Intrinsic value of Cincinnati Bell - CBB

Previous Close

$12.95

  Intrinsic Value

$5.32

stock screener

  Rating & Target

str. sell

-59%

Previous close

$12.95

 
Intrinsic value

$5.32

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of CBB 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  1.54
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  1,186
  1,401
  1,518
  1,639
  1,765
  1,897
  2,033
  2,174
  2,322
  2,475
  2,634
  2,800
  2,972
  3,152
  3,339
  3,534
  3,738
  3,950
  4,172
  4,404
  4,646
  4,899
  5,164
  5,441
  5,731
  6,035
  6,352
  6,685
  7,034
  7,399
  7,782
Variable operating expenses, $m
 
  1,288
  1,393
  1,502
  1,615
  1,733
  1,856
  1,983
  2,116
  2,253
  2,396
  2,517
  2,672
  2,834
  3,002
  3,177
  3,360
  3,551
  3,751
  3,959
  4,177
  4,405
  4,643
  4,892
  5,153
  5,425
  5,711
  6,010
  6,324
  6,652
  6,996
Fixed operating expenses, $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
Total operating expenses, $m
  1,112
  1,288
  1,393
  1,502
  1,615
  1,733
  1,856
  1,983
  2,116
  2,253
  2,396
  2,517
  2,672
  2,834
  3,002
  3,177
  3,360
  3,551
  3,751
  3,959
  4,177
  4,405
  4,643
  4,892
  5,153
  5,425
  5,711
  6,010
  6,324
  6,652
  6,996
Operating income, $m
  74
  113
  125
  137
  150
  163
  177
  191
  206
  222
  238
  283
  300
  318
  337
  357
  377
  399
  421
  445
  469
  495
  521
  549
  579
  609
  641
  675
  710
  747
  786
EBITDA, $m
  256
  278
  301
  325
  350
  376
  403
  432
  461
  491
  523
  556
  590
  625
  663
  701
  742
  784
  828
  874
  922
  972
  1,025
  1,080
  1,137
  1,198
  1,261
  1,327
  1,396
  1,468
  1,544
Interest expense (income), $m
  71
  100
  88
  98
  109
  119
  131
  142
  155
  167
  180
  194
  208
  223
  239
  255
  272
  289
  307
  326
  346
  367
  389
  412
  436
  461
  487
  514
  543
  573
  604
Earnings before tax, $m
  163
  13
  37
  39
  41
  44
  46
  49
  51
  54
  57
  88
  92
  95
  98
  102
  106
  110
  114
  118
  123
  127
  132
  138
  143
  149
  155
  161
  168
  174
  182
Tax expense, $m
  61
  3
  10
  11
  11
  12
  12
  13
  14
  15
  15
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
Net income, $m
  102
  9
  27
  28
  30
  32
  34
  36
  38
  40
  42
  65
  67
  69
  72
  74
  77
  80
  83
  86
  90
  93
  97
  100
  104
  109
  113
  118
  122
  127
  133

