Intrinsic value of LendingClub - LC

Previous Close

$5.93

  Intrinsic Value

$0.62

stock screener

  Rating & Target

str. sell

-90%

  Value-price divergence*

-116%

Previous close

$5.93

 
Intrinsic value

$0.62

 
Up/down potential

-90%

 
Rating

str. sell

 
Value-price divergence*

-116%

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

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

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 2.2

 

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
  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
  1,189
  1,213
  1,241
  1,273
  1,308
  1,348
  1,392
  1,439
  1,490
  1,546
  1,605
  1,668
  1,736
  1,808
  1,885
  1,966
  2,052
  2,143
  2,240
  2,342
  2,449
  2,563
  2,683
  2,809
  2,942
  3,082
  3,229
  3,384
  3,548
  3,720
  3,900
Variable operating expenses, $m
 
  1,215
  1,243
  1,275
  1,311
  1,350
  1,394
  1,441
  1,492
  1,548
  1,607
  1,667
  1,734
  1,806
  1,883
  1,964
  2,050
  2,141
  2,237
  2,339
  2,447
  2,560
  2,680
  2,806
  2,939
  3,079
  3,226
  3,381
  3,544
  3,716
  3,896
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
  1,215
  1,243
  1,275
  1,311
  1,350
  1,394
  1,441
  1,492
  1,548
  1,607
  1,667
  1,734
  1,806
  1,883
  1,964
  2,050
  2,141
  2,237
  2,339
  2,447
  2,560
  2,680
  2,806
  2,939
  3,079
  3,226
  3,381
  3,544
  3,716
  3,896
Operating income, $m
  -150
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
EBITDA, $m
  -120
  12
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
Interest expense (income), $m
  685
  665
  679
  696
  715
  736
  759
  785
  813
  844
  877
  912
  949
  990
  1,032
  1,078
  1,126
  1,177
  1,232
  1,289
  1,349
  1,413
  1,481
  1,552
  1,627
  1,706
  1,789
  1,876
  1,968
  2,065
  2,167
Earnings before tax, $m
  -150
  -668
  -681
  -698
  -717
  -738
  -762
  -787
  -815
  -846
  -879
  -910
  -948
  -988
  -1,031
  -1,076
  -1,124
  -1,175
  -1,229
  -1,286
  -1,347
  -1,411
  -1,478
  -1,549
  -1,624
  -1,702
  -1,785
  -1,873
  -1,965
  -2,061
  -2,163
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
  -681
  -698
  -717
  -738
  -762
  -787
  -815
  -846
  -879
  -910
  -948
  -988
  -1,031
  -1,076
  -1,124
  -1,175
  -1,229
  -1,286
  -1,347
  -1,411
  -1,478
  -1,549
  -1,624
  -1,702
  -1,785
  -1,873
  -1,965
  -2,061
  -2,163

