Intrinsic value of Barracuda Networks - CUDA

Previous Close

$22.70

  Intrinsic Value

$18.47

stock screener

  Rating & Target

hold

-19%

  Value-price divergence*

+215%

Previous close

$22.70

 
Intrinsic value

$18.47

 
Up/down potential

-19%

 
Rating

hold

 
Value-price divergence*

+215%

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

We calculate the intrinsic value of CUDA 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 2017), $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 1.2

 

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, %
  10.31
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  353
  381
  411
  441
  473
  506
  540
  576
  613
  651
  691
  733
  777
  822
  869
  919
  971
  1,024
  1,081
  1,140
  1,201
  1,266
  1,333
  1,404
  1,478
  1,555
  1,636
  1,721
  1,810
  1,904
  2,002
Variable operating expenses, $m
 
  77
  83
  88
  94
  100
  106
  113
  120
  127
  134
  135
  143
  151
  160
  169
  179
  189
  199
  210
  221
  233
  246
  259
  272
  286
  301
  317
  333
  351
  369
Fixed operating expenses, $m
 
  276
  283
  290
  297
  304
  312
  320
  328
  336
  344
  353
  362
  371
  380
  390
  399
  409
  420
  430
  441
  452
  463
  475
  487
  499
  511
  524
  537
  550
  564
Total operating expenses, $m
  331
  353
  366
  378
  391
  404
  418
  433
  448
  463
  478
  488
  505
  522
  540
  559
  578
  598
  619
  640
  662
  685
  709
  734
  759
  785
  812
  841
  870
  901
  933
Operating income, $m
  22
  28
  45
  63
  82
  101
  122
  143
  165
  188
  213
  245
  272
  300
  329
  360
  392
  426
  462
  500
  539
  581
  625
  671
  719
  770
  824
  880
  940
  1,003
  1,069
EBITDA, $m
  38
  44
  61
  80
  99
  119
  141
  163
  186
  210
  235
  261
  289
  318
  348
  380
  414
  449
  486
  525
  566
  609
  654
  702
  752
  804
  860
  918
  980
  1,045
  1,113
Interest expense (income), $m
  0
  0
  -7
  -6
  -5
  -5
  -4
  -3
  -2
  -1
  -1
  0
  1
  2
  4
  5
  6
  7
  8
  10
  11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  29
Earnings before tax, $m
  22
  28
  52
  69
  87
  106
  126
  146
  167
  190
  213
  245
  270
  297
  326
  355
  387
  419
  454
  490
  528
  568
  611
  655
  702
  751
  803
  857
  915
  976
  1,040
Tax expense, $m
  12
  8
  14
  19
  24
  29
  34
  39
  45
  51
  58
  66
  73
  80
  88
  96
  104
  113
  123
  132
  143
  153
  165
  177
  189
  203
  217
  232
  247
  263
  281
Net income, $m
  10
  21
  38
  51
  64
  77
  92
  107
  122
  139
  156
  179
  197
  217
  238
  259
  282
  306
  331
  358
  386
  415
  446
  478
  512
  548
  586
  626
  668
  712
  759

