Intrinsic value of Grand Canyon Education - LOPE

Previous Close

$81.17

  Intrinsic Value

$48.08

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

-96%

Previous close

$81.17

 
Intrinsic value

$48.08

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

-96%

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

We calculate the intrinsic value of LOPE 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 3.9

 

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, %
  12.21
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  873
  954
  1,039
  1,127
  1,219
  1,314
  1,413
  1,516
  1,623
  1,734
  1,850
  1,970
  2,095
  2,225
  2,361
  2,502
  2,649
  2,803
  2,963
  3,130
  3,305
  3,488
  3,678
  3,878
  4,087
  4,305
  4,533
  4,773
  5,023
  5,286
  5,561
Variable operating expenses, $m
 
  683
  744
  807
  872
  941
  1,012
  1,085
  1,162
  1,241
  1,324
  1,410
  1,499
  1,592
  1,689
  1,791
  1,896
  2,006
  2,121
  2,240
  2,365
  2,496
  2,632
  2,775
  2,925
  3,081
  3,244
  3,416
  3,595
  3,783
  3,980
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  636
  694
  756
  819
  884
  953
  1,025
  1,098
  1,175
  1,255
  1,338
  1,424
  1,514
  1,607
  1,705
  1,807
  1,912
  2,023
  2,138
  2,258
  2,383
  2,514
  2,651
  2,794
  2,945
  3,101
  3,265
  3,437
  3,617
  3,806
  4,003
Operating income, $m
  237
  260
  284
  308
  334
  361
  389
  418
  448
  479
  512
  546
  581
  618
  656
  695
  737
  780
  825
  873
  922
  973
  1,027
  1,083
  1,142
  1,204
  1,268
  1,336
  1,406
  1,480
  1,558
EBITDA, $m
  283
  310
  338
  368
  398
  430
  463
  498
  533
  570
  609
  649
  691
  734
  780
  827
  876
  927
  981
  1,037
  1,095
  1,156
  1,220
  1,287
  1,357
  1,430
  1,506
  1,586
  1,670
  1,758
  1,850
Interest expense (income), $m
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  12
  14
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
Earnings before tax, $m
  236
  257
  280
  304
  329
  355
  381
  409
  438
  468
  499
  532
  566
  601
  638
  676
  716
  758
  801
  846
  894
  943
  995
  1,049
  1,105
  1,165
  1,226
  1,291
  1,359
  1,431
  1,505
Tax expense, $m
  87
  70
  76
  82
  89
  96
  103
  110
  118
  126
  135
  144
  153
  162
  172
  183
  193
  205
  216
  228
  241
  255
  269
  283
  298
  314
  331
  349
  367
  386
  406
Net income, $m
  149
  188
  205
  222
  240
  259
  278
  299
  320
  342
  365
  388
  413
  439
  466
  494
  523
  553
  585
  618
  652
  688
  726
  766
  807
  850
  895
  943
  992
  1,044
  1,099

