Intrinsic value of Carbonite - CARB

Previous Close

$21.60

  Intrinsic Value

$436.64

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+5056%

Previous close

$21.60

 
Intrinsic value

$436.64

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+5056%

*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 0.6

 

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
  51.40
  46.76
  42.58
  38.83
  35.44
  32.40
  29.66
  27.19
  24.97
  22.98
  21.18
  19.56
  18.10
  16.79
  15.61
  14.55
  13.60
  12.74
  11.96
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
Revenue, $m
  207
  313
  460
  656
  910
  1,233
  1,633
  2,117
  2,692
  3,365
  4,138
  5,014
  5,995
  7,081
  8,270
  9,561
  10,953
  12,442
  14,027
  15,705
  17,475
  19,334
  21,282
  23,319
  25,444
  27,658
  29,962
  32,358
  34,849
  37,438
  40,128
Variable operating expenses, $m
 
  232
  339
  483
  669
  906
  1,198
  1,553
  1,974
  2,467
  3,033
  3,673
  4,391
  5,186
  6,057
  7,003
  8,022
  9,113
  10,273
  11,502
  12,798
  14,160
  15,587
  17,079
  18,635
  20,257
  21,944
  23,699
  25,524
  27,420
  29,390
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
  290
  399
  544
  732
  970
  1,264
  1,621
  2,043
  2,538
  3,106
  3,748
  4,468
  5,265
  6,138
  7,086
  8,107
  9,200
  10,362
  11,593
  12,891
  14,256
  15,685
  17,180
  18,738
  20,363
  22,052
  23,810
  25,638
  27,537
  29,510
Operating income, $m
  -3
  23
  61
  112
  178
  263
  368
  496
  649
  827
  1,032
  1,267
  1,528
  1,816
  2,132
  2,476
  2,846
  3,243
  3,665
  4,111
  4,583
  5,078
  5,597
  6,139
  6,706
  7,295
  7,909
  8,548
  9,212
  9,902
  10,619
EBITDA, $m
  13
  36
  78
  136
  211
  306
  424
  568
  739
  940
  1,170
  1,431
  1,724
  2,048
  2,404
  2,790
  3,205
  3,651
  4,125
  4,627
  5,156
  5,712
  6,295
  6,904
  7,540
  8,203
  8,892
  9,609
  10,355
  11,130
  11,935
Interest expense (income), $m
  0
  0
  -1
  1
  4
  7
  11
  17
  23
  30
  39
  49
  61
  74
  88
  103
  120
  138
  158
  179
  201
  224
  248
  274
  300
  328
  357
  387
  419
  451
  485
Earnings before tax, $m
  -3
  23
  62
  111
  175
  256
  357
  480
  626
  796
  993
  1,218
  1,467
  1,743
  2,045
  2,373
  2,726
  3,104
  3,507
  3,933
  4,382
  4,854
  5,349
  5,866
  6,405
  6,967
  7,552
  8,161
  8,793
  9,450
  10,133
Tax expense, $m
  1
  6
  17
  30
  47
  69
  96
  130
  169
  215
  268
  329
  396
  470
  552
  641
  736
  838
  947
  1,062
  1,183
  1,311
  1,444
  1,584
  1,729
  1,881
  2,039
  2,203
  2,374
  2,552
  2,736
Net income, $m
  -4
  17
  45
  81
  127
  187
  261
  350
  457
  581
  725
  889
  1,071
  1,272
  1,493
  1,732
  1,990
  2,266
  2,560
  2,871
  3,199
  3,544
  3,905
  4,282
  4,676
  5,086
  5,513
  5,957
  6,419
  6,899
  7,397

