Intrinsic value of Blucora - BCOR

Previous Close

$24.10

  Intrinsic Value

$13.82

stock screener

  Rating & Target

sell

-43%

Previous close

$24.10

 
Intrinsic value

$13.82

 
Up/down potential

-43%

 
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
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  456
  494
  534
  576
  619
  663
  710
  758
  808
  861
  915
  972
  1,031
  1,092
  1,156
  1,223
  1,292
  1,365
  1,441
  1,521
  1,604
  1,690
  1,781
  1,876
  1,976
  2,080
  2,189
  2,303
  2,423
  2,548
  2,680
Variable operating expenses, $m
 
  431
  462
  493
  526
  560
  596
  632
  671
  710
  752
  740
  785
  832
  880
  931
  984
  1,040
  1,098
  1,158
  1,221
  1,287
  1,357
  1,429
  1,505
  1,584
  1,667
  1,754
  1,845
  1,941
  2,041
Fixed operating expenses, $m
 
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
Total operating expenses, $m
  420
  449
  481
  512
  546
  580
  617
  653
  693
  732
  775
  764
  809
  857
  905
  957
  1,011
  1,067
  1,126
  1,187
  1,250
  1,317
  1,388
  1,461
  1,538
  1,617
  1,701
  1,789
  1,881
  1,978
  2,079
Operating income, $m
  36
  44
  54
  63
  73
  83
  93
  104
  116
  128
  140
  208
  221
  236
  250
  265
  281
  298
  316
  334
  353
  373
  394
  416
  438
  462
  488
  514
  542
  571
  601
EBITDA, $m
  75
  117
  127
  138
  150
  161
  174
  186
  199
  213
  228
  242
  258
  274
  291
  309
  327
  347
  367
  388
  410
  433
  457
  482
  509
  536
  565
  596
  628
  661
  696
Interest expense (income), $m
  32
  27
  30
  34
  37
  41
  45
  49
  53
  57
  62
  66
  71
  76
  81
  87
  93
  99
  105
  112
  118
  125
  133
  141
  149
  157
  166
  176
  186
  196
  207
Earnings before tax, $m
  -3
  18
  23
  29
  36
  42
  49
  56
  63
  71
  79
  142
  150
  159
  169
  178
  189
  199
  211
  222
  234
  247
  261
  275
  290
  305
  321
  338
  356
  375
  394
Tax expense, $m
  -2
  5
  6
  8
  10
  11
  13
  15
  17
  19
  21
  38
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
Net income, $m
  -65
  13
  17
  21
  26
  31
  36
  41
  46
  52
  57
  103
  110
  116
  123
  130
  138
  146
  154
  162
  171
  181
  190
  201
  211
  223
  234
  247
  260
  274
  288

