Intrinsic value of Chegg - CHGG

Previous Close

$29.06

  Intrinsic Value

$0.61

stock screener

  Rating & Target

str. sell

-98%

Previous close

$29.06

 
Intrinsic value

$0.61

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of CHGG 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, %
  -15.61
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  254
  260
  266
  273
  281
  289
  298
  309
  320
  331
  344
  358
  372
  388
  404
  422
  440
  460
  480
  502
  525
  550
  575
  602
  631
  661
  693
  726
  761
  798
  836
Variable operating expenses, $m
 
  301
  307
  315
  323
  333
  343
  354
  366
  379
  393
  393
  409
  426
  445
  464
  484
  506
  528
  552
  578
  604
  633
  662
  694
  727
  762
  798
  837
  877
  920
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
  294
  301
  307
  315
  323
  333
  343
  354
  366
  379
  393
  393
  409
  426
  445
  464
  484
  506
  528
  552
  578
  604
  633
  662
  694
  727
  762
  798
  837
  877
  920
Operating income, $m
  -40
  -41
  -41
  -42
  -43
  -43
  -44
  -45
  -46
  -48
  -49
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
EBITDA, $m
  -16
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
Earnings before tax, $m
  -41
  -41
  -41
  -42
  -43
  -44
  -45
  -46
  -47
  -48
  -50
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -86
  -90
Tax expense, $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
Net income, $m
  -42
  -41
  -41
  -42
  -43
  -44
  -45
  -46
  -47
  -48
  -50
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -86
  -90

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  291
  296
  303
  310
  319
  329
  340
  351
  364
  377
  392
  407
  424
  441
  460
  480
  501
  523
  546
  571
  598
  625
  655
  685
  718
  752
  788
  826
  866
  908
  952
Adjusted assets (=assets-cash), $m
  214
  296
  303
  310
  319
  329
  340
  351
  364
  377
  392
  407
  424
  441
  460
  480
  501
  523
  546
  571
  598
  625
  655
  685
  718
  752
  788
  826
  866
  908
  952
Revenue / Adjusted assets
  1.187
  0.878
  0.878
  0.881
  0.881
  0.878
  0.876
  0.880
  0.879
  0.878
  0.878
  0.880
  0.877
  0.880
  0.878
  0.879
  0.878
  0.880
  0.879
  0.879
  0.878
  0.880
  0.878
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.878
Average production assets, $m
  59
  188
  192
  197
  203
  209
  216
  223
  231
  240
  249
  259
  269
  280
  292
  305
  318
  332
  347
  363
  380
  397
  416
  436
  456
  478
  501
  525
  550
  577
  605
Working capital, $m
  47
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
Total debt, $m
  0
  1
  2
  4
  5
  7
  9
  11
  14
  16
  19
  22
  25
  29
  32
  36
  40
  44
  49
  54
  59
  64
  70
  76
  82
  88
  95
  103
  110
  118
  127
Total liabilities, $m
  69
  57
  58
  60
  61
  63
  65
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  144
  151
  159
  166
  174
  183
Total equity, $m
  222
  239
  245
  251
  258
  266
  274
  284
  294
  305
  316
  329
  342
  356
  372
  388
  405
  423
  442
  462
  483
  505
  529
  554
  580
  608
  637
  667
  699
  733
  769
Total liabilities and equity, $m
  291
  296
  303
  311
  319
  329
  339
  351
  364
  377
  391
  407
  423
  441
  460
  480
  501
  523
  547
  572
  598
  625
  655
  686
  718
  752
  788
  826
  865
  907
  952
Debt-to-equity ratio
  0.000
  0.000
  0.010
  0.010
  0.020
  0.030
  0.030
  0.040
  0.050
  0.050
  0.060
  0.070
  0.070
  0.080
  0.090
  0.090
  0.100
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
Adjusted equity ratio
  0.678
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -42
  -41
  -41
  -42
  -43
  -44
  -45
  -46
  -47
  -48
  -50
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -86
  -90
Depreciation, amort., depletion, $m
  24
  33
  34
  34
  35
  36
  36
  37
  38
  39
  39
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  58
  60
Funds from operations, $m
  26
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
Change in working capital, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  25
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
Maintenance CAPEX, $m
  0
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -58
New CAPEX, $m
  -26
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
Cash from investing activities, $m
  -6
  -22
  -23
  -24
  -26
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -82
  -86
Free cash flow, $m
  19
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -114
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
Issuance/(repurchase) of shares, $m
  2
  45
  47
  48
  50
  52
  53
  55
  57
  59
  62
  49
  52
  54
  57
  60
  63
  66
  69
  73
  77
  80
  84
  89
  93
  98
  103
  108
  114
  119
  125
Cash from financing (excl. dividends), $m  
  -9
  46
  48
  49
  52
  54
  55
  57
  59
  62
  65
  52
  55
  57
  61
  64
  67
  70
  74
  78
  82
  85
  90
  95
  99
  105
  110
  115
  122
  127
  133
Total cash flow (excl. dividends), $m
  10
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
Retained Cash Flow (-), $m
  9
  -45
  -47
  -48
  -50
  -52
  -53
  -55
  -57
  -59
  -62
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -114
  -119
  -125
Prev. year cash balance distribution, $m
 