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  1,092
  1,075
  1,170
  1,269
  1,372
  1,480
  1,591
  1,707
  1,828
  1,953
  2,083
  2,218
  2,359
  2,506
  2,659
  2,818
  2,983
  3,156
  3,337
  3,525
  3,722
  3,927
  4,142
  4,367
  4,602
  4,848
  5,105
  5,375
  5,657
  5,952
  6,262
Adjusted assets (=assets-cash), $m
  983
  1,075
  1,170
  1,269
  1,372
  1,480
  1,591
  1,707
  1,828
  1,953
  2,083
  2,218
  2,359
  2,506
  2,659
  2,818
  2,983
  3,156
  3,337
  3,525
  3,722
  3,927
  4,142
  4,367
  4,602
  4,848
  5,105
  5,375
  5,657
  5,952
  6,262
Revenue / Adjusted assets
  0.888
  0.887
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
Average production assets, $m
  762
  832
  906
  983
  1,063
  1,146
  1,232
  1,322
  1,415
  1,512
  1,613
  1,718
  1,827
  1,940
  2,059
  2,182
  2,310
  2,444
  2,584
  2,730
  2,882
  3,041
  3,208
  3,382
  3,563
  3,754
  3,953
  4,162
  4,380
  4,609
  4,849
Working capital, $m
  3
  -81
  -88
  -96
  -104
  -112
  -120
  -129
  -138
  -147
  -157
  -167
  -178
  -189
  -201
  -213
  -225
  -238
  -252
  -266
  -281
  -296
  -313
  -330
  -347
  -366
  -385
  -406
  -427
  -449
  -473
Total debt, $m
  98
  93
  120
  149
  179
  211
  243
  277
  312
  348
  386
  426
  467
  509
  554
  600
  648
  698
  751
  806
  863
  923
  985
  1,051
  1,119
  1,191
  1,266
  1,344
  1,426
  1,512
  1,602
Total liabilities, $m
  319
  313
  340
  369
  399
  431
  463
  497
  532
  568
  606
  646
  687
  729
  774
  820
  868
  918
  971
  1,026
  1,083
  1,143
  1,205
  1,271
  1,339
  1,411
  1,486
  1,564
  1,646
  1,732
  1,822
Total equity, $m
  774
  762
  829
  900
  973
  1,049
  1,128
  1,210
  1,296
  1,385
  1,477
  1,573
  1,673
  1,777
  1,885
  1,998
  2,115
  2,238
  2,366
  2,499
  2,639
  2,785
  2,937
  3,096
  3,263
  3,437
  3,620
  3,811
  4,011
  4,220
  4,440
Total liabilities and equity, $m
  1,093
  1,075
  1,169
  1,269
  1,372
  1,480
  1,591
  1,707
  1,828
  1,953
  2,083
  2,219
  2,360
  2,506
  2,659
  2,818
  2,983
  3,156
  3,337
  3,525
  3,722
  3,928
  4,142
  4,367
  4,602
  4,848
  5,106
  5,375
  5,657
  5,952
  6,262
Debt-to-equity ratio
  0.127
  0.120
  0.150
  0.170
  0.180
  0.200
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
Adjusted equity ratio
  0.677
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  149
  188
  205
  222
  240
  259
  278
  299
  320
  342
  365
  388
  413
  439
  466
  494
  523
  553
  585
  618
  652
  688
  726
  766
  807
  850
  895
  943
  992
  1,044
  1,099
Depreciation, amort., depletion, $m
  46
  50
  55
  59
  64
  69
  75
  80
  86
  91
  97
  103
  110
  117
  124
  131
  139
  147
  156
  164
  174
  183
  193
  204
  215
  226
  238
  251
  264
  278
  292
Funds from operations, $m
  212
  238
  259
  281
  304
  328
  353
  379
  405
  433
  462
  492
  523
  556
  590
  625
  662
  700
  740
  782
  826
  872
  919
  969
  1,022
  1,076
  1,133
  1,193
  1,256
  1,322
  1,391
Change in working capital, $m
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  218
  245
  267
  289
  312
  336
  361
  387
  414
  443
  472
  502
  534
  567
  601
  637
  674
  713
  754
  796
  841
  887
  936
  986
  1,039
  1,095
  1,153
  1,214
  1,277
  1,344
  1,414
Maintenance CAPEX, $m
  0
  -46
  -50
  -55
  -59
  -64
  -69
  -74
  -80
  -85
  -91
  -97
  -103
  -110
  -117
  -124
  -131
  -139
  -147
  -156
  -164
  -174
  -183
  -193
  -204
  -215
  -226
  -238
  -251
  -264
  -278
New CAPEX, $m
  -239
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -218
  -229
  -240
Cash from investing activities, $m
  -216
  -117
  -124
  -132
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -202
  -212
  -224
  -235
  -247
  -259
  -273
  -287
  -302
  -316
  -333
  -349
  -367
  -386
  -405
  -425
  -447
  -469
  -493
  -518
Free cash flow, $m
  2
  129
  143
  158
  173
  189
  206
  223
  242
  260
  280
  300
  321
  343
  366
  390
  415
  440
  467
  495
  524
  554
  586
  619
  654
  690
  727
  767
  808
  852
  897
Issuance/(repayment) of debt, $m
  18
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  57
  60
  63
  65
  68
  72
  75
  78
  82
  86
  90
Issuance/(repurchase) of shares, $m
  -7
  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  
  21
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  57
  60
  63
  65
  68
  72
  75
  78
  82
  86
  90
Total cash flow (excl. dividends), $m
  23
  156
  170
  186
  203
  220
  238
  257
  277
  297
  318
  340
  362
  386
  411
  436
  463
  491
  519
  550
  581
  614
  649
  684
  722
  761
  802
  845
  890
  938
  987
Retained Cash Flow (-), $m
  -164
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -139
  -146
  -152
  -159
  -167
  -174
  -182
  -191
  -200
  -210
  -220
Prev. year cash balance distribution, $m
 
  77
  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
 
  168
  103
  116
  130
  144
  159
  175
  191
  208
  226
  244
  262
  282
  302
  323
  345
  368
  392
  416
  442
  468
  496
  525
  555
  587
  620
  654
  690
  728
  767
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
 
  161
  94
  101
  107
  112
  116
  118
  119
  120
  118
  116
  112
  107
  101
  95
  88
  80
  72
  64
  56
  48
  41
  34
  28
  23
  18
  14
  11
  8
  6
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

Grand Canyon Education, Inc., together with its subsidiaries, provides postsecondary education services in the United States and Canada. It offers approximately 200 graduate and undergraduate degree programs and certificates across nine colleges online and on ground through campus in Phoenix, Arizona; leased facilities; and facilities owned by third party employers. As of December 31, 2016, it had 81,900 students enrolled in its programs. The company was founded in 1949 and is based in Phoenix, Arizona.

