Intrinsic value of j2 Global - JCOM

Previous Close

$74.13

  Intrinsic Value

$124.41

stock screener

  Rating & Target

str. buy

+68%

  Value-price divergence*

-6%

Previous close

$74.13

 
Intrinsic value

$124.41

 
Up/down potential

+68%

 
Rating

str. buy

 
Value-price divergence*

-6%

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

We calculate the intrinsic value of JCOM 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 2013), $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 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2013(a)
   2014
   2015
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  40.43
  17.50
  16.25
  15.13
  14.11
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
Revenue, $m
  521
  612
  712
  819
  935
  1,058
  1,189
  1,328
  1,474
  1,627
  1,787
  1,954
  2,128
  2,310
  2,499
  2,695
  2,899
  3,111
  3,332
  3,561
  3,799
  4,047
  4,304
  4,573
  4,852
  5,143
  5,446
  5,762
  6,092
  6,437
  6,797
Variable operating expenses, $m
 
  337
  385
  436
  491
  550
  612
  678
  748
  820
  897
  931
  1,014
  1,100
  1,190
  1,284
  1,381
  1,482
  1,587
  1,696
  1,809
  1,927
  2,050
  2,178
  2,311
  2,449
  2,594
  2,745
  2,902
  3,066
  3,237
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
  345
  337
  385
  436
  491
  550
  612
  678
  748
  820
  897
  931
  1,014
  1,100
  1,190
  1,284
  1,381
  1,482
  1,587
  1,696
  1,809
  1,927
  2,050
  2,178
  2,311
  2,449
  2,594
  2,745
  2,902
  3,066
  3,237
Operating income, $m
  175
  275
  327
  383
  444
  509
  577
  650
  726
  806
  890
  1,023
  1,115
  1,210
  1,309
  1,411
  1,518
  1,629
  1,745
  1,865
  1,990
  2,119
  2,254
  2,395
  2,541
  2,693
  2,852
  3,018
  3,191
  3,371
  3,559
EBITDA, $m
  215
  336
  391
  450
  513
  581
  653
  729
  809
  893
  980
  1,072
  1,168
  1,267
  1,371
  1,479
  1,591
  1,707
  1,828
  1,954
  2,085
  2,221
  2,362
  2,509
  2,662
  2,822
  2,989
  3,162
  3,343
  3,532
  3,730
Interest expense (income), $m
  21
  21
  28
  35
  43
  52
  61
  71
  81
  92
  103
  115
  127
  140
  154
  168
  182
  197
  213
  229
  246
  264
  282
  301
  321
  342
  363
  386
  409
  433
  459
Earnings before tax, $m
  143
  254
  299
  348
  401
  457
  516
  579
  645
  715
  787
  908
  987
  1,070
  1,155
  1,244
  1,336
  1,432
  1,532
  1,636
  1,743
  1,856
  1,972
  2,094
  2,220
  2,352
  2,489
  2,632
  2,782
  2,938
  3,101
Tax expense, $m
  35
  69
  81
  94
  108
  123
  139
  156
  174
  193
  212
  245
  267
  289
  312
  336
  361
  387
  414
  442
  471
  501
  532
  565
  599
  635
  672
  711
  751
  793
  837
Net income, $m
  108
  185
  218
  254
  292
  333
  377
  423
  471
  522
  575
  663
  721
  781
  843
  908
  975
  1,046
  1,118
  1,194
  1,273
  1,355
  1,440
  1,528
  1,621
  1,717
  1,817
  1,922
  2,031
  2,144
  2,263