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  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
  465
  286
  308
  331
  355
  380
  405
  432
  460
  489
  519
  550
  583
  617
  653
  690
  729
  769
  811
  856
  902
  950
  1,001
  1,054
  1,109
  1,168
  1,228
  1,292
  1,359
  1,429
  1,503
Adjusted assets (=assets-cash), $m
  265
  286
  308
  331
  355
  380
  405
  432
  460
  489
  519
  550
  583
  617
  653
  690
  729
  769
  811
  856
  902
  950
  1,001
  1,054
  1,109
  1,168
  1,228
  1,292
  1,359
  1,429
  1,503
Revenue / Adjusted assets
  1.332
  1.332
  1.334
  1.332
  1.332
  1.332
  1.333
  1.333
  1.333
  1.331
  1.331
  1.333
  1.333
  1.332
  1.331
  1.332
  1.332
  1.332
  1.333
  1.332
  1.331
  1.333
  1.332
  1.332
  1.333
  1.331
  1.332
  1.332
  1.332
  1.332
  1.332
Average production assets, $m
  67
  72
  77
  83
  89
  95
  102
  108
  115
  122
  130
  138
  146
  155
  163
  173
  182
  193
  203
  214
  226
  238
  251
  264
  278
  292
  308
  324
  340
  358
  376
Working capital, $m
  13
  -197
  -213
  -228
  -245
  -262
  -280
  -298
  -317
  -337
  -358
  -380
  -402
  -426
  -450
  -476
  -503
  -531
  -560
  -590
  -622
  -656
  -691
  -727
  -765
  -806
  -848
  -892
  -938
  -986
  -1,037
Total debt, $m
  4
  -197
  -178
  -157
  -136
  -113
  -90
  -66
  -41
  -15
  12
  40
  70
  100
  132
  166
  201
  237
  275
  315
  357
  400
  446
  494
  543
  596
  651
  708
  768
  831
  897
Total liabilities, $m
  458
  258
  277
  298
  319
  342
  365
  389
  414
  440
  467
  495
  525
  555
  587
  621
  656
  692
  730
  770
  812
  855
  901
  949
  998
  1,051
  1,106
  1,163
  1,223
  1,286
  1,352
Total equity, $m
  6
  29
  31
  33
  35
  38
  41
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
Total liabilities and equity, $m
  464
  287
  308
  331
  354
  380
  406
  432
  460
  489
  519
  550
  583
  617
  652
  690
  729
  769
  811
  856
  902
  950
  1,001
  1,054
  1,109
  1,168
  1,229
  1,292
  1,359
  1,429
  1,502
Debt-to-equity ratio
  0.667
  -6.900
  -5.760
  -4.740
  -3.820
  -2.980
  -2.220
  -1.530
  -0.890
  -0.310
  0.230
  0.730
  1.200
  1.630
  2.030
  2.400
  2.760
  3.080
  3.390
  3.680
  3.950
  4.210
  4.450
  4.680
  4.900
  5.100
  5.300
  5.480
  5.650
  5.820
  5.970
Adjusted equity ratio
  -0.732
  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
  10
  21
  38
  51
  64
  77
  92
  107
  122
  139
  156
  179
  197
  217
  238
  259
  282
  306
  331
  358
  386
  415
  446
  478
  512
  548
  586
  626
  668
  712
  759
Depreciation, amort., depletion, $m
  16
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
Funds from operations, $m
  72
  36
  54
  67
  81
  96
  111
  126
  143
  160
  178
  195
  215
  235
  257
  280
  304
  329
  355
  383
  412
  443
  475
  509
  545
  583
  622
  664
  708
  754
  803
Change in working capital, $m
  7
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
Cash from operations, $m
  65
  51
  69
  83
  98
  113
  128
  145
  162
  180
  199
  217
  237
  259
  282
  305
  330
  357
  384
  414
  444
  476
  510
  546
  583
  623
  664
  708
  754
  803
  854
Maintenance CAPEX, $m
  0
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
New CAPEX, $m
  -8
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
Cash from investing activities, $m
  -59
  -13
  -14
  -15
  -16
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -34
  -35
  -37
  -39
  -41
  -42
  -45
  -48
  -49
  -52
  -55
  -58
  -60
Free cash flow, $m
  6
  38
  55
  68
  82
  96
  111
  126
  142
  159
  177
  193
  213
  233
  254
  277
  300
  325
  351
  379
  407
  438
  469
  503
  538
  575
  615
  656
  699
  745
  793
Issuance/(repayment) of debt, $m
  0
  -197
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
Issuance/(repurchase) of shares, $m
  1
  198
  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  
  -4
  1
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
Total cash flow (excl. dividends), $m
  2
  38
  75
  89
  103
  118
  134
  150
  167
  185
  204
  222
  242
  264
  286
  310
  335
  362
  389
  418
  449
  481
  515
  551
  588
  628
  669
  713
  760
  808
  859
Retained Cash Flow (-), $m
  -38
  -219
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Prev. year cash balance distribution, $m
 
  196
  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
 
  16
  73
  87
  101
  116
  131
  148
  164
  182
  201
  218
  239
  260
  283
  307
  331
  358
  385
  414
  444
  476
  510
  545
  583
  622
  663
  707
  753
  801
  852
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
 
  15
  67
  75
  83
  90
  95
  100
  103
  105
  105
  104
  102
  99
  95
  90
  84
  78
  71
  64
  56
  49
  42
  36
  30
  24
  19
  15
  12
  9
  6
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Barracuda Networks, Inc. designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers. Its security solutions include Barracuda Email Security, The Barracuda Web Security Gateway, Barracuda NextGen Firewalls, The Barracuda Web Application Firewall, The Barracuda Load Balancer ADC and The Barracuda SSL VPN. Its data protection solutions provide solutions for on-premises and cloud-based archiving and backup. Its data protection solutions include Barracuda Backup, Barracuda Message Archiver and CudaSign. Its solution suites combine its security and data protection offerings into services designed for cloud platforms and managed services environments. Its solution suites include Barracuda Essentials for Office 365 and Intronis ECHOplatform.