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  1,541
  2,308
  2,501
  2,701
  2,908
  3,124
  3,349
  3,582
  3,825
  4,077
  4,339
  4,612
  4,896
  5,192
  5,501
  5,822
  6,158
  6,508
  6,873
  7,255
  7,654
  8,071
  8,508
  8,964
  9,442
  9,942
  10,465
  11,013
  11,588
  12,190
  12,820
Adjusted assets (=assets-cash), $m
  1,531
  2,308
  2,501
  2,701
  2,908
  3,124
  3,349
  3,582
  3,825
  4,077
  4,339
  4,612
  4,896
  5,192
  5,501
  5,822
  6,158
  6,508
  6,873
  7,255
  7,654
  8,071
  8,508
  8,964
  9,442
  9,942
  10,465
  11,013
  11,588
  12,190
  12,820
Revenue / Adjusted assets
  0.775
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
Average production assets, $m
  543
  1,366
  1,480
  1,598
  1,721
  1,849
  1,982
  2,120
  2,264
  2,413
  2,568
  2,730
  2,898
  3,073
  3,255
  3,446
  3,644
  3,852
  4,068
  4,294
  4,530
  4,777
  5,035
  5,305
  5,588
  5,884
  6,194
  6,518
  6,858
  7,214
  7,587
Working capital, $m
  -3
  -154
  -167
  -180
  -194
  -209
  -224
  -239
  -255
  -272
  -290
  -308
  -327
  -347
  -367
  -389
  -411
  -435
  -459
  -484
  -511
  -539
  -568
  -599
  -630
  -664
  -699
  -735
  -774
  -814
  -856
Total debt, $m
  1,207
  1,520
  1,693
  1,873
  2,060
  2,254
  2,456
  2,666
  2,885
  3,112
  3,348
  3,593
  3,849
  4,115
  4,393
  4,682
  4,984
  5,299
  5,628
  5,972
  6,331
  6,707
  7,099
  7,510
  7,940
  8,390
  8,861
  9,354
  9,871
  10,413
  10,981
Total liabilities, $m
  1,663
  2,077
  2,251
  2,431
  2,618
  2,812
  3,014
  3,224
  3,442
  3,669
  3,905
  4,151
  4,407
  4,673
  4,951
  5,240
  5,542
  5,857
  6,186
  6,530
  6,889
  7,264
  7,657
  8,068
  8,498
  8,947
  9,419
  9,912
  10,429
  10,971
  11,538
Total equity, $m
  -122
  231
  250
  270
  291
  312
  335
  358
  382
  408
  434
  461
  490
  519
  550
  582
  616
  651
  687
  726
  765
  807
  851
  896
  944
  994
  1,047
  1,101
  1,159
  1,219
  1,282
Total liabilities and equity, $m
  1,541
  2,308
  2,501
  2,701
  2,909
  3,124
  3,349
  3,582
  3,824
  4,077
  4,339
  4,612
  4,897
  5,192
  5,501
  5,822
  6,158
  6,508
  6,873
  7,256
  7,654
  8,071
  8,508
  8,964
  9,442
  9,941
  10,466
  11,013
  11,588
  12,190
  12,820
Debt-to-equity ratio
  -9.893
  6.580
  6.770
  6.930
  7.080
  7.220
  7.330
  7.440
  7.540
  7.630
  7.710
  7.790
  7.860
  7.930
  7.990
  8.040
  8.090
  8.140
  8.190
  8.230
  8.270
  8.310
  8.340
  8.380
  8.410
  8.440
  8.470
  8.490
  8.520
  8.540
  8.560
Adjusted equity ratio
  -0.086
  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
  102
  9
  27
  28
  30
  32
  34
  36
  38
  40
  42
  65
  67
  69
  72
  74
  77
  80
  83
  86
  90
  93
  97
  100
  104
  109
  113
  118
  122
  127
  133
Depreciation, amort., depletion, $m
  182
  165
  176
  188
  200
  213
  226
  240
  255
  270
  285
  273
  290
  307
  326
  345
  364
  385
  407
  429
  453
  478
  504
  531
  559
  588
  619
  652
  686
  721
  759
Funds from operations, $m
  135
  174
  203
  217
  231
  245
  260
  276
  292
  309
  327
  338
  357
  377
  397
  419
  442
  465
  490
  516
  543
  571
  600
  631
  663
  697
  732
  769
  808
  849
  891
Change in working capital, $m
  -38
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
Cash from operations, $m
  173
  187
  216
  230
  244
  260
  275
  291
  308
  326
  344
  356
  376
  396
  418
  441
  464
  489
  514
  541
  569
  599
  629
  661
  695
  730
  767
  806
  846
  889
  933
Maintenance CAPEX, $m
  0
  -126
  -137
  -148
  -160
  -172
  -185
  -198
  -212
  -226
  -241
  -257
  -273
  -290
  -307
  -326
  -345
  -364
  -385
  -407
  -429
  -453
  -478
  -504
  -531
  -559
  -588
  -619
  -652
  -686
  -721
New CAPEX, $m
  -286
  -110
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -162
  -168
  -175
  -183
  -190
  -199
  -207
  -216
  -226
  -236
  -247
  -258
  -270
  -283
  -296
  -310
  -324
  -340
  -356
  -373
Cash from investing activities, $m
  -96
  -236
  -251
  -266
  -283
  -300
  -318
  -336
  -356
  -375
  -396
  -419
  -441
  -465
  -490
  -516
  -544
  -571
  -601
  -633
  -665
  -700
  -736
  -774
  -814
  -855
  -898
  -943
  -992
  -1,042
  -1,094
Free cash flow, $m
  77
  -49
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -63
  -65
  -69
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
Issuance/(repayment) of debt, $m
  -52
  -210
  173
  180
  187
  194
  202
  210
  218
  227
  236
  246
  256
  266
  278
  289
  302
  315
  329
  344
  359
  375
  393
  411
  430
  450
  471
  493
  517
  542
  568
Issuance/(repurchase) of shares, $m
  -5
  385
  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  
  -65
  175
  173
  180
  187
  194
  202
  210
  218
  227
  236
  246
  256
  266
  278
  289
  302
  315
  329
  344
  359
  375
  393
  411
  430
  450
  471
  493
  517
  542
  568
Total cash flow (excl. dividends), $m
  12
  126
  139
  144
  149
  154
  159
  165
  171
  177
  184
  183
  190
  198
  206
  214
  223
  232
  242
  252
  263
  274
  286
  299
  312
  326
  340
  356
  372
  389
  406
Retained Cash Flow (-), $m
  -176
  -395
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
Prev. year cash balance distribution, $m
 
  21
  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
 
  6
  7
  8
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
Cash available for distribution, $m
 
