Intrinsic value of Benefitfocus - BNFT

Previous Close

$28.95

  Intrinsic Value

$1.39

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

0%

Previous close

$28.95

 
Intrinsic value

$1.39

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of BNFT 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, %
  25.95
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  233
  271
  313
  357
  405
  455
  509
  565
  624
  686
  750
  817
  888
  961
  1,036
  1,115
  1,197
  1,282
  1,371
  1,463
  1,558
  1,658
  1,762
  1,869
  1,982
  2,099
  2,221
  2,348
  2,481
  2,620
  2,765
Variable operating expenses, $m
 
  152
  176
  201
  227
  256
  286
  317
  350
  385
  421
  459
  498
  539
  582
  626
  672
  720
  769
  821
  875
  930
  989
  1,049
  1,112
  1,178
  1,246
  1,318
  1,392
  1,470
  1,552
Fixed operating expenses, $m
 
  141
  145
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  244
  250
  256
  262
  269
  276
  282
  289
Total operating expenses, $m
  266
  293
  321
  350
  379
  412
  446
  481
  518
  557
  598
  640
  684
  729
  777
  826
  877
  930
  984
  1,042
  1,101
  1,162
  1,227
  1,293
  1,362
  1,434
  1,508
  1,587
  1,668
  1,752
  1,841
Operating income, $m
  -32
  -23
  -8
  8
  25
  43
  63
  84
  105
  128
  152
  178
  204
  231
  260
  290
  321
  353
  386
  421
  458
  496
  536
  577
  620
  665
  712
  762
  813
  868
  924
EBITDA, $m
  -19
  -15
  1
  19
  37
  57
  78
  100
  124
  149
  174
  202
  230
  259
  290
  322
  355
  390
  426
  464
  503
  544
  587
  631
  678
  727
  777
  830
  886
  944
  1,005
Interest expense (income), $m
  7
  8
  6
  9
  11
  14
  17
  20
  24
  27
  31
  34
  38
  42
  47
  51
  56
  61
  66
  71
  76
  82
  87
  94
  100
  106
  113
  120
  128
  136
  144
Earnings before tax, $m
  -40
  -31
  -14
  -1
  14
  29
  46
  63
  82
  101
  122
  143
  166
  189
  213
  238
  265
  292
  321
  351
  382
  414
  448
  483
  520
  559
  599
  641
  686
  732
  780
Tax expense, $m
  0
  0
  0
  0
  4
  8
  12
  17
  22
  27
  33
  39
  45
  51
  58
  64
  71
  79
  87
  95
  103
  112
  121
  131
  140
  151
  162
  173
  185
  198
  211
Net income, $m
  -40
  -31
  -14
  -1
  10
  21
  33
  46
  60
  74
  89
  105
  121
  138
  156
  174
  193
  213
  234
  256
  279
  302
  327
  353
  380
  408
  437
  468
  501
  534
  570

