Intrinsic value of NIC - EGOV

Previous Close

$20.90

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$20.90

 
Intrinsic value

$27.30

 
Up/down potential

+31%

 
Rating

buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of EGOV 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 1.4

 

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, %
  8.90
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  318
  349
  382
  417
  452
  490
  528
  568
  610
  653
  699
  745
  794
  845
  898
  953
  1,010
  1,069
  1,132
  1,197
  1,264
  1,335
  1,409
  1,486
  1,567
  1,651
  1,740
  1,832
  1,929
  2,031
  2,137
Variable operating expenses, $m
 
  201
  220
  240
  260
  281
  304
  327
  351
  376
  402
  429
  457
  486
  516
  548
  581
  615
  651
  688
  727
  768
  810
  855
  901
  950
  1,000
  1,054
  1,109
  1,168
  1,229
Fixed operating expenses, $m
 
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
Total operating expenses, $m
  240
  260
  281
  302
  324
  347
  371
  396
  422
  448
  476
  505
  535
  566
  598
  632
  667
  703
  741
  781
  822
  865
  910
  957
  1,006
  1,058
  1,110
  1,167
  1,225
  1,287
  1,351
Operating income, $m
  78
  89
  102
  115
  128
  142
  157
  173
  189
  205
  223
  241
  260
  279
  300
  321
  343
  366
  390
  416
  442
  470
  499
  529
  561
  594
  629
  666
  704
  744
  786
EBITDA, $m
  85
  92
  105
  118
  132
  146
  161
  177
  193
  210
  228
  247
  266
  286
  307
  328
  351
  375
  399
  425
  452
  480
  510
  541
  573
  607
  643
  680
  719
  760
  803
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
Earnings before tax, $m
  78
  89
  101
  114
  127
  141
  155
  170
  186
  202
  219
  237
  255
  274
  294
  314
  336
  359
  382
  407
  433
  459
  488
  517
  548
  580
  614
  650
  687
  726
  767
Tax expense, $m
  22
  24
  27
  31
  34
  38
  42
  46
  50
  55
  59
  64
  69
  74
  79
  85
  91
  97
  103
  110
  117
  124
  132
  140
  148
  157
  166
  175
  186
  196
  207
Net income, $m
  56
  65
  74
  83
  93
  103
  113
  124
  136
  148
  160
  173
  186
  200
  214
  230
  245
  262
  279
  297
  316
  335
  356
  377
  400
  424
  448
  474
  502
  530
  560

