Intrinsic value of GAIN Capital Holdings - GCAP

Previous Close

$7.04

  Intrinsic Value

$14.10

stock screener

  Rating & Target

str. buy

+100%

Previous close

$7.04

 
Intrinsic value

$14.10

 
Up/down potential

+100%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as GCAP.

We calculate the intrinsic value of GCAP 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 0.3

 

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, %
  -5.50
  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
  412
  420
  430
  441
  453
  467
  482
  499
  516
  536
  556
  578
  602
  627
  653
  681
  711
  743
  776
  811
  849
  888
  930
  973
  1,019
  1,068
  1,119
  1,173
  1,229
  1,289
  1,351
Variable operating expenses, $m
 
  404
  413
  424
  435
  448
  463
  478
  495
  514
  533
  551
  573
  597
  623
  649
  678
  708
  740
  773
  809
  847
  886
  928
  972
  1,018
  1,067
  1,118
  1,172
  1,229
  1,288
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
  355
  404
  413
  424
  435
  448
  463
  478
  495
  514
  533
  551
  573
  597
  623
  649
  678
  708
  740
  773
  809
  847
  886
  928
  972
  1,018
  1,067
  1,118
  1,172
  1,229
  1,288
Operating income, $m
  58
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  43
  46
  48
  50
  52
  55
  57
  60
  63
EBITDA, $m
  87
  43
  44
  45
  46
  47
  49
  51
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  108
  114
  119
  125
  131
  137
Interest expense (income), $m
  6
  6
  -38
  -38
  -38
  -37
  -37
  -37
  -36
  -36
  -35
  -35
  -34
  -33
  -33
  -32
  -31
  -31
  -30
  -29
  -28
  -27
  -26
  -25
  -23
  -22
  -21
  -20
  -18
  -17
  -15
Earnings before tax, $m
  47
  10
  55
  55
  56
  56
  56
  57
  57
  58
  58
  62
  62
  63
  63
  64
  65
  65
  66
  67
  68
  68
  69
  70
  71
  72
  73
  74
  76
  77
  78
Tax expense, $m
  10
  3
  15
  15
  15
  15
  15
  15
  15
  16
  16
  17
  17
  17
  17
  17
  17
  18
  18
  18
  18
  18
  19
  19
  19
  19
  20
  20
  20
  21
  21
Net income, $m
  35
  8
  40
  40
  41
  41
  41
  41
  42
  42
  42
  45
  45
  46
  46
  47
  47
  48
  48
  49
  49
  50
  51
  51
  52
  53
  54
  54
  55
  56
  57