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  59
  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
  180
  210
  242
  276
  313
  352
  393
  436
  482
  530
  580
  632
  686
  742
  801
  862
  925
  991
  1,059
  1,130
  1,204
  1,281
  1,361
  1,445
  1,532
  1,622
  1,716
  1,815
  1,918
  2,025
  2,137
Adjusted assets (=assets-cash), $m
  121
  210
  242
  276
  313
  352
  393
  436
  482
  530
  580
  632
  686
  742
  801
  862
  925
  991
  1,059
  1,130
  1,204
  1,281
  1,361
  1,445
  1,532
  1,622
  1,716
  1,815
  1,918
  2,025
  2,137
Revenue / Adjusted assets
  1.926
  1.290
  1.293
  1.293
  1.294
  1.293
  1.295
  1.296
  1.295
  1.294
  1.293
  1.293
  1.294
  1.295
  1.293
  1.294
  1.294
  1.294
  1.295
  1.295
  1.294
  1.294
  1.295
  1.293
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
Average production assets, $m
  68
  79
  91
  104
  118
  133
  148
  165
  182
  200
  219
  239
  259
  280
  303
  326
  350
  374
  400
  427
  455
  484
  514
  546
  579
  613
  649
  686
  725
  765
  808
Working capital, $m
  4
  -27
  -31
  -36
  -40
  -46
  -51
  -56
  -62
  -69
  -75
  -82
  -89
  -96
  -104
  -112
  -120
  -128
  -137
  -146
  -156
  -166
  -176
  -187
  -198
  -210
  -222
  -235
  -248
  -262
  -277
Total debt, $m
  101
  77
  105
  136
  169
  205
  242
  281
  322
  365
  410
  457
  505
  556
  609
  664
  721
  780
  841
  905
  972
  1,041
  1,113
  1,188
  1,266
  1,348
  1,433
  1,521
  1,614
  1,710
  1,811
Total liabilities, $m
  214
  189
  217
  248
  281
  317
  354
  393
  434
  477
  522
  569
  617
  668
  721
  776
  833
  892
  953
  1,017
  1,084
  1,153
  1,225
  1,300
  1,378
  1,460
  1,545
  1,633
  1,726
  1,822
  1,923
Total equity, $m
  -33
  21
  24
  28
  31
  35
  39
  44
  48
  53
  58
  63
  69
  74
  80
  86
  93
  99
  106
  113
  120
  128
  136
  144
  153
  162
  172
  181
  192
  202
  214
Total liabilities and equity, $m
  181
  210
  241
  276
  312
  352
  393
  437
  482
  530
  580
  632
  686
  742
  801
  862
  926
  991
  1,059
  1,130
  1,204
  1,281
  1,361
  1,444
  1,531
  1,622
  1,717
  1,814
  1,918
  2,024
  2,137
Debt-to-equity ratio
  -3.061
  3.660
  4.360
  4.940
  5.420
  5.820
  6.150
  6.430
  6.680
  6.890
  7.070
  7.230
  7.370
  7.490
  7.600
  7.700
  7.790
  7.870
  7.940
  8.010
  8.070
  8.130
  8.180
  8.220
  8.270
  8.310
  8.350
  8.380
  8.420
  8.450
  8.480
Adjusted equity ratio
  -0.595
  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
  -40
  -31
  -14
  -1
  10
  21
  33
  46
  60
  74
  89
  105
  121
  138
  156
  174
  193
  213
  234
  256
  279
  302
  327
  353
  380
  408
  437
  468
  501
  534
  570
Depreciation, amort., depletion, $m
  13
  8
  9
  11
  12
  13
  15
  17
  18
  20
  22
  24
  26
  28
  30
  33
  35
  37
  40
  43
  46
  48
  51
  55
  58
  61
  65
  69
  72
  77
  81
Funds from operations, $m
  -45
  -23
  -5
  10
  22
  35
  48
  63
  78
  94
  111
  128
  147
  166
  186
  207
  228
  251
  274
  299
  324
  351
  379
  407
  438
  469
  502
  537
  573
  611
  651
Change in working capital, $m
  -22
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
Cash from operations, $m
  -23
  -19
  -1
  14
  27
  40
  54
  69
  84
  100
  117
  135
  154
  173
  193
  215
  236
  259
  283
  308
  334
  361
  389
  418
  449
  481
  515
  550
  586
  625
  665
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -43
  -46
  -48
  -51
  -55
  -58
  -61
  -65
  -69
  -72
  -77
New CAPEX, $m
  -13
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
Cash from investing activities, $m
  26
  -18
  -20
  -22
  -24
  -27
  -29
  -31
  -33
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -75
  -78
  -82
  -88
  -92
  -97
  -102
  -108
  -113
  -119
Free cash flow, $m
  3
  -37
  -21
  -8
  2
  13
  25
  37
  50
  64
  79
  94
  109
  126
  143
  161
  180
  199
  220
  241
  263
  286
  310
  335
  362
  389
  418
  448
  479
  512
  546
Issuance/(repayment) of debt, $m
  0
  -24
  29
  31
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  85
  89
  92
  97
  101
Issuance/(repurchase) of shares, $m
  7
  85
  18
  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  
  6
  61
  47
  35
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  85
  89
  92
  97
  101
Total cash flow (excl. dividends), $m
  9
  24
  25
  27
  35
  48
  62
  76
  91
  107
  123
  140
  158
  177
  196
  216
  237
  259
  281
  305
  330
  355
  382
  410
  440
  470
  503
  536
  571
  608
  647
Retained Cash Flow (-), $m
  15
  -85
  -18
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
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
 
  -62
  8
  23
  32
  44
  58
  72
  87
  102
  118
  135
  153
  171
  190
  210
  231
  252
  275
  298
  322
  348
  374
  402
  431
  461
  493
  526
  561
  598
  636
Discount rate, %
 
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
 
  -55
  6
  16
  20
  24
  26
  27
  27
  26
  24
  22
  19
  16
  13
  11
  8
  6
  5
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  27.2
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0
  23.0

