Intrinsic value of Liquidity Services - LQDT

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$7.60

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$7.60

 
Intrinsic value

$0.92

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of LQDT 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 0.2

 

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, %
  -20.40
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  316
  340
  365
  391
  418
  446
  475
  505
  537
  570
  604
  640
  677
  716
  756
  798
  843
  889
  937
  988
  1,041
  1,096
  1,154
  1,214
  1,278
  1,344
  1,414
  1,487
  1,564
  1,644
  1,728
Variable operating expenses, $m
 
  463
  497
  532
  569
  606
  646
  687
  729
  774
  820
  863
  914
  966
  1,021
  1,078
  1,137
  1,200
  1,265
  1,333
  1,404
  1,479
  1,557
  1,639
  1,725
  1,815
  1,909
  2,007
  2,111
  2,219
  2,333
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
  351
  463
  497
  532
  569
  606
  646
  687
  729
  774
  820
  863
  914
  966
  1,021
  1,078
  1,137
  1,200
  1,265
  1,333
  1,404
  1,479
  1,557
  1,639
  1,725
  1,815
  1,909
  2,007
  2,111
  2,219
  2,333
Operating income, $m
  -34
  -123
  -132
  -141
  -151
  -160
  -171
  -181
  -192
  -204
  -216
  -224
  -237
  -250
  -264
  -279
  -295
  -311
  -328
  -345
  -364
  -383
  -404
  -425
  -447
  -470
  -495
  -520
  -547
  -575
  -605
EBITDA, $m
  -27
  -117
  -126
  -135
  -144
  -154
  -164
  -174
  -185
  -196
  -208
  -220
  -233
  -246
  -260
  -275
  -290
  -306
  -323
  -340
  -358
  -377
  -397
  -418
  -440
  -463
  -487
  -512
  -538
  -566
  -595
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
Earnings before tax, $m
  -33
  -123
  -132
  -142
  -151
  -162
  -172
  -183
  -194
  -206
  -218
  -227
  -240
  -254
  -269
  -284
  -300
  -317
  -334
  -352
  -371
  -391
  -412
  -434
  -457
  -481
  -506
  -532
  -560
  -588
  -619
Tax expense, $m
  27
  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
  -60
  -123
  -132
  -142
  -151
  -162
  -172
  -183
  -194
  -206
  -218
  -227
  -240
  -254
  -269
  -284
  -300
  -317
  -334
  -352
  -371
  -391
  -412
  -434
  -457
  -481
  -506
  -532
  -560
  -588
  -619