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  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
  241
  125
  137
  149
  162
  176
  189
  204
  219
  234
  250
  267
  285
  303
  322
  342
  362
  383
  406
  429
  453
  479
  505
  533
  562
  592
  624
  657
  692
  728
  766
Adjusted assets (=assets-cash), $m
  114
  125
  137
  149
  162
  176
  189
  204
  219
  234
  250
  267
  285
  303
  322
  342
  362
  383
  406
  429
  453
  479
  505
  533
  562
  592
  624
  657
  692
  728
  766
Revenue / Adjusted assets
  2.789
  2.792
  2.788
  2.799
  2.790
  2.784
  2.794
  2.784
  2.785
  2.791
  2.796
  2.790
  2.786
  2.789
  2.789
  2.787
  2.790
  2.791
  2.788
  2.790
  2.790
  2.787
  2.790
  2.788
  2.788
  2.789
  2.788
  2.788
  2.788
  2.790
  2.790
Average production assets, $m
  13
  14
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
Working capital, $m
  125
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
Total debt, $m
  0
  6
  16
  27
  39
  51
  63
  76
  90
  104
  118
  134
  149
  166
  183
  200
  219
  238
  258
  279
  301
  324
  348
  373
  399
  426
  454
  484
  516
  548
  583
Total liabilities, $m
  107
  113
  123
  134
  146
  158
  170
  183
  197
  211
  225
  241
  256
  273
  290
  307
  326
  345
  365
  386
  408
  431
  455
  480
  506
  533
  561
  591
  623
  655
  690
Total equity, $m
  134
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
Total liabilities and equity, $m
  241
  126
  137
  149
  162
  176
  189
  203
  219
  234
  250
  268
  284
  303
  322
  341
  362
  383
  406
  429
  453
  479
  506
  533
  562
  592
  623
  657
  692
  728
  767
Debt-to-equity ratio
  0.000
  0.460
  1.200
  1.840
  2.400
  2.900
  3.350
  3.750
  4.110
  4.430
  4.730
  5.000
  5.240
  5.470
  5.680
  5.870
  6.040
  6.210
  6.360
  6.510
  6.640
  6.760
  6.880
  6.990
  7.100
  7.190
  7.280
  7.370
  7.450
  7.530
  7.600
Adjusted equity ratio
  0.061
  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
  56
  65
  74
  83
  93
  103
  113
  124
  136
  148
  160
  173
  186
  200
  214
  230
  245
  262
  279
  297
  316
  335
  356
  377
  400
  424
  448
  474
  502
  530
  560
Depreciation, amort., depletion, $m
  7
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
Funds from operations, $m
  89
  68
  77
  87
  96
  107
  118
  129
  140
  153
  165
  178
  192
  207
  221
  237
  253
  270
  288
  306
  326
  346
  367
  389
  412
  437
  462
  489
  517
  546
  577
Change in working capital, $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
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  78
  69
  77
  87
  97
  107
  118
  129
  141
  153
  166
  179
  193
  207
  222
  237
  254
  270
  288
  307
  326
  346
  367
  390
  413
  437
  463
  489
  517
  547
  577
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
New CAPEX, $m
  -8
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -8
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -18
  -18
  -19
  -20
Free cash flow, $m
  70
  66
  73
  82
  92
  102
  112
  123
  135
  146
  159
  171
  185
  199
  213
  228
  244
  260
  277
  295
  314
  334
  354
  376
  398
  422
  446
  472
  499
  528
  557
Issuance/(repayment) of debt, $m
  0
  6
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
Issuance/(repurchase) of shares, $m
  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
  0
  0
Cash from financing (excl. dividends), $m  
  1
  6
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
Total cash flow (excl. dividends), $m
  72
  72
  84
  93
  104
  114
  125
  136
  148
  160
  173
  187
  201
  215
  230
  246
  262
  280
  297
  316
  336
  356
  378
  400
  424
  449
  475
  502
  530
  560
  592
Retained Cash Flow (-), $m
  -18
  -6
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Prev. year cash balance distribution, $m
 
  127
  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
 
  193
  83
  92
  102
  113
  124
  135
  147
  159
  172
  185
  199
  213
  228
  244
  260
  277
  295
  314
  333
  354
  375
  398
  421
  446
  472
  499
  527
  557
  588
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
 
  185
  76
  80
  84
  87
  90
  91
  92
  91
  90
  88
  85
  81
  77
  72
  66
  60
  54
  48
  42
  37
  31
  26
  21
  17
  14
  11
  8
  6
  4
Current shareholders' claim on cash, %
  100
  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
  100.0

NIC Inc., together with its subsidiaries, provides digital government services that enable governments to use technology to provide various services to businesses and citizens in the United States. The company’s Outsourced Portals business enters into long-term contracts with state and local governments to design, build, and operate Internet-based, enterprise-wide portals on their behalf. These portals consist of Websites and applications that enable businesses and citizens to access government information online and complete transactions, such as applying for a permit, retrieving government records, or filing a government-mandated form or report. Its portal service offerings include motor vehicle driver history record retrieval; vehicle title, lien, and registration; motor vehicle inspections; temporary vehicle tags; driver’s license renewal; hunting and fishing licenses; health professional license services; professional license renewal; business registrations and renewals; secretary of state business searches; Uniform Commercial Code (UCC) searches and filings; limited criminal history searches; court services; vital records; income and property tax payments; and payment processing products and services. The company’s software & services business provides software development and payment processing services to state and local governments, as well as federal agencies. In addition, it develops and manages the pre-employment screening program for motor carriers using transaction-based business model. Further, the company offers consulting, application development, and portal management services to governments. NIC Inc. was founded in 1991 and is based in Olathe, Kansas.

