Intrinsic value of LendingClub - LC

Previous Close

$4.21

  Intrinsic Value

$0.57

stock screener

  Rating & Target

str. sell

-86%

Previous close

$4.21

 
Intrinsic value

$0.57

 
Up/down potential

-86%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as LC.

We calculate the intrinsic value of LC 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 1.7

 

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, %
  21.33
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  1,189
  1,227
  1,269
  1,313
  1,362
  1,414
  1,470
  1,529
  1,592
  1,660
  1,731
  1,807
  1,887
  1,972
  2,061
  2,156
  2,255
  2,361
  2,472
  2,589
  2,712
  2,841
  2,978
  3,121
  3,272
  3,431
  3,599
  3,774
  3,959
  4,153
  4,357
Variable operating expenses, $m
 
  1,229
  1,271
  1,316
  1,364
  1,416
  1,472
  1,531
  1,594
  1,661
  1,733
  1,805
  1,885
  1,969
  2,059
  2,153
  2,253
  2,358
  2,469
  2,586
  2,709
  2,838
  2,975
  3,118
  3,269
  3,428
  3,595
  3,770
  3,955
  4,149
  4,353
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
  1,339
  1,229
  1,271
  1,316
  1,364
  1,416
  1,472
  1,531
  1,594
  1,661
  1,733
  1,805
  1,885
  1,969
  2,059
  2,153
  2,253
  2,358
  2,469
  2,586
  2,709
  2,838
  2,975
  3,118
  3,269
  3,428
  3,595
  3,770
  3,955
  4,149
  4,353
Operating income, $m
  -150
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
EBITDA, $m
  -120
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  72
  76
Interest expense (income), $m
  685
  665
  680
  704
  730
  759
  789
  822
  857
  894
  934
  976
  1,020
  1,067
  1,117
  1,169
  1,225
  1,284
  1,345
  1,411
  1,479
  1,552
  1,628
  1,708
  1,792
  1,881
  1,974
  2,072
  2,176
  2,284
  2,398
Earnings before tax, $m
  -150
  -668
  -682
  -706
  -733
  -761
  -791
  -824
  -859
  -896
  -935
  -974
  -1,018
  -1,065
  -1,115
  -1,167
  -1,223
  -1,281
  -1,343
  -1,408
  -1,476
  -1,549
  -1,625
  -1,705
  -1,789
  -1,877
  -1,971
  -2,069
  -2,172
  -2,280
  -2,394
Tax expense, $m
  -4
  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
  -146
  -668
  -682
  -706
  -733
  -761
  -791
  -824
  -859
  -896
  -935
  -974
  -1,018
  -1,065
  -1,115
  -1,167
  -1,223
  -1,281
  -1,343
  -1,408
  -1,476
  -1,549
  -1,625
  -1,705
  -1,789
  -1,877
  -1,971
  -2,069
  -2,172
  -2,280
  -2,394

