Intrinsic value of Carbonite - CARB

Previous Close

$19.25

  Intrinsic Value

$22.13

stock screener

  Rating & Target

hold

+15%

  Value-price divergence*

+2527%

Previous close

$19.25

 
Intrinsic value

$22.13

 
Up/down potential

+15%

 
Rating

hold

 
Value-price divergence*

+2527%

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

We calculate the intrinsic value of CARB 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 0.5

 

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, %
  51.09
  18.80
  17.42
  16.18
  15.06
  14.05
  13.15
  12.33
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
Revenue, $m
  207
  246
  289
  335
  386
  440
  498
  560
  624
  693
  764
  839
  918
  999
  1,085
  1,173
  1,265
  1,361
  1,460
  1,563
  1,670
  1,782
  1,898
  2,019
  2,144
  2,275
  2,411
  2,553
  2,702
  2,856
  3,018
Variable operating expenses, $m
 
  183
  214
  248
  285
  325
  367
  412
  460
  510
  562
  615
  672
  732
  794
  859
  926
  996
  1,069
  1,145
  1,223
  1,305
  1,390
  1,478
  1,570
  1,666
  1,766
  1,870
  1,979
  2,092
  2,210
Fixed operating expenses, $m
 
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  93
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
Total operating expenses, $m
  210
  241
  274
  309
  348
  389
  433
  480
  529
  581
  635
  690
  749
  811
  875
  942
  1,011
  1,083
  1,158
  1,236
  1,316
  1,401
  1,488
  1,579
  1,673
  1,772
  1,874
  1,981
  2,093
  2,209
  2,330
Operating income, $m
  -3
  5
  15
  26
  38
  51
  65
  80
  95
  112
  129
  150
  169
  189
  210
  231
  254
  277
  302
  327
  354
  381
  410
  440
  471
  503
  537
  572
  609
  648
  688
EBITDA, $m
  13
  11
  22
  34
  47
  61
  75
  91
  108
  126
  144
  164
  184
  205
  227
  251
  275
  300
  326
  353
  381
  410
  441
  473
  506
  540
  577
  614
  653
  695
  737
Interest expense (income), $m
  0
  0
  0
  1
  2
  3
  4
  6
  7
  8
  10
  11
  13
  15
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  52
  56
Earnings before tax, $m
  -3
  5
  15
  25
  36
  48
  60
  74
  88
  103
  119
  139
  156
  174
  193
  213
  234
  255
  278
  301
  325
  351
  377
  404
  433
  463
  494
  526
  560
  595
  632
Tax expense, $m
  1
  1
  4
  7
  10
  13
  16
  20
  24
  28
  32
  37
  42
  47
  52
  58
  63
  69
  75
  81
  88
  95
  102
  109
  117
  125
  133
  142
  151
  161
  171
Net income, $m
  -4
  4
  11
  18
  26
  35
  44
  54
  64
  76
  87
  101
  114
  127
  141
  156
  171
  186
  203
  220
  238
  256
  275
  295
  316
  338
  360
  384
  409
  435
  462

