Intrinsic value of Internet Gold-Golden Lines - IGLD

Previous Close

$7.71

  Intrinsic Value

$44.41

stock screener

  Rating & Target

str. buy

+476%

Previous close

$7.71

 
Intrinsic value

$44.41

 
Up/down potential

+476%

 
Rating

str. buy

We calculate the intrinsic value of IGLD 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, %
  1.00
  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
  2,728
  2,783
  2,847
  2,920
  3,002
  3,093
  3,193
  3,301
  3,419
  3,546
  3,682
  3,828
  3,983
  4,148
  4,324
  4,511
  4,708
  4,918
  5,139
  5,373
  5,620
  5,880
  6,155
  6,444
  6,749
  7,071
  7,409
  7,765
  8,140
  8,534
  8,949
Variable operating expenses, $m
 
  2,219
  2,268
  2,324
  2,387
  2,457
  2,534
  2,617
  2,707
  2,805
  2,909
  2,938
  3,057
  3,184
  3,319
  3,462
  3,614
  3,775
  3,945
  4,124
  4,314
  4,514
  4,724
  4,947
  5,181
  5,428
  5,687
  5,961
  6,248
  6,551
  6,869
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
  2,224
  2,219
  2,268
  2,324
  2,387
  2,457
  2,534
  2,617
  2,707
  2,805
  2,909
  2,938
  3,057
  3,184
  3,319
  3,462
  3,614
  3,775
  3,945
  4,124
  4,314
  4,514
  4,724
  4,947
  5,181
  5,428
  5,687
  5,961
  6,248
  6,551
  6,869
Operating income, $m
  503
  564
  579
  596
  615
  636
  659
  684
  712
  741
  773
  889
  926
  964
  1,005
  1,048
  1,094
  1,143
  1,194
  1,249
  1,306
  1,366
  1,430
  1,498
  1,568
  1,643
  1,722
  1,805
  1,892
  1,983
  2,080
EBITDA, $m
  1,088
  1,114
  1,139
  1,169
  1,202
  1,238
  1,278
  1,322
  1,369
  1,419
  1,474
  1,532
  1,594
  1,661
  1,731
  1,806
  1,885
  1,969
  2,057
  2,151
  2,249
  2,354
  2,464
  2,580
  2,702
  2,830
  2,966
  3,108
  3,258
  3,416
  3,582
Interest expense (income), $m
  262
  217
  194
  201
  209
  218
  227
  238
  250
  262
  276
  291
  306
  323
  341
  359
  379
  401
  423
  447
  472
  498
  526
  555
  587
  619
  654
  690
  728
  768
  810
Earnings before tax, $m
  238
  346
  384
  395
  406
  418
  432
  446
  462
  479
  497
  599
  619
  641
  664
  689
  715
  742
  771
  802
  834
  868
  904
  942
  982
  1,024
  1,068
  1,115
  1,164
  1,215
  1,269
Tax expense, $m
  119
  93
  104
  107
  110
  113
  117
  120
  125
  129
  134
  162
  167
  173
  179
  186
  193
  200
  208
  217
  225
  234
  244
  254
  265
  276
  288
  301
  314
  328
  343
Net income, $m
  -55
  253
  281
  288
  296
  305
  315
  326
  337
  349
  363
  437
  452
  468
  485
  503
  522
  542
  563
  585
  609
  634
  660
  688
  717
  747
  780
  814
  849
  887
  926

