Intrinsic value of Information Services Group - III

Previous Close

$3.65

  Intrinsic Value

$20.44

stock screener

  Rating & Target

str. buy

+460%

  Value-price divergence*

+11%

Previous close

$3.65

 
Intrinsic value

$20.44

 
Up/down potential

+460%

 
Rating

str. buy

 
Value-price divergence*

+11%

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

We calculate the intrinsic value of III 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, %
  3.83
  34.00
  31.10
  28.49
  26.14
  24.03
  22.12
  20.41
  18.87
  17.48
  16.24
  15.11
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
Revenue, $m
  217
  291
  381
  490
  618
  766
  936
  1,127
  1,340
  1,574
  1,829
  2,106
  2,403
  2,719
  3,056
  3,411
  3,786
  4,178
  4,589
  5,019
  5,466
  5,932
  6,417
  6,921
  7,445
  7,990
  8,555
  9,144
  9,755
  10,391
  11,052
Variable operating expenses, $m
 
  276
  359
  459
  577
  713
  869
  1,045
  1,240
  1,455
  1,690
  1,936
  2,209
  2,500
  2,810
  3,136
  3,480
  3,842
  4,219
  4,614
  5,025
  5,454
  5,900
  6,363
  6,845
  7,345
  7,866
  8,406
  8,968
  9,553
  10,161
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
  219
  276
  359
  459
  577
  713
  869
  1,045
  1,240
  1,455
  1,690
  1,936
  2,209
  2,500
  2,810
  3,136
  3,480
  3,842
  4,219
  4,614
  5,025
  5,454
  5,900
  6,363
  6,845
  7,345
  7,866
  8,406
  8,968
  9,553
  10,161
Operating income, $m
  -3
  15
  22
  31
  41
  53
  67
  82
  99
  118
  139
  170
  194
  219
  246
  275
  305
  337
  370
  405
  441
  478
  517
  558
  600
  644
  690
  737
  787
  838
  891
EBITDA, $m
  5
  27
  35
  45
  57
  71
  86
  104
  123
  145
  169
  194
  221
  251
  282
  314
  349
  385
  423
  462
  504
  547
  591
  638
  686
  736
  788
  843
  899
  957
  1,018
Interest expense (income), $m
  2
  4
  6
  9
  12
  15
  19
  24
  29
  35
  42
  49
  56
  65
  73
  83
  93
  103
  114
  125
  137
  150
  163
  176
  190
  205
  220
  235
  252
  269
  286
Earnings before tax, $m
  -5
  11
  16
  22
  30
  38
  48
  58
  70
  83
  97
  121
  137
  155
  173
  192
  213
  234
  256
  279
  304
  329
  355
  382
  410
  440
  470
  502
  535
  569
  605
Tax expense, $m
  1
  3
  4
  6
  8
  10
  13
  16
  19
  22
  26
  33
  37
  42
  47
  52
  57
  63
  69
  75
  82
  89
  96
  103
  111
  119
  127
  136
  144
  154
  163
Net income, $m
  -7
  8
  12
  16
  22
  28
  35
  43
  51
  61
  71
  88
  100
  113
  126
  140
  155
  171
  187
  204
  222
  240
  259
  279
  300
  321
  343
  366
  390
  416
  442

