Intrinsic value of Dun&Bradstreet - DNB

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$110.04

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$110.04

 
Intrinsic value

$28.38

 
Up/down potential

-74%

 
Rating

str. sell

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

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

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 4.1

 

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, %
  4.09
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  1,704
  1,765
  1,831
  1,902
  1,978
  2,059
  2,145
  2,236
  2,333
  2,435
  2,544
  2,658
  2,780
  2,908
  3,043
  3,185
  3,335
  3,493
  3,660
  3,835
  4,020
  4,214
  4,418
  4,633
  4,859
  5,096
  5,346
  5,608
  5,884
  6,174
  6,479
Variable operating expenses, $m
 
  1,182
  1,224
  1,269
  1,317
  1,368
  1,422
  1,480
  1,541
  1,606
  1,675
  1,682
  1,759
  1,840
  1,925
  2,015
  2,110
  2,210
  2,316
  2,427
  2,543
  2,666
  2,795
  2,931
  3,074
  3,225
  3,383
  3,549
  3,723
  3,907
  4,099
Fixed operating expenses, $m
 
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  338
  346
  355
  364
  373
  382
  391
  401
  411
  422
  432
Total operating expenses, $m
  1,345
  1,393
  1,440
  1,491
  1,544
  1,601
  1,661
  1,725
  1,792
  1,863
  1,939
  1,952
  2,036
  2,124
  2,216
  2,313
  2,416
  2,523
  2,637
  2,756
  2,881
  3,012
  3,150
  3,295
  3,447
  3,607
  3,774
  3,950
  4,134
  4,329
  4,531
Operating income, $m
  359
  372
  391
  412
  434
  458
  483
  511
  540
  572
  605
  706
  744
  784
  826
  871
  919
  970
  1,023
  1,079
  1,139
  1,202
  1,268
  1,338
  1,412
  1,490
  1,572
  1,659
  1,750
  1,846
  1,947
EBITDA, $m
  428
  466
  486
  508
  531
  556
  583
  612
  643
  677
  712
  749
  789
  831
  876
  923
  973
  1,026
  1,082
  1,141
  1,204
  1,270
  1,339
  1,413
  1,491
  1,572
  1,658
  1,749
  1,845
  1,946
  2,052
Interest expense (income), $m
  52
  56
  5
  7
  9
  12
  15
  18
  21
  24
  28
  31
  35
  39
  44
  49
  53
  59
  64
  70
  76
  82
  89
  96
  103
  111
  119
  127
  136
  146
  156
Earnings before tax, $m
  204
  316
  386
  405
  424
  446
  469
  493
  520
  548
  578
  675
  709
  744
  783
  823
  866
  911
  959
  1,010
  1,063
  1,120
  1,179
  1,242
  1,309
  1,379
  1,453
  1,531
  1,613
  1,700
  1,791
Tax expense, $m
  100
  85
  104
  109
  115
  120
  127
  133
  140
  148
  156
  182
  191
  201
  211
  222
  234
  246
  259
  273
  287
  302
  318
  335
  353
  372
  392
  413
  436
  459
  484
Net income, $m
  97
  231
  282
  295
  310
  325
  342
  360
  379
  400
  422
  493
  517
  543
  571
  601
  632
  665
  700
  737
  776
  817
  861
  907
  955
  1,007
  1,061
  1,118
  1,178
  1,241
  1,308

