Intrinsic value of Grand Canyon Education - LOPE

Previous Close

$88.98

  Intrinsic Value

$52.30

stock screener

  Rating & Target

sell

-41%

  Value-price divergence*

-93%

Previous close

$88.98

 
Intrinsic value

$52.30

 
Up/down potential

-41%

 
Rating

sell

 
Value-price divergence*

-93%

*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 4.3

 

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
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
Revenue, $m
  873
  996
  1,127
  1,267
  1,414
  1,570
  1,732
  1,903
  2,081
  2,266
  2,459
  2,660
  2,869
  3,087
  3,312
  3,547
  3,791
  4,044
  4,308
  4,582
  4,867
  5,165
  5,474
  5,797
  6,134
  6,485
  6,852
  7,234
  7,634
  8,052
  8,490
Variable operating expenses, $m
 
  713
  807
  907
  1,012
  1,124
  1,240
  1,362
  1,489
  1,622
  1,760
  1,904
  2,054
  2,209
  2,371
  2,538
  2,713
  2,894
  3,083
  3,279
  3,483
  3,696
  3,918
  4,149
  4,390
  4,641
  4,903
  5,177
  5,464
  5,763
  6,076
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
  724
  819
  919
  1,024
  1,136
  1,253
  1,375
  1,502
  1,636
  1,774
  1,918
  2,069
  2,224
  2,387
  2,554
  2,729
  2,911
  3,100
  3,297
  3,501
  3,714
  3,937
  4,168
  4,410
  4,661
  4,924
  5,198
  5,486
  5,786
  6,099
Operating income, $m
  237
  272
  309
  348
  390
  434
  480
  528
  578
  630
  685
  742
  801
  863
  926
  993
  1,062
  1,133
  1,208
  1,285
  1,366
  1,450
  1,538
  1,629
  1,724
  1,824
  1,927
  2,036
  2,149
  2,267
  2,391
EBITDA, $m
  283
  324
  368
  415
  464
  516
  571
  628
  688
  750
  814
  882
  952
  1,025
  1,100
  1,179
  1,261
  1,346
  1,434
  1,526
  1,622
  1,721
  1,825
  1,933
  2,046
  2,164
  2,287
  2,416
  2,550
  2,690
  2,837
Interest expense (income), $m
  1
  2
  4
  5
  7
  9
  10
  12
  14
  16
  18
  21
  23
  25
  28
  30
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
  71
  75
  80
  85
Earnings before tax, $m
  236
  269
  305
  343
  383
  425
  469
  515
  564
  614
  667
  722
  778
  837
  899
  962
  1,029
  1,097
  1,169
  1,244
  1,321
  1,402
  1,486
  1,574
  1,665
  1,761
  1,861
  1,965
  2,074
  2,187
  2,306
Tax expense, $m
  87
  73
  82
  93
  103
  115
  127
  139
  152
  166
  180
  195
  210
  226
  243
  260
  278
  296
  316
  336
  357
  379
  401
  425
  450
  475
  502
  530
  560
  591
  623
Net income, $m
  149
  197
  223
  250
  280
  310
  343
  376
  412
  448
  487
  527
  568
  611
  656
  703
  751
  801
  853
  908
  964
  1,023
  1,085
  1,149
  1,216
  1,285
  1,358
  1,434
  1,514
  1,597
  1,684