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
  5,667
  5,798
  5,947
  6,114
  6,299
  6,503
  6,724
  6,964
  7,222
  7,499
  7,796
  8,112
  8,449
  8,807
  9,187
  9,589
  10,016
  10,466
  10,942
  11,445
  11,976
  12,535
  13,125
  13,746
  14,401
  15,090
  15,815
  16,578
  17,381
  18,225
Adjusted assets (=assets-cash), $m
  5,047
  5,667
  5,798
  5,947
  6,114
  6,299
  6,503
  6,724
  6,964
  7,222
  7,499
  7,796
  8,112
  8,449
  8,807
  9,187
  9,589
  10,016
  10,466
  10,942
  11,445
  11,976
  12,535
  13,125
  13,746
  14,401
  15,090
  15,815
  16,578
  17,381
  18,225
Revenue / Adjusted assets
  0.236
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
Average production assets, $m
  101
  103
  105
  108
  111
  115
  118
  122
  127
  131
  136
  142
  148
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  288
  302
  316
  332
Working capital, $m
  0
  -121
  -124
  -127
  -131
  -135
  -139
  -144
  -149
  -155
  -160
  -167
  -174
  -181
  -188
  -197
  -205
  -214
  -224
  -234
  -245
  -256
  -268
  -281
  -294
  -308
  -323
  -338
  -355
  -372
  -390
Total debt, $m
  4,321
  4,409
  4,517
  4,640
  4,778
  4,931
  5,099
  5,281
  5,479
  5,692
  5,921
  6,165
  6,426
  6,704
  7,000
  7,313
  7,645
  7,997
  8,369
  8,762
  9,176
  9,614
  10,076
  10,562
  11,075
  11,615
  12,183
  12,781
  13,411
  14,073
  14,770
Total liabilities, $m
  4,587
  4,675
  4,783
  4,906
  5,044
  5,197
  5,365
  5,547
  5,745
  5,958
  6,187
  6,431
  6,692
  6,970
  7,266
  7,579
  7,911
  8,263
  8,635
  9,028
  9,442
  9,880
  10,342
  10,828
  11,341
  11,881
  12,449
  13,047
  13,677
  14,339
  15,036
Total equity, $m
  976
  992
  1,015
  1,041
  1,070
  1,102
  1,138
  1,177
  1,219
  1,264
  1,312
  1,364
  1,420
  1,479
  1,541
  1,608
  1,678
  1,753
  1,832
  1,915
  2,003
  2,096
  2,194
  2,297
  2,406
  2,520
  2,641
  2,768
  2,901
  3,042
  3,189
Total liabilities and equity, $m
  5,563
  5,667
  5,798
  5,947
  6,114
  6,299
  6,503
  6,724
  6,964
  7,222
  7,499
  7,795
  8,112
  8,449
  8,807
  9,187
  9,589
  10,016
  10,467
  10,943
  11,445
  11,976
  12,536
  13,125
  13,747
  14,401
  15,090
  15,815
  16,578
  17,381
  18,225
Debt-to-equity ratio
  4.427
  4.450
  4.450
  4.460
  4.470
  4.470
  4.480
  4.490
  4.500
  4.500
  4.510
  4.520
  4.530
  4.530
  4.540
  4.550
  4.560
  4.560
  4.570
  4.580
  4.580
  4.590
  4.590
  4.600
  4.600
  4.610
  4.610
  4.620
  4.620
  4.630
  4.630
Adjusted equity ratio
  0.091
  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
  -146
  -668
  -681
  -698
  -717
  -738
  -762
  -787
  -815
  -846
  -879
  -910
  -948
  -988
  -1,031
  -1,076
  -1,124
  -1,175
  -1,229
  -1,286
  -1,347
  -1,411
  -1,478
  -1,549
  -1,624
  -1,702
  -1,785
  -1,873
  -1,965
  -2,061
  -2,163
Depreciation, amort., depletion, $m
  30
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
Funds from operations, $m
  25
  -654
  -667
  -683
  -702
  -723
  -746
  -771
  -799
  -829
  -861
  -896
  -933
  -972
  -1,015
  -1,059
  -1,107
  -1,157
  -1,210
  -1,266
  -1,326
  -1,389
  -1,455
  -1,525
  -1,599
  -1,676
  -1,758
  -1,844
  -1,935
  -2,030
  -2,130
Change in working capital, $m
  24
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
Cash from operations, $m
  1
  -652
  -664
  -680
  -698
  -719
  -742
  -767
  -794
  -824
  -855
  -890
  -926
  -965
  -1,007
  -1,051
  -1,098
  -1,148
  -1,201
  -1,256
  -1,315
  -1,377
  -1,443
  -1,512
  -1,585
  -1,662
  -1,743
  -1,828
  -1,918
  -2,013
  -2,112
Maintenance CAPEX, $m
  0
  -10
  -10
  -11
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
New CAPEX, $m
  -52
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
Cash from investing activities, $m
  -423
  -12
  -12
  -14
  -14
  -14
  -15
  -16
  -16
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -43
  -45
  -47
Free cash flow, $m
  -422
  -664
  -677
  -694
  -712
  -733
  -757
  -783
  -811
  -841
  -874
  -909
  -946
  -986
  -1,029
  -1,074
  -1,122
  -1,173
  -1,227
  -1,284
  -1,344
  -1,408
  -1,475
  -1,546
  -1,620
  -1,699
  -1,782
  -1,869
  -1,961
  -2,057
  -2,159
Issuance/(repayment) of debt, $m
  263
  88
  108
  123
  138
  153
  168
  183
  198
  213
  229
  245
  261
  278
  295
  313
  332
  352
  372
  393
  415
  438
  462
  487
  513
  540
  568
  598
  630
  662
  697
Issuance/(repurchase) of shares, $m
  -1
  684
  704
  724
  746
  770
  797
  826
  857
  891
  927
  962
  1,003
  1,047
  1,093
  1,142
  1,195
  1,250
  1,308
  1,370
  1,435
  1,503
  1,576
  1,652
  1,732
  1,817
  1,906
  2,000
  2,098
  2,202
  2,311
Cash from financing (excl. dividends), $m  
  314
  772
  812
  847
  884
  923
  965
  1,009
  1,055
  1,104
  1,156
  1,207
  1,264
  1,325
  1,388
  1,455
  1,527
  1,602
  1,680
  1,763
  1,850
  1,941
  2,038
  2,139
  2,245
  2,357
  2,474
  2,598
  2,728
  2,864
  3,008
Total cash flow (excl. dividends), $m
  -108
  108
  135
  153
  172
  190
  208
  226
  245
  263
  282
  298
  318
  339
  360
  382
  405
  428
  453
  479
  505
  533
  562
  593
  624
  658
  692
  729
  767
  807
  849
Retained Cash Flow (-), $m
  66
  -684
  -704
  -724
  -746
  -770
  -797
  -826
  -857
  -891
  -927
  -962
  -1,003
  -1,047
  -1,093
  -1,142
  -1,195
  -1,250
  -1,308
  -1,370
  -1,435
  -1,503
  -1,576
  -1,652
  -1,732
  -1,817
  -1,906
  -2,000
  -2,098
  -2,202
  -2,311
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
 