FINANCIAL RATIOS  of  NIC (EGOV)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 4.3
Price to Book 10.3
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 19.7
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 60%
Cap. Spend. - 3 Yr. Gr. Rate 0%
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 23.2%
Ret/ On Assets - 3 Yr. Avg. 21.9%
Return On Total Capital 44.8%
Ret/ On T. Cap. - 3 Yr. Avg. 40.9%
Return On Equity 44.8%
Return On Equity - 3 Yr. Avg. 40.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 41%
EBITDA Margin 26.7%
EBITDA Margin - 3 Yr. Avg. 26.3%
Operating Margin 24.5%
Oper. Margin - 3 Yr. Avg. 23.5%
Pre-Tax Margin 24.5%
Pre-Tax Margin - 3 Yr. Avg. 23.5%
Net Profit Margin 17.6%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 76.8%

EGOV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EGOV stock intrinsic value calculation we used $318 million for the last fiscal year's total revenue generated by NIC. The default revenue input number comes from 2016 income statement of NIC. 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 EGOV stock valuation model: a) initial revenue growth rate of 9.9% 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 EGOV is calculated based on our internal credit rating of NIC, 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 NIC.
    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 EGOV stock the variable cost ratio is equal to 57.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $58 million in the base year in the intrinsic value calculation for EGOV 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 NIC.

Corporate tax rate of 27% is the nominal tax rate for NIC. 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 EGOV 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 EGOV are equal to 3.9%.

Life of production assets of 1.8 years is the average useful life of capital assets used in NIC 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 EGOV is equal to -0.6%. 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 - $134 million for NIC - 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 66.832 million for NIC 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 NIC at the current share price and the inputted number of shares is $1.4 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
BAH Booz Allen Ham 35.65 34.43  hold
NCIT NCI 13.85 17.98  hold
CSRA CSRA 28.92 22.80  sell
CACI CACI Internati 116.00 440.28  str.buy
IBM International 160.38 171.52  hold
UIS Unisys 10.95 10.43  sell
MSFT Microsoft 66.40 31.05  str.sell
FIS Fidelity Natio 82.53 202.90  str.buy
ORCL Oracle 44.43 54.23  buy

COMPANY NEWS

▶ NIC Inc. and Wayne National Forest Launch Digital Permits   [Apr-13-17 08:00AM  Business Wire]
▶ NIC to Announce First Quarter 2017 Results on May 1   [Apr-10-17 11:32AM  Business Wire]
▶ Maine Board of Nursing Unveils Sleek Website Design   [Mar-22-17 08:00AM  Business Wire]
▶ YourPassNow Named Finalist for Innovation Award   [Mar-10-17 08:00AM  Business Wire]
▶ Utahs Redesigned Public Services Commission Website   [Mar-09-17 11:00AM  Business Wire]
▶ WV DMV Announces Two New Self-Service Kiosk Locations   [Feb-16-17 07:00AM  Business Wire]
▶ Maryland.gov Earns Gold AVA Digital Award   [Feb-08-17 08:00AM  Business Wire]
▶ Here's Why NIC Inc. Is Plunging Today   [Feb-02-17 04:38PM  at Motley Fool]
▶ NIC tops Street 4Q forecasts   [Feb-01-17 05:12PM  AP]
▶ Utah.Gov is One of the Countrys Most Honored Websites   [Jan-11-17 11:00AM  Business Wire]
▶ Kentuckys First Lady Derby Poster Contest Opens   [Jan-10-17 08:00AM  Business Wire]
▶ NIC to Announce Fourth Quarter 2016 Results on February 1   [Jan-09-17 09:30AM  Business Wire]
▶ Connecticut Launches Redesigned CT.gov   [Jan-04-17 08:00AM  Business Wire]
▶ Nebraska.gov Wins Best in Industry for Mobile Website   [Dec-30-16 08:00AM  Business Wire]
▶ Hedge Funds Are Buying NIC Inc. (EGOV)   [Dec-09-16 04:10AM  at Insider Monkey]
▶ Nebraska Appellate Courts Now Accept eFiling   [Dec-05-16 08:00AM  Business Wire]
▶ Kansas Property Tax Session Deadline Approaching   [Dec-01-16 08:00AM  Business Wire]
▶ West Virginia DMV Releases First Self-Service Terminal   [Nov-28-16 08:00AM  Business Wire]
▶ Maryland Lobbyist Electronic Renewal Registration Now Open   [Nov-17-16 08:00AM  Business Wire]
Stock chart of EGOV Financial statements of EGOV
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.