  -247
  119
  124
  128
  132
  137
  142
  147
  152
  158
  156
  162
  168
  175
  182
  189
  197
  205
  214
  223
  232
  242
  253
  264
  276
  288
  301
  314
  328
  343
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
 
  -222
  96
  87
  79
  70
  62
  54
  46
  39
  32
  25
  20
  16
  12
  9
  7
  5
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

Cincinnati Bell Inc., along with its subsidiaries, provides diversified telecommunications and technology services. The Company operates through two segments: Entertainment and Communications, and IT Services and Hardware. Through its Entertainment and Communications segment, the Company provides high-speed data, video and voice solutions to consumers and businesses over fiber network and a legacy copper network. The IT Services and Hardware segments operates through its subsidiary, Cincinnati Bell Technology Solutions Inc. (CBTS), which is engaged in the sale and service of end-to-end communications and information technology (IT) systems and solutions for business customers across the United States. The Company has interest in CyrusOne Inc., which operates carrier-neutral data center colocation business.

FINANCIAL RATIOS  of  Cincinnati Bell (CBB)

Valuation Ratios
P/E Ratio 5.3
Price to Sales 0.5
Price to Book -4.5
Price to Tangible Book
Price to Cash Flow 3.1
Price to Free Cash Flow -4.8
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.7%
Cap. Spend. - 3 Yr. Gr. Rate 7.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -982.8%
Total Debt to Equity -989.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 17.1%
Return On Equity -48.6%
Return On Equity - 3 Yr. Avg. -44.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 42.7%
Gross Margin - 3 Yr. Avg. 43.2%
EBITDA Margin 35.1%
EBITDA Margin - 3 Yr. Avg. 49.2%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 23.2%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 15.1%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 9.8%

CBB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBB stock intrinsic value calculation we used $1289 million for the last fiscal year's total revenue generated by Cincinnati Bell. The default revenue input number comes from 2016 income statement of Cincinnati Bell. 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 CBB stock valuation model: a) initial revenue growth rate of 8.7% 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 CBB is calculated based on our internal credit rating of Cincinnati Bell, 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 Cincinnati Bell.
    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 CBB stock the variable cost ratio is equal to 92.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBB 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 5.8% for Cincinnati Bell.

Corporate tax rate of 27% is the nominal tax rate for Cincinnati Bell. 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 CBB stock is equal to 0.5%.

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 CBB are equal to 97.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Cincinnati Bell 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 CBB is equal to -11%. 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 - $-143 million for Cincinnati Bell - 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 million for Cincinnati Bell 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 Cincinnati Bell at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
T AT&T 31.10 74.57  str.buy
ALSK Alaska Communi 1.68 0.74  str.sell
VZ Verizon Commun 50.62 50.64  hold
CMCSA Comcast Cl A 34.30 45.20  buy
HCOM Hawaiian Telco 28.92 3.69  str.sell
FSNN Fusion Telecom 3.78 1.03  str.sell

COMPANY NEWS

▶ [$$] Synnex to Buy Convergys for About $2.4 Billion   [Jun-28-18 08:21PM  The Wall Street Journal]
▶ [$$] Synnex to Buy Convergys   [05:57PM  The Wall Street Journal]
▶ Cincinnati Bell receives final regulatory approval for takeover of Hawaiian Telcom   [Jun-19-18 06:04PM  American City Business Journals]
▶ Free public Wi-Fi headed to Covington's central business district   [Jun-01-18 09:32AM  American City Business Journals]
▶ [$$] Convergys Is in Talks With Several Potential Buyers   [May-11-18 11:18PM  The Wall Street Journal]
▶ [$$] Convergys Is in Talks With Several Potential Buyers   [03:21PM  The Wall Street Journal]
▶ SunTel Services to Rebrand as CBTS   [May-09-18 12:05PM  Business Wire]
▶ Hawaiian Telcom reports net loss of $9M for Q4   [Mar-13-18 07:40PM  American City Business Journals]
▶ BroadSoft Announces New BroadSoft UC-One SaaS Solution   [Mar-12-18 02:10PM  GlobeNewswire]
▶ New Strong Sell Stocks for March 6th   [Mar-06-18 08:26AM  Zacks]
▶ Cincinnati Bell Announces Changes to Its Board of Directors   [Mar-02-18 07:30AM  Business Wire]
▶ OnX Recognized as Major Player in IDC MarketScape Report   [Feb-23-18 12:06PM  Business Wire]
▶ GAMCO Announces Nominees at Cincinnati Bell   [Jan-31-18 11:38AM  Business Wire]
▶ Hawaiian Telcom shareholders vote in favor of acquisition by Cincinnati Bell   [Nov-07-17 05:55PM  American City Business Journals]
▶ Cincinnati Bell reports 3Q loss   [07:19AM  Associated Press]
Financial statements of CBB
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

ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2018. All rigths reserved.