Intrinsic value of Instructure - INST

Previous Close

$31.35

  Intrinsic Value

$1.70

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

+5000%

Previous close

$31.35

 
Intrinsic value

$1.70

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of INST 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 0.9

 

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, %
  52.05
  47.80
  43.52
  39.67
  36.20
  33.08
  30.27
  27.75
  25.47
  23.42
  21.58
  19.92
  18.43
  17.09
  15.88
  14.79
  13.81
  12.93
  12.14
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.77
  7.49
  7.24
  7.02
Revenue, $m
  111
  164
  235
  329
  448
  596
  777
  992
  1,245
  1,536
  1,868
  2,240
  2,653
  3,106
  3,599
  4,132
  4,702
  5,310
  5,955
  6,635
  7,350
  8,100
  8,885
  9,704
  10,557
  11,445
  12,369
  13,329
  14,328
  15,365
  16,443
Variable operating expenses, $m
 
  168
  242
  338
  460
  612
  797
  1,018
  1,277
  1,576
  1,917
  2,298
  2,722
  3,187
  3,693
  4,239
  4,825
  5,449
  6,110
  6,808
  7,542
  8,312
  9,117
  9,957
  10,832
  11,744
  12,692
  13,677
  14,702
  15,766
  16,872
Fixed operating expenses, $m
 
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  104
  107
Total operating expenses, $m
  164
  220
  296
  393
  516
  670
  856
  1,079
  1,339
  1,640
  1,982
  2,365
  2,791
  3,257
  3,765
  4,313
  4,901
  5,527
  6,190
  6,890
  7,626
  8,398
  9,205
  10,047
  10,924
  11,839
  12,789
  13,776
  14,804
  15,870
  16,979
Operating income, $m
  -53
  -57
  -60
  -64
  -68
  -73
  -80
  -87
  -95
  -104
  -114
  -125
  -138
  -151
  -166
  -182
  -198
  -216
  -235
  -255
  -275
  -297
  -320
  -343
  -368
  -393
  -420
  -447
  -476
  -505
  -536
EBITDA, $m
  -49
  -55
  -57
  -59
  -63
  -66
  -70
  -74
  -79
  -85
  -91
  -98
  -105
  -113
  -122
  -131
  -141
  -151
  -162
  -174
  -186
  -198
  -211
  -225
  -239
  -254
  -269
  -285
  -301
  -318
  -336
Interest expense (income), $m
  0
  0
  1
  3
  6
  9
  14
  19
  25
  32
  40
  50
  61
  72
  85
  100
  115
  131
  149
  167
  187
  207
  229
  251
  275
  299
  325
  351
  379
  407
  437
Earnings before tax, $m
  -53
  -57
  -61
  -67
  -74
  -83
  -93
  -105
  -120
  -136
  -155
  -175
  -198
  -224
  -251
  -281
  -313
  -347
  -384
  -422
  -462
  -504
  -548
  -594
  -642
  -692
  -744
  -798
  -854
  -913
  -973
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
  -54
  -57
  -61
  -67
  -74
  -83
  -93
  -105
  -120
  -136
  -155
  -175
  -198
  -224
  -251
  -281
  -313
  -347
  -384
  -422
  -462
  -504
  -548
  -594
  -642
  -692
  -744
  -798
  -854
  -913
  -973

