Intrinsic value of Cubic - CUB

Previous Close

$60.80

  Intrinsic Value

$92.92

stock screener

  Rating & Target

str. buy

+53%

Previous close

$60.80

 
Intrinsic value

$92.92

 
Up/down potential

+53%

 
Rating

str. buy

We calculate the intrinsic value of CUB 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.64
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  1,486
  1,629
  1,778
  1,933
  2,094
  2,262
  2,437
  2,618
  2,806
  3,002
  3,206
  3,418
  3,638
  3,867
  4,106
  4,354
  4,613
  4,883
  5,165
  5,458
  5,765
  6,086
  6,421
  6,771
  7,137
  7,520
  7,921
  8,340
  8,780
  9,240
  9,722
Variable operating expenses, $m
 
  946
  1,028
  1,114
  1,204
  1,297
  1,394
  1,495
  1,599
  1,708
  1,821
  1,897
  2,019
  2,146
  2,279
  2,417
  2,560
  2,710
  2,866
  3,029
  3,200
  3,378
  3,564
  3,758
  3,961
  4,174
  4,396
  4,629
  4,873
  5,128
  5,396
Fixed operating expenses, $m
 
  631
  647
  663
  680
  697
  714
  732
  751
  769
  789
  808
  828
  849
  870
  892
  914
  937
  961
  985
  1,009
  1,035
  1,060
  1,087
  1,114
  1,142
  1,171
  1,200
  1,230
  1,261
  1,292
Total operating expenses, $m
  1,468
  1,577
  1,675
  1,777
  1,884
  1,994
  2,108
  2,227
  2,350
  2,477
  2,610
  2,705
  2,847
  2,995
  3,149
  3,309
  3,474
  3,647
  3,827
  4,014
  4,209
  4,413
  4,624
  4,845
  5,075
  5,316
  5,567
  5,829
  6,103
  6,389
  6,688
Operating income, $m
  18
  52
  102
  155
  210
  268
  328
  391
  457
  525
  596
  713
  790
  872
  957
  1,045
  1,138
  1,236
  1,337
  1,444
  1,556
  1,674
  1,797
  1,926
  2,062
  2,204
  2,354
  2,512
  2,677
  2,851
  3,034
EBITDA, $m
  69
  113
  165
  219
  277
  336
  399
  464
  531
  602
  676
  753
  833
  917
  1,005
  1,097
  1,193
  1,293
  1,398
  1,509
  1,624
  1,745
  1,872
  2,006
  2,146
  2,293
  2,448
  2,610
  2,781
  2,960
  3,149
Interest expense (income), $m
  0
  7
  9
  11
  13
  15
  18
  20
  23
  25
  28
  31
  34
  37
  40
  43
  47
  50
  54
  58
  62
  67
  71
  76
  80
  86
  91
  96
  102
  108
  115
Earnings before tax, $m
  4
  45
  93
  144
  197
  253
  310
  371
  434
  500
  568
  682
  757
  835
  916
  1,002
  1,091
  1,185
  1,283
  1,386
  1,494
  1,607
  1,726
  1,850
  1,981
  2,119
  2,263
  2,415
  2,575
  2,743
  2,919
Tax expense, $m
  15
  12
  25
  39
  53
  68
  84
  100
  117
  135
  153
  184
  204
  225
  247
  271
  295
  320
  346
  374
  403
  434
  466
  500
  535
  572
  611
  652
  695
  741
  788
Net income, $m
  -11
  33
  68
  105
  144
  184
  227
  271
  317
  365
  415
  498
  552
  609
  669
  731
  797
  865
  937
  1,012
  1,091
  1,173
  1,260
  1,351
  1,446
  1,547
  1,652
  1,763
  1,880
  2,002
  2,131

