Intrinsic value of Houghton Mifflin Harcourt - HMHC

Previous Close

$10.15

  Intrinsic Value

$1.09

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

-30%

Previous close

$10.15

 
Intrinsic value

$1.09

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

-30%

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

We calculate the intrinsic value of HMHC 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 1.3

 

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, %
  -3.04
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  1,373
  1,480
  1,591
  1,707
  1,827
  1,952
  2,082
  2,217
  2,358
  2,504
  2,656
  2,815
  2,981
  3,153
  3,333
  3,521
  3,718
  3,923
  4,137
  4,362
  4,596
  4,842
  5,099
  5,368
  5,649
  5,944
  6,253
  6,577
  6,917
  7,273
  7,646
Variable operating expenses, $m
 
  1,598
  1,713
  1,831
  1,955
  2,083
  2,217
  2,355
  2,500
  2,650
  2,806
  2,891
  3,061
  3,238
  3,423
  3,616
  3,818
  4,029
  4,249
  4,479
  4,720
  4,972
  5,236
  5,512
  5,802
  6,105
  6,422
  6,755
  7,104
  7,469
  7,853
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
  1,683
  1,598
  1,713
  1,831
  1,955
  2,083
  2,217
  2,355
  2,500
  2,650
  2,806
  2,891
  3,061
  3,238
  3,423
  3,616
  3,818
  4,029
  4,249
  4,479
  4,720
  4,972
  5,236
  5,512
  5,802
  6,105
  6,422
  6,755
  7,104
  7,469
  7,853
Operating income, $m
  -311
  -118
  -121
  -124
  -128
  -131
  -134
  -138
  -142
  -146
  -150
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -169
  -177
  -187
  -196
  -206
EBITDA, $m
  -13
  90
  97
  104
  111
  119
  127
  135
  143
  152
  162
  171
  181
  192
  203
  214
  226
  239
  252
  265
  280
  295
  310
  326
  344
  362
  380
  400
  421
  442
  465
Interest expense (income), $m
  35
  34
  41
  48
  55
  62
  69
  77
  85
  94
  103
  112
  122
  132
  142
  153
  164
  176
  189
  201
  215
  229
  244
  260
  276
  293
  311
  329
  349
  369
  391
Earnings before tax, $m
  -350
  -153
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -240
  -253
  -188
  -202
  -217
  -232
  -248
  -265
  -282
  -300
  -319
  -339
  -360
  -382
  -404
  -428
  -453
  -479
  -507
  -535
  -566
  -597
Tax expense, $m
  -65
  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
  -285
  -153
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -240
  -253
  -188
  -202
  -217
  -232
  -248
  -265
  -282
  -300
  -319
  -339
  -360
  -382
  -404
  -428
  -453
  -479
  -507
  -535
  -566
  -597

