Intrinsic value of Emmis Communications Cl A - EMMS

Previous Close

$3.54

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$3.54

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of EMMS 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 0.0

 

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, %
  -6.93
  2.00
  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
Revenue, $m
  215
  219
  224
  230
  237
  244
  252
  260
  269
  279
  290
  302
  314
  327
  341
  355
  371
  388
  405
  423
  443
  463
  485
  508
  532
  557
  584
  612
  642
  673
  705
Variable operating expenses, $m
 
  201
  205
  211
  217
  223
  230
  238
  247
  256
  266
  276
  287
  299
  311
  325
  339
  354
  370
  387
  405
  423
  443
  464
  486
  509
  534
  559
  586
  615
  644
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
  183
  201
  205
  211
  217
  223
  230
  238
  247
  256
  266
  276
  287
  299
  311
  325
  339
  354
  370
  387
  405
  423
  443
  464
  486
  509
  534
  559
  586
  615
  644
Operating income, $m
  31
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
EBITDA, $m
  36
  27
  28
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
  83
  87
Interest expense (income), $m
  16
  14
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
Earnings before tax, $m
  13
  4
  9
  9
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  11
  11
  12
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
Tax expense, $m
  0
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
Net income, $m
  13
  3
  6
  7
  7
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  9
  10
  10
  10
  10

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
  289
  284
  290
  298
  306
  315
  326
  337
  349
  362
  375
  390
  406
  423
  441
  460
  480
  501
  524
  548
  573
  600
  628
  657
  688
  721
  755
  792
  830
  870
  912
Adjusted assets (=assets-cash), $m
  278
  284
  290
  298
  306
  315
  326
  337
  349
  362
  375
  390
  406
  423
  441
  460
  480
  501
  524
  548
  573
  600
  628
  657
  688
  721
  755
  792
  830
  870
  912
Revenue / Adjusted assets
  0.773
  0.771
  0.772
  0.772
  0.775
  0.775
  0.773
  0.772
  0.771
  0.771
  0.773
  0.774
  0.773
  0.773
  0.773
  0.772
  0.773
  0.774
  0.773
  0.772
  0.773
  0.772
  0.772
  0.773
  0.773
  0.773
  0.774
  0.773
  0.773
  0.774
  0.773
Average production assets, $m
  236
  240
  246
  252
  259
  267
  276
  285
  295
  306
  318
  330
  344
  358
  373
  389
  406
  424
  443
  464
  485
  507
  531
  556
  582
  610
  639
  670
  702
  736
  772
Working capital, $m
  -9
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Total debt, $m
  214
  143
  149
  156
  163
  172
  181
  191
  202
  213
  226
  239
  253
  269
  285
  302
  320
  339
  360
  381
  404
  428
  453
  479
  507
  537
  568
  601
  635
  671
  709
Total liabilities, $m
  326
  255
  261
  268
  275
  284
  293
  303
  314
  325
  338
  351
  365
  381
  397
  414
  432
  451
  472
  493
  516
  540
  565
  591
  619
  649
  680
  713
  747
  783
  821
Total equity, $m
  -37
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
Total liabilities and equity, $m
  289
  283
  290
  298
  306
  316
  326
  337
  349
  361
  376
  390
  406
  423
  441
  460
  480
  501
  524
  548
  573
  600
  628
  657
  688
  721
  756
  792
  830
  870
  912
Debt-to-equity ratio
  -5.784
  5.050
  5.140
  5.240
  5.340
  5.450
  5.560
  5.670
  5.790
  5.900
  6.020
  6.130
  6.240
  6.350
  6.460
  6.560
  6.670
  6.770
  6.860
  6.960
  7.050
  7.130
  7.220
  7.300
  7.370
  7.450
  7.520
  7.590
  7.650
  7.710
  7.770
Adjusted equity ratio
  -0.173
  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
  13
  3
  6
  7
  7
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  9
  10
  10
  10
  10
Depreciation, amort., depletion, $m
  5
  9
  9
  9
  9
  9
  10
  10
  10
  11
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
Funds from operations, $m
  27
  12
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  20
  20
  21
  22
  22
  23
  24
  25
  25
  26
  27
  28
  30
  31
  32
  33
  34
  36
Change in working capital, $m
  8
  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
  1
  1
  1
  1
  1
Cash from operations, $m
  19
  12
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
Maintenance CAPEX, $m
  0
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
New CAPEX, $m
  -3
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
Cash from investing activities, $m
  29
  -13
  -14
  -14
  -15
  -17
  -18
  -18
  -19
  -21
  -22
  -24
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -61
Free cash flow, $m
  48
  -1
  2
  1
  0
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -25
Issuance/(repayment) of debt, $m
  -35
  -60
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
Issuance/(repurchase) of shares, $m
  0
  62
  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  
  -41
  2
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
Total cash flow (excl. dividends), $m
  7
  2
  7
  8
  8
  8
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
Retained Cash Flow (-), $m
  -16
  -65
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
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
 
  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
 
  -64
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  9
  9
Discount rate, %
 
  15.30
  16.07
  16.87
  17.71
  18.60
  19.53
  20.50
  21.53
  22.61
  23.74
  24.92
  26.17
  27.48
  28.85
  30.29
  31.81
  33.40
  35.07
  36.82
  38.66
  40.60
  42.63
  44.76
  46.99
  49.34
  51.81
  54.40
  57.12
  59.98
  62.98
PV of cash for distribution, $m
 
  -55
  5
  4
  4
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  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

Emmis Communications Corporation is a media company, which focuses on radio broadcasting. The Company operates through three business segments: Radio, Publishing, and Corporate & Emerging Technologies. As of February 29, 2016, the Company owned 19 frequency modulation (FM) and four amplitude modulation (AM) radio stations in New York, Los Angeles, St. Louis, Austin, Indianapolis and Terre Haute, Indiana. One of the FM radio stations that the Company owns in New York is operated pursuant to a local marketing agreement (LMA) whereby a third party provides the programming for the station and sells all advertising within that programming. The Company's focus in publish operations includes Indianapolis Monthly. It also operates Digonex Technologies, Inc., a pricing business. The Company also develops and licenses TagStation, a cloud-based software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts.

