Intrinsic value of Blucora - BCOR

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$21.15

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$21.15

 
Intrinsic value

$15.50

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence* premium content

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

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

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 0.9

 

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
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  456
  500
  545
  593
  643
  694
  748
  803
  861
  921
  984
  1,049
  1,116
  1,187
  1,260
  1,336
  1,416
  1,498
  1,585
  1,675
  1,769
  1,868
  1,970
  2,078
  2,190
  2,308
  2,431
  2,559
  2,694
  2,835
  2,983
Variable operating expenses, $m
 
  436
  470
  507
  544
  584
  624
  667
  711
  757
  804
  799
  850
  904
  960
  1,018
  1,078
  1,141
  1,207
  1,276
  1,347
  1,422
  1,501
  1,582
  1,668
  1,757
  1,851
  1,949
  2,052
  2,159
  2,272
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
  454
  489
  526
  564
  604
  645
  688
  733
  779
  827
  823
  874
  929
  985
  1,044
  1,105
  1,168
  1,235
  1,305
  1,376
  1,452
  1,532
  1,614
  1,701
  1,790
  1,885
  1,984
  2,088
  2,196
  2,310
Operating income, $m
  36
  46
  56
  67
  78
  90
  102
  115
  128
  142
  157
  226
  242
  258
  275
  292
  311
  330
  350
  371
  392
  415
  439
  464
  490
  517
  545
  575
  606
  639
  673
EBITDA, $m
  75
  118
  130
  143
  156
  170
  184
  199
  214
  230
  246
  264
  282
  300
  320
  340
  361
  383
  406
  430
  455
  481
  509
  537
  567
  599
  631
  666
  702
  740
  779
Interest expense (income), $m
  32
  27
  31
  34
  39
  43
  47
  52
  57
  62
  67
  72
  78
  84
  90
  96
  102
  109
  116
  124
  132
  140
  148
  157
  166
  176
  186
  197
  208
  219
  231
Earnings before tax, $m
  -3
  19
  26
  33
  40
  47
  55
  63
  72
  81
  90
  154
  164
  175
  185
  197
  208
  221
  233
  247
  261
  275
  291
  307
  323
  341
  359
  379
  399
  420
  442
Tax expense, $m
  -2
  5
  7
  9
  11
  13
  15
  17
  19
  22
  24
  42
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
Net income, $m
  -65
  14
  19
  24
  29
  35
  40
  46
  52
  59
  66
  113
  120
  127
  135
  143
  152
  161
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  307
  323

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
  1,054
  1,151
  1,251
  1,356
  1,464
  1,577
  1,695
  1,817
  1,944
  2,075
  2,213
  2,355
  2,503
  2,658
  2,819
  2,986
  3,161
  3,343
  3,534
  3,732
  3,940
  4,157
  4,383
  4,620
  4,868
  5,128
  5,400
  5,684
  5,982
  6,294
Adjusted assets (=assets-cash), $m
  962
  1,054
  1,151
  1,251
  1,356
  1,464
  1,577
  1,695
  1,817
  1,944
  2,075
  2,213
  2,355
  2,503
  2,658
  2,819
  2,986
  3,161
  3,343
  3,534
  3,732
  3,940
  4,157
  4,383
  4,620
  4,868
  5,128
  5,400
  5,684
  5,982
  6,294
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
  427
  466
  507
  549
  593
  639
  687
  736
  788
  841
  897
  954
  1,015
  1,077
  1,142
  1,210
  1,281
  1,355
  1,432
  1,513
  1,597
  1,685
  1,776
  1,873
  1,973
  2,078
  2,188
  2,304
  2,424
  2,551
Working capital, $m
  44
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -30
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -75
  -79
  -84
  -88
  -92
Total debt, $m
  415
  470
  531
  593
  659
  727
  798
  872
  948
  1,028
  1,110
  1,196
  1,286
  1,379
  1,475
  1,576
  1,681
  1,791
  1,905
  2,025
  2,149
  2,279
  2,415
  2,557
  2,706
  2,861
  3,024
  3,194
  3,373
  3,560
  3,755
Total liabilities, $m
  606
  661
  722
  784
  850
  918
  989
  1,063
  1,139
  1,219
  1,301
  1,387
  1,477
  1,570
  1,666
  1,767
  1,872
  1,982
  2,096
  2,216
  2,340
  2,470
  2,606
  2,748
  2,897
  3,052
  3,215
  3,385
  3,564
  3,751
  3,946
Total equity, $m
  417
  393
  429
  467
  506
  546
  588
  632
  678
  725
  774
  825
  878
  934
  991
  1,051
  1,114
  1,179
  1,247
  1,318
  1,392
  1,470
  1,550
  1,635
  1,723
  1,816
  1,913
  2,014
  2,120
  2,231
  2,348
Total liabilities and equity, $m
  1,023
  1,054
  1,151
  1,251
  1,356
  1,464
  1,577
  1,695
  1,817
  1,944
  2,075
  2,212
  2,355
  2,504
  2,657
  2,818
  2,986
  3,161
  3,343
  3,534
  3,732
  3,940
  4,156
  4,383
  4,620
  4,868
  5,128
  5,399
  5,684
  5,982
  6,294
Debt-to-equity ratio
  0.995
  1.200
  1.240
  1.270
  1.300
  1.330
  1.360
  1.380
  1.400
  1.420
  1.430
  1.450
  1.460
  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
  1.600
  1.600
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
  14
  19
  24
  29
  35
  40
  46
  52
  59
  66
  113
  120
  127
  135
  143
  152
  161
  170
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  307
  323
Depreciation, amort., depletion, $m
  39
  73
  74
  76
  78
  80
  81
  83
  85
  88
  90
  37
  40
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
Funds from operations, $m
  109
  87
  93
  100
  107
  114
  122
  130
  138
  146
  155
  150
  159
  169
  180
  191
  202
  214
  227
  240
  253
  267
  282
  298
  314
  331
  348
  367
  387
  407
  429
Change in working capital, $m
  24
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  85
  71
  94
  101
  108
  116
  123
  131
  140
  148
  157
  152
  162
  172
  182
  193
  205
  217
  229
  242
  256
  270
  285
  301
  317
  334
  352
  371
  391
  411
  433
Maintenance CAPEX, $m
  0
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
New CAPEX, $m
  -4
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
Cash from investing activities, $m
  82
  -53
  -57
  -60
  -63
  -67
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -217
  -227
Free cash flow, $m
  167
  17
  38
  41
  45
  49
  53
  57
  62
  66
  71
  61
  67
  72
  78
  83
  89
  96
  102
  109
  116
  123
  131
  139
  147
  156
  165
  175
  185
  195
  206
Issuance/(repayment) of debt, $m
  -164
  58
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  89
  93
  97
  101
  105
  110
  114
  119
  125
  130
  136
  142
  149
  155
  163
  170
  178
  187
  196
Issuance/(repurchase) of shares, $m
  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
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -171
  58
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  89
  93
  97
  101
  105
  110
  114
  119
  125
  130
  136
  142
  149
  155
  163
  170
  178
  187
  196
Total cash flow (excl. dividends), $m
  -4
  75
  98
  104
  110
  117
  124
  131
  138
  146
  154
  147
  156
  165
  174
  184
  194
  205
  216
  228
  241
  253
  267
  281
  296
  312
  328
  345
  363
  382
  402
Retained Cash Flow (-), $m
  45
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -88
  -92
  -97
  -101
  -106
  -111
  -116
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
 
