Intrinsic value of Clearfield - CLFD

Previous Close

$11.55

  Intrinsic Value

$10.50

stock screener

  Rating & Target

hold

-9%

  Value-price divergence*

+88%

Previous close

$11.55

 
Intrinsic value

$10.50

 
Up/down potential

-9%

 
Rating

hold

 
Value-price divergence*

+88%

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

We calculate the intrinsic value of CLFD 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 0.2

 

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, %
  25.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  75
  79
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  151
  159
  167
  176
  185
  194
  204
  215
  225
  237
  249
  262
  275
  289
  303
  319
  335
  352
Variable operating expenses, $m
 
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  108
  114
  120
  126
  133
  140
  147
  155
  162
  171
  179
  189
  198
  208
  219
  230
  242
  254
  267
  280
Fixed operating expenses, $m
 
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  10
Total operating expenses, $m
  65
  69
  72
  76
  81
  85
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  155
  163
  170
  179
  187
  198
  207
  217
  228
  240
  252
  264
  277
  290
Operating income, $m
  11
  11
  12
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
EBITDA, $m
  12
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  61
  64
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  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
Earnings before tax, $m
  11
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
Tax expense, $m
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
Net income, $m
  8
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  71
  39
  41
  44
  46
  49
  52
  54
  57
  60
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  157
  165
  174
Adjusted assets (=assets-cash), $m
  37
  39
  41
  44
  46
  49
  52
  54
  57
  60
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  157
  165
  174
Revenue / Adjusted assets
  2.027
  2.026
  2.049
  2.023
  2.043
  2.020
  2.019
  2.037
  2.035
  2.050
  2.016
  2.030
  2.014
  2.041
  2.038
  2.037
  2.023
  2.033
  2.021
  2.020
  2.028
  2.027
  2.026
  2.024
  2.031
  2.022
  2.021
  2.020
  2.032
  2.030
  2.023
Average production assets, $m
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
Working capital, $m
  44
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
  45
  47
Total debt, $m
  0
  0
  1
  1
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  28
  29
Total liabilities, $m
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  37
Total equity, $m
  63
  31
  33
  34
  36
  38
  40
  43
  45
  47
  50
  53
  55
  58
  61
  65
  68
  71
  75
  79
  83
  87
  92
  96
  101
  106
  112
  117
  123
  130
  136
Total liabilities and equity, $m
  71
  39
  42
  43
  46
  49
  51
  55
  57
  60
  64
  67
  70
  74
  78
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  143
  149
  157
  166
  173
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.040
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.120
  0.130
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.220
Adjusted equity ratio
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
Funds from operations, $m
  10
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
Change in working capital, $m
  -2
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  12
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
New CAPEX, $m
  -2
  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
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Free cash flow, $m
  10
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
Issuance/(repayment) of debt, $m
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
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  
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
Total cash flow (excl. dividends), $m
  10
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
Retained Cash Flow (-), $m
  -12
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Prev. year cash balance distribution, $m
 
  34
  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
 
  40
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
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
 
  38
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  5
  5
  5
  5
  4
  4
  3
  3
  3
  2
  2
  2
  1
  1
  1
  1
  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

Clearfield, Inc. manufactures, markets, and sells standard and custom passive connectivity products to the fiber-to-the-premises (FTTP), large enterprises, and original equipment manufacturers markets in the United States. The company offers Clearview cassette, a main building block of the company’s product platform; Clearview Classic and Clearview Blue, a system with five parts that nest together in the cassette’s main housing to support a range of applications; Clearview xPAK to land small port count fiber terminations and optical components; and fiber deep for cable-to-cable deployment, as well as packages optical components for signal coupling, splitting, termination, multiplexing, demultiplexing, and attenuation for integration within its fiber management platform. Its products also include Fieldsmart Fiber Crossover Distribution System and FieldSmart FxHD for fiber management modularity and scalability; FieldSmart Fiber Scalability Center, a modular and scalable outside plant cabinet that allows rollout of FTTP services; FieldSmart Fiber Delivery Point, a series of enclosure systems that incorporates the delivery of fiber connectivity to the neighborhood or business district; and FieldSmart Small Count Delivery, an enclosure systems that are packaged to make landing small count fiber cost-effective and efficient. In addition, the company offers FieldShield Pushable Fiber, FieldShield Multiport SmarTerminal, and FieldShield Hardened Connector; CraftSmart, a line of optical protection field enclosures to optimize fiber protection and storage; and fiber and copper assemblies with industry-standard or customer-specified configuration. It operates through various sales channels comprising direct to customer, distribution partners, and original equipment suppliers. The company was formerly known as APA Enterprises, Inc. and changed its name to Clearfield, Inc. in January 2008. Clearfield, Inc. was founded in 1979 and is headquartered in Brooklyn Park, Minnesota.