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
  130
  191
  272
  378
  512
  678
  879
  1,119
  1,398
  1,719
  2,083
  2,491
  2,942
  3,436
  3,972
  4,550
  5,169
  5,827
  6,525
  7,260
  8,032
  8,842
  9,688
  10,571
  11,491
  12,448
  13,443
  14,478
  15,554
  16,671
Adjusted assets (=assets-cash), $m
  86
  130
  191
  272
  378
  512
  678
  879
  1,119
  1,398
  1,719
  2,083
  2,491
  2,942
  3,436
  3,972
  4,550
  5,169
  5,827
  6,525
  7,260
  8,032
  8,842
  9,688
  10,571
  11,491
  12,448
  13,443
  14,478
  15,554
  16,671
Revenue / Adjusted assets
  2.407
  2.408
  2.408
  2.412
  2.407
  2.408
  2.409
  2.408
  2.406
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
  2.407
Average production assets, $m
  34
  51
  75
  108
  149
  202
  268
  347
  442
  552
  679
  822
  983
  1,161
  1,356
  1,568
  1,796
  2,040
  2,300
  2,576
  2,866
  3,171
  3,490
  3,824
  4,173
  4,536
  4,914
  5,307
  5,715
  6,140
  6,581
Working capital, $m
  -29
  -133
  -195
  -279
  -387
  -524
  -694
  -900
  -1,144
  -1,430
  -1,759
  -2,131
  -2,548
  -3,009
  -3,515
  -4,063
  -4,655
  -5,288
  -5,961
  -6,675
  -7,427
  -8,217
  -9,045
  -9,911
  -10,814
  -11,755
  -12,734
  -13,752
  -14,811
  -15,911
  -17,054
Total debt, $m
  0
  -22
  33
  106
  201
  322
  471
  653
  868
  1,119
  1,408
  1,736
  2,103
  2,509
  2,953
  3,436
  3,956
  4,513
  5,106
  5,733
  6,395
  7,090
  7,819
  8,580
  9,375
  10,203
  11,064
  11,960
  12,892
  13,859
  14,865
Total liabilities, $m
  139
  117
  172
  245
  340
  461
  610
  792
  1,007
  1,258
  1,547
  1,875
  2,242
  2,648
  3,092
  3,575
  4,095
  4,652
  5,245
  5,872
  6,534
  7,229
  7,958
  8,719
  9,514
  10,342
  11,203
  12,099
  13,031
  13,998
  15,004
Total equity, $m
  6
  13
  19
  27
  38
  51
  68
  88
  112
  140
  172
  208
  249
  294
  344
  397
  455
  517
  583
  652
  726
  803
  884
  969
  1,057
  1,149
  1,245
  1,344
  1,448
  1,555
  1,667
Total liabilities and equity, $m
  145
  130
  191
  272
  378
  512
  678
  880
  1,119
  1,398
  1,719
  2,083
  2,491
  2,942
  3,436
  3,972
  4,550
  5,169
  5,828
  6,524
  7,260
  8,032
  8,842
  9,688
  10,571
  11,491
  12,448
  13,443
  14,479
  15,553
  16,671
Debt-to-equity ratio
  0.000
  -1.680
  1.730
  3.900
  5.330
  6.290
  6.950
  7.420
  7.760
  8.010
  8.190
  8.330
  8.440
  8.530
  8.600
  8.650
  8.690
  8.730
  8.760
  8.790
  8.810
  8.830
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.900
  8.910
  8.920
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
  17
  45
  81
  127
  187
  261
  350
  457
  581
  725
  889
  1,071
  1,272
  1,493
  1,732
  1,990
  2,266
  2,560
  2,871
  3,199
  3,544
  3,905
  4,282
  4,676
  5,086
  5,513
  5,957
  6,419
  6,899
  7,397
Depreciation, amort., depletion, $m
  16
  13
  17
  24
  32
  43
  56
  72
  91
  113
  138
  164
  197
  232
  271
  314
  359
  408
  460
  515
  573
  634
  698
  765
  835
  907
  983
  1,061
  1,143
  1,228
  1,316
Funds from operations, $m
  5
  29
  62
  105
  160
  230
  317
  422
  548
  694
  863
  1,053
  1,267
  1,504
  1,764
  2,046
  2,349
  2,674
  3,020
  3,386
  3,772
  4,178
  4,603
  5,047
  5,510
  5,993
  6,496
  7,019
  7,562
  8,127
  8,714
Change in working capital, $m
  -8
  -45
  -62
  -83
  -108
  -137
  -170
  -206
  -245
  -286
  -329
  -372
  -417
  -461
  -505
  -549
  -591
  -633
  -674
  -713
  -752
  -790
  -828
  -866
  -903
  -941