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  235
  279
  366
  471
  594
  736
  899
  1,083
  1,287
  1,512
  1,757
  2,023
  2,308
  2,612
  2,936
  3,277
  3,637
  4,014
  4,409
  4,821
  5,251
  5,699
  6,164
  6,649
  7,152
  7,675
  8,219
  8,783
  9,371
  9,981
  10,617
Adjusted assets (=assets-cash), $m
  201
  279
  366
  471
  594
  736
  899
  1,083
  1,287
  1,512
  1,757
  2,023
  2,308
  2,612
  2,936
  3,277
  3,637
  4,014
  4,409
  4,821
  5,251
  5,699
  6,164
  6,649
  7,152
  7,675
  8,219
  8,783
  9,371
  9,981
  10,617
Revenue / Adjusted assets
  1.080
  1.043
  1.041
  1.040
  1.040
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
  1.041
Average production assets, $m
  28
  38
  49
  63
  80
  99
  121
  145
  173
  203
  236
  272
  310
  351
  394
  440
  488
  539
  592
  647
  705
  765
  828
  893
  960
  1,031
  1,104
  1,180
  1,258
  1,340
  1,426
Working capital, $m
  54
  35
  46
  59
  74
  92
  112
  135
  161
  189
  220
  253
  288
  326
  367
  409
  454
  501
  551
  602
  656
  712
  770
  831
  893
  959
  1,027
  1,097
  1,171
  1,247
  1,326
Total debt, $m
  122
  174
  246
  332
  434
  551
  686
  837
  1,006
  1,191
  1,394
  1,613
  1,848
  2,099
  2,366
  2,648
  2,944
  3,255
  3,581
  3,921
  4,276
  4,645
  5,030
  5,429
  5,844
  6,276
  6,724
  7,190
  7,675
  8,179
  8,703
Total liabilities, $m
  178
  230
  302
  388
  490
  607
  742
  893
  1,062
  1,247
  1,450
  1,669
  1,904
  2,155
  2,422
  2,704
  3,000
  3,311
  3,637
  3,977
  4,332
  4,701
  5,086
  5,485
  5,900
  6,332
  6,780
  7,246
  7,731
  8,235
  8,759
Total equity, $m
  57
  49
  64
  82
  104
  129
  157
  189
  225
  265
  308
  354
  404
  457
  514
  573
  636
  702
  772
  844
  919
  997
  1,079
  1,164
  1,252
  1,343
  1,438
  1,537
  1,640
  1,747
  1,858
Total liabilities and equity, $m
  235
  279
  366
  470
  594
  736
  899
  1,082
  1,287
  1,512
  1,758
  2,023
  2,308
  2,612
  2,936
  3,277
  3,636
  4,013
  4,409
  4,821
  5,251
  5,698
  6,165
  6,649
  7,152
  7,675
  8,218
  8,783
  9,371
  9,982
  10,617
Debt-to-equity ratio
  2.140
  3.570
  3.840
  4.030
  4.180
  4.280
  4.360
  4.420
  4.470
  4.500
  4.530
  4.560
  4.580
  4.590
  4.610
  4.620
  4.630
  4.630
  4.640
  4.650
  4.650
  4.660
  4.660
  4.670
  4.670
  4.670
  4.680
  4.680
  4.680
  4.680
  4.680
Adjusted equity ratio
  0.114
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  8
  12
  16
  22
  28
  35
  43
  51
  61
  71
  88
  100
  113
  126
  140
  155
  171
  187
  204
  222
  240
  259
  279
  300
  321
  343
  366
  390
  416
  442
Depreciation, amort., depletion, $m
  8
  12
  13
  14
  16
  17
  19
  22
  24
  27
  30
  24
  28
  31
  35
  39
  44
  48
  53
  58
  63
  68
  74
  80
  86
  92
  99
  105
  112
  120
  127
Funds from operations, $m
  15
  20
  25
  31
  37
  45
  54
  64
  75
  87
  101
  113
  128
  144
  161
  180
  199
  219
  240
  262
  285
  308
  333
  359
  385
  413
  442
  472
  503
  535
  569
Change in working capital, $m
  4
  9
  11
  13
  15
  18
  20
  23
  26
  28
  31
  33
  36
  38
  40
  43
  45
  47
  49
  52
  54
  56
  58
  60
  63
  65
  68
  71
  73
  76
  79
Cash from operations, $m
  11
  11
  14
  17
  22
  27
  34
  41
  50
  59
  70
  79
  92
  106
  121
  137
  154
  172
  191
  210
  231
  252
  275
  298
  322
  348
  374
  401
  429
  459
  489
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -6
  -7
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -28
  -31
  -35
  -39
  -44
  -48
  -53
  -58
  -63
  -68
  -74
  -80
  -86
  -92
  -99
  -105
  -112
  -120
New CAPEX, $m
  -2
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -27
  -30
  -33
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
Cash from investing activities, $m
  -58
  -13
  -15
  -18
  -23
  -26
  -31
  -36
  -40
  -45
  -51
  -57
  -62
  -69
  -74
  -81
  -87
  -95
  -101
  -108
  -116
  -123
  -131
  -139
  -148
  -156
  -165
  -175
  -184
  -194
  -205
Free cash flow, $m
  -47
  -1
  -1
  -1
  0
  1
  3
  6
  9
  14
  19
  23
  30
  38
  46
  56
  66
  77
  89
  102
  115
  129
  144
  159
  175
  192
  209
  227
  245
  265
  284
Issuance/(repayment) of debt, $m
  67
  58
  72
  86
  101
  118
  134
  151
  169
  186
  202
  219
  235
  251
  267
  282
  297
  311
  326
  340
  355
  369
  384
  400
  415
  432
  448
  466
  485
  504
  524
Issuance/(repurchase) of shares, $m
  1
  5
  3
  2
  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  
  64
  63
  75
  88
  101
  118
  134
  151
  169
  186
  202
  219
  235
  251
  267
  282
  297
  311
  326
  340
  355
  369
  384
  400
  415
  432
  448
  466
  485
  504
  524
Total cash flow (excl. dividends), $m
  17
  62
  74
  87
  101
  119
  137
  157
  178
  199
  221
  242
  265
  289
  313
  338
  363
  389
  415
  442
  470
  499
  528
  559
  590
  623
  657
  693
  730
  768
  809
Retained Cash Flow (-), $m
  -11
  -12
  -15
  -18
  -22
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -53
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
Prev. year cash balance distribution, $m
 
  21
  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
 
  70
  59
  69
  80
  94
  109
  125
  142
  160
  178
  195
  215
  235
  256
  278
  300
  323
  346
  370
  395
  420
  447
  474
  502
  532
  562
  594
  627
  662
  698
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  64
  49
  52
  54
  56
  57
  56
  55
  52
  48
  43
  39
  34
  29
  24
  19
  15
  12
  9
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.8
  91.8
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6