  157
  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
 
  38
  39
  40
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
  114
  120
Cash available for distribution, $m
 
  128
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -87
  -91
  -96
  -100
  -105
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
 
  123
  -27
  -26
  -26
  -25
  -25
  -24
  -23
  -22
  -21
  -20
  -19
  -18
  -16
  -15
  -14
  -12
  -11
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  97.5
  95.0
  92.5
  90.1
  87.7
  85.4
  83.2
  81.0
  78.8
  76.8
  75.2
  73.6
  72.1
  70.6
  69.1
  67.6
  66.2
  64.7
  63.3
  61.9
  60.6
  59.2
  57.9
  56.7
  55.4
  54.2
  53.0
  51.8
  50.6
  49.5

Chegg, Inc. is a student-first connected learning platform. The Company helps students study for college admission exams, find the colleges, get grades and test scores while in school, and find internships that allow them to gain skills to help them enter the workforce after college. The Company matches domestic and international students with colleges, universities and other academic institutions (collectively referred to as colleges) in the United States. It also offers eTextbooks library for rent and sale. The Company also has live tutors on its connected learning platform available to students online, anytime, anywhere through its Chegg Tutors service. It provides access to internships to help students gain skills that are critical to securing their first job. It offers two product lines: Required Materials and Chegg Services. The Required Materials product line includes the rental and sale of print textbooks and eTextbooks, as well as the commission it receives from Ingram.

FINANCIAL RATIOS  of  Chegg (CHGG)

Valuation Ratios
P/E Ratio -63.5
Price to Sales 10.5
Price to Book 12
Price to Tangible Book
Price to Cash Flow 106.6
Price to Free Cash Flow -2665.1
Growth Rates
Sales Growth Rate -15.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.6%
Cap. Spend. - 3 Yr. Gr. Rate -27.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.4%
Ret/ On Assets - 3 Yr. Avg. -18%
Return On Total Capital -18.5%
Ret/ On T. Cap. - 3 Yr. Avg. -22.7%
Return On Equity -18.5%
Return On Equity - 3 Yr. Avg. -22.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 52.8%
Gross Margin - 3 Yr. Avg. 40.3%
EBITDA Margin -6.7%
EBITDA Margin - 3 Yr. Avg. -0.8%
Operating Margin -15.7%
Oper. Margin - 3 Yr. Avg. -18.8%
Pre-Tax Margin -16.1%
Pre-Tax Margin - 3 Yr. Avg. -18.9%
Net Profit Margin -16.5%
Net Profit Margin - 3 Yr. Avg. -19.1%
Effective Tax Rate -2.4%
Eff/ Tax Rate - 3 Yr. Avg. -1.4%
Payout Ratio 0%

CHGG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHGG stock intrinsic value calculation we used $255 million for the last fiscal year's total revenue generated by Chegg. The default revenue input number comes from 2016 income statement of Chegg. 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 CHGG stock valuation model: a) initial revenue growth rate of 2% 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 CHGG is calculated based on our internal credit rating of Chegg, 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 Chegg.
    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 CHGG stock the variable cost ratio is equal to 115.7%.

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 CHGG 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 5.4% for Chegg.

Corporate tax rate of 27% is the nominal tax rate for Chegg. 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 CHGG stock is equal to 15%.