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  516
  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
  5,563
  5,199
  5,375
  5,565
  5,771
  5,991
  6,227
  6,479
  6,747
  7,032
  7,335
  7,655
  7,995
  8,354
  8,733
  9,134
  9,557
  10,003
  10,473
  10,968
  11,490
  12,039
  12,618
  13,226
  13,866
  14,540
  15,248
  15,993
  16,776
  17,599
  18,464
Adjusted assets (=assets-cash), $m
  5,047
  5,199
  5,375
  5,565
  5,771
  5,991
  6,227
  6,479
  6,747
  7,032
  7,335
  7,655
  7,995
  8,354
  8,733
  9,134
  9,557
  10,003
  10,473
  10,968
  11,490
  12,039
  12,618
  13,226
  13,866
  14,540
  15,248
  15,993
  16,776
  17,599
  18,464
Revenue / Adjusted assets
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
Average production assets, $m
  101
  104
  108
  112
  116
  120
  125
  130
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
  230
  242
  253
  265
  278
  292
  306
  321
  337
  353
  370
Working capital, $m
  0
  -533
  -551
  -570
  -591
  -614
  -638
  -664
  -691
  -720
  -751
  -784
  -819
  -856
  -895
  -936
  -979
  -1,025
  -1,073
  -1,123
  -1,177
  -1,233
  -1,292
  -1,355
  -1,420
  -1,489
  -1,562
  -1,638
  -1,718
  -1,803
  -1,891
Total debt, $m
  4,321
  4,413
  4,572
  4,743
  4,928
  5,126
  5,338
  5,565
  5,806
  6,063
  6,335
  6,624
  6,929
  7,252
  7,594
  7,955
  8,335
  8,737
  9,160
  9,606
  10,075
  10,569
  11,090
  11,638
  12,214
  12,820
  13,457
  14,127
  14,832
  15,573
  16,351
Total liabilities, $m
  4,587
  4,679
  4,838
  5,009
  5,194
  5,392
  5,604
  5,831
  6,072
  6,329
  6,601
  6,890
  7,195
  7,518
  7,860
  8,221
  8,601
  9,003
  9,426
  9,872
  10,341
  10,835
  11,356
  11,904
  12,480
  13,086
  13,723
  14,393
  15,098
  15,839
  16,617
Total equity, $m
  976
  520
  538
  557
  577
  599
  623
  648
  675
  703
  733
  766
  799
  835
  873
  913
  956
  1,000
  1,047
  1,097
  1,149
  1,204
  1,262
  1,323
  1,387
  1,454
  1,525
  1,599
  1,678
  1,760
  1,846
Total liabilities and equity, $m
  5,563
  5,199
  5,376
  5,566
  5,771
  5,991
  6,227
  6,479
  6,747
  7,032
  7,334
  7,656
  7,994
  8,353
  8,733
  9,134
  9,557
  10,003
  10,473
  10,969
  11,490
  12,039
  12,618
  13,227
  13,867
  14,540
  15,248
  15,992
  16,776
  17,599
  18,463
Debt-to-equity ratio
  4.427
  8.490
  8.510
  8.520
  8.540
  8.560
  8.570
  8.590
  8.610
  8.620
  8.640
  8.650
  8.670
  8.680
  8.700
  8.710
  8.720
  8.730
  8.750
  8.760
  8.770
  8.780
  8.790
  8.800
  8.810
  8.820
  8.830
  8.830
  8.840
  8.850
  8.860
Adjusted equity ratio
  0.091
  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
  -146
  -668
  -682
  -706
  -733
  -761
  -791
  -824
  -859
  -896
  -935
  -974
  -1,018
  -1,065
  -1,115
  -1,167
  -1,223
  -1,281
  -1,343
  -1,408
  -1,476
  -1,549
  -1,625
  -1,705
  -1,789
  -1,877
  -1,971
  -2,069
  -2,172
  -2,280
  -2,394
Depreciation, amort., depletion, $m
  30
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
Funds from operations, $m
  25
  -644
  -658
  -681
  -707
  -734
  -764
  -796
  -829
  -865
  -904
  -944
  -987
  -1,033
  -1,081
  -1,132
  -1,186
  -1,243
  -1,302
  -1,366
  -1,432
  -1,502
  -1,576
  -1,654
  -1,735
  -1,821
  -1,912
  -2,007
  -2,107
  -2,212
  -2,322
Change in working capital, $m
  24
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -84
  -89
Cash from operations, $m
  1
  -628
  -640
  -662
  -686
  -712
  -740
  -770
  -802
  -836
  -873
  -911
  -952
  -996
  -1,042
  -1,091
  -1,143
  -1,197
  -1,254
  -1,315
  -1,379
  -1,446
  -1,517
  -1,591
  -1,670
  -1,752
  -1,839
  -1,931
  -2,027
  -2,128
  -2,234
Maintenance CAPEX, $m
  0
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
New CAPEX, $m
  -52
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
Cash from investing activities, $m
  -423
  -22
  -24
  -25
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -34
  -37
  -38
  -40
  -42
  -43
  -46
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -82
  -85
Free cash flow, $m
  -422
  -650
  -663
  -686
  -711
  -738
  -768
  -799
  -832
  -868
  -906
  -946
  -989
  -1,034
  -1,082
  -1,133
  -1,186
  -1,243
  -1,302
  -1,365
  -1,431
  -1,501
  -1,575
  -1,652
  -1,734
  -1,819
  -1,909
  -2,004
  -2,104
  -2,209
  -2,319
Issuance/(repayment) of debt, $m
  263
  92
  158
  171
  185
  198
  212
  227
  241
  257
  272
  289
  306
  323
  342
  361
  381
  401
  423
  446
  470
  494
  520
  548
  576
  606
  637
  670
  705
  741
  779
Issuance/(repurchase) of shares, $m
  -1
  728
  700
  725
  753
  783
  815
  849
  886
  925
  966
  1,006
  1,052
  1,101
  1,153
  1,207
  1,265
  1,326
  1,390
  1,457
  1,529
  1,604
  1,682
  1,765
  1,853
  1,945
  2,041
  2,143
  2,250
  2,362
  2,480
Cash from financing (excl. dividends), $m  
  314
  820
  858
  896
  938
  981
  1,027
  1,076
  1,127
  1,182
  1,238
  1,295
  1,358
  1,424
  1,495
  1,568
  1,646
  1,727
  1,813
  1,903
  1,999
  2,098
  2,202
  2,313
  2,429
  2,551
  2,678
  2,813
  2,955
  3,103
  3,259
Total cash flow (excl. dividends), $m
  -108
  170
  194
  210
  227
  243
  260
  277
  295
  313
  332
  348
  369
  390
  412
  435
  459
  484
  511
  538
  567
  597
  628
  661
  695
  731
  769
  809
  850
  894
  940
Retained Cash Flow (-), $m
  66
  -728
  -700
  -725
  -753
  -783
  -815
  -849
  -886
  -925
  -966
  -1,006
  -1,052
  -1,101
  -1,153
  -1,207
  -1,265
  -1,326
  -1,390
  -1,457
  -1,529
  -1,604
  -1,682
  -1,765
  -1,853
  -1,945
  -2,041
  -2,143
  -2,250
  -2,362
  -2,480
Prev. year cash balance distribution, $m
 
