Intrinsic value of Fitbit - FIT

Previous Close

$6.82

  Intrinsic Value

$21.92

stock screener

  Rating & Target

str. buy

+221%

Previous close

$6.82

 
Intrinsic value

$21.92

 
Up/down potential

+221%

 
Rating

str. buy

We calculate the intrinsic value of FIT 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 1.6

 

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, %
  16.74
  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
  2,169
  2,212
  2,263
  2,321
  2,387
  2,459
  2,538
  2,625
  2,719
  2,819
  2,928
  3,043
  3,167
  3,298
  3,438
  3,586
  3,744
  3,910
  4,086
  4,272
  4,468
  4,675
  4,894
  5,124
  5,366
  5,622
  5,891
  6,174
  6,472
  6,785
  7,115
Variable operating expenses, $m
 
  1,799
  1,840
  1,887
  1,940
  1,999
  2,063
  2,133
  2,209
  2,291
  2,378
  2,467
  2,567
  2,674
  2,787
  2,907
  3,035
  3,170
  3,312
  3,463
  3,622
  3,790
  3,967
  4,154
  4,350
  4,557
  4,775
  5,005
  5,246
  5,500
  5,768
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
  2,282
  1,799
  1,840
  1,887
  1,940
  1,999
  2,063
  2,133
  2,209
  2,291
  2,378
  2,467
  2,567
  2,674
  2,787
  2,907
  3,035
  3,170
  3,312
  3,463
  3,622
  3,790
  3,967
  4,154
  4,350
  4,557
  4,775
  5,005
  5,246
  5,500
  5,768
Operating income, $m
  -112
  414
  423
  434
  447
  461
  476
  492
  510
  529
  549
  576
  600
  625
  651
  679
  709
  740
  774
  809
  846
  885
  927
  970
  1,016
  1,064
  1,115
  1,169
  1,225
  1,285
  1,347
EBITDA, $m
  -74
  435
  445
  457
  470
  484
  499
  516
  535
  555
  576
  599
  623
  649
  676
  706
  737
  769
  804
  840
  879
  920
  963
  1,008
  1,056
  1,106
  1,159
  1,215
  1,273
  1,335
  1,400
Interest expense (income), $m
  1
  0
  1
  1
  2
  3
  4
  5
  6
  7
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  36
  39
  42
  46
  49
  53
  57
  61
Earnings before tax, $m
  -109
  414
  423
  433
  445
  458
  472
  487
  504
  521
  541
  566
  588
  611
  636
  662
  690
  719
  751
  783
  818
  855
  893
  934
  977
  1,022
  1,070
  1,120
  1,172
  1,228
  1,286
Tax expense, $m
  -6
  112
  114
  117
  120
  124
  127
  132
  136
  141
  146
  153
  159
  165
  172
  179
  186
  194
  203
  212
  221
  231
  241
  252
  264
  276
  289
  302
  317
  332
  347
Net income, $m
  -103
  302
  309
  316
  325
  334
  344
  356
  368
  381
  395
  413
  429
  446
  464
  483
  504
  525
  548
  572
  597
  624
  652
  682
  713
  746
  781
  817
  856
  896
  939