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  555
  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
  5,552
  5,096
  5,213
  5,347
  5,498
  5,665
  5,847
  6,047
  6,262
  6,494
  6,744
  7,010
  7,295
  7,598
  7,920
  8,261
  8,623
  9,007
  9,412
  9,840
  10,292
  10,769
  11,272
  11,803
  12,361
  12,950
  13,570
  14,222
  14,908
  15,630
  16,389
Adjusted assets (=assets-cash), $m
  4,997
  5,096
  5,213
  5,347
  5,498
  5,665
  5,847
  6,047
  6,262
  6,494
  6,744
  7,010
  7,295
  7,598
  7,920
  8,261
  8,623
  9,007
  9,412
  9,840
  10,292
  10,769
  11,272
  11,803
  12,361
  12,950
  13,570
  14,222
  14,908
  15,630
  16,389
Revenue / Adjusted assets
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
Average production assets, $m
  3,069
  3,130
  3,202
  3,285
  3,377
  3,479
  3,592
  3,714
  3,847
  3,989
  4,142
  4,306
  4,481
  4,667
  4,865
  5,075
  5,297
  5,532
  5,781
  6,044
  6,322
  6,615
  6,924
  7,250
  7,593
  7,954
  8,335
  8,736
  9,157
  9,601
  10,067
Working capital, $m
  -9
  28
  28
  29
  30
  31
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  67
  71
  74
  78
  81
  85
  89
Total debt, $m
  3,901
  2,988
  3,093
  3,214
  3,349
  3,499
  3,664
  3,843
  4,037
  4,246
  4,470
  4,710
  4,966
  5,239
  5,529
  5,836
  6,162
  6,507
  6,872
  7,257
  7,664
  8,093
  8,546
  9,023
  9,526
  10,056
  10,614
  11,201
  11,818
  12,468
  13,151
Total liabilities, $m
  5,500
  4,587
  4,692
  4,813
  4,948
  5,098
  5,263
  5,442
  5,636
  5,845
  6,069
  6,309
  6,565
  6,838
  7,128
  7,435
  7,761
  8,106
  8,471
  8,856
  9,263
  9,692
  10,145
  10,622
  11,125
  11,655
  12,213
  12,800
  13,417
  14,067
  14,750
Total equity, $m
  52
  510
  521
  535
  550
  566
  585
  605
  626
  649
  674
  701
  729
  760
  792
  826
  862
  901
  941
  984
  1,029
  1,077
  1,127
  1,180
  1,236
  1,295
  1,357
  1,422
  1,491
  1,563
  1,639
Total liabilities and equity, $m
  5,552
  5,097
  5,213
  5,348
  5,498
  5,664
  5,848
  6,047
  6,262
  6,494
  6,743
  7,010
  7,294
  7,598
  7,920
  8,261
  8,623
  9,007
  9,412
  9,840
  10,292
  10,769
  11,272
  11,802
  12,361
  12,950
  13,570
  14,222
  14,908
  15,630
  16,389
Debt-to-equity ratio
  75.019
  5.860
  5.930
  6.010
  6.090
  6.180
  6.270
  6.360
  6.450
  6.540
  6.630
  6.720
  6.810
  6.900
  6.980
  7.060
  7.150
  7.220
  7.300
  7.380
  7.450
  7.520
  7.580
  7.650
  7.710
  7.770
  7.820
  7.880
  7.930
  7.980
  8.020
Adjusted equity ratio
  -0.101
  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
  -55
  253
  281
  288
  296
  305
  315
  326
  337
  349
  363
  437
  452
  468
  485
  503
  522
  542
  563
  585
  609
  634
  660
  688
  717
  747
  780
  814
  849
  887
  926
Depreciation, amort., depletion, $m
  585
  550
  561
  573
  587
  602
  619
  637
  657
  678
  701
  643
  669
  697
  726
  757
  791
  826
  863
  902
  944
  987
  1,033
  1,082
  1,133
  1,187
  1,244
  1,304
  1,367
  1,433
  1,503
Funds from operations, $m
  911
  803
  841
  861
  883
  907
  934
  963
  994
  1,028
  1,064
  1,080
  1,121
  1,165
  1,211
  1,260
  1,312
  1,368
  1,426
  1,488
  1,553
  1,621
  1,694
  1,770
  1,850
  1,935
  2,024
  2,118
  2,216
  2,320
  2,429
Change in working capital, $m
  -24
  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
  4
  4
  4
  4
Cash from operations, $m
  935
  802
  841
  860
  882
  907
  933
  962
  993
  1,027
  1,062
  1,078
  1,119
  1,163
  1,209
  1,258
  1,310
  1,365
  1,424
  1,485
  1,550
  1,619
  1,691
  1,767
  1,847
  1,931
  2,020
  2,114
  2,212
  2,316
  2,425
Maintenance CAPEX, $m
  0
  -458
  -467
  -478
  -490
  -504
  -519
  -536
  -554
  -574
  -595
  -618
  -643
  -669
  -697
  -726
  -757
  -791
  -826
  -863
  -902
  -944
  -987
  -1,033
  -1,082
  -1,133
  -1,187
  -1,244
  -1,304
  -1,367
  -1,433
New CAPEX, $m
  -383
  -61
  -72
  -82
  -92
  -102
  -112
  -122
  -132
  -143
  -153
  -164
  -175
  -186
  -198
  -210
  -222
  -235
  -249
  -263
  -278
  -293
  -309
  -326
  -343
  -361
  -381
  -401
  -422
  -443
  -466
Cash from investing activities, $m
  -280
  -519
  -539
  -560
  -582
  -606
  -631
  -658
  -686
  -717
  -748
  -782
  -818
  -855
  -895
  -936
  -979
  -1,026
  -1,075
  -1,126
  -1,180
  -1,237
  -1,296
  -1,359
  -1,425
  -1,494
  -1,568
  -1,645
  -1,726
  -1,810
  -1,899
Free cash flow, $m
  655
  283
  302
  300
  300
  300
  301
  303
  306
  310
  314
  296
  302
  308
  315
  322
  331
  339
  349
  359
  370
  382
  394
  408
  422
  437
  453
  469
  487
  506
  525
Issuance/(repayment) of debt, $m
  -221
  -358
  105
  121
  135
  150
  165
  179
  194
  209
  224
  240
  256
  273
  290
  307
  326
  345
  365
  385
  407
  429
  453
  477
  503
  530
  558
  587
  618
  650
  683
Issuance/(repurchase) of shares, $m
  0
  205
  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  
  -603
  -153
  105
  121
  135
  150
  165
  179
  194
  209
  224
  240
  256
  273
  290
  307
  326
  345
  365
  385
  407
  429
  453
  477
  503
  530
  558
  587
  618
  650
  683
Total cash flow (excl. dividends), $m
  52
  129
  407
  421
  435
  450
  466
  483
  500
  519
  538
  536
  558
  581
  605
  630
  656
  684
  714
  745
  777
  811
  847
  885
  925
  966
  1,010
  1,056
  1,105
  1,156
  1,209
Retained Cash Flow (-), $m
  -77
  -458
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
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
 
