Intrinsic value of Grand Canyon Education - LOPE

Previous Close

$99.72

  Intrinsic Value

$50.45

stock screener

  Rating & Target

sell

-49%

Previous close

$99.72

 
Intrinsic value

$50.45

 
Up/down potential

-49%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  12.40
  11.66
  10.99
  10.39
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
Revenue, $m
  873
  981
  1,096
  1,216
  1,343
  1,475
  1,613
  1,757
  1,907
  2,063
  2,226
  2,394
  2,570
  2,752
  2,941
  3,138
  3,343
  3,556
  3,777
  4,008
  4,249
  4,499
  4,761
  5,033
  5,318
  5,615
  5,926
  6,251
  6,590
  6,945
  7,317
Variable operating expenses, $m
 
  703
  784
  871
  961
  1,056
  1,155
  1,258
  1,365
  1,477
  1,593
  1,713
  1,839
  1,969
  2,105
  2,246
  2,392
  2,545
  2,703
  2,868
  3,041
  3,220
  3,407
  3,602
  3,806
  4,019
  4,241
  4,473
  4,716
  4,970
  5,236
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
  714
  796
  883
  973
  1,068
  1,168
  1,271
  1,378
  1,491
  1,607
  1,727
  1,854
  1,984
  2,121
  2,262
  2,408
  2,562
  2,720
  2,886
  3,059
  3,238
  3,426
  3,621
  3,826
  4,039
  4,262
  4,494
  4,738
  4,993
  5,259
Operating income, $m
  237
  267
  300
  334
  369
  407
  446
  486
  529
  573
  618
  666
  716
  767
  821
  876
  934
  994
  1,057
  1,122
  1,190
  1,261
  1,335
  1,412
  1,492
  1,576
  1,664
  1,756
  1,852
  1,952
  2,057
EBITDA, $m
  283
  319
  358
  398
  440
  484
  531
  579
  629
  681
  736
  792
  851
  912
  975
  1,041
  1,110
  1,181
  1,255
  1,333
  1,413
  1,497
  1,585
  1,676
  1,772
  1,871
  1,975
  2,084
  2,198
  2,317
  2,442
Interest expense (income), $m
  1
  2
  4
  5
  6
  8
  9
  11
  12
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
Earnings before tax, $m
  236
  265
  296
  329
  363
  399
  436
  475
  516
  558
  602
  649
  696
  746
  797
  850
  906
  964
  1,024
  1,086
  1,152
  1,220
  1,291
  1,365
  1,442
  1,523
  1,607
  1,696
  1,788
  1,884
  1,985
Tax expense, $m
  87
  72
  80
  89
  98
  108
  118
  128
  139
  151
  163
  175
  188
  201
  215
  230
  245
  260
  276
  293
  311
  329
  349
  369
  389
  411
  434
  458
  483
  509
  536
Net income, $m
  149
  194
  216
  240
  265
  291
  319
  347
  377
  408
  440
  473
  508
  544
  582
  621
  661
  703
  747
  793
  841
  890
  942
  996
  1,053
  1,112
  1,173
  1,238
  1,305
  1,376
  1,449