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  706
  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
  1,820
  1,136
  1,162
  1,192
  1,226
  1,263
  1,304
  1,348
  1,396
  1,448
  1,504
  1,563
  1,627
  1,694
  1,766
  1,842
  1,923
  2,008
  2,099
  2,194
  2,295
  2,401
  2,513
  2,632
  2,756
  2,887
  3,026
  3,171
  3,324
  3,485
  3,654
Adjusted assets (=assets-cash), $m
  1,114
  1,136
  1,162
  1,192
  1,226
  1,263
  1,304
  1,348
  1,396
  1,448
  1,504
  1,563
  1,627
  1,694
  1,766
  1,842
  1,923
  2,008
  2,099
  2,194
  2,295
  2,401
  2,513
  2,632
  2,756
  2,887
  3,026
  3,171
  3,324
  3,485
  3,654
Revenue / Adjusted assets
  1.947
  1.947
  1.948
  1.947
  1.947
  1.947
  1.946
  1.947
  1.948
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
  1.947
Average production assets, $m
  81
  82
  84
  86
  88
  91
  94
  97
  101
  104
  108
  113
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
  190
  199
  208
  218
  228
  239
  251
  263
Working capital, $m
  719
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Total debt, $m
  0
  16
  36
  58
  82
  110
  140
  173
  208
  246
  287
  331
  378
  428
  480
  537
  596
  659
  726
  796
  870
  949
  1,031
  1,119
  1,210
  1,307
  1,409
  1,516
  1,629
  1,747
  1,872
Total liabilities, $m
  822
  837
  857
  879
  903
  931
  961
  994
  1,029
  1,067
  1,108
  1,152
  1,199
  1,249
  1,301
  1,358
  1,417
  1,480
  1,547
  1,617
  1,691
  1,770
  1,852
  1,940
  2,031
  2,128
  2,230
  2,337
  2,450
  2,568
  2,693
Total equity, $m
  999
  299
  306
  314
  322
  332
  343
  355
  367
  381
  395
  411
  428
  446
  464
  484
  506
  528
  552
  577
  604
  632
  661
  692
  725
  759
  796
  834
  874
  917
  961
Total liabilities and equity, $m
  1,821
  1,136
  1,163
  1,193
  1,225
  1,263
  1,304
  1,349
  1,396
  1,448
  1,503
  1,563
  1,627
  1,695
  1,765
  1,842
  1,923
  2,008
  2,099
  2,194
  2,295
  2,402
  2,513
  2,632
  2,756
  2,887
  3,026
  3,171
  3,324
  3,485
  3,654
Debt-to-equity ratio
  0.000
  0.060
  0.120
  0.180
  0.260
  0.330
  0.410
  0.490
  0.570
  0.650
  0.730
  0.810
  0.880
  0.960
  1.030
  1.110
  1.180
  1.250
  1.310
  1.380
  1.440
  1.500
  1.560
  1.620
  1.670
  1.720
  1.770
  1.820
  1.860
  1.910
  1.950
Adjusted equity ratio
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -103
  302
  309
  316
  325
  334
  344
  356
  368
  381
  395
  413
  429
  446
  464
  483
  504
  525
  548
  572
  597
  624
  652
  682
  713
  746
  781
  817
  856
  896
  939
Depreciation, amort., depletion, $m
  38
  21
  22
  22
  23
  23
  24
  25
  25
  26
  27
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
Funds from operations, $m
  307
  324
  331
  339
  347
  357
  368
  380
  393
  407
  421
  436
  453
  471
  490
  510
  531
  554
  578
  604
  630
  659
  688
  720
  753
  788
  824
  863
  904
  946
  991
Change in working capital, $m
  197
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  110
  323
  330
  338
  347
  357
  368
  380
  392
  406
  421
  435
  452
  470
  489
  509
  531
  553
  577
  602
  629
  657
  687
  718
  751
  786
  823
  861
  902
  945
  989
Maintenance CAPEX, $m
  0
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
New CAPEX, $m
  -79
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
Cash from investing activities, $m
  -393
  -17
  -18
  -19
  -19
  -21
  -21
  -22
  -22
  -24
  -25
  -26
  -28
  -28
  -29
  -30
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
Free cash flow, $m
  -283
  306
  312
  319
  327
  337
  347
  358
  369
  382
  396
  409
  425
  442
  459
  478
  498
  519
  542
  565
  590
  617
  644
  674
  705
  737
  771
  807
  845
  885
  927
Issuance/(repayment) of debt, $m
  0
  16
  19
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  59
  63
  67
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
Issuance/(repurchase) of shares, $m
  26
  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  
  49
  16
  19
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  59
  63
  67
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
Total cash flow (excl. dividends), $m
  -235
  322
  331
  341
  352
  364
  377
  390
  405
  420
  437
  453
  472
  491
  512
  534
  558
  582
  608
  636
  665
  695
  727
  761
  796
  834
  873
  914
  958
  1,004
  1,052
Retained Cash Flow (-), $m
  -18
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
Prev. year cash balance distribution, $m
 
  706
  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
 
  1,022
  324
  333
  343
  354
  366
  379
  392
  407
  422
  437
  455
  474
  493
  514
  536
  560
  585
  611
  638
  667
  698
  730
  764
  799
  837
  876
  918
  961
  1,007
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
 
  980
  297
  290
  283
  275
  266
  256
  245
  234
  221
  208
  194
  180
  166
  151
  136
  122
  108
  94
  81
  69
  58
  48
  39
  31
  24
  19
  14
  10
  8
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

Fitbit, Inc. is a provider of health and fitness devices. The Company's platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts. It offers various fitness devices, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Flex 2, Fitbit Charge, Fitbit Charge 2, Fitbit Blaze, Fitbit Charge HR, Fitbit Surge, Fitbit Accessories and Aria. Its platform includes wearable connected health and fitness trackers, which are wrist-based and clippable devices that automatically track users daily steps, calories burned, distance traveled, and active minutes and display real-time feedback. Its trackers also measure sleep duration and quality, and its products track heart rate and global positioning system-based information. It also offers a wireless fidelity connected scale.

