Intrinsic value of Civitas Solutions - CIVI

Previous Close

$17.60

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$17.60

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of CIVI 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, %
  3.00
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  1,408
  1,462
  1,519
  1,580
  1,645
  1,714
  1,788
  1,866
  1,949
  2,036
  2,128
  2,226
  2,329
  2,437
  2,552
  2,672
  2,799
  2,933
  3,074
  3,222
  3,378
  3,542
  3,714
  3,896
  4,086
  4,287
  4,497
  4,719
  4,951
  5,196
  5,453
Variable operating expenses, $m
 
  1,032
  1,072
  1,114
  1,159
  1,206
  1,257
  1,310
  1,367
  1,427
  1,491
  1,530
  1,601
  1,676
  1,754
  1,837
  1,925
  2,017
  2,113
  2,215
  2,322
  2,435
  2,554
  2,678
  2,809
  2,947
  3,092
  3,244
  3,404
  3,572
  3,749
Fixed operating expenses, $m
 
  372
  381
  391
  401
  411
  421
  431
  442
  453
  465
  476
  488
  500
  513
  526
  539
  552
  566
  580
  595
  610
  625
  641
  657
  673
  690
  707
  725
  743
  761
Total operating expenses, $m
  1,350
  1,404
  1,453
  1,505
  1,560
  1,617
  1,678
  1,741
  1,809
  1,880
  1,956
  2,006
  2,089
  2,176
  2,267
  2,363
  2,464
  2,569
  2,679
  2,795
  2,917
  3,045
  3,179
  3,319
  3,466
  3,620
  3,782
  3,951
  4,129
  4,315
  4,510
Operating income, $m
  58
  57
  66
  75
  86
  98
  110
  124
  139
  155
  173
  219
  239
  261
  284
  309
  336
  364
  394
  426
  461
  497
  536
  577
  620
  666
  715
  767
  822
  881
  942
EBITDA, $m
  131
  129
  139
  151
  163
  177
  192
  208
  226
  245
  265
  287
  310
  335
  362
  390
  421
  453
  488
  524
  563
  604
  648
  695
  744
  796
  852
  910
  973
  1,038
  1,108
Interest expense (income), $m
  0
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  49
  51
  54
  57
  61
  64
  68
  71
  75
  80
  84
  89
  94
  99
  104
  110
Earnings before tax, $m
  23
  35
  43
  51
  60
  70
  81
  93
  107
  121
  136
  180
  198
  218
  239
  261
  284
  310
  337
  366
  397
  429
  464
  501
  541
  582
  627
  674
  724
  777
  833
Tax expense, $m
  14
  9
  11
  14
  16
  19
  22
  25
  29
  33
  37
  49
  54
  59
  64
  70
  77
  84
  91
  99
  107
  116
  125
  135
  146
  157
  169
  182
  195
  210
  225
Net income, $m
  9
  26
  31
  37
  44
  51
  59
  68
  78
  88
  100
  132
  145
  159
  174
  190
  208
  226
  246
  267
  289
  313
  339
  366
  395
  425
  457
  492
  528
  567
  608