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
  1,122
  1,270
  1,427
  1,593
  1,767
  1,951
  2,143
  2,343
  2,552
  2,770
  2,996
  3,231
  3,476
  3,730
  3,994
  4,269
  4,554
  4,851
  5,160
  5,481
  5,816
  6,165
  6,528
  6,907
  7,303
  7,716
  8,147
  8,597
  9,068
  9,560
Adjusted assets (=assets-cash), $m
  983
  1,122
  1,270
  1,427
  1,593
  1,767
  1,951
  2,143
  2,343
  2,552
  2,770
  2,996
  3,231
  3,476
  3,730
  3,994
  4,269
  4,554
  4,851
  5,160
  5,481
  5,816
  6,165
  6,528
  6,907
  7,303
  7,716
  8,147
  8,597
  9,068
  9,560
Revenue / Adjusted assets
  0.888
  0.888
  0.887
  0.888
  0.888
  0.889
  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
  869
  983
  1,105
  1,233
  1,369
  1,511
  1,659
  1,814
  1,976
  2,145
  2,320
  2,502
  2,692
  2,888
  3,093
  3,306
  3,527
  3,756
  3,996
  4,244
  4,504
  4,774
  5,055
  5,349
  5,655
  5,975
  6,308
  6,657
  7,022
  7,403
Working capital, $m
  3
  -85
  -96
  -108
  -120
  -133
  -147
  -162
  -177
  -193
  -209
  -226
  -244
  -262
  -282
  -301
  -322
  -344
  -366
  -389
  -414
  -439
  -465
  -493
  -521
  -551
  -582
  -615
  -649
  -684
  -722
Total debt, $m
  98
  106
  149
  195
  243
  294
  348
  404
  462
  523
  586
  652
  720
  792
  865
  942
  1,022
  1,105
  1,192
  1,282
  1,375
  1,472
  1,574
  1,680
  1,790
  1,905
  2,025
  2,151
  2,282
  2,419
  2,562
Total liabilities, $m
  319
  326
  369
  415
  463
  514
  568
  624
  682
  743
  806
  872
  940
  1,012
  1,085
  1,162
  1,242
  1,325
  1,412
  1,502
  1,595
  1,692
  1,794
  1,900
  2,010
  2,125
  2,245
  2,371
  2,502
  2,639
  2,782
Total equity, $m
  774
  795
  900
  1,012
  1,129
  1,253
  1,383
  1,519
  1,661
  1,809
  1,964
  2,124
  2,291
  2,464
  2,645
  2,832
  3,027
  3,229
  3,439
  3,658
  3,886
  4,124
  4,371
  4,629
  4,897
  5,178
  5,470
  5,776
  6,095
  6,429
  6,778
Total liabilities and equity, $m
  1,093
  1,121
  1,269
  1,427
  1,592
  1,767
  1,951
  2,143
  2,343
  2,552
  2,770
  2,996
  3,231
  3,476
  3,730
  3,994
  4,269
  4,554
  4,851
  5,160
  5,481
  5,816
  6,165
  6,529
  6,907
  7,303
  7,715
  8,147
  8,597
  9,068
  9,560
Debt-to-equity ratio
  0.127
  0.130
  0.170
  0.190
  0.220
  0.230
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
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
  197
  223
  250
  280
  310
  343
  376
  412
  448
  487
  527
  568
  611
  656
  703
  751
  801
  853
  908
  964
  1,023
  1,085
  1,149
  1,216
  1,285
  1,358
  1,434
  1,514
  1,597
  1,684
Depreciation, amort., depletion, $m
  46
  53
  60
  67
  75
  83
  91
  100
  110
  119
  129
  140
  151
  162
  174
  186
  199
  212
  226
  241
  256
  271
  288
  305
  322
  341
  360
  380
  401
  423
  446
Funds from operations, $m
  212
  249
  282
  317
  354
  393
  434
  477
  521
  568
  616
  666
  719
  773
  830
  889
  950
  1,014
  1,080
  1,149
  1,220
  1,295
  1,372
  1,453
  1,538
  1,626
  1,718
  1,814
  1,915
  2,020
  2,130
Change in working capital, $m
  -6
  -10
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
Cash from operations, $m
  218
  260
  293
  329
  367
  406
  448
  491
  536
  583
  633
  684
  737
  792
  849
  909
  971
  1,035
  1,102
  1,172
  1,244
  1,320
  1,399
  1,481
  1,567
  1,656
  1,749
  1,847
  1,949
  2,055
  2,167
Maintenance CAPEX, $m
  0
  -46
  -52
  -59
  -67
  -74
  -82
  -91
  -100
  -109
  -119
  -129
  -140
  -151
  -162
  -174
  -186
  -199
  -212
  -226
  -241
  -256
  -271
  -288
  -305
  -322
  -341
  -360
  -380
  -401
  -423
New CAPEX, $m
  -239
  -107
  -115
  -122
  -129
  -135
  -142
  -149
  -155
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -270
  -281
  -294
  -306
  -320
  -334
  -349
  -365
  -381
Cash from investing activities, $m
  -216
  -153
  -167
  -181
  -196
  -209
  -224
  -240
  -255
  -271
  -287
  -304
  -322
  -340
  -359
  -379
  -399
  -420
  -442
  -465
  -490
  -515
  -541
  -569
  -599
  -628
  -661
  -694
  -729
  -766
  -804
Free cash flow, $m
  2
  107
  126
  148
  172
  197
  223
  251
  281
  312
  345
  379
  415
  452
  490
  530
  572
  615
  660
  706
  755
  805
  857
  912
  969
  1,028
  1,089
  1,153
  1,220
  1,290
  1,362
Issuance/(repayment) of debt, $m
  18
  40
  43
  46
  48
  51
  53
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  94
  97
  101
  106
  110
  115
  120
  125
  131
  137
  143
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
  40
  43
  46
  48
  51
  53
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  94
  97
  101
  106
  110
  115
  120
  125
  131
  137
  143
Total cash flow (excl. dividends), $m
  23
  147
  170
  194
  220
  247
  277
  307
  339
  373
  408
  445
  483
  523
  564
  607
  652
  698
  746
  796
  848
  903
  959
  1,018
  1,079
  1,143
  1,209
  1,279
  1,351
  1,427
  1,506
Retained Cash Flow (-), $m
  -164
  -98
  -105
  -111
  -118
  -124
  -130
  -136
  -142
  -148
  -154
  -160
  -167
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -228
  -237
  -247
  -258
  -269
  -280
  -293
  -306
  -319
  -334
  -349
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
 
  126
  65
  82
  102
  124
  147
  171
  197
  225
  254
  284
  316
  349
  384
  420
  457
  496
  536
  577
  620
  665
  712
  760
  810
  862
  916
  973
  1,032
  1,093
  1,157
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
 
  121
  59
  72
  84
  96
  106
  116
  123
  129
  133
  135
  135
  133
  129
  123
  116
  108
  99
  89
  79
  69
  59
  50
  41
  34
  27
  21
  16
  12
  9
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. is engaged in the provision of postsecondary education. The Company is a regionally accredited university. The Company offers the degrees, including Doctor of Education, Doctor of Business Administration, Doctor of Nursing Practice, Doctor of Philosophy, Education Specialist, Master of Divinity, Master of Arts, Master of Education, Master of Business Administration and Master of Public Administration, Master of Public Health, Master of Science, Bachelor of Arts, Bachelor of Science, and a range of programs for its degrees. It also offers certificate programs, which consist of a series of courses focused on a particular area of study for both the post-baccalaureate and post-graduate students. The Company offers its ground-based programs to students through three 15-week semesters in a calendar year and to online students in courses that generally range from 5 to 16 weeks throughout the calendar year.

FINANCIAL RATIOS  of  Grand Canyon Education (LOPE)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 4.8
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow -201.5
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 14.1% 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 48.563 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 $4.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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CECO Career Educati 10.75 0.83  str.sell
NAUH National Ameri 1.72 0.30  str.sell

COMPANY NEWS

▶ 3 Top Education Stocks to Buy in 2017   [Sep-18-17 07:03AM  Motley Fool]
▶ 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]
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▶ 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]
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.

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