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  68
  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
  111
  149
  214
  299
  408
  542
  707
  903
  1,133
  1,398
  1,699
  2,038
  2,414
  2,826
  3,275
  3,759
  4,279
  4,832
  5,418
  6,037
  6,688
  7,371
  8,084
  8,829
  9,606
  10,414
  11,255
  12,129
  13,037
  13,981
  14,962
Adjusted assets (=assets-cash), $m
  43
  149
  214
  299
  408
  542
  707
  903
  1,133
  1,398
  1,699
  2,038
  2,414
  2,826
  3,275
  3,759
  4,279
  4,832
  5,418
  6,037
  6,688
  7,371
  8,084
  8,829
  9,606
  10,414
  11,255
  12,129
  13,037
  13,981
  14,962
Revenue / Adjusted assets
  2.581
  1.101
  1.098
  1.100
  1.098
  1.100
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
  1.099
Average production assets, $m
  14
  20
  29
  40
  55
  73
  95
  121
  152
  187
  228
  273
  324
  379
  439
  504
  574
  648
  726
  809
  897
  988
  1,084
  1,184
  1,288
  1,396
  1,509
  1,626
  1,748
  1,875
  2,006
Working capital, $m
  3
  -16
  -24
  -33
  -45
  -60
  -78
  -99
  -124
  -154
  -187
  -224
  -265
  -311
  -360
  -413
  -470
  -531
  -595
  -664
  -735
  -810
  -888
  -970
  -1,056
  -1,145
  -1,237
  -1,333
  -1,433
  -1,536
  -1,644
Total debt, $m
  0
  33
  92
  168
  266
  387
  535
  711
  918
  1,157
  1,429
  1,733
  2,071
  2,443
  2,846
  3,282
  3,750
  4,248
  4,776
  5,333
  5,918
  6,533
  7,175
  7,845
  8,544
  9,272
  10,028
  10,815
  11,632
  12,482
  13,365
Total liabilities, $m
  101
  134
  193
  269
  367
  488
  636
  812
  1,019
  1,258
  1,530
  1,834
  2,172
  2,544
  2,947
  3,383
  3,851
  4,349
  4,877
  5,434
  6,019
  6,634
  7,276
  7,946
  8,645
  9,373
  10,129
  10,916
  11,733
  12,583
  13,466
Total equity, $m
  10
  15
  21
  30
  41
  54
  71
  90
  113
  140
  170
  204
  241
  283
  327
  376
  428
  483
  542
  604
  669
  737
  808
  883
  961
  1,041
  1,125
  1,213
  1,304
  1,398
  1,496
Total liabilities and equity, $m
  111
  149
  214
  299
  408
  542
  707
  902
  1,132
  1,398
  1,700
  2,038
  2,413
  2,827
  3,274
  3,759
  4,279
  4,832
  5,419
  6,038
  6,688
  7,371
  8,084
  8,829
  9,606
  10,414
  11,254
  12,129
  13,037
  13,981
  14,962
Debt-to-equity ratio
  0.000
  2.230
  4.290
  5.620
  6.520
  7.140
  7.570
  7.880
  8.110
  8.280
  8.410
  8.500
  8.580
  8.640
  8.690
  8.730
  8.760
  8.790
  8.810
  8.830
  8.850
  8.860
  8.880
  8.890
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
Adjusted equity ratio
  -1.349
  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
  -54
  -57
  -61
  -67
  -74
  -83
  -93
  -105
  -120
  -136
  -155
  -175
  -198
  -224
  -251
  -281
  -313
  -347
  -384
  -422
  -462
  -504
  -548
  -594
  -642
  -692
  -744
  -798
  -854
  -913
  -973
Depreciation, amort., depletion, $m
  4
  2
  3
  4
  6
  7
  10
  12
  15
  19
  23
  27
  32
  38
  44
  50
  57
  65
  73
  81
  90
  99
  108
  118
  129
  140
  151
  163
  175
  187
  201
Funds from operations, $m
  -5
  -55
  -58
  -63
  -68
  -75
  -83
  -93
  -104
  -117
  -132
  -148
  -166
  -186
  -208
  -231
  -256
  -283
  -311
  -341
  -372
  -405
  -440
  -476
  -514
  -553
  -593
  -636
  -679
  -725
  -772
Change in working capital, $m
  17
  -5
  -7
  -9
  -12
  -15
  -18
  -22
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -64
  -68
  -72
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
Cash from operations, $m
  -22
  -49
  -51
  -53
  -57
  -60
  -65
  -72
  -79
  -88
  -99
  -111
  -125
  -141
  -158
  -178
  -199
  -222
  -247
  -273
  -301
  -330
  -361
  -394
  -428
  -464
  -501
  -540
  -580
  -621
  -665
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -19
  -23
  -27
  -32
  -38
  -44
  -50
  -57
  -65
  -73
  -81
  -90
  -99
  -108
  -118
  -129
  -140
  -151
  -163
  -175
  -187
New CAPEX, $m
  -8
  -7
  -9
  -11
  -15
  -18
  -22
  -26
  -31
  -36
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -74
  -79
  -83
  -87
  -91
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
Cash from investing activities, $m
  -31
  -8
  -11
  -14
  -19
  -23
  -29
  -35
  -43
  -51
  -59
  -68
  -77
  -87
  -98
  -109
  -120
  -131
  -144
  -156
  -168
  -181
  -195
  -208
  -222
  -237
  -253
  -268
  -285
  -302
  -319
Free cash flow, $m
  -53
  -57
  -62
  -68
  -75
  -84
  -95
  -107
  -122
  -139
  -158
  -179
  -203
  -228
  -256
  -287
  -319
  -353
  -390
  -429
  -469
  -512
  -556
  -602
  -651
  -701
  -753
  -808
  -864
  -923
  -984
Issuance/(repayment) of debt, $m
  0
  33
  58
  76
  97
  121
  148
  176
  207
  239
  272
  305
  338
  371
  404
  436
  467
  498
  528
  557
  586
  614
  642
  670
  699
  727
  757
  787
  817
  849
  883
Issuance/(repurchase) of shares, $m
  7
  72
  67
  75
  85
  96
  109
  125
  143
  163
  185
  209
  236
  265
  296
  330
  365
  403
  442
  484
  527
  572
  620
  669
  720
  773
  828
  886
  945
  1,007
  1,071
Cash from financing (excl. dividends), $m  
  7
  105
  125
  151
  182
  217
  257
  301
  350
  402
  457
  514
  574
  636
  700
  766
  832
  901
  970
  1,041
  1,113
  1,186
  1,262
  1,339
  1,419
  1,500
  1,585
  1,673
  1,762
  1,856
  1,954
Total cash flow (excl. dividends), $m
  -46
  48
  64
  84
  107
  133
  163
  194
  228
  263
  299
  335
  372
  408
  444
  479
  514
  547
  580
  612
  644
  675
  706
  737
  768
  800
  832
  865
  899
  934
  970
Retained Cash Flow (-), $m
  36
  -72
  -67
  -75
  -85
  -96
  -109
  -125
  -143
  -163
  -185
  -209
  -236
  -265
  -296
  -330
  -365
  -403
  -442
  -484
  -527
  -572
  -620
  -669
  -720
  -773
  -828
  -886
  -945
  -1,007
  -1,071
Prev. year cash balance distribution, $m
 