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  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
  2,731
  2,615
  2,812
  3,016
  3,228
  3,449
  3,679
  3,917
  4,166
  4,424
  4,693
  4,974
  5,266
  5,571
  5,889
  6,221
  6,568
  6,931
  7,310
  7,706
  8,120
  8,554
  9,008
  9,483
  9,981
  10,502
  11,049
  11,621
  12,221
  12,850
  13,509
Adjusted assets (=assets-cash), $m
  2,424
  2,615
  2,812
  3,016
  3,228
  3,449
  3,679
  3,917
  4,166
  4,424
  4,693
  4,974
  5,266
  5,571
  5,889
  6,221
  6,568
  6,931
  7,310
  7,706
  8,120
  8,554
  9,008
  9,483
  9,981
  10,502
  11,049
  11,621
  12,221
  12,850
  13,509
Revenue / Adjusted assets
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
Average production assets, $m
  1,205
  1,300
  1,397
  1,499
  1,604
  1,714
  1,828
  1,947
  2,070
  2,199
  2,332
  2,472
  2,617
  2,769
  2,927
  3,092
  3,264
  3,444
  3,633
  3,829
  4,035
  4,251
  4,477
  4,713
  4,960
  5,219
  5,491
  5,775
  6,073
  6,386
  6,713
Working capital, $m
  201
  -105
  -113
  -121
  -130
  -139
  -148
  -157
  -167
  -178
  -189
  -200
  -212
  -224
  -237
  -250
  -264
  -279
  -294
  -310
  -326
  -344
  -362
  -381
  -401
  -422
  -444
  -467
  -491
  -516
  -543
Total debt, $m
  773
  909
  1,059
  1,214
  1,376
  1,543
  1,718
  1,899
  2,088
  2,284
  2,489
  2,702
  2,924
  3,156
  3,398
  3,650
  3,914
  4,189
  4,477
  4,779
  5,094
  5,423
  5,768
  6,129
  6,508
  6,904
  7,319
  7,754
  8,210
  8,688
  9,189
Total liabilities, $m
  1,851
  1,987
  2,137
  2,292
  2,454
  2,621
  2,796
  2,977
  3,166
  3,362
  3,567
  3,780
  4,002
  4,234
  4,476
  4,728
  4,992
  5,267
  5,555
  5,857
  6,172
  6,501
  6,846
  7,207
  7,586
  7,982
  8,397
  8,832
  9,288
  9,766
  10,267
Total equity, $m
  880
  628
  675
  724
  775
  828
  883
  940
  1,000
  1,062
  1,126
  1,194
  1,264
  1,337
  1,413
  1,493
  1,576
  1,663
  1,754
  1,849
  1,949
  2,053
  2,162
  2,276
  2,395
  2,521
  2,652
  2,789
  2,933
  3,084
  3,242
Total liabilities and equity, $m
  2,731
  2,615
  2,812
  3,016
  3,229
  3,449
  3,679
  3,917
  4,166
  4,424
  4,693
  4,974
  5,266
  5,571
  5,889
  6,221
  6,568
  6,930
  7,309
  7,706
  8,121
  8,554
  9,008
  9,483
  9,981
  10,503
  11,049
  11,621
  12,221
  12,850
  13,509
Debt-to-equity ratio
  0.878
  1.450
  1.570
  1.680
  1.780
  1.860
  1.950
  2.020
  2.090
  2.150
  2.210
  2.260
  2.310
  2.360
  2.400
  2.440
  2.480
  2.520
  2.550
  2.580
  2.610
  2.640
  2.670
  2.690
  2.720
  2.740
  2.760
  2.780
  2.800
  2.820
  2.830
Adjusted equity ratio
  0.236
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -285
  -153
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -240
  -253
  -188
  -202
  -217
  -232
  -248
  -265
  -282
  -300
  -319
  -339
  -360
  -382
  -404
  -428
  -453
  -479
  -507
  -535
  -566
  -597
Depreciation, amort., depletion, $m
  298
  208
  218
  228
  239
  250
  261
  273
  285
  298
  312
  247
  262
  277
  293
  309
  326
  344
  363
  383
  404
  425
  448
  471
  496
  522
  549
  578
  607
  639
  671
Funds from operations, $m
  188
  56
  56
  56
  57
  57
  57
  58
  58
  58
  59
  59
  60
  60
  61
  61
  62
  62
  63
  64
  65
  65
  66
  67
  68
  69
  70
  71
  72
  73
  74
Change in working capital, $m
  44
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
Cash from operations, $m
  144
  63
  64
  64
  65
  66
  66
  67
  68
  69
  70
  71
  71
  72
  74
  75
  76
  77
  78
  80
  81
  83
  84
  86
  88
  90
  92
  94
  96
  98
  101
Maintenance CAPEX, $m
  0
  -121
  -130
  -140
  -150
  -160
  -171
  -183
  -195
  -207
  -220
  -233
  -247
  -262
  -277
  -293
  -309
  -326
  -344
  -363
  -383
  -404
  -425
  -448
  -471
  -496
  -522
  -549
  -578
  -607
  -639
New CAPEX, $m
  -230
  -95
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -128
  -134
  -139
  -145
  -152
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -236
  -247
  -259
  -271
  -284
  -298
  -313
  -328
Cash from investing activities, $m
  -114
  -216
  -228
  -242
  -256
  -270
  -285
  -302
  -318
  -335
  -354
  -372
  -392
  -414
  -435
  -458
  -481
  -506
  -532
  -560
  -589
  -620
  -651
  -684
  -718
  -755
  -793
  -833
  -876
  -920
  -967
Free cash flow, $m
  30
  -152
  -164
  -177
  -190
  -204
  -219
  -234
  -250
  -267
  -284
  -302
  -321
  -341
  -361
  -383
  -406
  -429
  -454
  -480
  -508
  -536
  -566
  -598
  -631
  -665
  -702
  -740
  -780
  -822
  -866
Issuance/(repayment) of debt, $m
  -8
  144
  149
  155
  161
  168
  174
  181
  189
  196
  205
  213
  222
  232
  242
  252
  264
  275
  288
  301
  315
  330
  345
  361
  378
  396
  415
  435
  456
  478
  501
Issuance/(repurchase) of shares, $m
  -28
  199
  209
  221
  233
  246
  259
  273
  287
  302
  317
  255
  272
  290
  308
  328
  348
  369
  391
  414
  438
  464
  490
  518
  548
  578
  610
  644
  679
  717
  755
Cash from financing (excl. dividends), $m  
  -38
  343
  358
  376
  394
  414
  433
  454
  476
  498
  522
  468
  494
  522
  550
  580
  612
  644
  679
  715
  753
  794
  835
  879
  926
  974
  1,025
  1,079
  1,135
  1,195
  1,256
Total cash flow (excl. dividends), $m
  -8
  192
  195
  199
  204
  209
  214
  220
  226
  232
  238
  166
  173
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  324
  339
  356
  373
  391
Retained Cash Flow (-), $m
  318
  -199
  -209
  -221
  -233
  -246
  -259
  -273
  -287
  -302
  -317
  -255
  -272
  -290
  -308
  -328
  -348
  -369
  -391
  -414
  -438
  -464
  -490
  -518
  -548
  -578
  -610
  -644
  -679
  -717
  -755
Prev. year cash balance distribution, $m
 
