Intrinsic value of Global Eagle Entertainment - ENT

Previous Close

$2.41

  Intrinsic Value

$3.03

stock screener

  Rating & Target

buy

+26%

Previous close

$2.41

 
Intrinsic value

$3.03

 
Up/down potential

+26%

 
Rating

buy

We calculate the intrinsic value of ENT 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 0.2

 

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, %
  24.41
  38.90
  35.51
  32.46
  29.71
  27.24
  25.02
  23.02
  21.21
  19.59
  18.13
  16.82
  15.64
  14.57
  13.62
  12.76
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
Revenue, $m
  530
  736
  998
  1,321
  1,714
  2,181
  2,727
  3,354
  4,066
  4,862
  5,744
  6,710
  7,759
  8,890
  10,101
  11,389
  12,754
  14,192
  15,704
  17,289
  18,945
  20,673
  22,473
  24,347
  26,296
  28,322
  30,428
  32,615
  34,889
  37,253
  39,710
Variable operating expenses, $m
 
  748
  1,010
  1,335
  1,729
  2,197
  2,745
  3,374
  4,088
  4,888
  5,772
  6,732
  7,785
  8,919
  10,134
  11,426
  12,795
  14,239
  15,756
  17,345
  19,007
  20,740
  22,547
  24,427
  26,382
  28,415
  30,527
  32,722
  35,003
  37,374
  39,840
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
  686
  748
  1,010
  1,335
  1,729
  2,197
  2,745
  3,374
  4,088
  4,888
  5,772
  6,732
  7,785
  8,919
  10,134
  11,426
  12,795
  14,239
  15,756
  17,345
  19,007
  20,740
  22,547
  24,427
  26,382
  28,415
  30,527
  32,722
  35,003
  37,374
  39,840
Operating income, $m
  -156
  -12
  -13
  -14
  -15
  -17
  -18
  -20
  -23
  -25
  -28
  -22
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -62
  -67
  -73
  -79
  -86
  -92
  -99
  -106
  -114
  -122
  -130
EBITDA, $m
  -119
  32
  43
  58
  75
  95
  119
  146
  177
  212
  250
  292
  338
  387
  440
  496
  555
  618
  683
  752
  824
  900
  978
  1,059
  1,144
  1,232
  1,324
  1,419
  1,518
  1,621
  1,728
Interest expense (income), $m
  1
  2
  6
  11
  17
  25
  33
  44
  55
  69
  83
  100
  118
  138
  159
  181
  206
  231
  258
  286
  316
  347
  379
  413
  448
  484
  522
  562
  603
  645
  689
Earnings before tax, $m
  -152
  -14
  -19
  -25
  -32
  -41
  -52
  -64
  -78
  -94
  -112
  -122
  -143
  -167
  -192
  -219
  -247
  -277
  -309
  -343
  -378
  -414
  -453
  -492
  -534
  -577
  -622
  -668
  -716
  -767
  -819
Tax expense, $m
  -43
  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
  -109
  -14
  -19
  -25
  -32
  -41
  -52
  -64
  -78
  -94
  -112
  -122
  -143
  -167
  -192
  -219
  -247
  -277
  -309
  -343
  -378
  -414
  -453
  -492
  -534
  -577
  -622
  -668
  -716
  -767
  -819