FINANCIAL RATIOS  of  Barracuda Networks (CUDA)

Valuation Ratios
P/E Ratio 120.1
Price to Sales 3.4
Price to Book 200.1
Price to Tangible Book
Price to Cash Flow 18.5
Price to Free Cash Flow 21.1
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 50
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 66.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. -5.7%
Return On Total Capital -111.1%
Ret/ On T. Cap. - 3 Yr. Avg. 96.8%
Return On Equity -76.9%
Return On Equity - 3 Yr. Avg. 78.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 76.2%
Gross Margin - 3 Yr. Avg. 77.8%
EBITDA Margin 10.8%
EBITDA Margin - 3 Yr. Avg. 4.7%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 1.2%
Pre-Tax Margin 6.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. -7.7%
Effective Tax Rate 54.5%
Eff/ Tax Rate - 3 Yr. Avg. -387.5%
Payout Ratio 0%

CUDA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CUDA stock intrinsic value calculation we used $353 million for the last fiscal year's total revenue generated by Barracuda Networks. The default revenue input number comes from 2017 income statement of Barracuda Networks. 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 CUDA stock valuation model: a) initial revenue growth rate of 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 4.3%, whose default value for CUDA is calculated based on our internal credit rating of Barracuda Networks, 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 Barracuda Networks.
    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 CUDA stock the variable cost ratio is equal to 20.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $269 million in the base year in the intrinsic value calculation for CUDA 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 Barracuda Networks.

Corporate tax rate of 27% is the nominal tax rate for Barracuda Networks. 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 CUDA 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 CUDA are equal to 18.8%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Barracuda Networks 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 CUDA is equal to -51.8%. 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 - $6 million for Barracuda Networks - 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 52.446 million for Barracuda Networks 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 Barracuda Networks at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Company News For Oct 12, 2017   [Oct-12-17 09:59AM  Zacks]
▶ Bears Pounce On Barracuda, Stock Falls On Guidance, Investments   [Oct-11-17 04:31PM  Investor's Business Daily]
▶ Company News For Oct 11, 2017   [09:46AM  Zacks]
▶ Barracuda Networks Quarterly Earnings In Line, Stock Falls   [Oct-10-17 05:09PM  Investor's Business Daily]
▶ Palo Alto Pops But Symantec, Qualys Fall On Analyst's Note   [04:55PM  Investor's Business Daily]
▶ Barracuda meets 2Q profit forecasts   [04:14PM  Associated Press]
▶ Closing Bell: LIVE MARKETS BLOG   [04:03PM  TheStreet.com]
▶ Trian to Contest P&G Vote: LIVE MARKETS BLOG   [12:45PM  TheStreet.com]
▶ Earnings Calendar: LIVE MARKETS BLOG   [08:17AM  TheStreet.com]
▶ Barracuda Amplifies MSP Focus, Unveils New Brand   [Sep-13-17 09:00AM  PR Newswire]
▶ Top Analysts Clash On Palo Alto Networks Inc.   [Sep-06-17 01:30PM  Forbes]
▶ Why FireEye Stock Fell Last Week   [Aug-08-17 08:11AM  Market Realist]
▶ Barracuda to Present at Upcoming Investor Conferences   [Jul-26-17 04:04PM  PR Newswire]
▶ CyberArk Plunges After Preannouncing Q2 Revenue Miss   [Jul-13-17 06:08PM  Investor's Business Daily]
▶ Apple iPhone 8 No 'Supercycle'; Snapchat Price Target Slashed 43%   [Jul-11-17 04:05PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [09:56AM  Briefing.com]
▶ Barracuda meets 1Q profit forecasts   [Jul-10-17 11:54PM  Associated Press]
▶ Barracuda Networks beats on top line   [04:17PM  CNBC Videos]
▶ Futures: Nasdaq Aims To Retake Key Level; Amazon Sells Itself   [06:51AM  Investor's Business Daily]
▶ Healthcare and Russia Worries Don't Weigh on Stock Futures   [Jul-09-17 09:06PM  TheStreet.com]
▶ Petyas Role in the Recent Cybersecurity Stock Surge   [Jul-03-17 12:34PM  Market Realist]
▶ What Analysts Are Recommending for FireEye Stock   [May-29-17 07:36AM  Market Realist]
▶ Barracuda to Expand in Ann Arbor   [May-18-17 04:32PM  Business Wire]
▶ 'WannaCry' Has These 5 Cybersecurity Stocks Smiling   [May-16-17 09:30AM  TheStreet.com]
Financial statements of CUDA
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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