  99
  62
  67
  71
  76
  82
  87
  93
  99
  105
  96
  103
  110
  117
  124
  132
  140
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  92
  53
  52
  51
  49
  47
  44
  41
  38
  34
  27
  24
  21
  18
  15
  13
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
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

Blucora, Inc. provides technology-enabled financial solutions to consumers, small business owners, and tax professionals in the United States. The company operates through two segments, Wealth Management and Tax Preparation. The Wealth Management segment provides an integrated platform of brokerage, investment advisory, and insurance services to financial advisors. The Tax Preparation segment offers digital tax preparation solutions through TaxAct.com; and ancillary services, such as refund payment transfer, data archive services, audit defense, stored value cards, and other add-on services. It also provides professional tax preparer software; and Web and mobile-based financial management software. The company was formerly known as InfoSpace, Inc. and changed its name to Blucora, Inc. in June 2012. Blucora, Inc. was founded in 1996 and is headquartered in Bellevue, Washington.

FINANCIAL RATIOS  of  Blucora (BCOR)

Valuation Ratios
P/E Ratio -13.6
Price to Sales 1.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 10.9
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 9.6% 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 7.6%, 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 42.673 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 $0.9 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] What to Know Before Using Free Tax-Return Services   [Feb-11-17 12:06AM  at The Wall Street Journal]
▶ [$$] What to Know Before Using Free Tax-Return Services   [Feb-10-17 05:38AM  at The Wall Street Journal]
▶ [$$] Blucora Names Ex-Fidelity Executive CEO of Brokerage Unit   [Jan-23-17 10:49AM  at The Wall Street Journal]
▶ Amazon manager joins Blucora as it exits the Seattle area   [Jan-15-17 03:05PM  at bizjournals.com]
▶ Is FB Financial Corp (NYSE:FBK) A Good Stock To Buy?   [Dec-18-16 02:46PM  at Insider Monkey]
▶ Is Blucora Inc (BCOR) A Good Stock To Buy?   [Dec-10-16 06:25PM  at Insider Monkey]
▶ Blucora Enters Into Definitive Agreement to Sell Monoprice   [Nov-14-16 11:03PM  GlobeNewswire]
▶ Blucora Announces Third Quarter 2016 Results   [06:30AM  GlobeNewswire]
▶ Monoprice┬« Debuts Monolith Series at CEDIA 2016   [Sep-13-16 08:00AM  GlobeNewswire]
▶ Bellevue company completes $45M sale of once-giant Infospace   [Aug-10-16 02:10PM  at bizjournals.com]
Stock chart of BCOR Financial statements of BCOR Annual reports 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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