  516
  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
 
  -42
  -505
  -515
  -527
  -540
  -555
  -572
  -591
  -611
  -633
  -657
  -683
  -711
  -741
  -772
  -806
  -841
  -879
  -919
  -962
  -1,007
  -1,054
  -1,105
  -1,157
  -1,213
  -1,272
  -1,334
  -1,399
  -1,468
  -1,541
Discount rate, %
 
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
 
  -37
  -396
  -352
  -309
  -269
  -231
  -197
  -165
  -136
  -110
  -88
  -69
  -53
  -40
  -29
  -21
  -15
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  52.9
  30.1
  17.1
  9.7
  5.5
  3.1
  1.8
  1.0
  0.6
  0.3
  0.2
  0.1
  0.1
  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
  0.0
  0.0

LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors. Its technology automates aspects of operations, including the borrower application process, data gathering, credit decisioning and scoring, loan funding, investing and servicing, regulatory compliance and fraud detection. Its platform offers analytical tools and data to enable investors to make decisions and assess their portfolios. Its technology platform has allowed it to expand its offerings from personal loans to include small business loans, and to expand investor classes from individuals to institutions and create various investment vehicles.

FINANCIAL RATIOS  of  LendingClub (LC)

Valuation Ratios
P/E Ratio -11.5
Price to Sales 1.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 1675.5
Price to Free Cash Flow -32.9
Growth Rates
Sales Growth Rate 21.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 39.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 442.7%
Total Debt to Equity 442.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 15.9%
Return On Total Capital -2.7%
Ret/ On T. Cap. - 3 Yr. Avg. -1.3%
Return On Equity -14.5%
Return On Equity - 3 Yr. Avg. -7.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 42.1%
Gross Margin - 3 Yr. Avg. 41.1%
EBITDA Margin 47.5%
EBITDA Margin - 3 Yr. Avg. 53.8%
Operating Margin -12.6%
Oper. Margin - 3 Yr. Avg. -6.1%
Pre-Tax Margin -12.6%
Pre-Tax Margin - 3 Yr. Avg. -6.2%
Net Profit Margin -12.3%
Net Profit Margin - 3 Yr. Avg. -6.2%
Effective Tax Rate 2.7%
Eff/ Tax Rate - 3 Yr. Avg. -50.2%
Payout Ratio 0%

LC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LC stock intrinsic value calculation we used $1189 million for the last fiscal year's total revenue generated by LendingClub. The default revenue input number comes from 2016 income statement of LendingClub. 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 LC stock valuation model: a) initial revenue growth rate of 3.2% 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 12.3%, whose default value for LC is calculated based on our internal credit rating of LendingClub, 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 LendingClub.
    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 LC stock the variable cost ratio is equal to 100.2%.