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,180
  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
  1,430
  255
  261
  268
  275
  283
  293
  303
  313
  325
  337
  351
  365
  380
  396
  413
  431
  451
  471
  492
  515
  539
  564
  591
  619
  648
  679
  712
  746
  782
  820
Adjusted assets (=assets-cash), $m
  250
  255
  261
  268
  275
  283
  293
  303
  313
  325
  337
  351
  365
  380
  396
  413
  431
  451
  471
  492
  515
  539
  564
  591
  619
  648
  679
  712
  746
  782
  820
Revenue / Adjusted assets
  1.648
  1.647
  1.648
  1.646
  1.647
  1.650
  1.645
  1.647
  1.649
  1.649
  1.650
  1.647
  1.649
  1.650
  1.649
  1.649
  1.650
  1.647
  1.648
  1.648
  1.649
  1.647
  1.649
  1.646
  1.646
  1.648
  1.648
  1.647
  1.647
  1.648
  1.648
Average production assets, $m
  113
  115
  118
  121
  124
  128
  132
  137
  141
  147
  152
  158
  165
  172
  179
  187
  195
  203
  213
  222
  233
  243
  255
  267
  279
  293
  307
  321
  337
  353
  370
Working capital, $m
  0
  -1,204
  -1,231
  -1,263
  -1,298
  -1,338
  -1,381
  -1,428
  -1,479
  -1,534
  -1,593
  -1,656
  -1,723
  -1,794
  -1,870
  -1,951
  -2,037
  -2,127
  -2,223
  -2,324
  -2,431
  -2,543
  -2,662
  -2,787
  -2,919
  -3,058
  -3,205
  -3,359
  -3,521
  -3,691
  -3,871
Total debt, $m
  125
  -782
  -776
  -770
  -763
  -756
  -748
  -739
  -729
  -719
  -707
  -695
  -682
  -669
  -654
  -639
  -623
  -605
  -587
  -568
  -548
  -526
  -503
  -479
  -454
  -428
  -400
  -371
  -340
  -307
  -273
Total liabilities, $m
  1,136
  230
  235
  241
  248
  255
  263
  272
  282
  292
  304
  316
  329
  342
  357
  372
  388
  406
  424
  443
  463
  485
  508
  532
  557
  583
  611
  640
  671
  704
  738
Total equity, $m
  294
  26
  26
  27
  28
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
Total liabilities and equity, $m
  1,430
  256
  261
  268
  276
  283
  292
  302
  313
  324
  338
  351
  366
  380
  397
  413
  431
  451
  471
  492
  514
  539
  564
  591
  619
  648
  679
  711
  746
  782
  820
Debt-to-equity ratio
  0.425
  -30.650
  -29.760
  -28.780
  -27.750
  -26.670
  -25.550
  -24.420
  -23.270
  -22.110
  -20.960
  -19.820
  -18.700
  -17.590
  -16.510
  -15.460
  -14.430
  -13.430
  -12.470
  -11.530
  -10.630
  -9.760
  -8.920
  -8.120
  -7.350
  -6.600
  -5.890
  -5.210
  -4.550
  -3.930
  -3.330
Adjusted equity ratio
  -3.544
  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
  35
  8
  40
  40
  41
  41
  41
  41
  42
  42
  42
  45
  45
  46
  46
  47
  47
  48
  48
  49
  49
  50
  51
  51
  52
  53
  54
  54
  55
  56
  57
Depreciation, amort., depletion, $m
  29
  26
  27
  27
  28
  29
  30
  31
  31
  33
  34
  32
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
  53
  56
  59
  61
  64
  67
  71
  74
Funds from operations, $m
  172
  34
  67
  68
  69
  70
  71
  72
  73
  75
  76
  77
  78
  80
  82
  84
  86
  88
  91
  93
  96
  99
  101
  105
  108
  111
  115
  119
  123
  127
  131
Change in working capital, $m
  47
  -24
  -28
  -32
  -36
  -39
  -43
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -179
Cash from operations, $m
  125
  57
  95
  99
  104
  109
  114
  119
  124
  129
  135
  140
  146
  152
  158
  165
  172
  179
  186
  194
  203
  211
  220
  230
  240
  250
  261
  273
  285
  297
  311
Maintenance CAPEX, $m
  0
  -23
  -23
  -24
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -47
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -71
New CAPEX, $m
  -24
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
Cash from investing activities, $m
  -31
  -25
  -26
  -27
  -27
  -29
  -30
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -44
  -45
  -48
  -50
  -53
  -54
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -88
Free cash flow, $m
  94
  33
  69
  73
  77
  80
  84
  88
  92
  96
  100
  103
  107
  112
  116
  121
  126
  131
  137
  142
  148
  154
  160
  167
  174
  181
  189
  197
  205
  214
  223
Issuance/(repayment) of debt, $m
  0
  -907
  5
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
Issuance/(repurchase) of shares, $m
  -8
  904
  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  
  -11
  -3
  5
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
Total cash flow (excl. dividends), $m
  73
  30
  74
  79
  83
  88
  92
  97
  102
  106
  111
  115
  120
  126
  131
  137
  142
  148
  155
  161
  168
  175
  183
  191
  199
  208
  217
  226
  236
  246
  257
Retained Cash Flow (-), $m
  12
  -912
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Prev. year cash balance distribution, $m
 
  1,180
  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
 
  299
  74
  78
  83
  87
  92
  96
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  153
  159
  166
  173
  180
  188
  196
  205
  213
  223
  232
  243
  253
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
 
  286
  68
  68
  68
  68
  66
  65
  63
  60
  58
  54
  51
  47
  43
  40
  36
  32
  28
  25
  21
  18
  15
  12
  10
  8
  6
  5
  4
  3
  2
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

GAIN Capital Holdings, Inc. (GAIN) is a provider of trading services and solutions, specializing in over-the-counter (OTC) and exchange-traded markets. The Company's segments include Retail segment, Institutional segment and Futures segment. Through its retail segment, the Company provides its retail customers across the world with access to a range of global financial markets, including spot forex, precious metals, spread bets and contracts for difference (CFDs) on commodities, indices, individual equities and interest rate products, as well OTC options on forex. Its institutional segment provides agency execution services and offers electronic access to spot and forward foreign exchange and precious metals markets through Electronic Communications Network (ECN), through its GTX platform. Its futures segment offers execution and risk management services for exchange-traded futures and futures options on the United States and European exchanges.