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  224
  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
  638
  575
  779
  1,032
  1,339
  1,704
  2,130
  2,620
  3,176
  3,799
  4,487
  5,242
  6,062
  6,946
  7,891
  8,898
  9,964
  11,088
  12,269
  13,507
  14,801
  16,151
  17,557
  19,021
  20,544
  22,127
  23,772
  25,481
  27,257
  29,104
  31,023
Adjusted assets (=assets-cash), $m
  414
  575
  779
  1,032
  1,339
  1,704
  2,130
  2,620
  3,176
  3,799
  4,487
  5,242
  6,062
  6,946
  7,891
  8,898
  9,964
  11,088
  12,269
  13,507
  14,801
  16,151
  17,557
  19,021
  20,544
  22,127
  23,772
  25,481
  27,257
  29,104
  31,023
Revenue / Adjusted assets
  1.280
  1.280
  1.281
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
  1.280
Average production assets, $m
  147
  203
  275
  365
  473
  602
  753
  926
  1,122
  1,342
  1,585
  1,852
  2,142
  2,454
  2,788
  3,143
  3,520
  3,917
  4,334
  4,772
  5,229
  5,706
  6,203
  6,720
  7,258
  7,817
  8,398
  9,002
  9,629
  10,282
  10,960
Working capital, $m
  193
  -42
  -57
  -75
  -98
  -124
  -155
  -191
  -232
  -277
  -327
  -382
  -442
  -507
  -576
  -649
  -727
  -809
  -895
  -985
  -1,080
  -1,178
  -1,281
  -1,388
  -1,499
  -1,614
  -1,734
  -1,859
  -1,989
  -2,123
  -2,263
Total debt, $m
  71
  180
  320
  493
  703
  952
  1,244
  1,579
  1,960
  2,385
  2,856
  3,373
  3,933
  4,538
  5,185
  5,873
  6,602
  7,371
  8,179
  9,026
  9,911
  10,834
  11,796
  12,798
  13,839
  14,922
  16,047
  17,216
  18,431
  19,694
  21,007
Total liabilities, $m
  284
  393
  533
  706
  916
  1,165
  1,457
  1,792
  2,173
  2,598
  3,069
  3,586
  4,146
  4,751
  5,398
  6,086
  6,815
  7,584
  8,392
  9,239
  10,124
  11,047
  12,009
  13,011
  14,052
  15,135
  16,260
  17,429
  18,644
  19,907
  21,220
Total equity, $m
  354
  182
  246
  326
  423
  538
  673
  828
  1,004
  1,200
  1,418
  1,657
  1,916
  2,195
  2,494
  2,812
  3,149
  3,504
  3,877
  4,268
  4,677
  5,104
  5,548
  6,011
  6,492
  6,992
  7,512
  8,052
  8,613
  9,197
  9,803
Total liabilities and equity, $m
  638
  575
  779
  1,032
  1,339
  1,703
  2,130
  2,620
  3,177
  3,798
  4,487
  5,243
  6,062
  6,946
  7,892
  8,898
  9,964
  11,088
  12,269
  13,507
  14,801
  16,151
  17,557
  19,022
  20,544
  22,127
  23,772
  25,481
  27,257
  29,104
  31,023
Debt-to-equity ratio
  0.201
  0.990
  1.300
  1.510
  1.660
  1.770
  1.850
  1.910
  1.950
  1.990
  2.010
  2.040
  2.050
  2.070
  2.080
  2.090
  2.100
  2.100
  2.110
  2.110
  2.120
  2.120
  2.130
  2.130
  2.130
  2.130
  2.140
  2.140
  2.140
  2.140
  2.140
Adjusted equity ratio
  0.314
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -109
  -14
  -19
  -25
  -32
  -41
  -52
  -64
  -78
  -94
  -112
  -122
  -143
  -167
  -192
  -219
  -247
  -277
  -309
  -343
  -378
  -414
  -453
  -492
  -534
  -577
  -622
  -668
  -716
  -767
  -819
Depreciation, amort., depletion, $m
  37
  44
  56
  71
  90
  111
  137
  166
  200
  237