  -328
  395
  407
  420
  433
  448
  463
  479
  496
  513
  510
  530
  550
  573
  596
  620
  646
  673
  702
  732
  764
  797
  832
  869
  908
  948
  991
  1,036
  1,083
  1,133
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  -297
  321
  294
  267
  239
  212
  186
  161
  137
  115
  91
  74
  59
  47
  36
  27
  20
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9
  41.9

Internet Gold-Golden Lines Ltd. is a communications company. The Company's subsidiary is B Communications Ltd. (B Communications). Its principal asset is its controlling interest through B Communications in Bezeq-The Israel Telecommunications Corp., Ltd. (Bezeq). Its segments include Domestic Fixed-Line Communications (Bezeq), which is the provider of fixed-line telephony and fixed-line broadband Internet infrastructure access services; Cellular Communications (Pelephone Communications Ltd.), which is a cellular telephony services provider; International Communications and Internet Services (Bezeq International Ltd.), which is the provider of Internet service provider (ISP) services and provider of international telephony and international and domestic data transfer, and network services, and Multi-Channel Television (DBS Satellite Services (1998) Ltd.), which offers nationwide coverage through its Direct to Home technology and provides multi-channel pay television broadcasts.

FINANCIAL RATIOS  of  Internet Gold-Golden Lines (IGLD)

Valuation Ratios
P/E Ratio -2.7
Price to Sales 0.1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 0.2
Price to Free Cash Flow 0.3
Growth Rates
Sales Growth Rate 1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.3%
Cap. Spend. - 3 Yr. Gr. Rate 2.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 6367.3%
Total Debt to Equity 7501.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital -1.4%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity -407.4%
Return On Equity - 3 Yr. Avg. -131.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 39.8%
EBITDA Margin - 3 Yr. Avg. 43.9%
Operating Margin 18.5%
Oper. Margin - 3 Yr. Avg. 22.4%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 14%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. -0.8%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

IGLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IGLD stock intrinsic value calculation we used $2728 million for the last fiscal year's total revenue generated by Internet Gold-Golden Lines. The default revenue input number comes from 2016 income statement of Internet Gold-Golden Lines. 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 IGLD 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 10.4%, whose default value for IGLD is calculated based on our internal credit rating of Internet Gold-Golden Lines, 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 Internet Gold-Golden Lines.
    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 IGLD stock the variable cost ratio is equal to 79.8%.

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 IGLD 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 6.5% for Internet Gold-Golden Lines.

Corporate tax rate of 27% is the nominal tax rate for Internet Gold-Golden Lines. 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 IGLD 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 IGLD are equal to 112.5%.

Life of production assets of 6.7 years is the average useful life of capital assets used in Internet Gold-Golden Lines 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 IGLD is equal to 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 - $52 million for Internet Gold-Golden Lines - 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 19.176 million for Internet Gold-Golden Lines 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 Internet Gold-Golden Lines at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Internet Gold posts 3Q profit   [Nov-30-17 07:24AM  Associated Press]
▶ Internet Gold posts 2Q profit   [Aug-31-17 11:00PM  Associated Press]
▶ Internet Gold posts 1Q profit   [May-18-17 07:02AM  Associated Press]
▶ Gold Bulls In Control After Brexit (GLD, PHYS)   [Jun-27-16 12:32PM  Investopedia]
▶ Gold Bulls In Control After Brexit (GLD, PHYS)   [12:32PM  at Investopedia]
▶ INTERNET GOLD GOLDEN LINES LTD Financials   [01:04PM  EDGAR Online Financials]
▶ The Top 5 Micro Cap Technology Stocks for 2016 (IGLD,NCIT)   [Jan-26-16 07:24AM  at Investopedia]
▶ Internet Gold posts 3Q profit   [Nov-19  07:23AM  AP]
▶ B Communications Announces Payment of Dividend   [Aug-31  06:20AM  Business Wire]
▶ Premarkets: Stocks steadier after Syria sell-off   [Aug-28  07:15AM  at CNNMoney.com]
▶ Bezeqs Mizrahi Seeks to Keep Dividend While Cutting Debt   [May-30  03:36AM  at Bloomberg]
Financial statements of IGLD
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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