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 LC 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 15.4% for LendingClub.

Corporate tax rate of 27% is the nominal tax rate for LendingClub. 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 LC 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 LC are equal to 8.5%.

Life of production assets of 5.2 years is the average useful life of capital assets used in LendingClub 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 LC is equal to -43.4%. 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 - $976 million for LendingClub - 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 411.667 million for LendingClub 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 LendingClub at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Cryptocurrencies Trying to Shoulder Out Gold   [Dec-08-17 07:22AM  InvestorPlace]
▶ Will Lending Club Turn a Corner?   [Nov-29-17 06:15PM  GuruFocus.com]
▶ [$$] Another Blow to Online Lenders   [12:03AM  The Wall Street Journal]
▶ [$$] A Setback For Online Lenders   [Nov-08-17 08:58PM  The Wall Street Journal]
▶ Lending Club: Not So Brilliant After All?   [02:54PM  Barrons.com]
▶ [$$] Another Blow to Online Lenders   [02:37PM  The Wall Street Journal]
▶ LendingClub reports 3Q loss   [Nov-07-17 05:25PM  Associated Press]
▶ Heres Why Square Inc (SQ) Stock Is Worrying Regional Banks   [Oct-27-17 07:24AM  InvestorPlace]
▶ [$$] LendingClub Closes Chapter on Fintech Funds   [Oct-25-17 03:35PM  The Wall Street Journal]
▶ The options market says buy these two stocks   [Oct-19-17 01:09PM  CNBC Videos]
▶ Qudian IPO: What Investors Need to Know   [Oct-13-17 01:34PM  Motley Fool]
▶ ETFs with exposure to LendingClub Corp. : October 9, 2017   [Oct-09-17 11:44AM  Capital Cube]
▶ Square (SQ) Stock Is Dangerous to Your Wealth   [Oct-05-17 11:57AM  InvestorPlace]
▶ 3 Stocks That Could Double Your Money   [Sep-27-17 08:03AM  Motley Fool]
▶ 3 Stocks With eBay-like Return Potential   [Sep-21-17 06:34PM  Motley Fool]
▶ Why I Sold These 2 Stocks in September   [Sep-20-17 04:30PM  Motley Fool]
▶ Square's Banking Ambitions Signal Shift In Fintech   [Sep-14-17 12:07PM  Barrons.com]
▶ [$$] Ousted Lending Club chief boosts volumes at new venture   [Sep-06-17 12:37PM  Financial Times]
▶ The 5 Most Innovative Tech Companies Of 2017   [Sep-04-17 07:30PM  Oilprice.com]
▶ LendingClub To Hold 2017 Investor Day   [Aug-28-17 04:05PM  PR Newswire]
▶ [$$] University of California Buys Berkshire Stock   [Aug-25-17 05:57AM  Barrons.com]
▶ Has Fintech Industry Growth Just Begun?   [Aug-18-17 07:48PM  Motley Fool]
▶ LendingClub CEO Sanborn 'Looking Ahead' After Scandal   [Aug-08-17 07:32PM  Bloomberg Video]
▶ The tide may be turning for Lending Club   [12:23PM  Business Insider]
▶ [$$] Lending Club: overbanked   [01:11AM  Financial Times]
▶ [$$] Online Lenders Clear a Low BarHigher Ones Lie Ahead   [12:37AM  The Wall Street Journal]
▶ LendingClub reports 2Q loss   [Aug-07-17 11:58PM  Associated Press]
▶ [$$] Online Lenders Clear a Low Bar---Higher Ones Lie Ahead   [06:22PM  The Wall Street Journal]
Financial statements of LC
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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