Intrinsic value of Dun&Bradstreet - DNB

Previous Close

$141.97

  Intrinsic Value

$17.41

stock screener

  Rating & Target

str. sell

-88%

Previous close

$141.97

 
Intrinsic value

$17.41

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of DNB 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
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, %
  4.09
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
Revenue, $m
  1,704
  1,783
  1,829
  1,880
  1,937
  2,000
  2,068
  2,142
  2,221
  2,306
  2,398
  2,495
  2,599
  2,709
  2,825
  2,949
  3,080
  3,219
  3,365
  3,520
  3,683
  3,855
  4,037
  4,228
  4,429
  4,641
  4,864
  5,099
  5,346
  5,605
  5,879
Variable operating expenses, $m
 
  691
  705
  722
  740
  760
  782
  805
  830
  857
  887
  795
  828
  863
  900
  939
  981
  1,025
  1,072
  1,121
  1,173
  1,228
  1,286
  1,347
  1,411
  1,478
  1,549
  1,624
  1,703
  1,785
  1,872
Fixed operating expenses, $m
 
  713
  729
  745
  761
  778
  795
  813
  831
  849
  868
  887
  906
  926
  947
  967
  989
  1,010
  1,033
  1,055
  1,079
  1,102
  1,127
  1,151
  1,177
  1,203
  1,229
  1,256
  1,284
  1,312
  1,341
Total operating expenses, $m
  1,441
  1,404
  1,434
  1,467
  1,501
  1,538
  1,577
  1,618
  1,661
  1,706
  1,755
  1,682
  1,734
  1,789
  1,847
  1,906
  1,970
  2,035
  2,105
  2,176
  2,252
  2,330
  2,413
  2,498
  2,588
  2,681
  2,778
  2,880
  2,987
  3,097
  3,213
Operating income, $m
  262
  379
  394
  413
  436
  462
  491
  524
  560
  600
  643
  814
  865
  920
  979
  1,043
  1,111
  1,183
  1,261
  1,344
  1,432
  1,525
  1,624
  1,730
  1,842
  1,960
  2,086
  2,219
  2,359
  2,508
  2,665
EBITDA, $m
  331
  623
  641
  664
  690
  720
  754
  792
  834
  879
  929
  983
  1,041
  1,103
  1,171
  1,243
  1,319
  1,402
  1,489
  1,582
  1,681
  1,786
  1,898
  2,017
  2,142
  2,275
  2,416
  2,564
  2,722
  2,888
  3,064
Interest expense (income), $m
  52
  91
  35
  39
  42
  46
  50
  55
  60
  66
  72
  78
  85
  92
  100
  108
  116
  125
  135
  145
  156
  167
  179
  191
  205
  219
  233
  249
  265
  282
  300
Earnings before tax, $m
  204
  288
  359
  375
  394
  416
  441
  469
  500
  534
  572
  736
  780
  828
  879
  935
  994
  1,058
  1,126
  1,199
  1,276
  1,358
  1,446
  1,538
  1,637
  1,742
  1,853
  1,970
  2,094
  2,226
  2,365
Tax expense, $m
  100
  78
  97
  101
  106
  112
  119
  127
  135
  144
  154
  199
  211
  224
  237
  252
  268
  286
  304
  324
  344
  367
  390
  415
  442
  470
  500
  532
  565
  601
  639
Net income, $m
  97
  210
  262
  274
  287
  303
  322
  342
  365
  390
  417
  537
  569
  604
  642
  683
  726
  772
  822
  875
  931
  991
  1,055
  1,123
  1,195
  1,271
  1,352
  1,438
  1,529
  1,625
  1,727