  10
  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
 
  -14
  -3
  9
  22
  37
  53
  69
  85
  100
  114
  126
  136
  143
  148
  149
  148
  145
  138
  129
  117
  103
  86
  68
  48
  26
  3
  -21
  -47
  -73
  -101
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
 
  -13
  -3
  8
  18
  29
  38
  47
  53
  57
  60
  60
  58
  54
  50
  44
  38
  31
  25
  20
  15
  11
  7
  4
  2
  1
  0
  0
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  50.0
  34.4
  25.5
  19.9
  16.1
  13.4
  11.4
  9.8
  8.6
  7.6
  6.7
  6.0
  5.4
  4.9
  4.5
  4.1
  3.7
  3.4
  3.1
  2.9
  2.7
  2.5
  2.3
  2.1
  1.9
  1.8
  1.7
  1.5
  1.4
  1.3

Instructure, Inc. provides cloud-based learning management platform for academic institutions and companies worldwide. The company offers its platform through a Software-as-a-Service business model. It develops Canvas, a learning management application for the education market; and Bridge for the corporate market to enable its customers in developing, delivering, and managing face-to-face and online learning experiences. The company’s applications enhance academic and corporate learning by providing platform for instructors and learners, enabling frequent and open interactions, streamlining workflow, and allowing the creation and sharing of content with anytime, anywhere access to information. Its platform also provides data analytics that enable real-time reaction to information and benchmarking in order to personalize curricula and enhance the efficacy of the learning process. Instructure, Inc. was founded in 2008 and is headquartered in Salt Lake City, Utah.