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  1,336
  1,398
  1,526
  1,659
  1,797
  1,942
  2,091
  2,247
  2,409
  2,577
  2,752
  2,934
  3,123
  3,319
  3,524
  3,737
  3,960
  4,191
  4,433
  4,685
  4,949
  5,224
  5,511
  5,812
  6,126
  6,455
  6,799
  7,159
  7,536
  7,931
  8,345
Adjusted assets (=assets-cash), $m
  1,276
  1,398
  1,526
  1,659
  1,797
  1,942
  2,091
  2,247
  2,409
  2,577
  2,752
  2,934
  3,123
  3,319
  3,524
  3,737
  3,960
  4,191
  4,433
  4,685
  4,949
  5,224
  5,511
  5,812
  6,126
  6,455
  6,799
  7,159
  7,536
  7,931
  8,345
Revenue / Adjusted assets
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
  1.165
Average production assets, $m
  216
  236
  258
  280
  304
  328
  353
  380
  407
  435
  465
  496
  527
  561
  595
  631
  669
  708
  749
  791
  836
  882
  931
  982
  1,035
  1,090
  1,149
  1,209
  1,273
  1,340
  1,410
Working capital, $m
  246
  264
  288
  313
  339
  366
  395
  424
  455
  486
  519
  554
  589
  626
  665
  705
  747
  791
  837
  884
  934
  986
  1,040
  1,097
  1,156
  1,218
  1,283
  1,351
  1,422
  1,497
  1,575
Total debt, $m
  255
  256
  315
  377
  441
  508
  577
  649
  724
  802
  883
  967
  1,055
  1,146
  1,241
  1,339
  1,442
  1,550
  1,662
  1,778
  1,900
  2,028
  2,161
  2,300
  2,445
  2,598
  2,757
  2,924
  3,098
  3,281
  3,473
Total liabilities, $m
  647
  647
  706
  768
  832
  899
  968
  1,040
  1,115
  1,193
  1,274
  1,358
  1,446
  1,537
  1,632
  1,730
  1,833
  1,941
  2,053
  2,169
  2,291
  2,419
  2,552
  2,691
  2,836
  2,989
  3,148
  3,315
  3,489
  3,672
  3,864
Total equity, $m
  690
  751
  819
  891
  965
  1,043
  1,123
  1,207
  1,294
  1,384
  1,478
  1,575
  1,677
  1,782
  1,892
  2,007
  2,126
  2,251
  2,381
  2,516
  2,657
  2,805
  2,960
  3,121
  3,290
  3,466
  3,651
  3,844
  4,047
  4,259
  4,481
Total liabilities and equity, $m
  1,337
  1,398
  1,525
  1,659
  1,797
  1,942
  2,091
  2,247
  2,409
  2,577
  2,752
  2,933
  3,123
  3,319
  3,524
  3,737
  3,959
  4,192
  4,434
  4,685
  4,948
  5,224
  5,512
  5,812
  6,126
  6,455
  6,799
  7,159
  7,536
  7,931
  8,345
Debt-to-equity ratio
  0.370
  0.340
  0.380
  0.420
  0.460
  0.490
  0.510
  0.540
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
Adjusted equity ratio
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537
  0.537

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -11
  33
  68
  105
  144
  184
  227
  271
  317
  365
  415
  498
  552
  609
  669
  731
  797
  865
  937
  1,012
  1,091
  1,173
  1,260
  1,351
  1,446
  1,547
  1,652
  1,763
  1,880
  2,002
  2,131
Depreciation, amort., depletion, $m
  51
  61
  63
  64
  66
  68
  70
  72
  75
  77
  79
  40
  43
  46
  48
  51
  54
  58
  61
  64
  68
  72
  76
  80
  84
  89
  93
  98
  104
  109
  115
Funds from operations, $m
  4
  93
  131
  170
  210
  253
  297
  343
  391
  442
  494
  538
  595
  655
  717
  783
  851
  923
  998
  1,076
  1,158
  1,245
  1,335
  1,431
  1,530
  1,635
  1,746
  1,861
  1,983
  2,111
  2,246
Change in working capital, $m
  -21
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
Cash from operations, $m
  25
  70
  106
  144
  184
  225
  269
  314
  361
  410
  461
  504
  559
  618
  679
  742
  809
  879
  952
  1,029
  1,109
  1,193
  1,281
  1,374
  1,471
  1,573
  1,681
  1,793
  1,912
  2,037
  2,168
Maintenance CAPEX, $m
  0
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -48
  -51
  -54
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -104
  -109
New CAPEX, $m
  -37
  -20
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
Cash from investing activities, $m
  -42
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -69
  -72
  -76
  -81
  -84
  -89
  -93
  -99
  -104
  -108
  -114
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -171
  -179
Free cash flow, $m
  -17
  33
  66
  101
  138
  176
  217
  259
  303
  349
  396
  435
  487
  542
  599
  658
  720
  785
  854
  925
  1,000
  1,078
  1,161
  1,247
  1,338
  1,434
  1,534
  1,639
  1,750
  1,866
  1,989
Issuance/(repayment) of debt, $m
  -186
  56
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  146
  152
  159
  167
  175
  183
  192
Issuance/(repurchase) of shares, $m
  0
  33
  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
Cash from financing (excl. dividends), $m  
  -123
  89
  60
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  146
  152
  159
  167
  175
  183
  192
Total cash flow (excl. dividends), $m
  -130
  122
  125
  163
  202
  243
  286
  331
  378
  426
  477
  519
  575
  633
  693
  757
  823
  893
  966
  1,042
  1,122
  1,206
  1,294
  1,387
  1,484
  1,586
  1,693
  1,806
  1,924
  2,049
  2,180
Retained Cash Flow (-), $m
  0
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -130
  -135
  -141
  -148
  -154
  -161
  -169
  -177
  -185
  -193
  -203
  -212
  -222
Prev. year cash balance distribution, $m
 