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
  1,105
  1,234
  1,370
  1,512
  1,661
  1,816
  1,979
  2,148
  2,324
  2,506
  2,696
  2,894
  3,099
  3,312
  3,534
  3,764
  4,004
  4,254
  4,514
  4,784
  5,067
  5,361
  5,668
  5,989
  6,324
  6,673
  7,039
  7,421
  7,821
  8,239
Adjusted assets (=assets-cash), $m
  983
  1,105
  1,234
  1,370
  1,512
  1,661
  1,816
  1,979
  2,148
  2,324
  2,506
  2,696
  2,894
  3,099
  3,312
  3,534
  3,764
  4,004
  4,254
  4,514
  4,784
  5,067
  5,361
  5,668
  5,989
  6,324
  6,673
  7,039
  7,421
  7,821
  8,239
Revenue / Adjusted assets
  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
  0.888
  0.888
Average production assets, $m
  762
  856
  955
  1,060
  1,171
  1,286
  1,407
  1,532
  1,663
  1,799
  1,941
  2,088
  2,241
  2,400
  2,565
  2,736
  2,915
  3,101
  3,294
  3,495
  3,705
  3,923
  4,151
  4,389
  4,637
  4,897
  5,167
  5,451
  5,747
  6,056
  6,380
Working capital, $m
  3
  -83
  -93
  -103
  -114
  -125
  -137
  -149
  -162
  -175
  -189
  -204
  -218
  -234
  -250
  -267
  -284
  -302
  -321
  -341
  -361
  -382
  -405
  -428
  -452
  -477
  -504
  -531
  -560
  -590
  -622
Total debt, $m
  98
  102
  139
  179
  220
  263
  309
  356
  405
  456
  509
  565
  622
  682
  744
  808
  875
  945
  1,018
  1,093
  1,172
  1,254
  1,340
  1,429
  1,523
  1,620
  1,722
  1,828
  1,940
  2,056
  2,178
Total liabilities, $m
  319
  322
  359
  399
  440
  483
  529
  576
  625
  676
  729
  785
  842
  902
  964
  1,028
  1,095
  1,165
  1,238
  1,313
  1,392
  1,474
  1,560
  1,649
  1,743
  1,840
  1,942
  2,048
  2,160
  2,276
  2,398
Total equity, $m
  774
  783
  875
  971
  1,072
  1,178
  1,288
  1,403
  1,523
  1,647
  1,777
  1,912
  2,052
  2,197
  2,348
  2,505
  2,669
  2,839
  3,016
  3,200
  3,392
  3,592
  3,801
  4,019
  4,246
  4,483
  4,731
  4,991
  5,262
  5,545
  5,842
Total liabilities and equity, $m
  1,093
  1,105
  1,234
  1,370
  1,512
  1,661
  1,817
  1,979
  2,148
  2,323
  2,506
  2,697
  2,894
  3,099
  3,312
  3,533
  3,764
  4,004
  4,254
  4,513
  4,784
  5,066
  5,361
  5,668
  5,989
  6,323
  6,673
  7,039
  7,422
  7,821
  8,240
Debt-to-equity ratio
  0.127
  0.130
  0.160
  0.180
  0.210
  0.220
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
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
  194
  216
  240
  265
  291
  319
  347
  377
  408
  440
  473
  508
  544
  582
  621
  661
  703
  747
  793
  841
  890
  942
  996
  1,053
  1,112
  1,173
  1,238
  1,305
  1,376
  1,449
Depreciation, amort., depletion, $m
  46
  52
  58
  64
  71
  78
  85
  93
  100
  109
  117
  126
  135
  145
  154
  165
  176
  187
  198
  211
  223
  236
  250
  264
  279
  295
  311
  328
  346
  365
  384
Funds from operations, $m
  212
  245
  274
  304
  336
  369
  404
  440
  477
  516
  557
  599
  643
  689
  736
  786
  837
  890
  946
  1,004
  1,064
  1,127
  1,192
  1,261
  1,332
  1,407
  1,485
  1,566
  1,651
  1,740
  1,834
Change in working capital, $m
  -6
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Cash from operations, $m
  218
  255
  284
  314
  347
  380
  415
  452
  490
  530
  571
  614
  658
  704
  752
  802
  854
  908
  965
  1,023
  1,084
  1,148
  1,215
  1,284
  1,356
  1,432
  1,511
  1,594
  1,680
  1,771
  1,865
Maintenance CAPEX, $m
  0
  -46
  -52
  -58
  -64
  -71
  -77
  -85
  -92
  -100
  -108
  -117
  -126
  -135
  -145
  -154
  -165
  -176
  -187
  -198
  -211
  -223
  -236
  -250
  -264
  -279
  -295
  -311
  -328
  -346
  -365
New CAPEX, $m
  -239
  -94
  -100
  -105
  -110
  -115
  -120
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -193
  -201
  -210
  -219
  -228
  -238
  -248
  -259
  -271
  -283
  -296
  -310
  -324
Cash from investing activities, $m
  -216
  -140
  -152
  -163
  -174
  -186
  -197
  -211
  -223
  -236
  -250
  -264
  -279
  -294
  -310
  -326
  -344
  -362
  -380
  -399
  -421
  -442
  -464
  -488
  -512
  -538
  -566
  -594
  -624
  -656
  -689
Free cash flow, $m
  2
  115
  132
  152
  172
  194
  217
  242
  267
  293
  321
  350
  379
  410
  443
  476
  511
  547
  585
  624
  664
  706
  750
  796
  844
  893
  945
  999
  1,056
  1,115
  1,177
Issuance/(repayment) of debt, $m
  18
  36
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
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
  36
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
Total cash flow (excl. dividends), $m
  23
  150
  170
  191
  214
  238
  263
  289
  316
  344
  374
  405
  437
  470
  505
  541
  578
  617
  657
  699
  743
  789
  836
  885
  937
  991
  1,047
  1,106
  1,167
  1,231
  1,298
Retained Cash Flow (-), $m
  -164
  -86
  -91
  -96
  -101
  -106
  -110
  -115
  -120
  -125
  -130
  -135
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -271
  -283
  -297
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
 
  141
  79
  95
  113
  132
  152
  174
  196
  220
  244
  270
  297
  325
  354
  383
  415
  447
  480
  515
  551
  588
  627
  668
  710
  753
  799
  847
  896
  948
  1,002
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
 
  135
  72
  83
  93
  102
  111
  117
  123
  126
  128
  128
  127
  123
  119
  113
  105
  97
  88
  79
  70
  61
  52
  44
  36
  29
  23
  18
  14
  10
  8
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 31.8
Price to Sales 5.4
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 21.8
Price to Free Cash Flow -225.8
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 12.4% 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 48.587 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 $4.8 billion.

RELATED COMPANIES Price Int.Val. Rating
BPI Bridgepoint Ed 6.42 3.62  str.sell
STRA Strayer Educat 91.88 101.56  hold
APEI American Publi 25.70 39.31  str.buy
CECO Career Educati 13.71 0.85  str.sell
NAUH National Ameri 1.15 0.32  str.sell

COMPANY NEWS

▶ Grand Canyon Education beats 4Q profit forecasts   [Feb-21-18 05:51PM  Associated Press]
▶ Grand Canyon University unveils plans for seeking nonprofit status   [Jan-11-18 01:40PM  American City Business Journals]
▶ Is It Time To Buy Grand Canyon Education Inc (LOPE)?   [Nov-30-17 08:05PM  Simply Wall St.]
▶ Free, public cybersecurity center debuts at GCU   [Nov-15-17 04:45PM  American City Business Journals]
▶ 5 Stocks With Exciting Interest Coverage Ratio   [Nov-07-17 06:18AM  Zacks]
▶ Grand Canyon Education beats 3Q profit forecasts   [Nov-01-17 06:01PM  Associated Press]
▶ Grand Canyon Education At Upper End Of Buy Range With Earnings Due   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ 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]
▶ 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]
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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