  278
  314
  363
  416
  473
  533
  597
  664
  735
  809
  886
  967
  1,051
  1,139
  1,230
  1,325
  1,423
  1,526
  1,632
  1,743
  1,858
Funds from operations, $m
  17
  30
  37
  46
  57
  70
  85
  102
  122
  143
  166
  192
  220
  249
  281
  314
  349
  387
  425
  466
  509
  553
  599
  647
  696
  748
  802
  858
  916
  976
  1,039
Change in working capital, $m
  -5
  -12
  -15
  -18
  -22
  -27
  -31
  -36
  -41
  -45
  -50
  -55
  -60
  -64
  -69
  -73
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -140
Cash from operations, $m
  22
  41
  52
  65
  80
  97
  116
  138
  162
  188
  217
  247
  279
  314
  350
  388
  427
  469
  512
  556
  603
  651
  701
  753
  807
  864
  922
  982
  1,045
  1,111
  1,179
Maintenance CAPEX, $m
  0
  -25
  -34
  -47
  -62
  -80
  -102
  -128
  -157
  -190
  -227
  -269
  -314
  -363
  -416
  -473
  -533
  -597
  -664
  -735
  -809
  -886
  -967
  -1,051
  -1,139
  -1,230
  -1,325
  -1,423
  -1,526
  -1,632
  -1,743
New CAPEX, $m
  -21
  -57
  -72
  -89
  -108
  -129
  -151
  -173
  -196
  -220
  -243
  -267
  -290
  -312
  -334
  -356
  -377
  -397
  -417
  -437
  -457
  -477
  -497
  -517
  -538
  -559
  -581
  -604
  -628
  -652
  -678
Cash from investing activities, $m
  -81
  -82
  -106
  -136
  -170
  -209
  -253
  -301
  -353
  -410
  -470
  -536
  -604
  -675
  -750
  -829
  -910
  -994
  -1,081
  -1,172
  -1,266
  -1,363
  -1,464
  -1,568
  -1,677
  -1,789
  -1,906
  -2,027
  -2,154
  -2,284
  -2,421
Free cash flow, $m
  -59
  -40
  -55
  -71
  -90
  -112
  -136
  -163
  -191
  -222
  -254
  -288
  -324
  -361
  -400
  -441
  -482
  -525
  -570
  -616
  -663
  -712
  -763
  -815
  -869
  -926
  -984
  -1,045
  -1,108
  -1,174
  -1,242
Issuance/(repayment) of debt, $m
  80
  110
  140
  173
  210
  250
  292
  335
  380
  426
  471
  516
  561
  604
  647
  688
  729
  769
  808
  847
  885
  923
  962
  1,001
  1,041
  1,083
  1,125
  1,169
  1,215
  1,263
  1,313
Issuance/(repurchase) of shares, $m
  6
  65
  84
  105
  129
  156
  186
  219
  254
  291
  329
  360
  402
  446
  491
  537
  584
  633
  683
  734
  787
  841
  897
  955
  1,015
  1,077
  1,141
  1,208
  1,278
  1,350
  1,426
Cash from financing (excl. dividends), $m  
  85
  175
  224
  278
  339
  406
  478
  554
  634
  717
  800
  876
  963
  1,050
  1,138
  1,225
  1,313
  1,402
  1,491
  1,581
  1,672
  1,764
  1,859
  1,956
  2,056
  2,160
  2,266
  2,377
  2,493
  2,613
  2,739
Total cash flow (excl. dividends), $m
  26
  135
  169
  207
  249
  294
  342
  392
  443
  495
  546
  588
  639
  689
  737
  785
  831
  876
  921
  965
  1,009
  1,052
  1,097
  1,141
  1,187
  1,234
  1,282
  1,332
  1,385
  1,439
  1,497
Retained Cash Flow (-), $m
  -41
  -65
  -84
  -105
  -129
  -156
  -186
  -219
  -254
  -291
  -329
  -360
  -402
  -446
  -491
  -537
  -584
  -633
  -683
  -734
  -787
  -841
  -897
  -955
  -1,015
  -1,077
  -1,141
  -1,208
  -1,278
  -1,350
  -1,426
Prev. year cash balance distribution, $m
 