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 CHGG are equal to 72.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Chegg 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 CHGG is equal to -2.8%. 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 - $391 million for Chegg - 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 100 million for Chegg 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 Chegg at the current share price and the inputted number of shares is $2.9 billion.

RELATED COMPANIES Price Int.Val. Rating
BNED Barnes&Noble E 5.37 7.41  hold
BKS Barnes&Noble 5.50 4.12  hold
GOOGL Alphabet Cl A 1,197.88 989.08  hold
CPLA Capella Educat 105.05 67.96  sell
ABCD Cambium Learni 12.10 2.81  str.sell

COMPANY NEWS

▶ Chegg to Announce Second Quarter 2018 Financial Results   [Jul-10-18 04:05PM  PR Newswire]
▶ Chegg Inc (NYSE:CHGG): Are Analysts Optimistic?   [Jun-25-18 10:50AM  Simply Wall St.]
▶ Chegg Likely to See Consolidation   [Jun-21-18 03:30PM  TheStreet.com]
▶ 3 Stocks That Have Doubled and Still Have Room to Grow   [Jun-13-18 09:24AM  Motley Fool]
▶ What's the Story With Chegg's Cash?   [May-03-18 04:46PM  Motley Fool]
▶ Chegg: 1Q Earnings Snapshot   [Apr-26-18 06:38PM  Associated Press]
▶ Why it May be Time to Give Education Stocks Another Chance   [Apr-23-18 09:35AM  Insider Monkey]
▶ Chegg to Announce First Quarter 2018 Financial Results   [Apr-13-18 09:00AM  PR Newswire]
▶ Its April Fools Week this year, apparently   [Mar-27-18 04:28AM  MarketWatch]
▶ Is It Time to Take a More Serious Look at Chegg, Inc.?   [Mar-22-18 04:03PM  Motley Fool]
▶ Citi: Chegg's Upside Is Priced In   [Mar-13-18 01:42PM  Benzinga]
▶ Chegg (CHGG) Soars: Stock Adds 5.1% in Session   [Feb-22-18 08:44AM  Zacks]
▶ Company News For Feb 14, 2018   [Feb-14-18 10:10AM  Zacks]
▶ Short Sellers Favorite Stock Bets Backfire   [Feb-13-18 04:44PM  Bloomberg]
▶ Chegg beats Street 4Q forecasts   [05:09PM  Associated Press]
▶ Chegg, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ ETFs with exposure to Chegg, Inc. : December 19, 2017   [Dec-19-17 12:29PM  Capital Cube]
▶ ETFs with exposure to Chegg, Inc. : December 5, 2017   [Dec-05-17 12:32PM  Capital Cube]
▶ One Thing To Consider Before Buying Chegg Inc (CHGG)   [Nov-27-17 08:30AM  Simply Wall St.]
▶ ETFs with exposure to Chegg, Inc. : November 24, 2017   [Nov-24-17 10:29AM  Capital Cube]
▶ 4 Keys To The Bull Thesis On Chegg   [Nov-20-17 12:49PM  Benzinga]
▶ ETFs with exposure to Chegg, Inc. : November 13, 2017   [Nov-13-17 12:00PM  Capital Cube]
▶ ETFs with exposure to Chegg, Inc. : November 1, 2017   [Nov-01-17 11:58AM  Capital Cube]
▶ Chegg reports 3Q loss   [04:33PM  Associated Press]
▶ Chegg, Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ California education firm Chegg buys Berlin math app startup   [Oct-19-17 07:46AM  Associated Press]
▶ Chegg Acquires Math Technology   [Oct-18-17 09:02AM  PR Newswire]
▶ Chegg to Announce Third Quarter 2017 Financial Results   [Oct-09-17 04:05PM  PR Newswire]
▶ 2U: Valuation Concerns and Market Opportunities   [Sep-22-17 07:17PM  Motley Fool]
▶ Chegg Inc. Finds Its Niche   [06:43PM  Motley Fool]
▶ Back to School With 2 High-Growth Education Companies   [Sep-21-17 07:31PM  Motley Fool]
▶ How Washington can help boost the tech sector   [Aug-25-17 09:49PM  Fox Business Videos]
▶ ETFs with exposure to Chegg, Inc. : August 15, 2017   [Aug-15-17 03:42PM  Capital Cube]
Financial statements of CHGG
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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