Benefitfocus, Inc. provides cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers in the United States. It operates through Employer and Carrier segments. The company’s products for insurance carriers include Marketplaces, which are online shopping environments; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution for communication; eSales for carriers and brokers to organize and manage accounts, track leads, generate quotes, and create proposals for products; and Core & Advanced Analytics, a data analytics solution. Its products for employers include Benefitfocus Marketplace that streamlines online enrollment, employee communication, and benefit administration; Communication Portal, an employee engagement portal; BenefitStore, a solution for employees to avail various ancillary benefits; ACA Compliance and Reporting, a solution for employers to manage ACA compliance; and eBilling and Payment, an electronic invoice presentment and payment application. In addition, the company provides professional and customer support services, which include implementation services, such as discovery, configuration, deployment, integration, testing, training, and technical support; HR support services; and video library services. Further, it offers partner offerings, such as RedBrick Health that provides access to customizable health assessments, digital coaching, tracking, and challenges; LifeLock that allows employees to purchase identity theft protection; SAP SuccessFactors that provides employee performance management solutions; and WageWorks that supports benefits, such as health savings accounts, flexible spending accounts, health reimbursement, and other programs. The company was founded in 2000 and is headquartered in Charleston, South Carolina.

FINANCIAL RATIOS  of  Benefitfocus (BNFT)

Valuation Ratios
P/E Ratio -22
Price to Sales 3.8
Price to Book -26.7
Price to Tangible Book
Price to Cash Flow -38.3
Price to Free Cash Flow -24.5
Growth Rates
Sales Growth Rate 25.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.3%
Cap. Spend. - 3 Yr. Gr. Rate 7.6%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity -236.4%
Total Debt to Equity -306.1%
Interest Coverage -5
Management Effectiveness
Return On Assets -18.2%
Ret/ On Assets - 3 Yr. Avg. -32%
Return On Total Capital -69.6%
Ret/ On T. Cap. - 3 Yr. Avg. -185.8%
Return On Equity 156.9%
Return On Equity - 3 Yr. Avg. 251.3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 48.5%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin -8.6%
EBITDA Margin - 3 Yr. Avg. -23.3%
Operating Margin -14.2%
Oper. Margin - 3 Yr. Avg. -28.8%
Pre-Tax Margin -17.2%
Pre-Tax Margin - 3 Yr. Avg. -32.2%
Net Profit Margin -17.2%
Net Profit Margin - 3 Yr. Avg. -32.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

BNFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BNFT stock intrinsic value calculation we used $233 million for the last fiscal year's total revenue generated by Benefitfocus. The default revenue input number comes from 2016 income statement of Benefitfocus. 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 BNFT stock valuation model: a) initial revenue growth rate of 16.4% 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 11.1%, whose default value for BNFT is calculated based on our internal credit rating of Benefitfocus, 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 Benefitfocus.
    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 BNFT stock the variable cost ratio is equal to 56.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $138 million in the base year in the intrinsic value calculation for BNFT 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 8.4% for Benefitfocus.

Corporate tax rate of 27% is the nominal tax rate for Benefitfocus. 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 BNFT 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 BNFT are equal to 29.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Benefitfocus 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 BNFT 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 - $-33 million for Benefitfocus - 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 30.948 million for Benefitfocus 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 Benefitfocus at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
CSLT Castlight Heal 3.85 0.62  str.sell
ORCL Oracle 48.62 53.68  hold
ULTI Ultimate Softw 195.88 89.16  str.sell
SAP SAP ADR 104.82 167.24  str.buy
WDAY Workday 101.40 1.36  str.sell
EBIX Ebix 56.80 71.90  buy
PCTY Paylocity Hold 45.05 87.42  str.buy
MSFT Microsoft 72.49 47.21  sell
CSOD Cornerstone On 34.22 6.61  str.sell

COMPANY NEWS

▶ Benefitfocus reports 2Q loss   [Aug-04-17 02:34AM  Associated Press]
▶ ETFs with exposure to Benefitfocus, Inc. : June 2, 2017   [Jun-02-17 01:54PM  Capital Cube]
▶ ETFs with exposure to Benefitfocus, Inc. : May 18, 2017   [May-18-17 01:33PM  Capital Cube]
▶ ETFs with exposure to Benefitfocus, Inc. : May 2, 2017   [May-02-17 03:45PM  Capital Cube]
▶ Benefitfocus reports 1Q loss   [Apr-27-17 06:16PM  Associated Press]
▶ Benefitfocus reports 4Q loss   [Feb-23-17 06:15PM  Associated Press]
▶ Baron Opportunity Fund Comments on Benefitfocus   [Feb-21-17 11:57AM  Gurufocus]
▶ Benefitfocus reports 3Q loss   [Nov-03-16 05:43PM  AP]
▶ Top 5 Companies Owned by Goldman Sachs (GS, BNFT)   [Aug-27-16 12:00PM  at Investopedia]
▶ Baron Funds Comments on Benefitfocus   [12:28PM  Gurufocus]
Stock chart of BNFT Financial statements of BNFT
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.