Intrinsic value of Castlight Health Cl B - CSLT

Previous Close

$3.75

  Intrinsic Value

$4.47

stock screener

  Rating & Target

hold

+19%

Previous close

$3.75

 
Intrinsic value

$4.47

 
Up/down potential

+19%

 
Rating

hold

We calculate the intrinsic value of CSLT 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 0.5

 

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, %
  36.00
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  102
  136
  177
  227
  285
  352
  429
  515
  610
  715
  829
  952
  1,084
  1,225
  1,375
  1,533
  1,698
  1,872
  2,054
  2,244
  2,443
  2,649
  2,863
  3,086
  3,318
  3,559
  3,809
  4,069
  4,339
  4,621
  4,913
Variable operating expenses, $m
 
  56
  73
  93
  117
  145
  177
  212
  251
  295
  342
  392
  447
  505
  566
  631
  700
  771
  846
  925
  1,006
  1,091
  1,180
  1,271
  1,367
  1,466
  1,569
  1,676
  1,788
  1,904
  2,024
Fixed operating expenses, $m
 
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  268
Total operating expenses, $m
  161
  187
  207
  231
  258
  290
  325
  364
  407
  455
  506
  560
  619
  681
  747
  816
  890
  966
  1,046
  1,130
  1,216
  1,306
  1,400
  1,497
  1,599
  1,703
  1,812
  1,925
  2,044
  2,166
  2,292
Operating income, $m
  -59
  -51
  -30
  -4
  26
  62
  104
  150
  203
  261
  324
  392
  466
  544
  628
  716
  809
  906
  1,008
  1,115
  1,226
  1,342
  1,463
  1,589
  1,719
  1,855
  1,996
  2,143
  2,296
  2,455
  2,620
EBITDA, $m
  -56
  -50
  -28
  -2
  30
  67
  109
  157
  211
  270
  334
  404
  479
  560
  645
  735
  830
  930
  1,035
  1,144
  1,258
  1,376
  1,500
  1,628
  1,762
  1,901
  2,045
  2,195
  2,351
  2,514
  2,683
Interest expense (income), $m
  0
  0
  0
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  12
  14
  16
  18
  20
  22
  25
  27
  30
  32
  35
  38
  41
  44
  47
  51
  54
  58
Earnings before tax, $m
  -59
  -51
  -30
  -5
  25
  61
  101
  147
  198
  255
  316
  383
  455
  532
  614
  700
  791
  886
  986
  1,090
  1,199
  1,313
  1,431
  1,554
  1,681
  1,814
  1,952
  2,096
  2,245
  2,401
  2,562
Tax expense, $m
  0
  0
  0
  0
  7
  16
  27
  40
  53
  69
  85
  103
  123
  144
  166
  189
  214
  239
  266
  294
  324
  354
  386
  419
  454
  490
  527
  566
  606
  648
  692
Net income, $m
  -59
  -51
  -30
  -5
  18
  44
  74
  107
  145
  186
  231
  280
  332
  388
  448
  511
  577
  647
  720
  796
  875
  958
  1,044
  1,134
  1,227
  1,324
  1,425
  1,530
  1,639
  1,752
  1,871