FINANCIAL RATIOS  of  Emmis Communications Cl A (EMMS)

Valuation Ratios
P/E Ratio 3.4
Price to Sales 0.2
Price to Book -1.2
Price to Tangible Book
Price to Cash Flow 2.3
Price to Free Cash Flow 2.7
Growth Rates
Sales Growth Rate -6.9%
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 0
Current Ratio 0.1
LT Debt to Equity -513.5%
Total Debt to Equity -578.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. -5.8%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. -15.4%
Return On Equity -28.9%
Return On Equity - 3 Yr. Avg. 276.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 15.8%
Gross Margin - 3 Yr. Avg. 20.2%
EBITDA Margin 15.8%
EBITDA Margin - 3 Yr. Avg. 2.9%
Operating Margin 14.9%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. -6%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. -11.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 12.4%
Payout Ratio 0%

EMMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EMMS stock intrinsic value calculation we used $215 million for the last fiscal year's total revenue generated by Emmis Communications Cl A. The default revenue input number comes from 2017 income statement of Emmis Communications Cl A. 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 EMMS stock valuation model: a) initial revenue growth rate of 2% 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 15.3%, whose default value for EMMS is calculated based on our internal credit rating of Emmis Communications Cl A, 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 Emmis Communications Cl A.
    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 EMMS stock the variable cost ratio is equal to 91.6%.

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 EMMS 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 7% for Emmis Communications Cl A.

Corporate tax rate of 27% is the nominal tax rate for Emmis Communications Cl A. 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 EMMS 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 EMMS are equal to 109.5%.

Life of production assets of 49.1 years is the average useful life of capital assets used in Emmis Communications Cl A 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 EMMS is equal to 1.9%. 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 - $-37 million for Emmis Communications Cl A - 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 12.711 million for Emmis Communications Cl A 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 Emmis Communications Cl A at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Emmis Announces Second-Quarter Earnings Call   [Oct-05-17 07:57PM  PR Newswire]
▶ Emmis Announces First Quarter Earnings   [Jul-13-17 06:00AM  PR Newswire]
▶ Emmis Announces First-Quarter Earnings Call   [Jul-06-17 06:52PM  PR Newswire]
▶ Emmis Announces Fourth Quarter and Full-Year Earnings   [May-11-17 06:05AM  PR Newswire]
▶ Hip-hop radio station Power 106 sells for $83 million   [May-10-17 03:15PM  American City Business Journals]
▶ Power 106 Presents - Powerhouse 2017   [Apr-24-17 10:20AM  Business Wire]
▶ [$$] Fitch Identifies Six Media Companies as Likely to Default in 2017   [Mar-27-17 07:00AM  The Wall Street Journal]
▶ Atlanta Magazine sold to Hour Media Group   [Mar-08-17 03:19PM  at bizjournals.com]
▶ Atlanta Magazine sold to Hour Media Group   [03:19PM  American City Business Journals]
▶ Cincinnati Magazine sold   [Mar-01-17 03:24PM  at bizjournals.com]
▶ Cincinnati Magazine sold   [03:24PM  American City Business Journals]
▶ Emmis Announces Third Quarter Earnings   [06:00AM  PR Newswire]
▶ Emmis Announces Third-Quarter Earnings Call   [Dec-29-16 08:00AM  PR Newswire]
▶ Emmis Announces Second Quarter Earnings   [06:00AM  PR Newswire]
▶ Victor Giacomelli Named DOS of Emmis-New York   [Oct-05-16 03:00PM  PR Newswire]
▶ Emmis Announces Second-Quarter Earnings Call   [Sep-30-16 07:42AM  PR Newswire]
▶ Why CBS Is Spinning Off Its Radio Business   [Sep-01-16 01:00PM  at Forbes]
▶ Two L.A. magazines could be put up for sale in proposed Emmis deal   [Aug-22-16 06:50AM  at bizjournals.com]
▶ CEO offers $46.5M to take Texas Monthly owner private   [Aug-19-16 01:45PM  at bizjournals.com]
▶ Emmis Announces First Quarter Earnings   [06:00AM  PR Newswire]
▶ Emmis Announces First-Quarter Earnings Call   [Jul-01-16 07:20AM  PR Newswire]
▶ Emmis Announces Third Quarter Earnings   [06:00AM  PR Newswire]
▶ Emmis Announces Third-Quarter Earnings Call   [Dec-30  01:48PM  PR Newswire]
▶ Vringo, Inc. (VRNG): Are Hedge Funds Right About This Stock?   [Nov-29  10:50AM  at Insider Monkey]
▶ Is Emmis Communications Corporation (EMMS) A Good Stock To Buy?   [Nov-23  02:26PM  at Insider Monkey]
▶ Emmis Announces Second Quarter Earnings   [06:00AM  PR Newswire]
▶ Emmis Announces Second-Quarter Earnings Call   [Oct-01  06:00AM  PR Newswire]
▶ Crowd of 500 Show Up to Take it Out on Trump!   [Sep-16  09:21PM  Business Wire]
Financial statements of EMMS
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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