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  135
  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
  260
  135
  144
  155
  165
  176
  188
  200
  212
  225
  239
  253
  268
  283
  299
  316
  333
  352
  371
  391
  412
  433
  456
  480
  506
  532
  559
  588
  619
  650
  684
Adjusted assets (=assets-cash), $m
  125
  135
  144
  155
  165
  176
  188
  200
  212
  225
  239
  253
  268
  283
  299
  316
  333
  352
  371
  391
  412
  433
  456
  480
  506
  532
  559
  588
  619
  650
  684
Revenue / Adjusted assets
  2.528
  2.519
  2.535
  2.523
  2.533
  2.534
  2.527
  2.525
  2.533
  2.533
  2.527
  2.530
  2.526
  2.530
  2.528
  2.525
  2.532
  2.526
  2.526
  2.527
  2.527
  2.531
  2.531
  2.529
  2.526
  2.526
  2.530
  2.529
  2.527
  2.529
  2.526
Average production assets, $m
  18
  19
  21
  22
  24
  25
  27
  29
  31
  32
  34
  36
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  94
  99
Working capital, $m
  100
  -38
  -41
  -43
  -46
  -49
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
Total debt, $m
  0
  7
  15
  23
  31
  40
  49
  58
  68
  78
  88
  99
  111
  123
  135
  148
  162
  176
  191
  206
  222
  239
  257
  276
  295
  316
  337
  360
  383
  408
  434
Total liabilities, $m
  98
  104
  112
  120
  128
  137
  146
  155
  165
  175
  185
  196
  208
  220
  232
  245
  259
  273
  288
  303
  319
  336
  354
  373
  392
  413
  434
  457
  480
  505
  531
Total equity, $m
  163
  30
  32
  35
  37
  40
  42
  45
  48
  50
  54
  57
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  102
  108
  113
  119
  125
  132
  139
  146
  153
Total liabilities and equity, $m
  261
  134
  144
  155
  165
  177
  188
  200
  213
  225
  239
  253
  268
  283
  299
  316
  334
  352
  371
  391
  411
  433
  456
  481
  505
  532
  559
  589
  619
  651
  684
Debt-to-equity ratio
  0.000
  0.240
  0.460
  0.660
  0.840
  1.010
  1.160
  1.300
  1.430
  1.540
  1.650
  1.750
  1.850
  1.930
  2.020
  2.090
  2.170
  2.230
  2.300
  2.360
  2.410
  2.470
  2.520
  2.560
  2.610
  2.650
  2.690
  2.730
  2.760
  2.800
  2.830
Adjusted equity ratio
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -60
  -123
  -132
  -142
  -151
  -162
  -172
  -183
  -194
  -206
  -218
  -227
  -240
  -254
  -269
  -284
  -300
  -317
  -334
  -352
  -371
  -391
  -412
  -434
  -457
  -481
  -506
  -532
  -560
  -588
  -619
Depreciation, amort., depletion, $m
  7
  6
  7
  7
  7
  7
  7
  7
  7
  8
  8
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
Funds from operations, $m
  85
  -117
  -126
  -135
  -145
  -155
  -165
  -176
  -187
  -199
  -211
  -223
  -237
  -250
  -265
  -280
  -295
  -312
  -329
  -347
  -365
  -385
  -406
  -427
  -450
  -473
  -498
  -524
  -551
  -579
  -609
Change in working capital, $m
  39
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
Cash from operations, $m
  46
  -114
  -123
  -132
  -142
  -151
  -162
  -172
  -183
  -195
  -207
  -219
  -232
  -246
  -260
  -275
  -290
  -307
  -323
  -341
  -360
  -379
  -399
  -420
  -443
  -466
  -490
  -516
  -542
  -571
  -600
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
New CAPEX, $m
  -6
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from investing activities, $m
  -6
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -11
  -11
  -11
  -12
  -12
  -14
  -14
Free cash flow, $m
  40
  -118
  -126
  -136
  -145
  -155
  -166
  -177
  -188
  -200
  -212
  -225
  -238
  -252
  -266
  -281
  -297
  -314
  -331
  -349
  -368
  -388
  -408
  -430
  -453
  -477
  -502
  -528
  -555
  -584
  -614
Issuance/(repayment) of debt, $m
  0
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  24
  25
  26
Issuance/(repurchase) of shares, $m
  0
  0
  121
  130
  139
  149
  159
  170
  181
  193
  204
  217
  230
  243
  258
  272
  288
  304
  321
  338
  356
  376
  396
  417
  439
  462
  486
  512
  538
  566
  595
Cash from financing (excl. dividends), $m  
  0
  7
  129
  138
  147
  158
  168
  179
  191
  203
  215
  228
  241
  255
  270
  285
  302
  318
  336
  354
  372
  393
  414
  436
  458
  482
  507
  534
  562
  591
  621
Total cash flow (excl. dividends), $m
  39
  -110
  -119
  -128
  -137
  -147
  -157
  -167
  -178
  -190
  -201
  -214
  -227
  -240
  -254
  -269
  -284
  -300
  -316
  -334
  -352
  -371
  -391
  -412
  -433
  -456
  -480
  -505
  -531
  -559
  -588
Retained Cash Flow (-), $m
  53
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Prev. year cash balance distribution, $m
 
  135
  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
 
  23
  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
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
 
  22
  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
Current shareholders' claim on cash, %
  100
  100.0
  27.2
  7.4
  2.0
  0.5
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Liquidity Services, Inc. provides e-commerce marketplace solutions to manage, value, and sell inventory and equipment for business and government clients in the United States. The company’s marketplaces include liquidation.com that enable corporations to sell surplus and salvage consumer goods and capital assets; govliquidation.com, which enables federal government agencies and commercial businesses to sell surplus and scrap assets; and govdeals.com that enables local and state government entities, school boards, and public utilities to sell surplus and salvage assets. It also operates networkintl.com, which enables corporations to sell idle, surplus, and scrap equipment in the oil and gas, petrochemical, and power generation industries; go-dove.com for corporations in the United States, Europe, and Asia to sell manufacturing surplus and salvage capital assets; truckcenter.com, which enables corporations to sell surplus and salvage transportation assets; irondirect.com that enables buyers to purchase equipment, attachments, parts, and services from manufacturers of construction equipment; and secondipity.com that provides consumers a source of products through donating a portion of the proceeds of sale to charity. The company’s marketplaces provide professional buyers access to supply of new, surplus, and scrap assets presented with digital images and other relevant product information; and enable corporate and government sellers to enhance their financial return on assets offered for sale by providing a liquid marketplace and value-added services. It offers approximately 500 product categories in industry verticals, such as consumer electronics, general merchandise, apparel, scientific equipment, aerospace parts and equipment, technology hardware, energy equipment, industrial capital assets, fleet and transportation equipment, and specialty equipment. The company was founded in 1999 and is headquartered in Washington, District of Columbia.