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  354
  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
  2,209
  2,540
  2,605
  2,679
  2,760
  2,849
  2,946
  3,051
  3,164
  3,286
  3,415
  3,554
  3,702
  3,858
  4,025
  4,201
  4,388
  4,585
  4,794
  5,014
  5,247
  5,492
  5,750
  6,023
  6,309
  6,611
  6,929
  7,263
  7,615
  7,985
  8,374
Adjusted assets (=assets-cash), $m
  1,855
  2,540
  2,605
  2,679
  2,760
  2,849
  2,946
  3,051
  3,164
  3,286
  3,415
  3,554
  3,702
  3,858
  4,025
  4,201
  4,388
  4,585
  4,794
  5,014
  5,247
  5,492
  5,750
  6,023
  6,309
  6,611
  6,929
  7,263
  7,615
  7,985
  8,374
Revenue / Adjusted assets
  0.919
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
Average production assets, $m
  450
  1,209
  1,240
  1,275
  1,314
  1,356
  1,402
  1,452
  1,506
  1,564
  1,626
  1,692
  1,762
  1,836
  1,916
  2,000
  2,089
  2,182
  2,282
  2,387
  2,497
  2,614
  2,737
  2,866
  3,003
  3,147
  3,298
  3,457
  3,624
  3,800
  3,986
Working capital, $m
  -66
  -37
  -38
  -39
  -41
  -42
  -43
  -45
  -47
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -123
Total debt, $m
  1,617
  656
  715
  781
  854
  934
  1,022
  1,116
  1,218
  1,327
  1,444
  1,569
  1,702
  1,843
  1,993
  2,151
  2,319
  2,497
  2,685
  2,883
  3,092
  3,313
  3,545
  3,790
  4,048
  4,320
  4,606
  4,907
  5,224
  5,557
  5,907
Total liabilities, $m
  3,211
  2,286
  2,345
  2,411
  2,484
  2,564
  2,651
  2,746
  2,848
  2,957
  3,074
  3,199
  3,331
  3,473
  3,622
  3,781
  3,949
  4,127
  4,315
  4,513
  4,722
  4,943
  5,175
  5,420
  5,678
  5,950
  6,236
  6,537
  6,853
  7,186
  7,537
Total equity, $m
  -1,002
  254
  261
  268
  276
  285
  295
  305
  316
  329
  342
  355
  370
  386
  402
  420
  439
  459
  479
  501
  525
  549
  575
  602
  631
  661
  693
  726
  761
  798
  837
Total liabilities and equity, $m
  2,209
  2,540
  2,606
  2,679
  2,760
  2,849
  2,946
  3,051
  3,164
  3,286
  3,416
  3,554
  3,701
  3,859
  4,024
  4,201
  4,388
  4,586
  4,794
  5,014
  5,247
  5,492
  5,750
  6,022
  6,309
  6,611
  6,929
  7,263
  7,614
  7,984
  8,374
Debt-to-equity ratio
  -1.614
  2.580
  2.740
  2.920
  3.090
  3.280
  3.470
  3.660
  3.850
  4.040
  4.230
  4.410
  4.600
  4.780
  4.950
  5.120
  5.290
  5.450
  5.600
  5.750
  5.890
  6.030
  6.170
  6.290
  6.420
  6.530
  6.650
  6.760
  6.860
  6.960
  7.050
Adjusted equity ratio
  -0.719
  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
  97
  210
  262
  274
  287
  303
  322
  342
  365
  390
  417
  537
  569
  604
  642
  683
  726
  772
  822
  875
  931
  991
  1,055
  1,123
  1,195
  1,271
  1,352
  1,438
  1,529
  1,625
  1,727
Depreciation, amort., depletion, $m
  69
  244
  247
  250
  254
  258
  263
  268
  273
  279
  285
  169
  176
  184
  192
  200
  209
  218
  228
  239
  250
  261
  274
  287
  300
  315
  330
  346
  362
  380
  399
Funds from operations, $m
  305
  454
  509
  524
  542
  562
  585
  610
  638
  669
  703
  706
  746
  788
  834
  882
  935
  991
  1,050
  1,114
  1,181
  1,253
  1,329
  1,410
  1,495
  1,586
  1,682
  1,784
  1,891
  2,005
  2,125
Change in working capital, $m
  -18
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
Cash from operations, $m
  323
  455
  510
  525
  543
  563
  586
  612
  640
  671
  705
  708
  748
  790
  836
  885
  938
  994
  1,053
  1,117
  1,185
  1,256
  1,333
  1,414
  1,500
  1,591
  1,687
  1,789
  1,897
  2,011
  2,131
Maintenance CAPEX, $m
  0
  -118
  -121
  -124
  -127
  -131
  -136
  -140
  -145
  -151
  -156
  -163
  -169
  -176
  -184
  -192
  -200
  -209
  -218
  -228
  -239
  -250
  -261
  -274
  -287
  -300
  -315
  -330
  -346
  -362
  -380
New CAPEX, $m
  -60
  -27
  -31
  -35
  -39
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -159
  -167
  -176
  -185
Cash from investing activities, $m
  -58
  -145
  -152
  -159
  -166
  -173
  -182
  -190
  -199
  -209
  -218
  -229
  -239
  -251
  -263
  -276
  -289
  -303
  -317
  -333
  -350
  -367
  -384
  -404
  -423
  -444
  -466
  -489
  -513
  -538
  -565
Free cash flow, $m
  265
  310
  358
  366
  377
  390
  404
  422
  441
  463
  487
  480
  508
  539
  573
  610
  649
  691
  736
  784
  835
  890
  948
  1,010
  1,076
  1,147
  1,221
  1,300
  1,383
  1,472
  1,566
Issuance/(repayment) of debt, $m
  -203
  -1,022
  59
  66
  73
  80
  87
  95
  102
  109
  117
  125
  133
  141
  150
  159
  168
  178
  188
  198
  209
  221
  233
  245
  258
  272
  286
  301
  317
  333
  350
Issuance/(repurchase) of shares, $m
  44
  871
  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  
  -154
  -151
  59
  66
  73
  80
  87
  95
  102
  109
  117
  125
  133
  141
  150
  159
  168
  178
  188
  198
  209
  221
  233
  245
  258
  272
  286
  301
  317
  333
  350
Total cash flow (excl. dividends), $m
  58
  158
  417
  432
  450
  470
  492
  516
  543
  572
  603
  604
  641
  681
  723
  768
  817
  868
  923
  982
  1,044
  1,111
  1,181
  1,255
  1,334
  1,418
  1,507
  1,601
  1,700
  1,805
  1,916
Retained Cash Flow (-), $m
  -115
  -1,081
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  28
  29
  29
  30
  31
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  56
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
Cash available for distribution, $m
 