FINANCIAL RATIOS  of  GAIN Capital Holdings (GCAP)

Valuation Ratios
P/E Ratio 9.7
Price to Sales 0.8
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 3.4
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 42.5%
Total Debt to Equity 42.5%
Interest Coverage 9
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 75.2%
Gross Margin - 3 Yr. Avg. 70.7%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 15.4%
Operating Margin 13.8%
Oper. Margin - 3 Yr. Avg. 10.6%
Pre-Tax Margin 11.4%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 21.3%
Eff/ Tax Rate - 3 Yr. Avg. 4.5%
Payout Ratio 28.6%

GCAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GCAP stock intrinsic value calculation we used $412 million for the last fiscal year's total revenue generated by GAIN Capital Holdings. The default revenue input number comes from 2016 income statement of GAIN Capital Holdings. 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 GCAP 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 GCAP is calculated based on our internal credit rating of GAIN Capital Holdings, 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 GAIN Capital Holdings.
    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 GCAP stock the variable cost ratio is equal to 96.1%.

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 GCAP 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 4.9% for GAIN Capital Holdings.

Corporate tax rate of 27% is the nominal tax rate for GAIN Capital Holdings. 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 GCAP 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 GCAP are equal to 27.4%.

Life of production assets of 5 years is the average useful life of capital assets used in GAIN Capital Holdings 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 GCAP is equal to -286.4%. 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 - $294 million for GAIN Capital Holdings - 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 47.242 million for GAIN Capital Holdings 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 GAIN Capital Holdings at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
INTL INTL FCStone 41.00 172.64  str.buy
ETFC E*TRADE Financ 48.43 103.17  str.buy
ITG Investment Tec 18.72 5.48  str.sell
BGCP BGC Partners C 15.23 6.89  str.sell
AMRK A-Mark Preciou 15.04 2.17  str.sell
MKTX MarketAxess Ho 195.07 58.86  str.sell
TRI Thomson Reuter 44.38 40.64  hold

COMPANY NEWS

▶ GAIN Capital Launches AI-Enhanced Trading App, GetGo   [Dec-13-17 06:31AM  PR Newswire]
▶ GAIN Capital Announces Monthly Metrics for October 2017   [Nov-10-17 08:30AM  PR Newswire]
▶ Bitcoin Futures Are Coming To CME Group   [Oct-31-17 10:51AM  Benzinga]
▶ Here's Why Gain Capital Is Up 16% Today   [Oct-27-17 01:21PM  Motley Fool]
▶ Gain Capital reports 3Q loss   [Oct-26-17 06:35PM  Associated Press]
▶ GAIN Capital to Report Third Quarter 2017 Results   [Oct-19-17 04:05PM  PR Newswire]
▶ What Led E*TRADEs Fees and Service Revenues to Rise in 2Q17?   [Sep-12-17 10:37AM  Market Realist]
▶ GAIN Capital Announces Monthly Metrics for August 2017   [Sep-11-17 05:53PM  PR Newswire]
▶ Gain Capital posts 2Q profit   [Aug-04-17 03:15AM  Associated Press]
▶ GAIN Capital Reports Second Quarter 2017 Results   [Aug-03-17 04:01PM  PR Newswire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ GAIN Capital to Report Second Quarter 2017 Results   [Jul-20-17 08:30AM  PR Newswire]
▶ GAIN Capital Announces Monthly Metrics for June 2017   [Jul-10-17 08:30AM  PR Newswire]
▶ FOREX.com Launches New Web Trading Platform   [May-31-17 08:30AM  PR Newswire]
▶ Gain Capital reports 1Q loss   [May-04-17 05:36PM  Associated Press]
▶ GAIN Capital to Report First Quarter 2017 Results   [Apr-19-17 08:00AM  PR Newswire]
▶ GAIN Capital Announces Monthly Metrics for March 2017   [Apr-10-17 08:00AM  PR Newswire]
▶ 6 Stocks Trading Below Peter Lynch Value   [Apr-06-17 03:44PM  GuruFocus.com]
▶ Crude Bucks Choppy Trend - Dave's Daily Dive   [Apr-04-17 07:52PM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 14th   [Mar-14-17 10:32AM  Zacks]
▶ Gain Capital posts 4Q profit   [05:34PM  Associated Press]
▶ FXCM Exits American Market, Stock Crashes   [Feb-08-17 09:38AM  at Investopedia]
Financial statements of GCAP
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.