  299
  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
 
  292
  -14
  -22
  -29
  -37
  -45
  -53
  -61
  -70
  -79
  -89
  -99
  -109
  -120
  -131
  -142
  -154
  -166
  -179
  -193
  -207
  -221
  -237
  -253
  -269
  -287
  -305
  -324
  -344
  -364
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  274
  -13
  -18
  -22
  -25
  -28
  -30
  -31
  -32
  -31
  -30
  -29
  -27
  -25
  -22
  -20
  -17
  -15
  -12
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  81.0
  65.9
  53.8
  44.1
  36.2
  29.8
  24.6
  20.3
  16.8
  14.0
  12.1
  10.5
  9.0
  7.8
  6.7
  5.8
  5.0
  4.3
  3.7
  3.2
  2.7
  2.4
  2.0
  1.7
  1.5
  1.3
  1.1
  0.9
  0.8
  0.7

Houghton Mifflin Harcourt Company provides content, services, and technology solutions for educational institutions and consumers. It primarily delivers kindergarten through 12th grade (K-12) education content. The company operates in two segments, Education and Trade Publishing. The Education segment offers various comprehensive curriculum programs that focus on reading, literature and language arts, mathematics, science, world languages, and social studies for the pre-K-12 market; and comprehensive intervention solutions for assisting English language learners, as well as products providing incremental instruction in a particular subject area. It also provides professional books and developmental resources to pre-K-12 teachers; and consulting services, such as learning resources that are supported with professional development in classroom assessment, digital implementation, teacher effectiveness, and high-impact leadership. In addition, this segment offers district and state level solutions focused on cognitive and formative assessment tools, and platform solutions; sells educational solutions; and provides early learning services. The Trade Publishing segment develops, markets, and sells consumer books in print and digital format, as well as licenses book rights to other publishers and electronic businesses. This segment provides a library of general interest, young readers, and reference materials, including adult and childrenÂ’s fiction and non-fiction books. Houghton Mifflin Harcourt Company serves approximately 50 million students in approximately 150 countries worldwide. The company was formerly known as HMH Holdings (Delaware), Inc. and changed its name to Houghton Mifflin Harcourt Company in October 2013. Houghton Mifflin Harcourt Company was founded in 1832 and is headquartered in Boston, Massachusetts.