  -979
  -1,018
  -1,059
  -1,100
  -1,143
Cash from operations, $m
  13
  78
  125
  188
  268
  367
  486
  628
  792
  980
  1,191
  1,426
  1,684
  1,966
  2,269
  2,594
  2,941
  3,307
  3,693
  4,099
  4,524
  4,968
  5,431
  5,912
  6,413
  6,934
  7,475
  8,037
  8,621
  9,227
  9,857
Maintenance CAPEX, $m
  0
  -7
  -10
  -15
  -22
  -30
  -40
  -54
  -69
  -88
  -110
  -136
  -164
  -197
  -232
  -271
  -314
  -359
  -408
  -460
  -515
  -573
  -634
  -698
  -765
  -835
  -907
  -983
  -1,061
  -1,143
  -1,228
New CAPEX, $m
  -7
  -17
  -24
  -32
  -42
  -53
  -66
  -79
  -94
  -110
  -127
  -144
  -161
  -178
  -195
  -212
  -228
  -244
  -260
  -275
  -290
  -305
  -320
  -334
  -348
  -363
  -378
  -393
  -409
  -425
  -441
Cash from investing activities, $m
  -16
  -24
  -34
  -47
  -64
  -83
  -106
  -133
  -163
  -198
  -237
  -280
  -325
  -375
  -427
  -483
  -542
  -603
  -668
  -735
  -805
  -878
  -954
  -1,032
  -1,113
  -1,198
  -1,285
  -1,376
  -1,470
  -1,568
  -1,669
Free cash flow, $m
  -3
  54
  90
  141
  205
  284
  380
  495
  628
  781
  954
  1,146
  1,359
  1,591
  1,842
  2,111
  2,399
  2,704
  3,025
  3,364
  3,719
  4,090
  4,477
  4,880
  5,300
  5,737
  6,190
  6,661
  7,151
  7,659
  8,188
Issuance/(repayment) of debt, $m
  0
  -22
  55
  73
  95
  121
  149
  181
  215
  251
  289
  328
  367
  406
  445
  483
  520
  557
  593
  628
  662
  695
  728
  761
  795
  828
  862
  896
  931
  968
  1,006
Issuance/(repurchase) of shares, $m
  -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
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  -22
  55
  73
  95
  121
  149
  181
  215
  251
  289
  328
  367
  406
  445
  483
  520
  557
  593
  628
  662
  695
  728
  761
  795
  828
  862
  896
  931
  968
  1,006
Total cash flow (excl. dividends), $m
  -5
  32
  145
  214
  300
  405
  530
  676
  844
  1,033
  1,243
  1,474
  1,726
  1,997
  2,287
  2,594
  2,919
  3,260
  3,618
  3,991
  4,380
  4,785
  5,205
  5,642
  6,095
  6,564
  7,052
  7,557
  8,082
  8,627
  9,194
Retained Cash Flow (-), $m
  -5
  -66
  -6
  -8
  -11
  -13
  -17
  -20
  -24
  -28
  -32
  -36
  -41
  -45
  -49
  -54
  -58
  -62
  -66
  -70
  -74
  -77
  -81
  -85
  -88
  -92
  -96
  -100
  -103
  -108
  -112
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
 
  25
  139
  206
  289
  391
  513
  656
  820
  1,005
  1,211
  1,438
  1,685
  1,952
  2,237
  2,541
  2,861
  3,199
  3,552
  3,922
  4,307
  4,708
  5,125
  5,557
  6,006
  6,472
  6,956
  7,458
  7,979
  8,520
  9,082
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
 
  24
  127
  179
  238
  303
  372
  443
  512
  577
  635
  683
  719
  742
  751
  746
  727
  696
  654
  604
  547
  487
  425
  364
  306
  252
  203
  160
  123
  93
  68
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

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 -147.9
Price to Sales 2.9
Price to Book 98.6
Price to Tangible Book
Price to Cash Flow 45.5
Price to Free Cash Flow 98.6
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 51.4% 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 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 29.564 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. : 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]
▶ Carbonite tops Street 3Q forecasts   [Nov-03-16 07:28PM  AP]
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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