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  1,154
  1,005
  1,169
  1,345
  1,535
  1,738
  1,953
  2,180
  2,420
  2,671
  2,934
  3,208
  3,495
  3,793
  4,103
  4,425
  4,761
  5,109
  5,471
  5,847
  6,238
  6,645
  7,068
  7,508
  7,967
  8,445
  8,943
  9,462
  10,004
  10,570
  11,160
Adjusted assets (=assets-cash), $m
  855
  1,005
  1,169
  1,345
  1,535
  1,738
  1,953
  2,180
  2,420
  2,671
  2,934
  3,208
  3,495
  3,793
  4,103
  4,425
  4,761
  5,109
  5,471
  5,847
  6,238
  6,645
  7,068
  7,508
  7,967
  8,445
  8,943
  9,462
  10,004
  10,570
  11,160
Revenue / Adjusted assets
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
Average production assets, $m
  210
  247
  287
  330
  377
  427
  479
  535
  594
  656
  720
  787
  858
  931
  1,007
  1,086
  1,168
  1,254
  1,343
  1,435
  1,531
  1,631
  1,735
  1,843
  1,955
  2,073
  2,195
  2,322
  2,455
  2,594
  2,739
Working capital, $m
  274
  -29
  -34
  -39
  -45
  -51
  -57
  -64
  -71
  -78
  -86
  -94
  -102
  -111
  -120
  -129
  -139
  -149
  -160
  -171
  -182
  -194
  -207
  -219
  -233
  -247
  -261
  -277
  -292
  -309
  -326
Total debt, $m
  246
  325
  410
  503
  602
  709
  821
  941
  1,066
  1,198
  1,335
  1,479
  1,629
  1,785
  1,948
  2,117
  2,293
  2,475
  2,665
  2,862
  3,067
  3,280
  3,502
  3,732
  3,973
  4,223
  4,484
  4,756
  5,040
  5,336
  5,646
Total liabilities, $m
  447
  527
  612
  705
  804
  911
  1,023
  1,143
  1,268
  1,400
  1,537
  1,681
  1,831
  1,987
  2,150
  2,319
  2,495
  2,677
  2,867
  3,064
  3,269
  3,482
  3,704
  3,934
  4,175
  4,425
  4,686
  4,958
  5,242
  5,538
  5,848
Total equity, $m
  706
  478
  556
  640
  731
  827
  930
  1,038
  1,152
  1,271
  1,397
  1,527
  1,663
  1,805
  1,953
  2,106
  2,266
  2,432
  2,604
  2,783
  2,969
  3,163
  3,364
  3,574
  3,792
  4,020
  4,257
  4,504
  4,762
  5,031
  5,312
Total liabilities and equity, $m
  1,153
  1,005
  1,168
  1,345
  1,535
  1,738
  1,953
  2,181
  2,420
  2,671
  2,934
  3,208
  3,494
  3,792
  4,103
  4,425
  4,761
  5,109
  5,471
  5,847
  6,238
  6,645
  7,068
  7,508
  7,967
  8,445
  8,943
  9,462
  10,004
  10,569
  11,160
Debt-to-equity ratio
  0.348
  0.680
  0.740
  0.790
  0.820
  0.860
  0.880
  0.910
  0.930
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
  1.040
  1.050
  1.050
  1.050
  1.060
  1.060
  1.060
  1.060
Adjusted equity ratio
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476
  0.476

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  185
  218
  254
  292
  333
  377
  423
  471
  522
  575
  663
  721
  781
  843
  908
  975
  1,046
  1,118
  1,194
  1,273
  1,355
  1,440
  1,528
  1,621
  1,717
  1,817
  1,922
  2,031
  2,144
  2,263
Depreciation, amort., depletion, $m
  40
  61
  64
  66
  69
  72
  75
  79
  83
  86
  90
  49
  53
  58
  63
  67
  73
  78
  83
  89
  95
  101
  108
  114
  121
  129
  136
  144
  152
  161
  170
Funds from operations, $m
  212
  246
  282
  320
  362
  406
  452
  502
  554
  608
  665
  712
  774
  839
  906
  976
  1,048
  1,123
  1,202
  1,283
  1,368
  1,456
  1,547
  1,643
  1,742
  1,845
  1,953
  2,066
  2,183
  2,306
  2,434
Change in working capital, $m
  19
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
Cash from operations, $m
  193
  251
  287
  325
  367
  412
  459
  508
  561
  615
  673
  720
  782
  847
  915
  985
  1,058
  1,134
  1,212
  1,294
  1,379
  1,468
  1,560
  1,656
  1,755
  1,859
  1,968
  2,081
  2,199
  2,322
  2,451
Maintenance CAPEX, $m
  0
  -13
  -15
  -18
  -21
  -23
  -26
  -30
  -33
  -37
  -41
  -45
  -49
  -53
  -58
  -63
  -67
  -73
  -78
  -83
  -89
  -95
  -101
  -108
  -114
  -121
  -129
  -136
  -144
  -152
  -161
New CAPEX, $m
  -33
  -37
  -40
  -43
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -133
  -139
  -145
Cash from investing activities, $m
  -167
  -50
  -55
  -61
  -68
  -73
  -79
  -86
  -92
  -99
  -106
  -112
  -119
  -126
  -134
  -142
  -149
  -158
  -167
  -175
  -185
  -195
  -205
  -216
  -227
  -238
  -251
  -263
  -277
  -291
  -306
Free cash flow, $m
  26
  201
  231
  264
  300
  338
  379
  423
  469
  517
  567
  608
  663
  721
  781
  843
  908
  976
  1,046
  1,118
  1,194
  1,273
  1,355
  1,440
  1,528
  1,621
  1,717
  1,817
  1,922
  2,031
  2,145
Issuance/(repayment) of debt, $m
  0
  79
  86
  93
  99
  106
  113
  119
  125
  132
  138
  144
  150
  156
  163
  169
  176
  183
  190
  197
  205
  213
  222
  231
  240
  250
  261
  272
  284
  296
  310
Issuance/(repurchase) of shares, $m
  9
  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 from financing (excl. dividends), $m  
  9
  79
  86
  93
  99
  106
  113
  119
  125
  132
  138
  144
  150
  156
  163
  169
  176
  183
  190
  197
  205
  213
  222
  231
  240
  250
  261
  272
  284
  296
  310
Total cash flow (excl. dividends), $m
  34
  280
  317
  357
  400
  445
  492
  542
  594
  648
  705
  752
  813
  877
  943
  1,012
  1,084
  1,158
  1,235
  1,316
  1,399
  1,486
  1,576
  1,671
  1,769
  1,871
  1,978
  2,089
  2,206
  2,327
  2,454
Retained Cash Flow (-), $m
  -111
  -71
  -78
  -84
  -90
  -96
  -102
  -108
  -114
  -120
  -125
  -131
  -136
  -142
  -148
  -153
  -160
  -166
  -172
  -179
  -186
  -194
  -201
  -210
  -218
  -227
  -237
  -247
  -258
  -269
  -281
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
 