FINANCIAL RATIOS  of  Fitbit (FIT)

Valuation Ratios
P/E Ratio -14.9
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 49.6
Growth Rates
Sales Growth Rate 16.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 154.8%
Cap. Spend. - 3 Yr. Gr. Rate 58.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -108
Management Effectiveness
Return On Assets -6.1%
Ret/ On Assets - 3 Yr. Avg. 13.7%
Return On Total Capital -10.4%
Ret/ On T. Cap. - 3 Yr. Avg. 34.2%
Return On Equity -10.4%
Return On Equity - 3 Yr. Avg. 67.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 39%
Gross Margin - 3 Yr. Avg. 45.2%
EBITDA Margin -3.2%
EBITDA Margin - 3 Yr. Avg. 11.1%
Operating Margin -5.2%
Oper. Margin - 3 Yr. Avg. 11.5%
Pre-Tax Margin -5%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin -4.7%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 5.5%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio 0%

FIT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FIT stock intrinsic value calculation we used $2169 million for the last fiscal year's total revenue generated by Fitbit. The default revenue input number comes from 2016 income statement of Fitbit. 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 FIT 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 4.3%, whose default value for FIT is calculated based on our internal credit rating of Fitbit, 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 Fitbit.
    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 FIT stock the variable cost ratio is equal to 81.3%.

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 FIT 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 Fitbit.

Corporate tax rate of 27% is the nominal tax rate for Fitbit. 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 FIT 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 FIT are equal to 3.7%.

Life of production assets of 3.1 years is the average useful life of capital assets used in Fitbit 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 FIT 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 - $999 million for Fitbit - 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 233.66 million for Fitbit 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 Fitbit at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Fitbit: Sell, Says Stifel, Opportunities Squandered   [Dec-15-17 09:01AM  Barrons.com]
▶ Fitbit Inc Focus on Health Tracking Could Lead to a Buyout   [Dec-14-17 11:23AM  InvestorPlace]
▶ Tracking Fitbit Inc Time To Put It Back on Your Watchlist   [Dec-13-17 10:18AM  InvestorPlace]
▶ Blue Apron Holdings Inc Stock Is Not a Bargain Right Now   [Dec-12-17 04:09PM  InvestorPlace]
▶ Here's Where Things Went Wrong for Fitbit Inc in 2017   [Dec-11-17 07:45PM  Motley Fool]
▶ Fitbit Moves Into Higher-End Devices   [02:33PM  Motley Fool]
▶ Is Fitbit Inc. (FIT) a Buy?   [01:26PM  Motley Fool]
▶ 3 Reasons to Be Bullish on Fitbit Inc Stock   [09:57AM  InvestorPlace]
▶ ETFs with exposure to Fitbit, Inc. : December 7, 2017   [Dec-07-17 01:43PM  Capital Cube]
▶ Fitbit Expands Ionic App Catalog   [Dec-06-17 09:36PM  Motley Fool]
▶ Fitbit stock rises after Ionic smartwatch app additions   [Dec-05-17 09:56AM  MarketWatch]
▶ Better Buy: Under Armour, Inc. vs. Fitbit   [Nov-30-17 03:12PM  Motley Fool]
▶ The Deeper Meaning behind Fitbits 3Q17 Scorecard   [Nov-29-17 04:30PM  Market Realist]
▶ ETFs with exposure to Fitbit, Inc. : November 27, 2017   [Nov-27-17 01:36PM  Capital Cube]
▶ Fitbit's Smartwatch App Strategy   [07:19AM  Motley Fool]
▶ 3 Stocks I'd Avoid at All Costs   [Nov-25-17 02:05PM  Motley Fool]
▶ Dexcom now working with Fitbit to help with diabetes management   [Nov-22-17 04:19PM  Fox Business Videos]
▶ [$$] Fitbit Insiders Take a Timeout   [01:29PM  Barrons.com]
▶ Should You Buy Roku Inc Stock? 3 Pros, 3 Cons   [Nov-21-17 10:07AM  InvestorPlace]
▶ The Case For Investing In Hardware Companies   [Nov-20-17 02:30PM  Forbes]
▶ The best Black Friday tech deals   [01:24PM  Yahoo Finance]
▶ At $6.23, Is It Time To Buy Fitbit Inc (FIT)?   [Nov-19-17 08:44AM  Simply Wall St.]
▶ Checking In on Fitbit's Rebuilding Year   [08:33AM  Motley Fool]
▶ 3 Reasons to Avoid Fitbit Inc Stock Like the Plague   [Nov-16-17 10:33AM  InvestorPlace]
▶ 7 Money-Losing Stocks to Sell Now   [10:00AM  InvestorPlace]
▶ Fitbit's Real Reason to Partner With Adidas   [Nov-11-17 09:00PM  Motley Fool]
▶ Fitbit, Mattel on My Black Friday Watch List   [09:00AM  TheStreet.com]
▶ How Fitbit Views 4Q17 and Fiscal 2017   [07:31AM  Market Realist]
▶ 1 Good Sign for Fitbit's Ionic   [06:32PM  Motley Fool]
▶ What Impacted Fitbits Profit Margins in 3Q17?   [10:31AM  Market Realist]
Financial statements of FIT
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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