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
  145
  165
  194
  225
  259
  296
  335
  376
  419
  465
  513
  564
  616
  671
  728
  788
  850
  914
  980
  1,050
  1,122
  1,197
  1,275
  1,356
  1,440
  1,528
  1,619
  1,715
  1,814
  1,918
  2,027
Adjusted assets (=assets-cash), $m
  86
  165
  194
  225
  259
  296
  335
  376
  419
  465
  513
  564
  616
  671
  728
  788
  850
  914
  980
  1,050
  1,122
  1,197
  1,275
  1,356
  1,440
  1,528
  1,619
  1,715
  1,814
  1,918
  2,027
Revenue / Adjusted assets
  2.407
  1.491
  1.490
  1.489
  1.490
  1.486
  1.487
  1.489
  1.489
  1.490
  1.489
  1.488
  1.490
  1.489
  1.490
  1.489
  1.488
  1.489
  1.490
  1.489
  1.488
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.489
  1.490
  1.489
  1.489
Average production assets, $m
  34
  40
  47
  55
  63
  72
  82
  92
  102
  114
  125
  138
  151
  164
  178
  192
  207
  223
  239
  256
  274
  292
  311
  331
  352
  373
  395
  419
  443
  468
  495
Working capital, $m
  -29
  -25
  -29
  -34
  -39
  -44
  -50
  -56
  -62
  -69
  -76
  -84
  -92
  -100
  -108
  -117
  -126
  -136
  -146
  -156
  -167
  -178
  -190
  -202
  -214
  -228
  -241
  -255
  -270
  -286
  -302
Total debt, $m
  0
  10
  36
  64
  94
  127
  162
  199
  238
  280
  323
  368
  416
  465
  517
  570
  626
  683
  743
  806
  871
  938
  1,008
  1,081
  1,157
  1,236
  1,319
  1,404
  1,494
  1,587
  1,685
Total liabilities, $m
  139
  149
  175
  203
  233
  266
  301
  338
  377
  419
  462
  507
  555
  604
  656
  709
  765
  822
  882
  945
  1,010
  1,077
  1,147
  1,220
  1,296
  1,375
  1,458
  1,543
  1,633
  1,726
  1,824
Total equity, $m
  6
  17
  19
  23
  26
  30
  33
  38
  42
  47
  51
  56
  62
  67
  73
  79
  85
  91
  98
  105
  112
  120
  127
  136
  144
  153
  162
  171
  181
  192
  203
Total liabilities and equity, $m
  145
  166
  194
  226
  259
  296
  334
  376
  419
  466
  513
  563
  617
  671
  729
  788
  850
  913
  980
  1,050
  1,122
  1,197
  1,274
  1,356
  1,440
  1,528
  1,620
  1,714
  1,814
  1,918
  2,027
Debt-to-equity ratio
  0.000
  0.580
  1.830
  2.830
  3.640
  4.300
  4.850
  5.300
  5.690
  6.010
  6.290
  6.530
  6.740
  6.930
  7.090
  7.240
  7.360
  7.480
  7.580
  7.680
  7.760
  7.840
  7.910
  7.970
  8.030
  8.090
  8.140
  8.190
  8.230
  8.280
  8.310
Adjusted equity ratio
  -0.616
  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
  -4
  4
  11
  18
  26
  35
  44
  54
  64
  76
  87
  101
  114
  127
  141
  156
  171
  186
  203
  220
  238
  256
  275
  295
  316
  338
  360
  384
  409
  435
  462
Depreciation, amort., depletion, $m
  16
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  49
Funds from operations, $m
  5
  10
  18
  26
  35
  44
  55
  66
  77
  89
  102
  115
  129
  144
  159
  175
  192
  209
  227
  245
  265
  285
  306
  328
  351
  375
  400
  426
  453
  481
  511
Change in working capital, $m
  -8
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
Cash from operations, $m
  13
  14
  22
  31
  40
  50
  60
  72
  84
  96
  109
  122
  137
  152
  167
  184
  201
  218
  237
  256
  276
  296
  318
  340
  364
  388
  414
  440
  468
  497
  527
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
New CAPEX, $m
  -7
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  -16
  -9
  -11
  -13
  -14
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -28
  -30
  -33
  -34
  -37
  -38
  -41
  -44
  -45
  -48
  -51
  -54
  -56
  -59
  -63
  -66
  -69
  -73
Free cash flow, $m
  -3
  4
  11
  18
  26
  35
  44
  53
  64
  75
  86
  98
  110
  123
  137
  151
  166
  182
  198
  215
  232
  251
  270
  289
  310
  331
  354
  377
  402
  427
  454
Issuance/(repayment) of debt, $m
  0
  10
  26
  28
  31
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  90
  93
  98
Issuance/(repurchase) of shares, $m
  -1
  13
  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  
  -1
  23
  26
  28
  31
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  90
  93
  98
Total cash flow (excl. dividends), $m
  -5
  27
  37
  46
  57
  67
  79
  91
  103
  116
  129
  143
  158
  173
  189
  205
  222
  240
  258
  277
  297
  318
  340
  362
  386
  411
  436
  463
  491
  521
  551
Retained Cash Flow (-), $m
  -5
  -17
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
Prev. year cash balance distribution, $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
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
 
  16
  34
  43
  53
  64
  75
  86
  99
  111
  125
  138
  152
  167
  183
  199
  216
  233
  251
  270
  290
  311
  332
  354
  378
  402
  427
  454
  481
  510
  541
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  16
  31
  38
  44
  49
  54
  58
  62
  64
  65
  65
  65
  64
  61
  58
  55
  51
  46
  42
  37
  32
  28
  23
  19
  16
  12
  10
  7
  6
  4
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Carbonite, Inc., together with its subsidiaries, provides cloud and hybrid business continuity solutions to small and medium sized businesses, and individuals in the United States. Its solutions include Carbonite Personal, which offers annual plans that comprise cloud backup for one computer at three service levels, including Personal Basic, Personal Plus, and Personal Prime; and Carbonite Pro that automatically backs up files to the cloud and includes various devices through annual plans at Pro Basic, Pro Prime, and Pro Advanced Bundle service levels. The company also offers Carbonite Server Backup, a hybrid server backup solution that provides annual plans at Server Essentials, Server Advanced, and Server Pro Bundle service levels for protecting a range of physical and virtual servers and providing management capabilities, such as scheduling, retention, bandwidth and compression settings, and detaile2d monitoring and reporting via a personalized server dashboard. In addition, its MailStore solution provides MailStore Server, MailStore Provider Edition, and MailStore Home market solutions to meet the specific email archiving needs. Further, the company offers server software designed primarily for cloud backup. It encrypts files using a secure key before the files leave the customer’s computer and transmit the encrypted files over the Internet to one of its data centers, as well as on its servers to guard against unauthorized access. The company offers its solutions through distributors, resellers, and retailers. Carbonite, Inc. was founded in 2005 and is headquartered in Boston, Massachusetts.