  223
  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
 
  293
  85
  102
  119
  137
  155
  173
  189
  204
  217
  228
  237
  243
  247
  248
  247
  244
  238
  231
  222
  211
  199
  186
  172
  157
  141
  124
  107
  89
  71
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
 
  281
  78
  89
  98
  106
  113
  117
  118
  117
  114
  108
  101
  92
  83
  73
  63
  53
  44
  36
  28
  22
  17
  12
  9
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  58.5
  35.3
  22.0
  14.0
  9.2
  6.1
  4.2
  2.9
  2.1
  1.5
  1.1
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Global Eagle Entertainment Inc. is a provider of aircraft connectivity systems, operations solutions and media content to the travel industry. The Company's segments include Connectivity and Content. Its Connectivity segment provides airline partners and their passengers with Wireless Fidelity (Wi-Fi) connectivity over Ku-band satellite transmissions, and to a lesser extent operations solutions to airline customers. Its Content segment selects, manages and distributes wholly owned and licensed media content, video and music programming, applications, digital advertising solutions and games to over 150 airlines across the world, as well as to maritime and other away-from-home non-theatrical markets. The Company, through its product and services platform, provide airlines with a range of in-flight solutions, including Wi-Fi, movies, television, music, interactive software, as well as portable in-flight entertainment (IFE) solutions, content management services and e-commerce solutions.

FINANCIAL RATIOS  of  Global Eagle Entertainment (ENT)

Valuation Ratios
P/E Ratio -1.7
Price to Sales 0.4
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 189.5
Growth Rates
Sales Growth Rate 24.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 133.3%
Cap. Spend. - 3 Yr. Gr. Rate 60%
Financial Strength
Quick Ratio 224
Current Ratio 0
LT Debt to Equity 19.8%
Total Debt to Equity 20.1%
Interest Coverage -151
Management Effectiveness
Return On Assets -18.5%
Ret/ On Assets - 3 Yr. Avg. -12.3%
Return On Total Capital -29.4%
Ret/ On T. Cap. - 3 Yr. Avg. -20.6%
Return On Equity -32.7%
Return On Equity - 3 Yr. Avg. -22%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 30.8%
Gross Margin - 3 Yr. Avg. 30.9%
EBITDA Margin -21.5%
EBITDA Margin - 3 Yr. Avg. -5.8%
Operating Margin -29.4%
Oper. Margin - 3 Yr. Avg. -13.7%
Pre-Tax Margin -28.7%
Pre-Tax Margin - 3 Yr. Avg. -13.7%
Net Profit Margin -20.6%
Net Profit Margin - 3 Yr. Avg. -11.9%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. -31%
Payout Ratio 0%

ENT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENT stock intrinsic value calculation we used $530 million for the last fiscal year's total revenue generated by Global Eagle Entertainment. The default revenue input number comes from 2016 income statement of Global Eagle Entertainment. 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 ENT stock valuation model: a) initial revenue growth rate of 38.9% 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 ENT is calculated based on our internal credit rating of Global Eagle Entertainment, 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 Global Eagle Entertainment.
    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 ENT stock the variable cost ratio is equal to 102.1%.

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 ENT 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 Global Eagle Entertainment.

Corporate tax rate of 27% is the nominal tax rate for Global Eagle Entertainment. 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 ENT 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 ENT are equal to 27.6%.

Life of production assets of 5.9 years is the average useful life of capital assets used in Global Eagle Entertainment 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 ENT is equal to -5.7%. 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 - $354 million for Global Eagle Entertainment - 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 85.308 million for Global Eagle Entertainment 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 Global Eagle Entertainment at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Global Eagle Obtains Extension   [Oct-07-17 07:21PM  GlobeNewswire]
▶ Global Eagle Entertainment posts 4Q loss   [Sep-14-17 09:45PM  Associated Press]
▶ Global Eagle Provides Business Update   [04:15PM  GlobeNewswire]
▶ Is Global Eagle Entertainment Inc (ENT) Undervalued?   [Sep-11-17 07:15AM  Simply Wall St.]
▶ [$$] China's HNA Deal With Global Eagle Falls Apart   [08:48AM  The Wall Street Journal]
▶ Global Eagle Announces Receipt of NASDAQ Notification   [May-19-17 04:30PM  GlobeNewswire]
Financial statements of ENT
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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