FINANCIAL RATIOS  of  Liquidity Services (LQDT)

Valuation Ratios
P/E Ratio -3.9
Price to Sales 0.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 5.8
Growth Rates
Sales Growth Rate -20.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -21.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -21.9%
Ret/ On Assets - 3 Yr. Avg. -14.7%
Return On Total Capital -31.7%
Ret/ On T. Cap. - 3 Yr. Avg. -20.5%
Return On Equity -31.7%
Return On Equity - 3 Yr. Avg. -20.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 54.7%
Gross Margin - 3 Yr. Avg. 56.7%
EBITDA Margin -8.2%
EBITDA Margin - 3 Yr. Avg. -9.6%
Operating Margin -11.1%
Oper. Margin - 3 Yr. Avg. -12.4%
Pre-Tax Margin -10.4%
Pre-Tax Margin - 3 Yr. Avg. -12.2%
Net Profit Margin -19%
Net Profit Margin - 3 Yr. Avg. -13.1%
Effective Tax Rate -81.8%
Eff/ Tax Rate - 3 Yr. Avg. -4.9%
Payout Ratio 0%

LQDT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LQDT stock intrinsic value calculation we used $316 million for the last fiscal year's total revenue generated by Liquidity Services. The default revenue input number comes from 2016 income statement of Liquidity Services. 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 LQDT stock valuation model: a) initial revenue growth rate of 7.6% 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 LQDT is calculated based on our internal credit rating of Liquidity Services, 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 Liquidity Services.
    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 LQDT stock the variable cost ratio is equal to 136.4%.

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 LQDT 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 Liquidity Services.

Corporate tax rate of 27% is the nominal tax rate for Liquidity Services. 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 LQDT 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 LQDT are equal to 5.7%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Liquidity Services 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 LQDT is equal to -11.1%. 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 - $163 million for Liquidity Services - 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 32.195 million for Liquidity Services 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 Liquidity Services at the current share price and the inputted number of shares is $0.2 billion.


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COMPANY NEWS

▶ Liquidity Services Celebrates Earth Day 2017   [Apr-21-17 11:00AM  Business Wire]
▶ Liquidity Services Auction Watch   [Mar-30-17 12:00PM  Business Wire]
▶ Liquidity Services Auction Watch   [Feb-28-17 02:00PM  Business Wire]
▶ Liquidity Services Expands in the U.K.   [Feb-17-17 03:00AM  Business Wire]
▶ Liquidity Services reports 1Q loss   [07:25AM  Associated Press]
▶ Do Hedge Funds Love Liquidity Services, Inc. (LQDT)?   [Dec-11-16 07:17AM  at Insider Monkey]
▶ Why Liquidity Services Inc. Stock Popped Today   [Dec-02-16 05:02PM  at Motley Fool]
▶ Liquidity Services Auction Watch   [Nov-29-16 09:50AM  Business Wire]
▶ Liquidity Services Auction Watch   [Nov-21-16 09:00AM  Business Wire]
▶ Liquidity Services Auction Watch   [Nov-09-16 02:06PM  Business Wire]
▶ Liquidity Services Auction Watch   [Nov-07-16 08:00AM  Business Wire]
▶ IronDirect Launches New Sales Partner Program   [Oct-24-16 10:00AM  Business Wire]
▶ IronDirect Launches New Dealer Partner Program   [Oct-19-16 04:00PM  Business Wire]
▶ Why Liquidity Services, Inc. Stock Gained 12% Last Month   [Oct-12-16 11:25AM  at Motley Fool]
▶ Liquidity Services Auction Watch   [Oct-03-16 01:00PM  Business Wire]
▶ Liquidity Services Auction Watch   [Aug-30-16 04:17PM  Business Wire]
▶ Liquidity Services Auction Watch   [Aug-17-16 02:00PM  Business Wire]
▶ Liquidity Services Celebrates Ten Years in Indianapolis   [Aug-10-16 08:00AM  Business Wire]
▶ Liquidity Services Auction Watch   [Aug-01-16 10:00AM  Business Wire]
▶ Liquidity Services Auction Watch   [Jul-12-16 09:30AM  Business Wire]
▶ Sale Under Way on Well Stimulation Companys Assets   [Jun-29-16 08:00AM  Business Wire]
▶ The Shuman Law Firm Investigates Liquidity Services, Inc.   [Jun-27-16 02:34PM  Business Wire]
▶ Up for Bid, Fully Operational German Airport   [01:00PM  Business Wire]
Stock chart of LQDT Financial statements of LQDT
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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