Intrinsic value of CYREN - CYRN

Previous Close

$1.70

  Intrinsic Value

$0.09

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+37%

Previous close

$1.70

 
Intrinsic value

$0.09

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+37%

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

We calculate the intrinsic value of CYRN 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 0.1

 

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, %
  10.71
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  31
  35
  40
  45
  51
  56
  62
  68
  75
  81
  88
  96
  103
  111
  119
  128
  137
  146
  155
  165
  176
  186
  198
  209
  221
  234
  247
  261
  276
  291
  307
Variable operating expenses, $m
 
  40
  45
  50
  56
  62
  68
  75
  82
  89
  96
  102
  110
  119
  127
  136
  146
  156
  166
  176
  188
  199
  211
  223
  236
  250
  264
  279
  294
  311
  328
Fixed operating expenses, $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
Total operating expenses, $m
  37
  40
  45
  50
  56
  62
  68
  75
  82
  89
  96
  102
  110
  119
  127
  136
  146
  156
  166
  176
  188
  199
  211
  223
  236
  250
  264
  279
  294
  311
  328
Operating income, $m
  -6
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
EBITDA, $m
  -2
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
Earnings before tax, $m
  -6
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
Tax expense, $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
Net income, $m
  -6
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  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
  48
  42
  48
  54
  60
  67
  74
  81
  89
  97
  105
  114
  123
  133
  142
  152
  163
  174
  185
  197
  210
  222
  236
  250
  264
  279
  295
  312
  329
  347
  366
Adjusted assets (=assets-cash), $m
  37
  42
  48
  54
  60
  67
  74
  81
  89
  97
  105
  114
  123
  133
  142
  152
  163
  174
  185
  197
  210
  222
  236
  250
  264
  279
  295
  312
  329
  347
  366
Revenue / Adjusted assets
  0.838
  0.833
  0.833
  0.833
  0.850
  0.836
  0.838
  0.840
  0.843
  0.835
  0.838
  0.842
  0.837
  0.835
  0.838
  0.842
  0.840
  0.839
  0.838
  0.838
  0.838
  0.838
  0.839
  0.836
  0.837
  0.839
  0.837
  0.837
  0.839
  0.839
  0.839
Average production assets, $m
  12
  14
  16
  17
  20
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  86
  91
  96
  101
  107
  113
  119
Working capital, $m
  3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
Total debt, $m
  0
  2
  5
  7
  10
  13
  16
  19
  22
  26
  30
  33
  37
  41
  45
  50
  54
  59
  64
  69
  75
  80
  86
  92
  98
  105
  112
  119
  126
  134
  142
Total liabilities, $m
  16
  18
  21
  23
  26
  29
  32
  35
  38
  42
  46
  49
  53
  57
  61
  66
  70
  75
  80
  85
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
Total equity, $m
  32
  24
  27
  31
  34
  38
  42
  46
  51
  55
  60
  65
  70
  75
  81
  87
  93
  99
  105
  112
  119
  126
  134
  142
  150
  159
  168
  177
  187
  197
  208
Total liabilities and equity, $m
  48
  42
  48
  54
  60
  67
  74
  81
  89
  97
  106
  114
  123
  132
  142
  153
  163
  174
  185
  197
  210
  222
  236
  250
  264
  280
  296
  312
  329
  347
  366
Debt-to-equity ratio
  0.000
  0.090
  0.170
  0.240
  0.290
  0.340
  0.380
  0.410
  0.440
  0.470
  0.490
  0.510
  0.530
  0.550
  0.560
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.670
  0.680
  0.680
Adjusted equity ratio
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -6
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
Depreciation, amort., depletion, $m
  4
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
Funds from operations, $m
  5
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
Change in working capital, $m
  3
  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
  -1
  -1
  -2
  -2
Cash from operations, $m
  2
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
New CAPEX, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from investing activities, $m
  -4
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
Free cash flow, $m
  -2
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
Issuance/(repayment) of debt, $m
  -4
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
Issuance/(repurchase) of shares, $m
  0
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  33
  34
  36
Cash from financing (excl. dividends), $m  
  -4
  9
  10
  12
  12
  13
  14
  14
  15
  16
  18
  16
  17
  18
  19
  20
  22
  23
  24
  25
  26
  29
  30
  31
  32
  35
  36
  38
  40
  42
  44
Total cash flow (excl. dividends), $m
  -6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
Retained Cash Flow (-), $m
  5
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
Prev. year cash balance distribution, $m
 
  11
  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
 
  10
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
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
 
  9
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.4
  73.4
  63.6
  55.4
  48.6
  42.7
  37.8
  33.5
  29.8
  26.6
  24.1
  21.9
  19.9
  18.1
  16.5
  15.1
  13.7
  12.6
  11.5
  10.5
  9.6
  8.8
  8.0
  7.4
  6.7
  6.2
  5.7
  5.2
  4.8
  4.4