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
  1,921
  1,993
  2,070
  2,152
  2,240
  2,334
  2,433
  2,538
  2,650
  2,768
  2,893
  3,025
  3,164
  3,311
  3,466
  3,629
  3,801
  3,982
  4,173
  4,374
  4,585
  4,807
  5,041
  5,287
  5,545
  5,817
  6,103
  6,403
  6,718
  7,050
Adjusted assets (=assets-cash), $m
  1,855
  1,921
  1,993
  2,070
  2,152
  2,240
  2,334
  2,433
  2,538
  2,650
  2,768
  2,893
  3,025
  3,164
  3,311
  3,466
  3,629
  3,801
  3,982
  4,173
  4,374
  4,585
  4,807
  5,041
  5,287
  5,545
  5,817
  6,103
  6,403
  6,718
  7,050
Revenue / Adjusted assets
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
Average production assets, $m
  450
  466
  483
  502
  522
  543
  566
  590
  616
  643
  672
  702
  734
  768
  803
  841
  880
  922
  966
  1,012
  1,061
  1,112
  1,166
  1,223
  1,283
  1,345
  1,411
  1,481
  1,553
  1,630
  1,710
Working capital, $m
  -66
  -411
  -427
  -443
  -461
  -480
  -500
  -521
  -543
  -567
  -593
  -619
  -648
  -677
  -709
  -742
  -777
  -814
  -853
  -894
  -937
  -982
  -1,029
  -1,079
  -1,132
  -1,187
  -1,246
  -1,307
  -1,371
  -1,439
  -1,510
Total debt, $m
  1,617
  135
  200
  269
  343
  422
  506
  596
  690
  791
  897
  1,010
  1,128
  1,254
  1,386
  1,525
  1,672
  1,827
  1,990
  2,162
  2,343
  2,533
  2,733
  2,943
  3,164
  3,397
  3,641
  3,898
  4,169
  4,452
  4,751
Total liabilities, $m
  3,211
  1,729
  1,794
  1,863
  1,937
  2,016
  2,100
  2,190
  2,284
  2,385
  2,491
  2,604
  2,722
  2,848
  2,980
  3,119
  3,266
  3,421
  3,584
  3,756
  3,937
  4,127
  4,327
  4,537
  4,758
  4,991
  5,235
  5,492
  5,763
  6,046
  6,345
Total equity, $m
  -1,002
  192
  199
  207
  215
  224
  233
  243
  254
  265
  277
  289
  302
  316
  331
  347
  363
  380
  398
  417
  437
  459
  481
  504
  529
  555
  582
  610
  640
  672
  705
Total liabilities and equity, $m
  2,209
  1,921
  1,993
  2,070
  2,152
  2,240
  2,333
  2,433
  2,538
  2,650
  2,768
  2,893
  3,024
  3,164
  3,311
  3,466
  3,629
  3,801
  3,982
  4,173
  4,374
  4,586
  4,808
  5,041
  5,287
  5,546
  5,817
  6,102
  6,403
  6,718
  7,050
Debt-to-equity ratio
  -1.614
  0.700
  1.000
  1.300
  1.590
  1.880
  2.170
  2.450
  2.720
  2.980
  3.240
  3.490
  3.730
  3.960
  4.190
  4.400
  4.610
  4.810
  5.000
  5.180
  5.360
  5.520
  5.680
  5.840
  5.990
  6.130
  6.260
  6.390
  6.510
  6.630
  6.740
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
  231
  282
  295
  310
  325
  342
  360
  379
  400
  422
  493
  517
  543
  571
  601
  632
  665
  700
  737
  776
  817
  861
  907
  955
  1,007
  1,061
  1,118
  1,178
  1,241
  1,308
Depreciation, amort., depletion, $m
  69
  94
  95
  96
  97
  99
  100
  101
  103
  105
  106
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  95
  100
  105
Funds from operations, $m
  305
  325
  377
  391
  407
  424
  442
  462
  482
  504
  528
  536
  562
  591
  621
  652
  686
  722
  759
  799
  841
  886
  932
  982
  1,034
  1,089
  1,147
  1,209
  1,273
  1,341
  1,413
Change in working capital, $m
  -18
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
Cash from operations, $m
  323
  332
  392
  408
  425
  443
  462
  483
  505
  528
  553
  562
  590
  620
  652
  686
  721
  758
  798
  840
  884
  931
  980
  1,032
  1,087
  1,145
  1,205
  1,270
  1,337
  1,409
  1,484
Maintenance CAPEX, $m
  0
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
New CAPEX, $m
  -60
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
Cash from investing activities, $m
  -58
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
Free cash flow, $m
  265
  288
  346
  359
  374
  389
  406
  424
  443
  464
  485
  491
  515
  542
  569
  599
  630
  663
  698
  734
  773
  814
  858
  904
  952
  1,003
  1,057
  1,114
  1,174
  1,237
  1,303
Issuance/(repayment) of debt, $m
  -203
  -1,459
  65
  69
  74
  79
  84
  89
  95
  100
  106
  112
  119
  125
  132
  139
  147
  155
  163
  172
  181
  190
  200
  210
  221
  233
  245
  257
  270
  284
  298
Issuance/(repurchase) of shares, $m
  44
  2,365
  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
  906
  65
  69
  74
  79
  84
  89
  95
  100
  106
  112
  119
  125
  132
  139
  147
  155
  163
  172
  181
  190
  200
  210
  221
  233
  245
  257
  270
  284
  298
Total cash flow (excl. dividends), $m
  58
  -1,171
  411
  429
  448
  468
  490
  513
  538
  564
  592
  603
  634
  667
  702
  738
  777
  818
  861
  906
  954
  1,005
  1,058
  1,114
  1,173
  1,236
  1,302
  1,371
  1,444
  1,521
  1,602
Retained Cash Flow (-), $m
  -115
  -1,525
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
Prev. year cash balance distribution, $m
 