  -923
  410
  425
  442
  461
  482
  506
  532
  560
  590
  591
  626
  665
  706
  751
  798
  849
  903
  960
  1,021
  1,086
  1,155
  1,228
  1,306
  1,388
  1,475
  1,567
  1,665
  1,768
  1,877
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  -819
  319
  287
  255
  225
  196
  168
  143
  119
  98
  75
  59
  46
  35
  26
  19
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
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

The Dun & Bradstreet Corporation is the source of commercial data, analytics and insight on businesses. The Company operates through two segments: Americas, which consists of its operations in the United States and Canada, and Non-Americas, which consists of its operations in the United Kingdom, Greater China, India, and its European and Asia Pacific Worldwide Networks. The Company provides Risk Management Solutions and Sales and Marketing Solutions. The Company provides DNBi and D&B Credit that are subscription-based online applications, which offers customers real time access to its complete and up-to-date global information, monitoring and portfolio analysis. The Company provides D&B Optimizer solution, which transforms its customers' prospects and data into up-to-date, actionable commercial insight, facilitating a single customer view across multiple systems and touch points, such as marketing and billing databases, and enables a customer to make sales and marketing decisions.

FINANCIAL RATIOS  of  Dun&Bradstreet (DNB)

Valuation Ratios
P/E Ratio 53.9
Price to Sales 3.1
Price to Book -5.2
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate 4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio 15
Current Ratio 0
LT Debt to Equity -159.1%
Total Debt to Equity -161.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 10.7%
Return On Total Capital 14.8%
Ret/ On T. Cap. - 3 Yr. Avg. 36.1%
Return On Equity -9.2%
Return On Equity - 3 Yr. Avg. -16.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 68.1%
Gross Margin - 3 Yr. Avg. 67.1%
EBITDA Margin 19.1%
EBITDA Margin - 3 Yr. Avg. 23.4%
Operating Margin 15.4%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 11.5%
Effective Tax Rate 49%
Eff/ Tax Rate - 3 Yr. Avg. 30.4%
Payout Ratio 73.2%

DNB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DNB stock intrinsic value calculation we used $1743 million for the last fiscal year's total revenue generated by Dun&Bradstreet. The default revenue input number comes from 2016 income statement of Dun&Bradstreet. 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 DNB stock valuation model: a) initial revenue growth rate of 2.3% 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 12.7%, whose default value for DNB is calculated based on our internal credit rating of Dun&Bradstreet, 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 Dun&Bradstreet.
    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 DNB stock the variable cost ratio is equal to 38.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $698 million in the base year in the intrinsic value calculation for DNB 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 5.4% for Dun&Bradstreet.

Corporate tax rate of 27% is the nominal tax rate for Dun&Bradstreet. 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 DNB stock is equal to 1.6%.

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 DNB are equal to 67.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Dun&Bradstreet 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 DNB is equal to -2.1%. 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 - $-827 million for Dun&Bradstreet - 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 37 million for Dun&Bradstreet 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 Dun&Bradstreet at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ Small Caps, Nasdaq Lead Stock Market; MercadoLibre Leaps   [11:57AM  Investor's Business Daily]
▶ Dun & Bradstreet: 2Q Earnings Snapshot   [05:08AM  Associated Press]
▶ [$$] Dun & Bradstreet to Go Private in $5.4 Billion Deal   [04:46AM  The Wall Street Journal]
▶ Dun & Bradstreet to go private for $5.38 billion   [Aug-08-18 11:39PM  Reuters]
▶ [$$] Dun & Bradstreet: street justice   [10:58PM  Financial Times]
▶ Dun & Bradstreet Declares Quarterly Dividend   [Aug-07-18 04:15PM  Business Wire]
▶ Dun & Bradstreet: 1Q Earnings Snapshot   [May-09-18 04:27PM  Associated Press]
▶ [$$] The Morning Risk Report: First Winner Under U.S. Bribery Policy   [Apr-25-18 08:06AM  The Wall Street Journal]
▶ Get Started: Lending environment little-changed this year   [Apr-16-18 11:29AM  Associated Press]
▶ Dun & Bradstreet Announces Leadership Change   [Mar-09-18 04:48PM  Business Wire]
▶ Company News For Feb 14, 2018   [Feb-14-18 10:10AM  Zacks]
▶ Dun & Bradstreet tops 4Q profit forecasts   [Feb-12-18 04:33PM  Associated Press]
▶ Why the Tampa metro area ranks near the bottom on a survey of economic clout   [Feb-09-18 07:35AM  American City Business Journals]
▶ 5 things small business owners should know or do in 2018   [Jan-03-18 11:09AM  Associated Press]
▶ Get Started: Small businesses more interested in loans   [Dec-26-17 01:21PM  Associated Press]
Financial statements of DNB
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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