Information Services Group, Inc., together with its subsidiaries, provides technology insights, market intelligence, and advisory services in the Americas, Europe, and the Asia Pacific. It supports private and public sector organizations to transform and optimize their operational environments through research, benchmarking, consulting, and managed services with a focus on information technology, business process transformation, program management services, and enterprise resource planning. The company serves private sector clients operating in the financial services, telecommunications, healthcare and pharmaceuticals, manufacturing, transportation and travel, and energy and utilities industries; and public sector customers comprising state and local governments, airport and transit authorities, and provincial government units. Information Services Group, Inc. was founded in 2006 and is headquartered in Stamford, Connecticut.

FINANCIAL RATIOS  of  Information Services Group (III)

Valuation Ratios
P/E Ratio -22
Price to Sales 0.7
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 203.5%
Total Debt to Equity 214%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.5%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital -5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity -13.6%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 38.7%
Gross Margin - 3 Yr. Avg. 40%
EBITDA Margin 2.3%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. 3.2%
Pre-Tax Margin -2.3%
Pre-Tax Margin - 3 Yr. Avg. 2.1%
Net Profit Margin -3.2%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate -20%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 0%

III stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the III stock intrinsic value calculation we used $217 million for the last fiscal year's total revenue generated by Information Services Group. The default revenue input number comes from 2016 income statement of Information Services Group. 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 III stock valuation model: a) initial revenue growth rate of 34% 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 9%, whose default value for III is calculated based on our internal credit rating of Information Services Group, 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 Information Services Group.
    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 III stock the variable cost ratio is equal to 95.9%.

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 III 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 Information Services Group.

Corporate tax rate of 27% is the nominal tax rate for Information Services Group. 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 III 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 III are equal to 12.9%.

Life of production assets of 11.2 years is the average useful life of capital assets used in Information Services Group 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 III is equal to 12%. 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 - $57 million for Information Services Group - 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 35.015 million for Information Services Group 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 Information Services Group at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ ISG Launches New Research Series on Service Providers   [Aug-08-17 11:39AM  PR Newswire]
▶ ISG reports 2Q loss   [Aug-07-17 11:58PM  Associated Press]
▶ ISG Focus Paper Explores 'Irrational Digital Exuberance'   [Jul-07-17 09:33AM  PR Newswire]
▶ ISG to Host Inaugural ISG Automation Summit   [Jul-05-17 09:00AM  PR Newswire]
▶ ISG Research: Automation and AI Use to Triple by 2019   [Jun-12-17 09:00AM  PR Newswire]
▶ ISG to Host 2017 Digital Business Summit Series   [May-30-17 12:01PM  PR Newswire]
▶ ISG Named HRO Today 'Thought Leader of the Year'   [May-10-17 11:47AM  PR Newswire]
▶ ISG reports 1Q loss   [May-08-17 04:45PM  Associated Press]
▶ ISG: RPA Increasing Productivity, Not Job Losses   [May-03-17 10:28AM  PR Newswire]
▶ ISG Report Evaluates FAO Providers Based on Buyer Needs   [Mar-31-17 11:00AM  PR Newswire]
▶ ISG Hosts April 4 Webinar on Robotic Process Automation   [Mar-22-17 02:24PM  PR Newswire]
▶ ISG Recognized for Role in Establishing ZF Tech Center   [Mar-14-17 12:34PM  PR Newswire]
▶ ISG reports 4Q loss   [05:02AM  Associated Press]
▶ ISG Invites Nominations for 2017 ISG Paragon Awards   [Mar-06-17 10:04AM  PR Newswire]
▶ ISG To Showcase Digital, RPA Leadership at SSON Event   [Mar-03-17 02:47PM  PR Newswire]
▶ ISG Announces Challenge the Future┬« Award Winners   [Feb-22-17 11:23AM  PR Newswire]
▶ ISG Index: Digital Revolution Fuels 2016 Sourcing Market   [Jan-12-17 03:11PM  PR Newswire]
▶ ISG Launches New Brand Identity and Website   [Jan-05-17 10:30AM  PR Newswire]
▶ [$$] Information Services Group Pays $74 Million for Alsbridge   [Dec-02-16 05:25PM  at The Wall Street Journal]
▶ ISG Names Mindtree a Top 15 Sourcing Service Provider   [Nov-23-16 08:10AM  CNW Group]
▶ ISG to Host 2016 Digital Business Summit Series   [Oct-17-16 12:22PM  PR Newswire]
▶ ISG Launches ISG Automation Index   [Sep-26-16 09:00AM  PR Newswire]
▶ ISG Named Workday Advisory Services Partner   [Sep-07-16 09:30AM  PR Newswire]
▶ Aegis Named a Top 10 Sourcing Service Provider by ISG   [Aug-17-16 07:35AM  PR Newswire]
Stock chart of III Financial statements of III
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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