FINANCIAL RATIOS  of  Houghton Mifflin Harcourt (HMHC)

Valuation Ratios
P/E Ratio -4.4
Price to Sales 0.9
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow -14.5
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio 38
Current Ratio 0
LT Debt to Equity 86.9%
Total Debt to Equity 87.8%
Interest Coverage -9
Management Effectiveness
Return On Assets -8.8%
Ret/ On Assets - 3 Yr. Avg. -5.3%
Return On Total Capital -15.7%
Ret/ On T. Cap. - 3 Yr. Avg. -9.3%
Return On Equity -27.4%
Return On Equity - 3 Yr. Avg. -14.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 41.1%
EBITDA Margin -1.2%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin -22.6%
Oper. Margin - 3 Yr. Avg. -12.4%
Pre-Tax Margin -25.5%
Pre-Tax Margin - 3 Yr. Avg. -14.7%
Net Profit Margin -20.8%
Net Profit Margin - 3 Yr. Avg. -12.8%
Effective Tax Rate 18.6%
Eff/ Tax Rate - 3 Yr. Avg. 8.6%
Payout Ratio 0%

HMHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HMHC stock intrinsic value calculation we used $1373 million for the last fiscal year's total revenue generated by Houghton Mifflin Harcourt. The default revenue input number comes from 2016 income statement of Houghton Mifflin Harcourt. 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 HMHC stock valuation model: a) initial revenue growth rate of 7.8% 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 6.3%, whose default value for HMHC is calculated based on our internal credit rating of Houghton Mifflin Harcourt, 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 Houghton Mifflin Harcourt.
    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 HMHC stock the variable cost ratio is equal to 108.4%.

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 HMHC 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 4.5% for Houghton Mifflin Harcourt.

Corporate tax rate of 27% is the nominal tax rate for Houghton Mifflin Harcourt. 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 HMHC 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 HMHC are equal to 87.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Houghton Mifflin Harcourt 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 HMHC is equal to -7.1%. 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 - $880 million for Houghton Mifflin Harcourt - 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 126.364 million for Houghton Mifflin Harcourt 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 Houghton Mifflin Harcourt at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Houghton Mifflin reports 2Q loss   [Aug-03-17 10:33PM  Associated Press]
▶ Publisher Houghton Mifflin may see gains -Barron's   [May-14-17 07:44PM  Reuters]
▶ [$$] Better Chapter Ahead For Houghton Mifflin   [May-13-17 12:29AM  Barrons.com]
▶ Why Shares of Houghton Mifflin Harcourt Surged Today   [May-04-17 01:26PM  Motley Fool]
▶ Houghton Mifflin reports 1Q loss   [08:37AM  Associated Press]
▶ Houghton Mifflin plans to cut hundreds of employees   [Apr-19-17 03:30PM  American City Business Journals]
▶ 5 companies on the radar of a top stock buyback expert   [Mar-21-17 05:18AM  MarketWatch]
▶ Houghton Mifflin reports 4Q loss   [08:05AM  Associated Press]
▶ Houghton Mifflin Harcourt recruits new CEO from Google-backed firm   [Feb-15-17 03:05PM  at bizjournals.com]
▶ FPA Capital Funds Best and Worst Performers From Q4   [Feb-08-17 12:34PM  at Insider Monkey]
▶ [$$] For Large Stock Gains, Think Small   [Dec-17-16 12:01AM  at Barrons.com]
▶ Hedge Funds Are Dumping Houghton Mifflin Harcourt Co (HMHC)   [Dec-09-16 08:44AM  at Insider Monkey]
▶ Glenhill Advisors Top Consumer Stocks For This Quarter   [Sep-26-16 11:46AM  at Insider Monkey]
▶ Houghton Mifflin Harcourt CEO Zecher resigns   [Sep-22-16 04:33PM  at MarketWatch]
Stock chart of HMHC Financial statements of HMHC
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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