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
  1,043
  1,127
  1,214
  1,305
  1,399
  1,498
  1,599
  1,705
  1,816
  1,930
  2,050
  2,174
  2,304
  2,439
  2,580
  2,727
  2,880
  3,041
  3,208
  3,383
  3,566
  3,758
  3,959
  4,168
  4,388
  4,618
  4,859
  5,112
  5,377
  5,654
Adjusted assets (=assets-cash), $m
  962
  1,043
  1,127
  1,214
  1,305
  1,399
  1,498
  1,599
  1,705
  1,816
  1,930
  2,050
  2,174
  2,304
  2,439
  2,580
  2,727
  2,880
  3,041
  3,208
  3,383
  3,566
  3,758
  3,959
  4,168
  4,388
  4,618
  4,859
  5,112
  5,377
  5,654
Revenue / Adjusted assets
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
Average production assets, $m
  390
  423
  457
  492
  529
  567
  607
  648
  691
  736
  782
  831
  881
  934
  988
  1,045
  1,105
  1,167
  1,232
  1,300
  1,371
  1,445
  1,523
  1,604
  1,689
  1,778
  1,872
  1,969
  2,072
  2,179
  2,291
Working capital, $m
  44
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
Total debt, $m
  415
  463
  516
  570
  627
  686
  748
  812
  878
  947
  1,019
  1,094
  1,172
  1,253
  1,338
  1,426
  1,519
  1,615
  1,715
  1,821
  1,930
  2,045
  2,165
  2,291
  2,423
  2,560
  2,705
  2,856
  3,014
  3,180
  3,354
Total liabilities, $m
  606
  654
  707
  761
  818
  877
  939
  1,003
  1,069
  1,138
  1,210
  1,285
  1,363
  1,444
  1,529
  1,617
  1,710
  1,806
  1,906
  2,012
  2,121
  2,236
  2,356
  2,482
  2,614
  2,751
  2,896
  3,047
  3,205
  3,371
  3,545
Total equity, $m
  417
  389
  420
  453
  487
  522
  559
  597
  636
  677
  720
  765
  811
  859
  910
  962
  1,017
  1,074
  1,134
  1,197
  1,262
  1,330
  1,402
  1,477
  1,555
  1,637
  1,723
  1,813
  1,907
  2,005
  2,109
Total liabilities and equity, $m
  1,023
  1,043
  1,127
  1,214
  1,305
  1,399
  1,498
  1,600
  1,705
  1,815
  1,930
  2,050
  2,174
  2,303
  2,439
  2,579
  2,727
  2,880
  3,040
  3,209
  3,383
  3,566
  3,758
  3,959
  4,169
  4,388
  4,619
  4,860
  5,112
  5,376
  5,654
Debt-to-equity ratio
  0.995
  1.190
  1.230
  1.260
  1.290
  1.320
  1.340
  1.360
  1.380
  1.400
  1.420
  1.430
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.540
  1.550
  1.560
  1.560
  1.570
  1.580
  1.580
  1.590
  1.590
Adjusted equity ratio
  0.370
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  13
  17
  21
  26
  31
  36
  41
  46
  52
  57
  103
  110
  116
  123
  130
  138
  146
  154
  162
  171
  181
  190
  201
  211
  223
  234
  247
  260
  274
  288
Depreciation, amort., depletion, $m
  39
  72
  74
  75
  77
  78
  80
  82
  84
  85
  87
  34
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  90
  95
Funds from operations, $m
  131
  85
  91
  97
  103
  109
  116
  123
  130
  137
  145
  138
  146
  155
  164
  174
  184
  194
  205
  216
  228
  241
  254
  267
  281
  296
  312
  329
  346
  364
  383
Change in working capital, $m
  46
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  85
  87
  92
  98
  104
  111
  117
  124
  131
  139
  146
  140
  148
  157
  166
  176
  186
  196
  207
  219
  231
  243
  256
  270
  285
  300
  316
  332
  350
  368
  387
Maintenance CAPEX, $m
  0
  -16
  -18
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -90
New CAPEX, $m
  -4
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
Cash from investing activities, $m
  82
  -49
  -52
  -54
  -57
  -60
  -64
  -66
  -70
  -74
  -77
  -80
  -84
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -144
  -152
  -159
  -167
  -176
  -184
  -193
  -202
Free cash flow, $m
  167
  38
  41
  44
  47
  50
  54
  58
  61
  65
  69
  59
  63
  68
  73
  78
  83
  88
  94
  100
  106
  112
  119
  126
  133
  141
  148
  157
  166
  175
  184
Issuance/(repayment) of debt, $m
  -164
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  174
Issuance/(repurchase) of shares, $m
  4
  17
  14
  11
  8
  4
  1
  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
  68
  67
  66
  65
  63
  62
  64
  66
  69
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  174
Total cash flow (excl. dividends), $m
  -4
  106
  108
  110
  112
  114
  116
  121
  128
  134
  141
  134
  141
  149
  157
  166
  175
  184
  194
  205
  216
  227
  239
  251
  265
  278
  293
  308
  324
  341
  358
Retained Cash Flow (-), $m
  45
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
Prev. year cash balance distribution, $m
 
  58
  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
 
  134
  76
  77
  78
  79
  80
  83
  88
  93
  99
  89
  95
  101
  107
  113
  120
  127
  134
  142
  150
  159
  167
  177
  186
  196
  207
  218
  230
  242
  255
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  124
  65
  60
  54
  49
  44
  41
  37
  34
  30
  23
  20
  17
  15
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.3
  96.9
  96.0
  95.3
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0
  95.0

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 -15.5
Price to Sales 2.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 12.4
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 $456 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 8.4% 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 8.1%, 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 88.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18 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 6.5% 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 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 BCOR are equal to 85.5%.

Life of production assets of 24.1 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 -3.1%. 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 - $417 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 46.154 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 $1.1 billion.

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COMPANY NEWS

▶ Blucora posts 4Q profit   [Feb-15-18 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]
▶ [$$] Court Square Capital Partners Leads $270 Million Round for System1   [Sep-20-17 12:15PM  The Wall Street Journal]
▶ Blucora posts 2Q profit   [01:24AM  Associated Press]
▶ Blucora Announces Second Quarter 2017 Results   [Jul-27-17 06:30AM  GlobeNewswire]
▶ Blucora, Inc. Value Analysis (NASDAQ:BCOR) : July 5, 2017   [Jul-05-17 01:19PM  Capital Cube]
▶ ETFs with exposure to Blucora, Inc. : June 26, 2017   [Jun-26-17 03:23PM  Capital Cube]
▶ Blucora Announces New Board Members   [Jun-01-17 04:20PM  GlobeNewswire]
▶ Blucora Announces Closing of New Credit Facility   [May-23-17 08:16AM  GlobeNewswire]
▶ ETFs with exposure to Blucora, Inc. : May 8, 2017   [May-08-17 04:10PM  Capital Cube]
▶ Blucora posts 1Q profit   [May-04-17 06:55AM  Associated Press]
▶ These 3 Stocks Have Tripled Over the Past Year   [Apr-13-17 08:48AM  Motley Fool]
▶ Blucora (BCOR) is Overbought: Is A Drop Coming?   [Mar-24-17 10:45AM  Zacks]
▶ Blucora reports 4Q loss   [11:42AM  AP]
▶ [$$] What to Know Before Using Free Tax-Return Services   [Feb-11-17 12:06AM  at The Wall Street Journal]
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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