Intrinsic value of Carbonite - CARB

Previous Close

$23.15

  Intrinsic Value

$11.27

stock screener

  Rating & Target

str. sell

-51%

Previous close

$23.15

 
Intrinsic value

$11.27

 
Up/down potential

-51%

 
Rating

str. sell

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 0.6

 

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
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  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
Revenue, $m
  207
  230
  255
  281
  308
  336
  365
  396
  427
  460
  494
  530
  567
  605
  645
  687
  730
  775
  822
  871
  922
  975
  1,031
  1,089
  1,149
  1,212
  1,278
  1,347
  1,420
  1,495
  1,575
Variable operating expenses, $m
 
  171
  189
  208
  228
  248
  270
  292
  315
  339
  364
  388
  415
  443
  473
  503
  535
  568
  602
  638
  675
  714
  755
  797
  842
  888
  936
  987
  1,040
  1,095
  1,153
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
  229
  249
  269
  291
  312
  336
  360
  384
  410
  437
  463
  492
  522
  554
  586
  620
  655
  691
  729
  768
  810
  853
  898
  945
  994
  1,044
  1,098
  1,154
  1,212
  1,273
Operating income, $m
  -3
  1
  6
  11
  17
  23
  29
  36
  42
  50
  57
  67
  75
  83
  92
  101
  111
  121
  131
  142
  153
  165
  178
  191
  204
  219
  234
  250
  266
  284
  302
EBITDA, $m
  13
  11
  17
  23
  30
  36
  44
  51
  59
  67
  76
  84
  94
  103
  113
  124
  135
  146
  158
  171
  184
  197
  211
  226
  242
  258
  276
  294
  313
  333
  353
Interest expense (income), $m
  0
  0
  -2
  -2
  -1
  -1
  0
  0
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
Earnings before tax, $m
  -3
  1
  8
  13
  18
  24
  30
  36
  42
  49
  56
  65
  73
  81
  89
  98
  107
  116
  126
  136
  147
  158
  170
  182
  195
  209
  223
  238
  253
  270
  287
Tax expense, $m
  1
  0
  2
  3
  5
  6
  8
  10
  11
  13
  15
  18
  20
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  73
  78
Net income, $m
  -4
  1
  6
  9
  13
  17
  22
  26
  31
  36
  41
  48
  53
  59
  65
  71
  78
  85
  92
  99
  107
  115
  124
  133
  142
  152
  163
  174
  185
  197
  210

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
  96
  106
  117
  128
  139
  152
  164
  177
  191
  205
  220
  236
  252
  268
  285
  303
  322
  342
  362
  383
  405
  428
  452
  477
  504
  531
  560
  590
  621
  654
Adjusted assets (=assets-cash), $m
  86
  96
  106
  117
  128
  139
  152
  164
  177
  191
  205
  220
  236
  252
  268
  285
  303
  322
  342
  362
  383
  405
  428
  452
  477
  504
  531
  560
  590
  621
  654
Revenue / Adjusted assets
  2.407
  2.396
  2.406
  2.402
  2.406
  2.417
  2.401
  2.415
  2.412
  2.408
  2.410
  2.409
  2.403
  2.401
  2.407
  2.411
  2.409
  2.407
  2.404
  2.406
  2.407
  2.407
  2.409
  2.409
  2.409
  2.405
  2.407
  2.405
  2.407
  2.407
  2.408
Average production assets, $m
  34
  38
  42
  46
  50
  55
  60
  65
  70
  75
  81
  87
  93
  99
  106
  113
  120
  127
  135
  143
  151
  160
  169
  179
  188
  199
  210
  221
  233
  245
  258
Working capital, $m
  -29
  -98
  -108
  -119
  -131
  -143
  -155
  -168
  -182
  -196
  -210
  -225
  -241
  -257
  -274
  -292
  -310
  -329
  -349
  -370
  -392
  -414
  -438
  -463
  -488
  -515
  -543
  -573
  -603
  -636
  -669
Total debt, $m
  0
  -53
  -44
  -34
  -24
  -13
  -3
  9
  21
  33
  46
  59
  73
  87
  102
  118
  134
  151
  168
  187
  206
  226
  246
  268
  291
  314
  339
  365
  392
  420
  450
Total liabilities, $m
  139
  86
  95
  105
  115
  126
  136
  148
  160
  172
  185
  198
  212
  226
  241
  257
  273
  290
  307
  326
  345
  365
  385
  407
  430
  453
  478
  504
  531
  559
  589
Total equity, $m
  6
  10
  11
  12
  13
  14
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Total liabilities and equity, $m
  145
  96
  106
  117
  128
  140
  151
  164
  178
  191
  206
  220
  236
  251
  268
  286
  303
  322
  341
  362
  383
  406
  428
  452
  478
  503
  531
  560
  590
  621
  654
Debt-to-equity ratio
  0.000
  -5.520
  -4.120
  -2.920
  -1.870
  -0.960
  -0.170
  0.540
  1.170
  1.730
  2.230
  2.690
  3.100
  3.470
  3.820
  4.130
  4.420
  4.680
  4.930
  5.160
  5.370
  5.570
  5.750
  5.930
  6.090
  6.240
  6.380
  6.520
  6.640
  6.760
  6.880
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
  1
  6
  9
  13
  17
  22
  26
  31
  36
  41
  48
  53
  59
  65
  71
  78
  85
  92
  99
  107
  115
  124
  133
  142
  152
  163
  174
  185
  197
  210
Depreciation, amort., depletion, $m
  16
  10
  11
  12
  12
  13
  14
  15
  16
  17
  19
  17
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
Funds from operations, $m
  5
  11
  16
  21
  26
  31
  36
  41
  47
  53
  59
  65
  72
  79
  86
  94
  102
  110
  119
  128
  137
  147
  158
  169
  180
  192
  205
  218
  232
  246
  261
Change in working capital, $m
  -8
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
Cash from operations, $m
  13
  21
  27
  32
  37
  43
  48
  54
  61
  67
  74
  80
  88
  95
  103
  112
  120
  129
  139
  149
  159
  170
  181
  193
  206
  219
  233
  247
  262
  278
  295
Maintenance CAPEX, $m
  0
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
New CAPEX, $m
  -7
  -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
  -12
  -12
  -13
Cash from investing activities, $m
  -16
  -11
  -12
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
Free cash flow, $m
  -3
  10
  15
  19
  24
  28
  33
  37
  42
  48
  53
  58
  64
  70
  77
  84
  91
  98
  106
  114
  122
  131
  140
  150
  160
  171
  182
  194
  206
  219
  233
Issuance/(repayment) of debt, $m
  0
  -53
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
Issuance/(repurchase) of shares, $m
  -1
  62
  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
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
Total cash flow (excl. dividends), $m
  -5
  19
  25
  29
  34
  39
  44
  49
  54
  60
  66
  72
  78
  85
  92
  99
  107
  115
  123
  132
  141
  151
  161
  172
  183
  194
  207
  220
  233
  247
  262
Retained Cash Flow (-), $m
  -5
  -63
  -1
  -1
  -1
  -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
Prev. year cash balance distribution, $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
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
 