FINANCIAL RATIOS  of  Carbonite (CARB)

Valuation Ratios
P/E Ratio -131.8
Price to Sales 2.5
Price to Book 87.9
Price to Tangible Book
Price to Cash Flow 40.6
Price to Free Cash Flow 87.9
Growth Rates
Sales Growth Rate 51.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30%
Cap. Spend. - 3 Yr. Gr. Rate -6.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -3%
Ret/ On Assets - 3 Yr. Avg. -9.2%
Return On Total Capital -114.3%
Ret/ On T. Cap. - 3 Yr. Avg. -151.2%
Return On Equity -114.3%
Return On Equity - 3 Yr. Avg. -151.2%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 70.5%
Gross Margin - 3 Yr. Avg. 70.1%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin -1.4%
Oper. Margin - 3 Yr. Avg. -7.8%
Pre-Tax Margin -1.4%
Pre-Tax Margin - 3 Yr. Avg. -8.3%
Net Profit Margin -1.9%
Net Profit Margin - 3 Yr. Avg. -8.4%
Effective Tax Rate -33.3%
Eff/ Tax Rate - 3 Yr. Avg. -11.1%
Payout Ratio 0%

CARB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CARB stock intrinsic value calculation we used $207 million for the last fiscal year's total revenue generated by Carbonite. The default revenue input number comes from 2016 income statement of Carbonite. 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 CARB stock valuation model: a) initial revenue growth rate of 18.8% 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 4.3%, whose default value for CARB is calculated based on our internal credit rating of Carbonite, 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 Carbonite.
    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 CARB stock the variable cost ratio is equal to 74.4%.

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 CARB 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 3.5% for Carbonite.

Corporate tax rate of 27% is the nominal tax rate for Carbonite. 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 CARB 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 CARB are equal to 16.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Carbonite 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 CARB 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 - $6 million for Carbonite - 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 26.912 million for Carbonite 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 Carbonite at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Carbonite reports 2Q loss   [Aug-05-17 01:10AM  Associated Press]
▶ Carbonite Announces Second Quarter 2017 Financial Results   [Aug-03-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Carbonite, Inc. : July 10, 2017   [Jul-10-17 02:06PM  Capital Cube]
▶ VMware moving from Cambridge to Bostons Downtown Crossing   [Jun-27-17 10:35AM  American City Business Journals]
▶ ETFs with exposure to Carbonite, Inc. : June 26, 2017   [Jun-26-17 03:32PM  Capital Cube]
▶ ETFs with exposure to Carbonite, Inc. : June 15, 2017   [Jun-15-17 01:26PM  Capital Cube]
▶ 3 Top Data Storage Stocks to Buy in 2017   [May-23-17 12:13PM  Motley Fool]
▶ Will Double-Take Fuel Carbonite Growth?   [May-11-17 06:52PM  Motley Fool]
▶ Carbonite Elects Marina Levinson to Board of Directors   [May-08-17 04:05PM  GlobeNewswire]
▶ Carbonite beats Street 1Q forecasts   [May-05-17 05:02AM  Associated Press]
▶ Carbonite Announces First Quarter 2017 Financial Results   [May-04-17 04:05PM  GlobeNewswire]
▶ Carbonite founders' new startup aims directly at Amazon Web Services   [May-03-17 09:45AM  American City Business Journals]
▶ ETFs with exposure to Carbonite, Inc. : April 24, 2017   [Apr-24-17 02:19PM  Capital Cube]
▶ Net neutrality changes would 'kneecap' Mass. entrepreneurs, say tech execs   [Apr-21-17 01:09PM  American City Business Journals]
▶ Carbonite launches fund to help close tech skills gap in Boston   [09:45AM  American City Business Journals]
▶ Three Small Caps to Buy on the Pullback   [10:28AM  Investopedia]
▶ Three Small Caps to Buy on the Pullback   [10:28AM  at Investopedia]
▶ What the stock market is saying now: In Trump we trust   [Mar-08-17 01:26PM  at MarketWatch]
▶ ETFs with exposure to Carbonite, Inc. : February 14, 2017   [Feb-14-17 03:03PM  Capital Cube]
▶ Carbonite reports 4Q loss   [Feb-09-17 07:07PM  AP]
▶ Carbonite buys tech firm with Southborough roots for $65M   [Feb-01-17 08:38AM  at bizjournals.com]
▶ [$$] Clearlake-Backed Vision Solutions Sells Double-Take Software to Carbonite   [Jan-31-17 05:11PM  at The Wall Street Journal]
▶ Carbonite Acquires Double-Take Software   [04:05PM  GlobeNewswire]
▶ 3 Tech Stocks That Could Make You Rich   [Dec-07-16 08:05PM  at Motley Fool]
▶ Are Hedge Funds Holding A Winner in Carbonite Inc (CARB)?   [Nov-30-16 04:20PM  at Insider Monkey]
Stock chart of CARB Financial statements of CARB
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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