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  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
  1,086
  1,075
  1,117
  1,162
  1,210
  1,261
  1,315
  1,372
  1,433
  1,497
  1,565
  1,637
  1,712
  1,792
  1,876
  1,965
  2,058
  2,157
  2,260
  2,369
  2,484
  2,604
  2,731
  2,864
  3,005
  3,152
  3,307
  3,470
  3,641
  3,820
  4,009
Adjusted assets (=assets-cash), $m
  1,035
  1,075
  1,117
  1,162
  1,210
  1,261
  1,315
  1,372
  1,433
  1,497
  1,565
  1,637
  1,712
  1,792
  1,876
  1,965
  2,058
  2,157
  2,260
  2,369
  2,484
  2,604
  2,731
  2,864
  3,005
  3,152
  3,307
  3,470
  3,641
  3,820
  4,009
Revenue / Adjusted assets
  1.360
  1.360
  1.360
  1.360
  1.360
  1.359
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
Average production assets, $m
  388
  403
  419
  436
  454
  473
  493
  515
  538
  562
  587
  614
  643
  673
  704
  738
  773
  810
  848
  889
  932
  978
  1,025
  1,075
  1,128
  1,183
  1,241
  1,302
  1,367
  1,434
  1,505
Working capital, $m
  77
  34
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
  90
  94
  99
  103
  109
  114
  120
  125
Total debt, $m
  638
  665
  703
  744
  787
  833
  881
  933
  988
  1,045
  1,106
  1,171
  1,239
  1,311
  1,387
  1,466
  1,550
  1,639
  1,732
  1,830
  1,933
  2,042
  2,156
  2,276
  2,402
  2,535
  2,674
  2,821
  2,975
  3,136
  3,306
Total liabilities, $m
  941
  967
  1,005
  1,046
  1,089
  1,135
  1,183
  1,235
  1,290
  1,347
  1,408
  1,473
  1,541
  1,613
  1,689
  1,768
  1,852
  1,941
  2,034
  2,132
  2,235
  2,344
  2,458
  2,578
  2,704
  2,837
  2,976
  3,123
  3,277
  3,438
  3,608
Total equity, $m
  146
  107
  112
  116
  121
  126
  131
  137
  143
  150
  156
  164
  171
  179
  188
  196
  206
  216
  226
  237
  248
  260
  273
  286
  300
  315
  331
  347
  364
  382
  401
Total liabilities and equity, $m
  1,087
  1,074
  1,117
  1,162
  1,210
  1,261
  1,314
  1,372
  1,433
  1,497
  1,564
  1,637
  1,712
  1,792
  1,877
  1,964
  2,058
  2,157
  2,260
  2,369
  2,483
  2,604
  2,731
  2,864
  3,004
  3,152
  3,307
  3,470
  3,641
  3,820
  4,009
Debt-to-equity ratio
  4.370
  6.190
  6.300
  6.400
  6.500
  6.600
  6.700
  6.800
  6.890
  6.980
  7.070
  7.150
  7.240
  7.310
  7.390
  7.460
  7.530
  7.600
  7.660
  7.730
  7.780
  7.840
  7.890
  7.950
  7.990
  8.040
  8.090
  8.130
  8.170
  8.210
  8.250
Adjusted equity ratio
  0.092
  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
  9
  26
  31
  37
  44
  51
  59
  68
  78
  88
  100
  132
  145
  159
  174
  190
  208
  226
  246
  267
  289
  313
  339
  366
  395
  425
  457
  492
  528
  567
  608
Depreciation, amort., depletion, $m
  73
  72
  73
  75
  77
  79
  82
  84
  87
  89
  92
  68
  71
  74
  77
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  136
  143
  150
  158
  165
Funds from operations, $m
  82
  97
  104
  112
  121
  131
  141
  152
  164
  177
  191
  199
  216
  233
  252
  271
  293
  315
  339
  365
  392
  421
  451
  484
  519
  555
  594
  635
  678
  724
  773
Change in working capital, $m
  -25
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Cash from operations, $m
  107
  10
  103
  111
  120
  129
  139
  150
  162
  175
  189
  197
  213
  230
  249
  269
  290
  312
  336
  361
  388
  417
  448
  480
  514
  551
  589
  630
  673
  719
  767
Maintenance CAPEX, $m
  0
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -158
New CAPEX, $m
  -43
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
Cash from investing activities, $m
  -87
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -106
  -110
  -116
  -122
  -128
  -134
  -141
  -147
  -155
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -229
Free cash flow, $m
  20
  -48
  43
  48
  54
  60
  67
  75
  83
  92
  102
  106
  117
  130
  143
  158
  174
  190
  208
  227
  248
  269
  293
  317
  343
  371
  401
  432
  466
  501
  539
Issuance/(repayment) of debt, $m
  -7
  34
  38
  40
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  109
  114
  120
  126
  133
  139
  146
  154
  162
  170
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -11
  34
  38
  40
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  109
  114
  120
  126
  133
  139
  146
  154
  162
  170
Total cash flow (excl. dividends), $m
  9
  -14
  81
  89
  97
  106
  116
  126
  138
  150
  163
  170
  185
  202
  219
  238
  258
  279
  301
  325
  351
  378
  407
  437
  470
  504
  540
  579
  620
  663
  709
Retained Cash Flow (-), $m
  -25
  -5
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
Prev. year cash balance distribution, $m
 
  44
  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
  77
  84
  92
  101
  110
  120
  132
  144
  156
  163
  178
  194
  211
  229
  248
  269
  291
  314
  339
  366
  394
  424
  456
  489
  525
  563
  603
  645
  690
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  23
  63
  61
  59
  56
  53
  50
  45
  41
  36
  31
  26
  22
  18
  15
  12
  9
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
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