  331
  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
 
  0
  404
  421
  440
  460
  481
  503
  527
  553
  580
  591
  621
  653
  687
  723
  760
  800
  842
  887
  934
  983
  1,036
  1,091
  1,149
  1,210
  1,274
  1,342
  1,414
  1,489
  1,568
Discount rate, %
 
  12.40
  13.02
  13.67
  14.35
  15.07
  15.83
  16.62
  17.45
  18.32
  19.24
  20.20
  21.21
  22.27
  23.38
  24.55
  25.78
  27.07
  28.42
  29.84
  31.33
  32.90
  34.55
  36.27
  38.09
  39.99
  41.99
  44.09
  46.29
  48.61
  51.04
PV of cash for distribution, $m
 
  0
  316
  287
  257
  228
  199
  172
  146
  122
  100
  78
  62
  48
  36
  27
  19
  14
  9
  6
  4
  3
  2
  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 provides commercial data, analytics, and insights on businesses worldwide. It offers risk management solutions, including DNBi and D&B Credit, which are subscription based online applications that provide customers real time access to global information, monitoring, and portfolio analysis; various business information reports; D&B Direct, an application programming interface that enables data integration inside enterprise resource planning applications, and master data management and toolkit; credit monitoring solutions; Supplier Risk Manager, an online application, which helps businesses to mitigate supply chain risk; and Onboard and Compliance Check that are online applications that help customers comply with anti-money laundering. The company also offers sales and marketing solutions, such as customer data management solutions to clean, identify, link, and enrich customer information; D&B Optimizer solution that transforms customer prospects and data into commercial insight; Hoover's that provides information on public and private companies, industries and executives, sales, and marketing and research professionals; Market Insight tools that enable customers to understand existing customers in order to create campaigns to cross-sell new business; Audience Solutions, which enable advertisers and companies to target professionals in various ways; and various other marketing solutions. It serves customers in communication, technology, government, strategic financial service, and retail/telecommunications/manufacturing markets. The Dun & Bradstreet Corporation was founded in 1841 and is headquartered in Short Hills, New Jersey.

FINANCIAL RATIOS  of  Dun&Bradstreet (DNB)

Valuation Ratios
P/E Ratio 41.7
Price to Sales 2.4
Price to Book -4
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 15.4
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 21.1%
Oper. Margin - 3 Yr. Avg. 22.5%
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 $1704 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 3.6% 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 12.4%, 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 67.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $206 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 3.5% 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 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 DNB are equal to 26.4%.

Life of production assets of 16.3 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 -23.3%. 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 - $-1002 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 37.613 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 $4.1 billion.


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COMPANY NEWS

▶ 9 Small-Cap Stocks With Wide Moats   [Apr-12-17 06:00AM  Morningstar]
▶ Gartner to replace Dun & Bradstreet on S&P 500   [Mar-29-17 06:32PM  MarketWatch]
▶ The Biggest Loser: Dun & Bradstreet Tumbles 17%   [Feb-09-17 04:27PM  at Barrons.com]
▶ Dun & Bradstreet Reports 2016 Results   [04:15PM  Business Wire]
▶ [$$] Dun & Bradstreet Buys Data Provider Avention for $150 Million   [Jan-11-17 07:53AM  at The Wall Street Journal]
▶ [$$] BT has second-worst funded pension scheme in the world   [Nov-20-16 12:02AM  at Financial Times]
▶ Today's Top 5 Stock Picks: Dividends on the Cheap   [Oct-20-16 07:02AM  at Barrons.com]
▶ Dun & Bradstreet Declares Quarterly Dividend   [Oct-19-16 06:55AM  Business Wire]
▶ The Morning Download: CIOs Are 'Environment Architects'   [Oct-17-16 08:36AM  at The Wall Street Journal]
▶ Dun & Bradstreet Tests Blockchain For Trade Finance   [Oct-14-16 05:48PM  at The Wall Street Journal]
▶ NZ firms beat Aust on bill payment times   [Oct-12-16 08:11PM  AAP]
▶ Inside the Leveraging of Corporate America   [Sep-14-16 12:52PM  at Bloomberg]
▶ Middle Market Firms Surging in Leading Industry Sectors   [Sep-08-16 10:00AM  Business Wire]
▶ John Rogers Comments on Dun & Bradstreet Corp   [Aug-03-16 01:48PM  Gurufocus]
▶ Dun & Bradstreet beats Street 2Q forecasts   [Aug-01-16 04:42PM  AP]
Stock chart of DNB 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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