FINANCIAL RATIOS  of  Instructure (INST)

Valuation Ratios
P/E Ratio -16.6
Price to Sales 8.1
Price to Book 89.5
Price to Tangible Book
Price to Cash Flow -40.7
Price to Free Cash Flow -29.8
Growth Rates
Sales Growth Rate 52.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate 51.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -46.6%
Ret/ On Assets - 3 Yr. Avg. -59.6%
Return On Total Capital -192.9%
Ret/ On T. Cap. - 3 Yr. Avg. -268%
Return On Equity -192.9%
Return On Equity - 3 Yr. Avg. -268%
Asset Turnover 1
Profitability Ratios
Gross Margin 70.3%
Gross Margin - 3 Yr. Avg. 67.8%
EBITDA Margin -44.1%
EBITDA Margin - 3 Yr. Avg. -67.1%
Operating Margin -47.7%
Oper. Margin - 3 Yr. Avg. -69.2%
Pre-Tax Margin -47.7%
Pre-Tax Margin - 3 Yr. Avg. -71.2%
Net Profit Margin -48.6%
Net Profit Margin - 3 Yr. Avg. -71.5%
Effective Tax Rate -1.9%
Eff/ Tax Rate - 3 Yr. Avg. -0.6%
Payout Ratio 0%

INST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INST stock intrinsic value calculation we used $111 million for the last fiscal year's total revenue generated by Instructure. The default revenue input number comes from 2016 income statement of Instructure. 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 INST stock valuation model: a) initial revenue growth rate of 47.8% 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 4.3%, whose default value for INST is calculated based on our internal credit rating of Instructure, 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 Instructure.
    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 INST stock the variable cost ratio is equal to 102.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $51 million in the base year in the intrinsic value calculation for INST 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 Instructure.

Corporate tax rate of 27% is the nominal tax rate for Instructure. 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 INST 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 INST are equal to 12.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Instructure 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 INST is equal to -10%. 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 - $10 million for Instructure - 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 28.227 million for Instructure 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 Instructure at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Instructure Revenue Booms on Big Sales Growth   [Aug-01-17 12:07AM  Motley Fool]
▶ Instructure reports 2Q loss   [Jul-31-17 10:03PM  Associated Press]
▶ ETFs with exposure to Instructure, Inc. : July 7, 2017   [Jul-07-17 03:02PM  Capital Cube]
▶ New Strong Buy Stocks for July 3rd   [Jul-03-17 07:57AM  Zacks]
▶ How Risky Is Instructure Inc Stock?   [Jun-29-17 08:57PM  Motley Fool]
▶ ETFs with exposure to Instructure, Inc. : May 8, 2017   [May-08-17 04:46PM  Capital Cube]
▶ Instructure reports 1Q loss   [May-01-17 05:20PM  Associated Press]
▶ ETFs with exposure to Instructure, Inc. : April 7, 2017   [Apr-07-17 04:52PM  Capital Cube]
▶ 6 Stocks Trending Up With Huge Volume   [07:30AM  TheStreet.com]
▶ Instructure reports 4Q loss   [04:56PM  Associated Press]
▶ Eight of the Top 20 Online Bachelor Programs Use Canvas   [Feb-02-17 04:05PM  PR Newswire]
▶ Instructure to Present at the Needham Growth Conference   [Dec-19-16 04:05PM  PR Newswire]
▶ Is Instructure Inc (INST) A Good Stock to Buy?   [Dec-12-16 06:37PM  at Insider Monkey]
▶ Kevin Thompson Named to Instructure Board of Directors   [Nov-16-16 09:00AM  PR Newswire]
▶ [$$] Epic Ventures Hits $51.6M for Fund V   [Nov-14-16 05:38PM  at The Wall Street Journal]
▶ Canvas gains momentum across Latin America   [Nov-09-16 09:00AM  PR Newswire]
▶ Why the Market Punished Instructure Inc. Today   [Nov-01-16 01:02PM  at Motley Fool]
▶ Jim Steele Named to Instructure Board of Directors   [Oct-27-16 09:00AM  PR Newswire]
Stock chart of INST Financial statements of INST
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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