Civitas Solutions, Inc., through its subsidiaries, provides home- and community-based health and human services to individuals with intellectual, developmental, physical, or behavioral disabilities and other needs in the United States. The company’s Human Services segment offers human services, including residential support, day habilitation, vocational, case management, crisis intervention, and hourly support care services; therapeutic foster care, family preservation, adoption, early intervention, school-based, and juvenile offender program services; and elder services, such as case management, nursing oversight, medication management, nutrition, daily living assistance, transportation, and therapeutic services. This segment provides its services for individuals with intellectual and/or developmental disabilities, youth with emotional, behavioral and/or medically complex challenges, or at-risk youth, and elders. It operates approximately 1,400 group homes and 150 intermediate care facilities for individuals with intellectual and/or developmental disabilities (ICFs-I/DD). The company’s Post-Acute Specialty Rehabilitation Services segment offers post-acute specialty rehabilitation services comprising neurorehabilitation, neurobehavioral rehabilitation, specialized nursing, supported living, outpatient treatment, and pre-vocational services, as well as physical, occupational, and speech therapies. This segment provides its services for individuals who have suffered acquired brain, spinal, and other catastrophic injuries and illnesses. The company serves governmental agencies, non-public payors, and not-for-profit organizations through group homes, ICFs-I/DDs, host homes, in-home and non-residential settings, educational settings, and specialized community facilities. The company was formerly known as NMH Holdings, Inc. Civitas Solutions, Inc. was founded in 1980 and is based in Boston, Massachusetts. Civitas Solutions, Inc. is a subsidiary of Vestar Capital Partners.

FINANCIAL RATIOS  of  Civitas Solutions (CIVI)

Valuation Ratios
P/E Ratio 72.8
Price to Sales 0.5
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 7
Current Ratio 0.1
LT Debt to Equity 432.2%
Total Debt to Equity 437%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. -0.4%
Return On Equity 6.7%
Return On Equity - 3 Yr. Avg. -19.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 22.4%
Gross Margin - 3 Yr. Avg. 22.2%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 5.1%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 1.6%
Pre-Tax Margin - 3 Yr. Avg. -0.2%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 60.9%
Eff/ Tax Rate - 3 Yr. Avg. 46.7%
Payout Ratio 0%

CIVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIVI stock intrinsic value calculation we used $1408 million for the last fiscal year's total revenue generated by Civitas Solutions. The default revenue input number comes from 2016 income statement of Civitas Solutions. 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 CIVI stock valuation model: a) initial revenue growth rate of 3.8% 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 10.1%, whose default value for CIVI is calculated based on our internal credit rating of Civitas Solutions, 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 Civitas Solutions.
    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 CIVI stock the variable cost ratio is equal to 70.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $363 million in the base year in the intrinsic value calculation for CIVI 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 Civitas Solutions.

Corporate tax rate of 27% is the nominal tax rate for Civitas Solutions. 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 CIVI 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 CIVI are equal to 27.6%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Civitas Solutions 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 CIVI is equal to 2.3%. 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 - $146 million for Civitas Solutions - 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 36.19 million for Civitas Solutions 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 Civitas Solutions at the current share price and the inputted number of shares is $0.6 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
AMED Amedisys 65.40 prem.  prem.
AFAM Almost Family 62.00 prem.  prem.
LHCG LHC Group 66.99 prem.  prem.
CHE Chemed 205.33 prem.  prem.
GEN Genesis Health 1.84 prem.  prem.
ACHC Acadia Healthc 47.84 prem.  prem.

COMPANY NEWS

▶ Civitas Solutions misses 2Q profit forecasts   [04:34PM  Associated Press]
▶ Civitas Solutions meets 1Q profit forecasts   [Feb-09-17 05:11PM  Associated Press]
▶ Do Hedge Funds Love Civitas Solutions Inc (CIVI)?   [Dec-20-16 02:58PM  at Insider Monkey]
▶ Xencor Inc (XNCR): What Smart Money Thinks about This Stock?   [Dec-04-16 03:53PM  at Insider Monkey]
▶ 5 Stocks With Rising RSIs That Lost Hedge Fund Support   [Jul-12-16 10:37AM  at Insider Monkey]
▶ Not all is bearish in the small- and midcap space   [Dec-15  10:50AM  at MarketWatch]
▶ Is BNC Bancorp (BNCN) A Good Stock To Buy?   [05:49AM  at Insider Monkey]
Stock chart of CIVI Financial statements of CIVI Annual reports of CIVI
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

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.