Tax season: Follow these steps so you dont get scammed   [Feb-07-18 10:25AM  Yahoo Finance Video]
▶ TaxAct Mobile Tour Comes to Dallas, Miami & Houston   [Feb-05-18 08:49AM  PR Newswire]
▶ Made Focuses on the Gig Economy with New TaxAct Campaign   [Jan-24-18 09:14AM  PR Newswire]
▶ Stocks With Rising Relative Strength: Blucora   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Blucora, Inc. : December 8, 2017   [Dec-08-17 12:23PM  Capital Cube]
▶ ETFs with exposure to Blucora, Inc. : November 27, 2017   [Nov-27-17 12:15PM  Capital Cube]
▶ ETFs with exposure to Blucora, Inc. : November 13, 2017   [Nov-13-17 11:49AM  Capital Cube]
▶ ETFs with exposure to Blucora, Inc. : November 2, 2017   [Nov-02-17 11:52AM  Capital Cube]
▶ New Strong Buy Stocks for November 1st   [Nov-01-17 09:25AM  Zacks]
▶ Blucora reports 3Q loss   [Oct-26-17 09:07AM  Associated Press]
▶ Blucora Announces Third Quarter 2017 Results   [06:30AM  GlobeNewswire]
▶ ETFs with exposure to Blucora, Inc. : October 23, 2017   [Oct-23-17 10:23AM  Capital Cube]
▶ ETFs with exposure to Blucora, Inc. : October 3, 2017   [Oct-03-17 10:54AM  Capital Cube]
▶ [$$] Court Square Capital Partners Leads $270 Million Round for System1   [Sep-20-17 12:15PM  The Wall Street Journal]
▶ Blucora posts 2Q profit   [01:24AM  Associated Press]
▶ Blucora Announces Second Quarter 2017 Results   [Jul-27-17 06:30AM  GlobeNewswire]
▶ Blucora, Inc. Value Analysis (NASDAQ:BCOR) : July 5, 2017   [Jul-05-17 01:19PM  Capital Cube]
▶ ETFs with exposure to Blucora, Inc. : June 26, 2017   [Jun-26-17 03:23PM  Capital Cube]
▶ Blucora Announces New Board Members   [Jun-01-17 04:20PM  GlobeNewswire]
▶ Blucora Announces Closing of New Credit Facility   [May-23-17 08:16AM  GlobeNewswire]
Financial statements of BCOR
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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