Intrinsic value of Rocket Fuel - FUEL

Previous Close

$2.60

  Intrinsic Value

$0.51

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

-90%

Previous close

$2.60

 
Intrinsic value

$0.51

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

-90%

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

We calculate the intrinsic value of FUEL 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 0.1

 

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, %
  -1.30
  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
  456
  465
  476
  488
  502
  517
  534
  552
  572
  593
  615
  640
  666
  693
  723
  754
  787
  822
  859
  898
  939
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,298
  1,361
  1,426
  1,496
Variable operating expenses, $m
 
  667
  682
  700
  720
  741
  765
  791
  820
  850
  883
  917
  955
  994
  1,037
  1,081
  1,129
  1,179
  1,232
  1,288
  1,347
  1,409
  1,475
  1,545
  1,618
  1,695
  1,776
  1,861
  1,951
  2,046
  2,145
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
  514
  667
  682
  700
  720
  741
  765
  791
  820
  850
  883
  917
  955
  994
  1,037
  1,081
  1,129
  1,179
  1,232
  1,288
  1,347
  1,409
  1,475
  1,545
  1,618
  1,695
  1,776
  1,861
  1,951
  2,046
  2,145
Operating income, $m
  -58
  -202
  -207
  -212
  -218
  -224
  -232
  -240
  -248
  -257
  -267
  -278
  -289
  -301
  -314
  -327
  -342
  -357
  -373
  -390
  -408
  -427
  -446
  -468
  -490
  -513
  -537
  -563
  -591
  -619
  -649
EBITDA, $m
  -9
  -191
  -195
  -200
  -206
  -212
  -219
  -226
  -234
  -243
  -252
  -262
  -273
  -284
  -296
  -309
  -323
  -337
  -352
  -368
  -385
  -403
  -422
  -442
  -463
  -485
  -508
  -532
  -558
  -585
  -613
Interest expense (income), $m
  4
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
Earnings before tax, $m
  -65
  -203
  -208
  -213
  -219
  -226
  -234
  -242
  -250
  -260
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -363
  -379
  -397
  -415
  -435
  -456
  -477
  -500
  -524
  -550
  -576
  -605
  -634
  -665
Tax expense, $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
Net income, $m
  -66
  -203
  -208
  -213
  -219
  -226
  -234
  -242
  -250
  -260
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -363
  -379
  -397
  -415
  -435
  -456
  -477
  -500
  -524
  -550
  -576
  -605
  -634
  -665

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  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
  303
  242
  248
  254
  261
  269
  278
  287
  298
  309
  321
  333
  347
  361
  376
  393
  410
  428
  447
  468
  489
  512
  536
  561
  588
  616
  645
  676
  709
  743
  779
Adjusted assets (=assets-cash), $m
  219
  242
  248
  254
  261
  269
  278
  287
  298
  309
  321
  333
  347
  361
  376
  393
  410
  428
  447
  468
  489
  512
  536
  561
  588
  616
  645
  676
  709
  743
  779
Revenue / Adjusted assets
  2.082
  1.921
  1.919
  1.921
  1.923
  1.922
  1.921
  1.923
  1.919
  1.919
  1.916
  1.922
  1.919
  1.920
  1.923
  1.919
  1.920
  1.921
  1.922
  1.919
  1.920
  1.920
  1.920
  1.920
  1.918
  1.919
  1.919
  1.920
  1.920
  1.919
  1.920
Average production assets, $m
  109
  111
  114
  117
  120
  124
  128
  132
  137
  142
  147
  153
  159
  166
  173
  180
  188
  196
  205
  215
  225
  235
  246
  257
  270
  282
  296
  310
  325
  341
  357
Working capital, $m
  16
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
Total debt, $m
  86
  24
  27
  31
  36
  41
  46
  52
  59
  66
  73
  81
  90
  99
  109
  119
  130
  141
  154
  167
  180
  195
  210
  226
  243
  260
  279
  299
  319
  341
  364
Total liabilities, $m
  216
  154
  157
  161
  166
  171
  176
  182
  189
  196
  203
  211
  220
  229
  239
  249
  260
  271
  284
  297
  310
  325
  340
  356
  373
  390
  409
  429
  449
  471
  494
Total equity, $m
  87
  89
  91
  93
  96
  99
  102
  105
  109
  113
  117
  122
  127
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
  236
  247
  259
  272
  285
Total liabilities and equity, $m
  303
  243
  248
  254
  262
  270
  278
  287
  298
  309
  320
  333
  347
  361
  377
  393
  410
  428
  448
  468
  489
  512
  536
  561
  588
  615
  645
  676
  708
  743
  779
Debt-to-equity ratio
  0.989
  0.270
  0.300
  0.330
  0.370
  0.410
  0.450
  0.500
  0.540
  0.580
  0.620
  0.670
  0.710
  0.750
  0.790
  0.830
  0.870
  0.900
  0.940
  0.970
  1.010
  1.040
  1.070
  1.100
  1.130
  1.160
  1.180
  1.210
  1.230
  1.250
  1.280
Adjusted equity ratio
  0.014
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366
  0.366