FINANCIAL RATIOS  of  Grand Canyon Education (LOPE)

Valuation Ratios
P/E Ratio 25.9
Price to Sales 4.4
Price to Book 5
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow -183.8
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.6%
Cap. Spend. - 3 Yr. Gr. Rate 20.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.5
LT Debt to Equity 8.5%
Total Debt to Equity 12.7%
Interest Coverage 237
Management Effectiveness
Return On Assets 15.1%
Ret/ On Assets - 3 Yr. Avg. 15.8%
Return On Total Capital 19.1%
Ret/ On T. Cap. - 3 Yr. Avg. 20.7%
Return On Equity 21.5%
Return On Equity - 3 Yr. Avg. 24.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 57.3%
Gross Margin - 3 Yr. Avg. 57.7%
EBITDA Margin 32.4%
EBITDA Margin - 3 Yr. Avg. 31.5%
Operating Margin 27.1%
Oper. Margin - 3 Yr. Avg. 26.8%
Pre-Tax Margin 27%
Pre-Tax Margin - 3 Yr. Avg. 26.6%
Net Profit Margin 17.1%
Net Profit Margin - 3 Yr. Avg. 16.7%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 0%

LOPE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LOPE stock intrinsic value calculation we used $873 million for the last fiscal year's total revenue generated by Grand Canyon Education. The default revenue input number comes from 2016 income statement of Grand Canyon Education. 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 LOPE stock valuation model: a) initial revenue growth rate of 9.3% 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 LOPE is calculated based on our internal credit rating of Grand Canyon Education, 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 Grand Canyon Education.
    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 LOPE stock the variable cost ratio is equal to 71.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for LOPE 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 Grand Canyon Education.

Corporate tax rate of 27% is the nominal tax rate for Grand Canyon Education. 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 LOPE 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 LOPE are equal to 87.2%.

Life of production assets of 16.6 years is the average useful life of capital assets used in Grand Canyon Education 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 LOPE is equal to -8.5%. 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 - $774 million for Grand Canyon Education - 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 47.854 million for Grand Canyon Education 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 Grand Canyon Education at the current share price and the inputted number of shares is $3.9 billion.

RELATED COMPANIES Price Int.Val. Rating
BPI Bridgepoint Ed 8.82 2.01  str.sell
STRA Strayer Educat 77.57 87.10  hold
APEI American Publi 18.00 40.30  str.buy
CECO Career Educati 8.70 0.86  str.sell
NAUH National Ameri 2.14 0.42  str.sell

COMPANY NEWS

▶ Clash of the Titans: GCU president fires back at ASU president   [Aug-17-17 05:25PM  American City Business Journals]
▶ Grand Canyon Education beats 2Q profit forecasts   [Aug-01-17 10:00PM  Associated Press]
▶ Guess which for-profit school boosted revenue, income, enrollment again   [04:55PM  American City Business Journals]
▶ Top Ranked Growth Stocks to Buy for June 26th   [Jun-26-17 09:44AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for June 16th   [Jun-16-17 11:53AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 25th   [May-25-17 10:28AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 15th   [May-15-17 11:07AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 10th   [May-10-17 09:23AM  Zacks]
▶ Grand Canyon Education beats 1Q profit forecasts   [May-04-17 06:46PM  Associated Press]
▶ [$$] For-Profit School Shares Lifted as Trump Delays New Rules   [Mar-12-17 11:00AM  at The Wall Street Journal]
▶ Meridian Growth Fund 4th Quarter Commentary   [Feb-21-17 05:47PM  GuruFocus.com]
▶ Education Stocks In The Age Of Trump   [Feb-09-17 02:38PM  at Forbes]
▶ Is Grand Canyon Education Inc (LOPE) A Good Stock To Buy?   [Dec-14-16 06:39AM  at Insider Monkey]
▶ For-Profit Colleges Look to Donald Trump for a Pass   [Dec-03-16 12:01AM  at The Wall Street Journal]
▶ [$$] For-Profit Colleges Look to Donald Trump for a Pass   [Dec-02-16 09:00AM  at The Wall Street Journal]
▶ For-Profit Colleges Look to Donald Trump for a Pass   [07:00AM  at The Wall Street Journal]
▶ [$$] For-Profit Colleges Could Prosper Under Trump   [Nov-12-16 12:01AM  at Barrons.com]
Stock chart of LOPE Financial statements of LOPE
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.