FINANCIAL RATIOS  of  Clearfield (CLFD)

Valuation Ratios
P/E Ratio 20.4
Price to Sales 2.2
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate 25%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 12.4%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 14%
Ret/ On T. Cap. - 3 Yr. Avg. 11.9%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 44%
Gross Margin - 3 Yr. Avg. 42.9%
EBITDA Margin 16%
EBITDA Margin - 3 Yr. Avg. 15.5%
Operating Margin 13.3%
Oper. Margin - 3 Yr. Avg. 12.9%
Pre-Tax Margin 14.7%
Pre-Tax Margin - 3 Yr. Avg. 14%
Net Profit Margin 10.7%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.4%
Payout Ratio 0%

CLFD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLFD stock intrinsic value calculation we used $75 million for the last fiscal year's total revenue generated by Clearfield. The default revenue input number comes from 2016 income statement of Clearfield. 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 CLFD stock valuation model: a) initial revenue growth rate of 5.9% 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 CLFD is calculated based on our internal credit rating of Clearfield, 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 Clearfield.
    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 CLFD stock the variable cost ratio is equal to 80%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5 million in the base year in the intrinsic value calculation for CLFD 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 Clearfield.

Corporate tax rate of 27% is the nominal tax rate for Clearfield. 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 CLFD 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 CLFD are equal to 7.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Clearfield 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 CLFD is equal to 13.3%. 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 - $63 million for Clearfield - 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 14.1 million for Clearfield 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 Clearfield at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PLPC Preformed Line 51.47 10.70  str.sell
OCC Optical Cable 2.35 0.88  str.sell
GLW Corning 28.45 4.40  str.sell
BDC Belden 72.56 78.64  hold
RFIL RF Industries 1.90 0.74  str.sell
APH Amphenol Cl A 79.32 69.67  hold
TEL TE Connectivit 79.46 81.66  hold
JCS Communications 3.78 1.81  str.sell
MRVC MRV Communicat 9.97 19.91  str.buy

COMPANY NEWS

▶ ETFs with exposure to Clearfield, Inc. : August 15, 2017   [Aug-15-17 03:43PM  Capital Cube]
▶ ETFs with exposure to Clearfield, Inc. : August 1, 2017   [Aug-01-17 04:25PM  Capital Cube]
▶ Clearfield posts 3Q profit   [Jul-28-17 01:31AM  Associated Press]
▶ Clearfield Reports Fiscal Third Quarter 2017 Results   [Jul-27-17 08:00AM  GlobeNewswire]
▶ Clearfield Quadruples Manufacturing Capacity in Mexico   [Jul-25-17 08:05AM  Business Wire]
▶ ETFs with exposure to Clearfield, Inc. : July 10, 2017   [Jul-10-17 02:10PM  Capital Cube]
▶ ETFs with exposure to Clearfield, Inc. : June 5, 2017   [Jun-05-17 02:08PM  Capital Cube]
▶ ETFs with exposure to Clearfield, Inc. : May 25, 2017   [May-25-17 12:36PM  Capital Cube]
▶ Clearfield posts 2Q profit   [Apr-27-17 09:18AM  Associated Press]
▶ Clearfield Awarded NEBS Level 3 Certification   [Apr-25-17 08:00AM  Business Wire]
▶ ETFs with exposure to Clearfield, Inc. : April 5, 2017   [Apr-05-17 04:31PM  Capital Cube]
▶ Clearfield Broadens National Account Focus   [Feb-08-17 08:31AM  Business Wire]
▶ Clearfield posts 1Q profit   [Jan-26-17 08:08AM  Associated Press]
▶ ETFs with exposure to Clearfield, Inc. : January 12, 2017   [Jan-12-17 01:53PM  Capital Cube]
▶ Bruce Pile's Top Technology Stocks For 2017   [Jan-11-17 01:32PM  Forbes]
▶ Should You Avoid Tuesday Morning Corporation (TUES)?   [Dec-15-16 09:19AM  at Insider Monkey]
▶ Clearfield posts 3Q profit   [Jul-28-16 10:20AM  AP]
Stock chart of CLFD Financial statements of CLFD
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.