Intrinsic value of Liquidity Services - LQDT

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$6.75

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$6.75

 
Intrinsic value

$0.94

 
Up/down potential

-86%

 
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
  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
  316
  322
  330
  338
  348
  358
  370
  382
  396
  411
  427
  443
  461
  481
  501
  522
  545
  570
  595
  622
  651
  681
  713
  746
  782
  819
  858
  899
  943
  989
  1,037
Variable operating expenses, $m
 
  440
  450
  461
  474
  488
  504
  521
  539
  559
  580
  598
  623
  649
  676
  705
  736
  769
  803
  840
  879
  919
  962
  1,008
  1,055
  1,106
  1,158
  1,214
  1,273
  1,334
  1,399
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
  440
  450
  461
  474
  488
  504
  521
  539
  559
  580
  598
  623
  649
  676
  705
  736
  769
  803
  840
  879
  919
  962
  1,008
  1,055
  1,106
  1,158
  1,214
  1,273
  1,334
  1,399
Operating income, $m
  -34
  -117
  -120
  -123
  -126
  -130
  -134
  -138
  -143
  -148
  -154
  -155
  -161
  -168
  -175
  -183
  -191
  -199
  -208
  -218
  -228
  -238
  -249
  -261
  -273
  -286
  -300
  -315
  -330
  -346
  -363
EBITDA, $m
  -27
  -111
  -114
  -116
  -120
  -123
  -127
  -132
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -310
  -325
  -340
  -357
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
Earnings before tax, $m
  -33
  -117
  -120
  -123
  -126
  -130
  -134
  -139
  -144
  -149
  -155
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
  -306
  -320
  -336
  -352
  -370
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
  -117
  -120
  -123
  -126
  -130
  -134
  -139
  -144
  -149
  -155
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
  -306
  -320
  -336
  -352
  -370

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
  128
  130
  134
  138
  142
  146
  151
  157
  162
  169
  175
  183
  190
  198
  207
  216
  225
  235
  246
  257
  269
  282
  295
  309
  324
  339
  356
  373
  391
  410
Adjusted assets (=assets-cash), $m
  125
  128
  130
  134
  138
  142
  146
  151
  157
  162
  169
  175
  183
  190
  198
  207
  216
  225
  235
  246
  257
  269
  282
  295
  309
  324
  339
  356
  373
  391
  410
Revenue / Adjusted assets
  2.528
  2.516
  2.538
  2.522
  2.522
  2.521
  2.534
  2.530
  2.522
  2.537
  2.527
  2.531
  2.519
  2.532
  2.530
  2.522
  2.523
  2.533
  2.532
  2.528
  2.533
  2.532
  2.528
  2.529
  2.531
  2.528
  2.531
  2.525
  2.528
  2.529
  2.529
Average production assets, $m
  18
  18
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Working capital, $m
  100
  -36
  -37
  -38
  -39
  -40
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
Total debt, $m
  0
  2
  4
  7
  10
  13
  17
  20
  25
  29
  34
  39
  45
  51
  57
  63
  70
  78
  86
  94
  103
  112
  122
  132
  143
  154
  166
  179
  192
  206
  221
Total liabilities, $m
  98
  99
  101
  104
  107
  110
  114
  117
  122
  126
  131
  136
  142
  148
  154
  160
  167
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  276
  289
  303
  318
Total equity, $m
  163
  29
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
Total liabilities and equity, $m
  261
  128
  130
  134
  138
  142
  147
  151
  157
  162
  169
  175
  183
  191
  198
  206
  215
  225
  236
  246
  258
  269
  282
  295
  309
  324
  339
  356
  373
  391
  410
Debt-to-equity ratio
  0.000
  0.070
  0.140
  0.230
  0.320
  0.410
  0.500
  0.600
  0.700
  0.800
  0.900
  1.000
  1.090
  1.190
  1.280
  1.370
  1.460
  1.540
  1.630
  1.710
  1.780
  1.860
  1.930
  2.000
  2.060
  2.130
  2.190
  2.250
  2.300
  2.360
  2.410
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
  -117
  -120
  -123
  -126
  -130
  -134
  -139
  -144
  -149
  -155
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
  -306
  -320
  -336
  -352
  -370
Depreciation, amort., depletion, $m
  7
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
Funds from operations, $m
  85
  -111
  -114
  -117
  -120
  -124
  -128
  -132
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -217
  -227
  -238
  -249
  -261
  -274
  -287
  -301
  -315
  -331
  -347
  -364
Change in working capital, $m
  39
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  46
  -110
  -113
  -116
  -119
  -123
  -126
  -131
  -136
  -141
  -146
  -152
  -158
  -165
  -172
  -179
  -187
  -196
  -205
  -214
  -224
  -235
  -246
  -258
  -270
  -283
  -297
  -311
  -326
  -342
  -359
Maintenance CAPEX, $m
  0
  -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
  -4
  -5
  -5
  -5
  -5
New CAPEX, $m
  -6
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Cash from investing activities, $m
  -6
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
Free cash flow, $m
  40
  -112
  -115
  -118
  -121
  -125
  -129
  -134
  -138
  -144
  -149
  -155
  -162
  -168
  -176
  -183
  -192
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -318
  -333
  -350
  -367
Issuance/(repayment) of debt, $m
  0
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
Issuance/(repurchase) of shares, $m
  0
  0
  113
  116
  119
  123
  127
  131
  135
  140
  146
  152
  158
  164
  171
  179
  187
  195
  204
  213
  223
  233
  244
  256
  268
  281
  295
  309
  324
  340
  356
Cash from financing (excl. dividends), $m  
  0
  2
  115
  119
  122
  126
  131
  135
  139
  145
  151
  157
  164
  170
  177
  186
  194
  202
  212
  221
  232
  242
  254
  266
  279
  292
  307
  322
  337
  354
  371
Total cash flow (excl. dividends), $m
  39
  -110
  -113
  -115
  -118
  -122
  -126
  -130
  -134
  -139
  -144
  -150
  -156
  -163
  -169
  -177
  -185
  -193
  -202
  -211
  -220
  -231
  -242
  -253
  -265
  -278
  -291
  -305
  -320
  -336
  -352
Retained Cash Flow (-), $m
  53
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
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
 
  24
  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
 
  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
Current shareholders' claim on cash, %
  100
  100.0
  24.6
  6.0
  1.5
  0.4
  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 -3.5
Price to Sales 0.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 5.2
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 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 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 31.247 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 reports 2Q loss   [07:00AM  Associated Press]
▶ 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 Annual reports 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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