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  115
  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
  157
  56
  73
  93
  117
  145
  177
  212
  251
  294
  341
  392
  446
  504
  566
  631
  699
  771
  846
  924
  1,006
  1,090
  1,179
  1,271
  1,366
  1,465
  1,568
  1,675
  1,786
  1,902
  2,023
Adjusted assets (=assets-cash), $m
  42
  56
  73
  93
  117
  145
  177
  212
  251
  294
  341
  392
  446
  504
  566
  631
  699
  771
  846
  924
  1,006
  1,090
  1,179
  1,271
  1,366
  1,465
  1,568
  1,675
  1,786
  1,902
  2,023
Revenue / Adjusted assets
  2.429
  2.429
  2.425
  2.441
  2.436
  2.428
  2.424
  2.429
  2.430
  2.432
  2.431
  2.429
  2.430
  2.431
  2.429
  2.429
  2.429
  2.428
  2.428
  2.429
  2.428
  2.430
  2.428
  2.428
  2.429
  2.429
  2.429
  2.429
  2.429
  2.430
  2.429
Average production assets, $m
  7
  9
  11
  15
  18
  23
  27
  33
  39
  46
  53
  61
  69
  78
  88
  98
  109
  120
  131
  144
  156
  170
  183
  198
  212
  228
  244
  260
  278
  296
  314
Working capital, $m
  92
  -31
  -40
  -51
  -64
  -79
  -96
  -116
  -137
  -161
  -187
  -214
  -244
  -276
  -309
  -345
  -382
  -421
  -462
  -505
  -550
  -596
  -644
  -694
  -747
  -801
  -857
  -915
  -976
  -1,040
  -1,105
Total debt, $m
  0
  -5
  11
  29
  51
  76
  104
  136
  171
  210
  252
  298
  347
  399
  454
  513
  574
  639
  706
  777
  850
  926
  1,006
  1,088
  1,174
  1,264
  1,356
  1,453
  1,553
  1,657
  1,765
Total liabilities, $m
  55
  50
  66
  84
  106
  131
  159
  191
  226
  265
  307
  353
  402
  454
  509
  568
  629
  694
  761
  832
  905
  981
  1,061
  1,143
  1,229
  1,319
  1,411
  1,508
  1,608
  1,712
  1,820
Total equity, $m
  102
  6
  7
  9
  12
  15
  18
  21
  25
  29
  34
  39
  45
  50
  57
  63
  70
  77
  85
  92
  101
  109
  118
  127
  137
  147
  157
  168
  179
  190
  202
Total liabilities and equity, $m
  157
  56
  73
  93
  118
  146
  177
  212
  251
  294
  341
  392
  447
  504
  566
  631
  699
  771
  846
  924
  1,006
  1,090
  1,179
  1,270
  1,366
  1,466
  1,568
  1,676
  1,787
  1,902
  2,022
Debt-to-equity ratio
  0.000
  -0.830
  1.470
  3.110
  4.310
  5.210
  5.880
  6.400
  6.810
  7.130
  7.390
  7.600
  7.770
  7.910
  8.030
  8.130
  8.210
  8.290
  8.350
  8.400
  8.450
  8.500
  8.530
  8.570
  8.600
  8.620
  8.650
  8.670
  8.690
  8.710
  8.730
Adjusted equity ratio
  -0.310
  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
  -59
  -51
  -30
  -5
  18
  44
  74
  107
  145
  186
  231
  280
  332
  388
  448
  511
  577
  647
  720
  796
  875
  958
  1,044
  1,134
  1,227
  1,324
  1,425
  1,530
  1,639
  1,752
  1,871
Depreciation, amort., depletion, $m
  3
  2
  2
  3
  4
  5
  5
  7
  8
  9
  11
  12
  14
  16
  18
  20
  22
  24
  26
  29
  31
  34
  37
  40
  42
  46
  49
  52
  56
  59
  63
Funds from operations, $m
  -46
  -50
  -28
  -2
  22
  49
  79
  114
  152
  195
  241
  292
  346
  404
  466
  531
  599
  671
  746
  825
  907
  992
  1,081
  1,174
  1,270
  1,370
  1,474
  1,582
  1,694
  1,812
  1,933
Change in working capital, $m
  -9
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
Cash from operations, $m
  -37
  -42
  -18
  9
  35
  64
  96
  133
  174
  219
  267
  320
  376
  436
  499
  566
  636
  710
  787
  867
  951
  1,039
  1,129
  1,224
  1,322
  1,424
  1,530
  1,640
  1,755
  1,875
  1,999
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -3
  -4
  -5
  -5
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -42
  -46
  -49
  -52
  -56
  -59
New CAPEX, $m
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
Cash from investing activities, $m
  46
  -3
  -5
  -5
  -7
  -8
  -10
  -10
  -13
  -15
  -16
  -19
  -20
  -23
  -26
  -28
  -31
  -33
  -36
  -38
  -42
  -44
  -48
  -51
  -55
  -57
  -62
  -66
  -69
  -74
  -78
Free cash flow, $m
  9
  -45
  -23
  4
  29
  56
  87
  122
  161
  204
  251
  301
  355
  413
  474
  538
  606
  677
  751
  829
  910
  994
  1,082
  1,173
  1,268
  1,366
  1,469
  1,575
  1,686
  1,801
  1,921
Issuance/(repayment) of debt, $m
  0
  -5
  15
  18
  22
  25
  28
  32
  35
  39
  42
  46
  49
  52
  55
  58
  61
  64
  67
  70
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
Issuance/(repurchase) of shares, $m
  20
  70
  32
  7
  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  
  20
  65
  47
  25
  22
  25
  28
  32
  35
  39
  42
  46
  49
  52
  55
  58
  61
  64
  67
  70
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
Total cash flow (excl. dividends), $m
  30
  20
  24
  29
  50
  81
  115
  154
  196
  243
  293
  347
  404
  465
  529
  597
  668
  742
  819
  899
  983
  1,070
  1,161
  1,255
  1,353
  1,455
  1,561
  1,671
  1,786
  1,905
  2,030
Retained Cash Flow (-), $m
  16
  -70
  -32
  -7
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
Prev. year cash balance distribution, $m
 
  115
  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
 
  65
  -7
  22
  48
  78
  112
  150
  193
  239
  288
  342
  399
  459
  523
  590
  661
  734
  811
  892
  975
  1,062
  1,152
  1,246
  1,344
  1,445
  1,551
  1,661
  1,775
  1,894
  2,018
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
 
  62
  -7
  19
  39
  60
  81
  102
  120
  137
  151
  162
  170
  175
  176
  173
  168
  160
  149
  137
  124
  110
  96
  82
  68
  56
  45
  36
  27
  21
  15
Current shareholders' claim on cash, %
  100
  50.0
  23.0
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3
  19.3