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -66
  -203
  -208
  -213
  -219
  -226
  -234
  -242
  -250
  -260
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -363
  -379
  -397
  -415
  -435
  -456
  -477
  -500
  -524
  -550
  -576
  -605
  -634
  -665
Depreciation, amort., depletion, $m
  49
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
Funds from operations, $m
  19
  -192
  -196
  -201
  -207
  -214
  -221
  -228
  -237
  -246
  -255
  -266
  -277
  -289
  -301
  -314
  -328
  -343
  -359
  -376
  -393
  -412
  -431
  -452
  -473
  -496
  -520
  -545
  -572
  -600
  -629
Change in working capital, $m
  -2
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
Cash from operations, $m
  21
  -192
  -197
  -202
  -208
  -214
  -221
  -229
  -237
  -246
  -256
  -266
  -278
  -289
  -302
  -315
  -329
  -344
  -360
  -377
  -394
  -413
  -432
  -453
  -475
  -497
  -522
  -547
  -574
  -602
  -631
Maintenance CAPEX, $m
  0
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
New CAPEX, $m
  -16
  -2
  -3
  -3
  -3
  -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
Cash from investing activities, $m
  -16
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -21
  -21
  -23
  -24
  -24
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
Free cash flow, $m
  5
  -205
  -210
  -216
  -223
  -230
  -238
  -246
  -255
  -265
  -276
  -287
  -299
  -312
  -325
  -340
  -355
  -371
  -388
  -406
  -425
  -446
  -467
  -489
  -513
  -537
  -563
  -591
  -620
  -650
  -682
Issuance/(repayment) of debt, $m
  -1
  3
  4
  4
  5
  5
  6
  6
  6
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
Issuance/(repurchase) of shares, $m
  3
  204
  210
  215
  222
  229
  237
  245
  254
  264
  275
  286
  298
  310
  324
  338
  353
  370
  386
  404
  423
  443
  464
  487
  510
  535
  560
  588
  616
  647
  678
Cash from financing (excl. dividends), $m  
  1
  207
  214
  219
  227
  234
  243
  251
  260
  271
  283
  294
  307
  319
  334
  348
  364
  382
  398
  417
  437
  457
  479
  503
  527
  553
  579
  608
  637
  669
  701
Total cash flow (excl. dividends), $m
  5
  3
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
Retained Cash Flow (-), $m
  47
  -204
  -210
  -215
  -222
  -229
  -237
  -245
  -254
  -264
  -275
  -286
  -298
  -310
  -324
  -338
  -353
  -370
  -386
  -404
  -423
  -443
  -464
  -487
  -510
  -535
  -560
  -588
  -616
  -647
  -678
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
 
  -202
  -207
  -212
  -218
  -225
  -232
  -240
  -249
  -258
  -268
  -279
  -290
  -303
  -316
  -330
  -344
  -360
  -376
  -394
  -412
  -431
  -452
  -473
  -496
  -520
  -545
  -571
  -599
  -628
  -659
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
 
  -194
  -189
  -184
  -180
  -174
  -168
  -162
  -155
  -148
  -141
  -132
  -124
  -115
  -106
  -97
  -87
  -78
  -69
  -61
  -52
  -45
  -37
  -31
  -25
  -20
  -16
  -12
  -9
  -7
  -5
Current shareholders' claim on cash, %
  100
  35.3
  12.4
  4.4
  1.5
  0.5
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Rocket Fuel Inc., a technology company, provides digital advertising solutions in the United States, Canada, the United Kingdom, Australia, France, Germany, Italy, Spain, and Sweden. Its artificial intelligence-driven demand side platform (DSP) is built on its real-time optimization engine, which leverages big data and its computational infrastructure to purchase and deliver highly-automated digital advertising campaigns. The company’s DSP offers direct response and brand objectives. It also provides data management platform that allows marketers to ingest, analyze, segment, and export their own and third-party audience data for advertising, customer relationship management, email marketing, call-center routing, or other opportunities to touch consumers with a message or call-to-action; and multi-modal advertising optimization platform that enables marketers to execute programmatic advertising campaigns. In addition, the company offers brand assurance and insights. Rocket Fuel Inc. markets and sells its solutions through direct sales teams, which focus on advertising agencies and advertisers, as well as on other third parties; and through resellers. The company was founded in 2008 and is headquartered in Redwood City, California.