  15
  23
  28
  33
  37
  42
  48
  53
  59
  65
  70
  76
  83
  90
  97
  105
  113
  121
  130
  139
  149
  159
  169
  180
  192
  204
  217
  230
  244
  259
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
 
  15
  21
  24
  27
  29
  31
  32
  33
  34
  34
  33
  33
  32
  30
  29
  27
  25
  22
  20
  18
  15
  13
  11
  9
  7
  6
  5
  4
  3
  2
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
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Carbonite, Inc. provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company's solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company's small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving. Carbonite Computer Backup enables users to automatically back up files directly to the cloud. Carbonite Server Backup provides cloud and hybrid backup for physical and virtual servers with management capabilities, including scheduling, retention, bandwidth and compression settings, and monitoring and reporting via a personalized server dashboard. Its e-mail archiving solutions include MailStore Server, MailStore Service Provider Edition and MailStore Home.

FINANCIAL RATIOS  of  Carbonite (CARB)

Valuation Ratios
P/E Ratio -158.5
Price to Sales 3.1
Price to Book 105.7
Price to Tangible Book
Price to Cash Flow 48.8
Price to Free Cash Flow 105.7
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 11.3% 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 3.6 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 -42.5%. 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 27.799 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 $0.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Carbonite, Inc. : December 1, 2017   [Dec-01-17 10:31AM  Capital Cube]
▶ ETFs with exposure to Carbonite, Inc. : November 7, 2017   [Nov-07-17 09:51AM  Capital Cube]
▶ Carbonite reports 3Q loss   [Nov-02-17 06:24PM  Associated Press]
▶ Carbonite, Inc. to Host Earnings Call   [01:50PM  ACCESSWIRE]
▶ Should You Buy Carbonite Inc (CARB) Now?   [09:32AM  Simply Wall St.]
▶ ETFs with exposure to Carbonite, Inc. : October 16, 2017   [Oct-16-17 09:49AM  Capital Cube]
▶ Why Carbonite Stock Gained 10% in September   [Oct-04-17 02:51PM  Motley Fool]
▶ ETFs with exposure to Carbonite, Inc. : October 3, 2017   [Oct-03-17 11:01AM  Capital Cube]
▶ Carbonite Investors Should Make Back-Up Plans   [Sep-06-17 11:51AM  Forbes]
▶ Carbonite Grabs Market Share in Strategic Referral Deal   [Aug-22-17 10:00AM  GlobeNewswire]
▶ 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]
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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