Castlight Health, Inc. offers a health benefits platform that engages employees to make healthcare decisions, and enables employers to communicate and measure their benefit programs. The Company operates through cloud-based products segment. Its technology offering aggregates data and applies analytics to make healthcare data transparent. Its products deliver employee engagement and enable employers to integrate benefit programs into a single platform available to employees and their families. Its health benefits platform engages external data and its substantial user base to provide a single, end-to-end solution that engages employees through personalized and relevant communications. Its offering provides employers the opportunity to communicate, measure, and get value out of their benefits and programs on a real-time basis. It offers cross-sell products, such as Castlight Action, Castlight Pharmacy, Castlight Dental, Castlight Elevate, Castlight Protect and Castlight Rewards.

FINANCIAL RATIOS  of  Castlight Health Cl B (CSLT)

Valuation Ratios
P/E Ratio -6.6
Price to Sales 3.8
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow -10.6
Price to Free Cash Flow -10
Growth Rates
Sales Growth Rate 36%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
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 -35.8%
Ret/ On Assets - 3 Yr. Avg. -44.1%
Return On Total Capital -53.6%
Ret/ On T. Cap. - 3 Yr. Avg. -60.7%
Return On Equity -53.6%
Return On Equity - 3 Yr. Avg. -60.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 65.7%
Gross Margin - 3 Yr. Avg. 53.6%
EBITDA Margin -54.9%
EBITDA Margin - 3 Yr. Avg. -114.6%
Operating Margin -57.8%
Oper. Margin - 3 Yr. Avg. -117.6%
Pre-Tax Margin -57.8%
Pre-Tax Margin - 3 Yr. Avg. -117.2%
Net Profit Margin -57.8%
Net Profit Margin - 3 Yr. Avg. -117.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CSLT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSLT stock intrinsic value calculation we used $102 million for the last fiscal year's total revenue generated by Castlight Health Cl B. The default revenue input number comes from 2016 income statement of Castlight Health Cl B. 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 CSLT stock valuation model: a) initial revenue growth rate of 33.3% 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 CSLT is calculated based on our internal credit rating of Castlight Health Cl B, 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 Castlight Health Cl B.
    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 CSLT stock the variable cost ratio is equal to 41.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $128 million in the base year in the intrinsic value calculation for CSLT 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 Castlight Health Cl B.

Corporate tax rate of 27% is the nominal tax rate for Castlight Health Cl B. 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 CSLT 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 CSLT are equal to 6.4%.

Life of production assets of 2.2 years is the average useful life of capital assets used in Castlight Health Cl B 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 CSLT is equal to -22.5%. 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 - $102 million for Castlight Health Cl B - 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 131.688 million for Castlight Health Cl B 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 Castlight Health Cl B at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Castlight reports 3Q loss   [Oct-25-17 07:45PM  Associated Press]
▶ Castlight Health to Announce Third Quarter 2017 Results   [Oct-05-17 08:00AM  PR Newswire]
▶ [$$] GE Cuts Wind-Energy Stock Stake by $30M   [Aug-16-17 05:52AM  Barrons.com]
▶ Castlight reports 2Q loss   [Aug-04-17 03:11AM  Associated Press]
▶ Castlight Health Announces Second Quarter 2017 Results   [Aug-02-17 04:20PM  PR Newswire]
▶ Castlight Health to Announce Second Quarter 2017 Results   [Jul-13-17 08:00AM  PR Newswire]
▶ 3 Digital Health Companies Poised for Sizzling Growth   [May-16-17 03:02PM  Motley Fool]
▶ What's Behind Castlight Health Rallying 13.2% Today   [May-10-17 04:57PM  Motley Fool]
▶ Castlight reports 1Q loss   [Apr-26-17 07:02PM  Associated Press]
▶ Castlight Health completes acquisition of startup Jiff   [Apr-05-17 10:53AM  American City Business Journals]
▶ Here's Why Castlight Health Inc. Is Soaring Today   [Feb-16-17 02:15PM  at Motley Fool]
▶ Castlight reports 4Q loss   [06:38PM  AP]
▶ 13 Questions For Bryan Roberts Of Venrock   [Jan-31-17 08:33AM  at Forbes]
▶ [$$] Castlight Health Acquires Jiff in $117.5 Million Stock Deal   [Jan-06-17 02:41PM  at The Wall Street Journal]
▶ Is Castlight Health Inc (CSLT) A Good Stock To Buy?   [Dec-08-16 12:55PM  at Insider Monkey]
▶ Is Cryolife Inc (CRY) A Good Stock To Buy?   [Dec-04-16 10:41PM  at Insider Monkey]
▶ Castlight Health Selected by CSM Bakery Solutions   [Nov-18-16 08:30AM  Marketwired]
▶ Castlight Health Jumped 12.1% in August -- Here's Why   [Sep-09-16 10:42AM  at Motley Fool]
Financial statements of CSLT
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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