FINANCIAL RATIOS  of  Rocket Fuel (FUEL)

Valuation Ratios
P/E Ratio -1.8
Price to Sales 0.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 24
Growth Rates
Sales Growth Rate -1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 6.9%
Total Debt to Equity 98.9%
Interest Coverage -15
Management Effectiveness
Return On Assets -19.1%
Ret/ On Assets - 3 Yr. Avg. -27.2%
Return On Total Capital -33.8%
Ret/ On T. Cap. - 3 Yr. Avg. -41.5%
Return On Equity -59.7%
Return On Equity - 3 Yr. Avg. -60.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 36.6%
Gross Margin - 3 Yr. Avg. 41.4%
EBITDA Margin -2.6%
EBITDA Margin - 3 Yr. Avg. -15.4%
Operating Margin -12.7%
Oper. Margin - 3 Yr. Avg. -23.6%
Pre-Tax Margin -14.3%
Pre-Tax Margin - 3 Yr. Avg. -25.5%
Net Profit Margin -14.5%
Net Profit Margin - 3 Yr. Avg. -25.3%
Effective Tax Rate -1.5%
Eff/ Tax Rate - 3 Yr. Avg. 1.6%
Payout Ratio 0%

FUEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FUEL stock intrinsic value calculation we used $456 million for the last fiscal year's total revenue generated by Rocket Fuel. The default revenue input number comes from 2016 income statement of Rocket Fuel. 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 FUEL 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 FUEL is calculated based on our internal credit rating of Rocket Fuel, 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 Rocket Fuel.
    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 FUEL stock the variable cost ratio is equal to 143.4%.

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 FUEL 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 4.7% for Rocket Fuel.

Corporate tax rate of 27% is the nominal tax rate for Rocket Fuel. 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 FUEL 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 FUEL are equal to 23.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Rocket Fuel 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 FUEL is equal to 2.6%. 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 - $87 million for Rocket Fuel - 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 42.99 million for Rocket Fuel 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 Rocket Fuel at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Rocket Fuel reports 2Q loss   [Aug-09-17 10:26PM  Associated Press]
▶ [$$] Sizmek to Acquire Rocket Fuel for $125.5 Million   [03:12PM  The Wall Street Journal]
▶ One-time ad tech unicorn sells at 90% discount from IPO price   [10:48AM  American City Business Journals]
▶ Rocket Fuel to be Acquired by Sizmek   [08:00AM  Business Wire]
▶ ETFs with exposure to Rocket Fuel, Inc. : July 7, 2017   [Jul-07-17 02:55PM  Capital Cube]
▶ ETFs with exposure to Rocket Fuel, Inc. : June 26, 2017   [Jun-26-17 04:01PM  Capital Cube]
▶ ETFs with exposure to Rocket Fuel, Inc. : June 16, 2017   [Jun-16-17 03:49PM  Capital Cube]
▶ Rocket Fuel to Present at Upcoming Investor Conference   [May-30-17 04:05PM  Business Wire]
▶ Why Shares of Rocket Fuel Crashed Today   [03:26PM  Motley Fool]
▶ Rocket Fuel reports 1Q loss   [May-09-17 04:39PM  Associated Press]
▶ ETFs with exposure to Rocket Fuel, Inc. : April 25, 2017   [Apr-25-17 03:33PM  Capital Cube]
▶ ETFs with exposure to Rocket Fuel, Inc. : April 7, 2017   [Apr-07-17 04:35PM  Capital Cube]
▶ ETFs with exposure to Rocket Fuel, Inc. : March 27, 2017   [Mar-27-17 03:57PM  Capital Cube]
▶ Rocket Fuel to Present at Upcoming Investor Conference   [Feb-23-17 04:33PM  Business Wire]
▶ Rocket Fuel drops 10% on Lower Q1 View   [04:52PM  at Barrons.com]
▶ Rocket Fuel to Present at Upcoming Investor Conference   [Nov-16-16 09:25AM  Business Wire]
▶ Rocket Fuel to Host Customer Conference Call on November 15   [Nov-09-16 09:25AM  Business Wire]
Stock chart of FUEL Financial statements of FUEL
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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