  507
  239
  273
  309
  348
  390
  434
  480
  529
  580
  621
  677
  735
  796
  859
  924
  992
  1,063
  1,137
  1,213
  1,292
  1,375
  1,461
  1,550
  1,644
  1,741
  1,842
  1,948
  2,058
  2,173
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
 
  486
  219
  237
  255
  270
  283
  293
  300
  304
  304
  295
  289
  280
  267
  252
  235
  216
  196
  175
  154
  134
  114
  96
  79
  64
  51
  40
  30
  22
  16
Current shareholders' claim on cash, %
  100
  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
  100.0

j2 Global, Inc., together with its subsidiaries, is a provider of Internet services. The Company operates through two segments: Business Cloud Services and Digital Media. Through its Business Cloud Services Division, the Company provides cloud services to businesses of all sizes, from individuals to enterprises, and licenses its intellectual property (IP) to third parties. In addition, the Business Cloud Services Division includes its j2 Cloud Connect business, which is primarily focused on its voice and fax products. The Company's Digital Media Division specializes in the technology and gaming markets, reaching in-market buyers and influencers in both the consumer and business-to-business space. Its eFax and MyFax online fax services enable users to receive faxes into their e-mail inboxes and to send faxes through Internet. In addition to eFax, it offers online fax services under a range of alternative brands, including MyFax, eFax Plus, eFax Pro, eFax Corporate and eFax Developer. _tck('aft');

FINANCIAL RATIOS  of  j2 Global (JCOM)

Valuation Ratios
P/E Ratio 31.6
Price to Sales 6.6
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 21.4
Growth Rates
Sales Growth Rate 40.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 200%
Cap. Spend. - 3 Yr. Gr. Rate 27%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 34.8%
Total Debt to Equity 34.8%
Interest Coverage 8
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 15.3%
Return On Total Capital 12.1%
Ret/ On T. Cap. - 3 Yr. Avg. 17.6%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 20.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 83.3%
Gross Margin - 3 Yr. Avg. 82.4%
EBITDA Margin 39.2%
EBITDA Margin - 3 Yr. Avg. 44.8%
Operating Margin 33.8%
Oper. Margin - 3 Yr. Avg. 39.6%
Pre-Tax Margin 27.4%
Pre-Tax Margin - 3 Yr. Avg. 36.9%
Net Profit Margin 20.7%
Net Profit Margin - 3 Yr. Avg. 29.5%
Effective Tax Rate 24.5%
Eff/ Tax Rate - 3 Yr. Avg. 20.6%
Payout Ratio 41.7%

JCOM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JCOM stock intrinsic value calculation we used $521 million for the last fiscal year's total revenue generated by j2 Global. The default revenue input number comes from 2013 income statement of j2 Global. 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 JCOM stock valuation model: a) initial revenue growth rate of 17.5% 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 JCOM is calculated based on our internal credit rating of j2 Global, 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 j2 Global.
    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 JCOM stock the variable cost ratio is equal to 56.4%.

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 JCOM 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 8.6% for j2 Global.

Corporate tax rate of 27% is the nominal tax rate for j2 Global. 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 JCOM 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 JCOM are equal to 40.3%.

Life of production assets of 16.1 years is the average useful life of capital assets used in j2 Global 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 JCOM is equal to -4.8%. 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 - $706 million for j2 Global - 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 48.138 million for j2 Global 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 j2 Global at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ J2 Global posts 2Q profit   [Aug-04-17 12:11AM  Associated Press]
▶ J2 Global posts 2Q profit   [Aug-03-17 05:07PM  Associated Press]
▶ j2 Reports Second Quarter 2017 Results   [04:15PM  Business Wire]
▶ j2 Global Completes Four Acquisitions in Q2 2017   [Jul-17-17 12:40PM  Business Wire]
▶ j2 Global to Announce Second Quarter 2017 Earnings   [Jul-13-17 07:00AM  Business Wire]
▶ ETFs with exposure to j2 Global, Inc. : July 5, 2017   [Jul-05-17 12:50PM  Capital Cube]
▶ J2 Global posts 1Q profit   [May-08-17 04:45PM  Associated Press]
▶ j2 Reports First Quarter 2017 Results   [04:30PM  Business Wire]
▶ j2 Global Completes Five Acquisitions in Q1 2017   [Apr-13-17 08:00AM  Business Wire]
▶ Forget Profit, Bet on 5 Stocks with Rising Cash Flow   [Mar-29-17 09:58AM  Investopedia]
▶ j2 Global Completes Six Acquisitions in Q4 2016   [Jan-17-17 07:00AM  Business Wire]
▶ Hedge Funds Are Buying J2 Global Inc (JCOM)   [Nov-29-16 01:17PM  at Insider Monkey]
Financial statements of JCOM
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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