  5
  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
 
  61
  57
  91
  128
  166
  206
  247
  291
  336
  383
  422
  473
  527
  583
  642
  704
  768
  836
  906
  980
  1,058
  1,140
  1,225
  1,315
  1,409
  1,508
  1,612
  1,722
  1,837
  1,958
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  58
  51
  76
  99
  119
  135
  148
  157
  162
  164
  159
  155
  148
  140
  129
  117
  105
  92
  79
  66
  55
  45
  35
  27
  21
  15
  11
  8
  5
  4
Current shareholders' claim on cash, %
  100
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0
  98.0

Cubic Corporation (Cubic) designs, integrates and operates systems, products and services that provide situational awareness for its customers in the transportation and defense industries. The Company operates in three business segments across the global transportation and defense markets, which include Cubic Transportation Systems (CTS), Cubic Global Defense (CGD) and Cubic Global Defense Services (CGD Services). The Company's CTS segment is a systems integrator of payment and information technology and services for travel solutions. The Company's CGD Systems is focused on two primary lines of business: training systems and secure communications (SC) products. The Company's CGD Services segment is a provider of training, operations, intelligence, maintenance, technical and other support services to the United States government and its agencies and allied nations. It also provides cross-domain hardware solutions to address multi-level security challenges across common networks.

FINANCIAL RATIOS  of  Cubic (CUB)

Valuation Ratios
P/E Ratio -150
Price to Sales 1.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 66
Price to Free Cash Flow -137.5
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.6%
Cap. Spend. - 3 Yr. Gr. Rate 16.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 29%
Total Debt to Equity 37%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.8%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital -1.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity -1.6%
Return On Equity - 3 Yr. Avg. 0.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 24%
EBITDA Margin 3.7%
EBITDA Margin - 3 Yr. Avg. 4.7%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -0.7%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 375%
Eff/ Tax Rate - 3 Yr. Avg. 190.5%
Payout Ratio -63.6%

CUB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CUB stock intrinsic value calculation we used $1486 million for the last fiscal year's total revenue generated by Cubic. The default revenue input number comes from 2017 income statement of Cubic. 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 CUB stock valuation model: a) initial revenue growth rate of 9.6% 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 5.7%, whose default value for CUB is calculated based on our internal credit rating of Cubic, 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 Cubic.
    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 CUB stock the variable cost ratio is equal to 58.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $616 million in the base year in the intrinsic value calculation for CUB 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 Cubic.

Corporate tax rate of 27% is the nominal tax rate for Cubic. 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 CUB 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 CUB are equal to 14.5%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Cubic 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 CUB is equal to 16.2%. 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 - $690 million for Cubic - 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 27.311 million for Cubic 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 Cubic at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for February 7th   [Feb-07-18 08:28AM  Zacks]
▶ Cubic reports 1Q loss   [Feb-06-18 06:51PM  Associated Press]
▶ Cubic Corporation to Host Earnings Call   [12:15PM  ACCESSWIRE]
▶ ETFs with exposure to Cubic Corp. : December 25, 2017   [Dec-25-17 11:49AM  Capital Cube]
▶ ETFs with exposure to Cubic Corp. : December 14, 2017   [Dec-14-17 01:10PM  Capital Cube]
▶ Cubic's DTECH Labs Completes VMware Testing   [Dec-06-17 07:00AM  PR Newswire]
▶ North Korea's missile has more advanced tech   [Nov-30-17 11:42AM  Yahoo Finance Video]
▶ Strong Chart and a Quant Upgrade for Cubic   [Nov-22-17 01:10PM  TheStreet.com]
▶ Cubic posts 4Q profit   [Nov-20-17 04:57PM  Associated Press]
▶ Cubic Corporation to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ Cubic Corporation to Host Earnings Call   [06:05AM  ACCESSWIRE]
▶ ETFs with exposure to Cubic Corp. : November 8, 2017   [Nov-08-17 05:52PM  Capital Cube]
▶ In Defense of Defense: Why the Sector Can Keep Climbing   [Nov-06-17 11:06AM  Barrons.com]
▶ [$$] MTA Moves Closer to New Subway Fare-Payment Method   [Oct-24-17 12:13AM  The Wall Street Journal]
▶ [$$] MTA Moves Closer to New Subway Fare-Payment Method   [Oct-23-17 05:57PM  The Wall Street Journal]
▶ Airlines Capacity Growth Leaves No Room For Error   [Sep-13-17 01:23PM  Barrons.com]
Financial statements of CUB
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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