  -575
  -570
  -571
  -574
  -581
  -589
  -600
  -613
  -628
  -645
  -664
  -685
  -708
  -733
  -761
  -790
  -821
  -855
  -891
  -929
  -970
  -1,013
  -1,059
  -1,108
  -1,159
  -1,213
  -1,271
  -1,331
  -1,395
  -1,462
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
 
  -512
  -447
  -390
  -337
  -289
  -246
  -206
  -171
  -140
  -112
  -89
  -69
  -53
  -40
  -29
  -21
  -14
  -10
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.6
  58.5
  44.7
  34.0
  25.9
  19.7
  15.0
  11.4
  8.6
  6.5
  5.0
  3.8
  2.8
  2.2
  1.6
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

LendingClub Corporation, together with its subsidiaries, operates as an online marketplace that connects borrowers and investors in the United States. Its marketplace facilitates various types of loan products for consumers and small businesses, including unsecured personal loans, super prime consumer loans, unsecured education and patient finance loans, and unsecured small business loans. The company also offers investors an opportunity to invest in a range of loans based on term and credit characteristics. It serves investors, such as retail investors, high-net-worth individuals and family offices, banks and finance companies, insurance companies, hedge funds, foundations, pension plans, and university endowments. LendingClub Corporation was founded in 2006 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  LendingClub (LC)

Valuation Ratios
P/E Ratio -16.2
Price to Sales 2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 2360
Price to Free Cash Flow -46.3
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 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 10 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 -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 - $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 378.072 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 $2.2 billion.

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CIM Chimera Invest 19.03 110.90  str.buy

COMPANY NEWS

▶ 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]
▶ [$$] Online Lenders Clear a Low Bar---Higher Ones Lie Ahead   [06:22PM  The Wall Street Journal]
▶ LendingClub in line with expectations   [04:16PM  CNBC Videos]
▶ LendingClub Executives Under Investigation   [Jun-26-17 08:00AM  PR Newswire]
▶ ETFs with exposure to LendingClub Corp. : June 15, 2017   [Jun-15-17 02:23PM  Capital Cube]
▶ Meet the highest-paid Bay Area executives under 40 in 2017   [Jun-05-17 03:30PM  American City Business Journals]
▶ ETFs with exposure to LendingClub Corp. : June 1, 2017   [Jun-01-17 01:55PM  Capital Cube]
▶ How Personal Loans Can Boost Your Credit Score   [May-25-17 08:02AM  Forbes]
▶ ETFs with exposure to LendingClub Corp. : May 22, 2017   [May-22-17 01:50PM  Capital Cube]
▶ [$$] Bond Buyers Forgive and Forget, Flock Back to Online Lenders Debt   [May-21-17 11:55PM  The Wall Street Journal]
▶ Lending Clubs Turnaround Requires Faith and Patience   [May-14-17 04:24PM  Motley Fool]
▶ ETFs with exposure to LendingClub Corp. : May 11, 2017   [May-11-17 05:02PM  Capital Cube]
▶ [$$] LendingClub: Wheres the Growth?   [May-05-17 11:19PM  The Wall Street Journal]
▶ [$$] LendingClub: Where's the Growth?   [12:59PM  The Wall Street Journal]
▶ [$$] LendingClub pins hopes for growth on car loans   [May-04-17 07:40PM  Financial Times]
▶ LendingClub reports 1Q loss   [05:58PM  Associated Press]
▶ JOHN MACK: 'I'm worried about jobs'   [Apr-03-17 09:47AM  Yahoo Finance]
▶ Are Peer To Peer Loans Right For Your Portfolio?   [Mar-23-17 08:02PM  Forbes]
▶ Is Lending Club Really Like Amazon?   [04:07PM  Motley Fool]
▶ [$$] LendingClub: Five Reasons to Buy the Stock   [Mar-17-17 05:53AM  Barrons.com]
▶ [$$] Online Lender Marlette Cuts Staff in Push for Profitability   [Mar-15-17 03:50PM  at The Wall Street Journal]
▶ Startup China Rapid Finance Poised for U.S. IPO   [Feb-27-17 11:20AM  Investopedia]
▶ [$$] Chinas Top P2P Lender Pivots Away From the Business   [12:20AM  at The Wall Street Journal]
▶ [$$] China's Top P2P Lender Pivots Away From the Business   [Feb-22-17 08:05AM  at The Wall Street Journal]
▶ The Biggest Risk to LendingClub's Business Model   [Feb-21-17 06:52PM  at Motley Fool]
▶ High Defaults Hammer Online Loan Investors   [Feb-20-17 06:00AM  at Investopedia]
▶ [$$] Defaults Slash Returns for Online Loan Investors   [Feb-17-17 11:33PM  at The Wall Street Journal]
▶ [$$] Defaults Slash Returns for Online Loan Investors   [05:30AM  at The Wall Street Journal]
▶ [$$] Why Online Lenders Keep Disappointing   [Feb-16-17 01:30PM  at The Wall Street Journal]
Stock chart of LC 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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