CYREN Ltd., together with its subsidiaries, provides information security solutions for protecting Web, email, and mobile transactions in the United States, Germany, Europe, Asia, Israel, and internationally. The company offers CYREN WebSecurity, a solution for cloud-based protection of its customer’s devices against Web-borne threats; CYREN EmailSecurity that frees inboxes of spam, malware, and phishing threats without blocking important business messages; and Cyber Intelligence Suite, which delivers protection from malicious IP’s, phishing attacks, and malware outbreaks. It also provides CYREN Inbound AntiSpam that allows real-time blocking of spam and phishing in various languages or formats; CYREN Outbound AntiSpam to neutralize spam originating from within a customer’s infrastructure; CYREN Embedded Antimalware, which provides protection against new and zero-hour threats; and Embedded URL Filtering Solutions to combat Web threats with a URL categorization service. The company sells its products to original equipment manufacturer (OEM) and service provider customers. It offers its solutions to OEM and service provider distribution partners, including network and security vendors offering content security gateways, unified threat management solutions, network appliances, and antivirus solutions, as well as service providers, such as software-as-a-service vendors, Web hosting providers, and Internet service providers. The company was formerly known as Commtouch Software Ltd. and changed its name to CYREN Ltd. in January 2014. CYREN Ltd. was founded in 1991 and is headquartered in McLean, Virginia.

FINANCIAL RATIOS  of  CYREN (CYRN)

Valuation Ratios
P/E Ratio -11.1
Price to Sales 2.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 33.3
Price to Free Cash Flow 66.6
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
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 -11.8%
Ret/ On Assets - 3 Yr. Avg. -11.7%
Return On Total Capital -16.4%
Ret/ On T. Cap. - 3 Yr. Avg. -16.8%
Return On Equity -17.4%
Return On Equity - 3 Yr. Avg. -18.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 67.7%
Gross Margin - 3 Yr. Avg. 69.2%
EBITDA Margin -6.5%
EBITDA Margin - 3 Yr. Avg. -8.7%
Operating Margin -19.4%
Oper. Margin - 3 Yr. Avg. -17.5%
Pre-Tax Margin -19.4%
Pre-Tax Margin - 3 Yr. Avg. -19.7%
Net Profit Margin -19.4%
Net Profit Margin - 3 Yr. Avg. -19.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CYRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYRN stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by CYREN. The default revenue input number comes from 2016 income statement of CYREN. 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 CYRN stock valuation model: a) initial revenue growth rate of 14.3% 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 CYRN is calculated based on our internal credit rating of CYREN, 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 CYREN.
    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 CYRN stock the variable cost ratio is equal to 112.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CYRN 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 CYREN.

Corporate tax rate of 27% is the nominal tax rate for CYREN. 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 CYRN 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 CYRN are equal to 38.7%.

Life of production assets of 10 years is the average useful life of capital assets used in CYREN 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 CYRN is equal to -10%. 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 - $32 million for CYREN - 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 38.233 million for CYREN 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 CYREN at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Israeli Government Awards Cyren with Cybersecurity Grant   [Jun-01-17 06:00AM  PR Newswire]
▶ Cyren reports 1Q loss   [May-16-17 06:12AM  Associated Press]
▶ Cyren Reports First Quarter 2017 Results   [06:00AM  PR Newswire]
▶ Cyren Announces $6.3 Million Convertible Note Offering   [Mar-16-17 04:05PM  PR Newswire]
▶ Cyren reports 4Q loss   [06:46AM  Associated Press]
▶ Cyren to Present at Upcoming Investor Conferences   [Nov-08-16 06:00AM  PR Newswire]
▶ Cyren reports 2Q loss   [Aug-10-16 07:17AM  AP]
▶ CYREN Names Atif Ahmed as Vice President of EMEA Sales   [Aug-08-16 06:00AM  PR Newswire]
▶ CYREN Reports First Quarter 2016 Results   [06:10AM  PR Newswire]
▶ CYREN Discloses Insider Share Purchases   [Mar-10-16 06:17AM  PR Newswire]
▶ Cyren reports 4Q loss   [06:29AM  AP]
▶ CYREN Adds Industry Veterans to Executive Team   [Jan-12-16 06:15AM  PR Newswire]
▶ Cyren Ltd (CYRN): How Are Hedge Funds Trading This Micro-Cap?   [Nov-22  12:50PM  at Insider Monkey]
▶ Cyren reports 3Q loss   [06:32AM  AP]
▶ CYREN Reports Third Quarter 2015 Results   [06:10AM  PR Newswire]
▶ Panda Security and CYREN Expand Partnership   [Oct-28  09:48AM  PR Newswire]
▶ CYRN: Financing Adds $11.5 Million to Fuel Growth Despite Disappointing Q2   [Aug-18  02:20PM  Zacks Small Cap Research]
▶ Cyren reports 2Q loss   [06:21AM  AP]
▶ CYREN Unveils First Mass-Scale Sandbox Service   [Jul-27  09:25AM  PR Newswire]
▶ 3 Stocks Under $10 Making Big Moves   [Jul-14  02:33PM  at TheStreet]
▶ CYREN Reports First Quarter 2015 Results   [06:10AM  PR Newswire]
Stock chart of CYRN Financial statements of CYRN
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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