Intrinsic value of Mindbody - MB

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$28.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$28.35

 
Intrinsic value

$71.45

 
Up/down potential

+152%

 
Rating

str. buy

 
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 MB 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 1.2

 

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, %
  37.62
  35.70
  32.63
  29.87
  27.38
  25.14
  23.13
  21.32
  19.68
  18.22
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.79
  6.61
  6.45
Revenue, $m
  139
  189
  250
  325
  414
  518
  638
  774
  926
  1,095
  1,279
  1,480
  1,697
  1,929
  2,176
  2,438
  2,714
  3,004
  3,308
  3,625
  3,957
  4,302
  4,662
  5,036
  5,425
  5,829
  6,249
  6,685
  7,139
  7,611
  8,101
Variable operating expenses, $m
 
  119
  158
  204
  260
  325
  400
  486
  581
  687
  802
  927
  1,063
  1,209
  1,363
  1,527
  1,700
  1,882
  2,072
  2,271
  2,479
  2,696
  2,921
  3,155
  3,399
  3,652
  3,915
  4,189
  4,473
  4,768
  5,076
Fixed operating expenses, $m
 
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  100
  102
  105
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
  144
  148
  151
  155
Total operating expenses, $m
  160
  195
  236
  284
  342
  409
  486
  574
  671
  779
  897
  1,024
  1,163
  1,311
  1,468
  1,634
  1,810
  1,995
  2,187
  2,389
  2,600
  2,820
  3,048
  3,286
  3,533
  3,789
  4,056
  4,333
  4,621
  4,919
  5,231
Operating income, $m
  -21
  -6
  15
  41
  72
  109
  151
  200
  255
  315
  382
  456
  534
  618
  708
  803
  904
  1,009
  1,120
  1,236
  1,357
  1,483
  1,614
  1,750
  1,892
  2,040
  2,193
  2,353
  2,519
  2,691
  2,870
EBITDA, $m
  -13
  4
  28
  57
  93
  135
  183
  238
  300
  369
  445
  527
  616
  711
  813
  920
  1,034
  1,153
  1,279
  1,410
  1,547
  1,689
  1,838
  1,992
  2,153
  2,320
  2,493
  2,674
  2,861
  3,057
  3,260
Interest expense (income), $m
  1
  1
  2
  3
  5
  6
  8
  11
  13
  16
  20
  23
  27
  32
  36
  41
  46
  52
  57
  63
  69
  76
  83
  90
  97
  105
  113
  121
  129
  138
  148
Earnings before tax, $m
  -23
  -7
  13
  38
  67
  102
  143
  189
  241
  299
  362
  432
  507
  587
  672
  762
  857
  958
  1,063
  1,172
  1,287
  1,407
  1,531
  1,661
  1,795
  1,935
  2,081
  2,232
  2,389
  2,553
  2,723
Tax expense, $m
  0
  0
  3
  10
  18
  28
  39
  51
  65
  81
  98
  117
  137
  158
  181
  206
  232
  259
  287
  317
  348
  380
  413
  448
  485
  522
  562
  603
  645
  689
  735
Net income, $m
  -23
  -7
  9
  27
  49
  75
  104
  138
  176
  218
  265
  316
  370
  428
  491
  556
  626
  699
  776
  856
  940
  1,027
  1,118
  1,212
  1,310
  1,413
  1,519
  1,629
  1,744
  1,863
  1,988

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  86
  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
  144
  79
  104
  136
  173
  216
  266
  323
  386
  457
  534
  618
  708
  805
  908
  1,017
  1,132
  1,253
  1,380
  1,512
  1,651
  1,795
  1,945
  2,101
  2,263
  2,432
  2,607
  2,789
  2,978
  3,175
  3,380
Adjusted assets (=assets-cash), $m
  58
  79
  104
  136
  173
  216
  266
  323
  386
  457
  534
  618
  708
  805
  908
  1,017
  1,132
  1,253
  1,380
  1,512
  1,651
  1,795
  1,945
  2,101
  2,263
  2,432
  2,607
  2,789
  2,978
  3,175
  3,380
Revenue / Adjusted assets
  2.397
  2.392
  2.404
  2.390
  2.393
  2.398
  2.398
  2.396
  2.399
  2.396
  2.395
  2.395
  2.397
  2.396
  2.396
  2.397
  2.398
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
  2.397
Average production assets, $m
  34
  46
  61
  80
  101
  127
  156
  190
  227
  268
  313
  363
  416
  473
  533
  597
  665
  736
  810
  888
  969
  1,054
  1,142
  1,234
  1,329
  1,428
  1,531
  1,638
  1,749
  1,865
  1,985
Working capital, $m
  78
  -11
  -15
  -19
  -24
  -30
  -37
  -45
  -54
  -63
  -74
  -86
  -98
  -112
  -126
  -141
  -157
  -174
  -192
  -210
  -230
  -250
  -270
  -292
  -315
  -338
  -362
  -388
  -414
  -441
  -470
Total debt, $m
  15
  30
  49
  71
  98
  129
  166
  207
  253
  304
  359
  420
  486
  556
  630
  709
  793
  880
  972
  1,068
  1,168
  1,273
  1,381
  1,494
  1,612
  1,734
  1,860
  1,992
  2,129
  2,272
  2,420
Total liabilities, $m
  42
  57
  76
  98
  125
  156
  193
  234
  280
  331
  386
  447
  513
  583
  657
  736
  820
  907
  999
  1,095
  1,195
  1,300
  1,408
  1,521
  1,639
  1,761
  1,887
  2,019
  2,156
  2,299
  2,447
Total equity, $m
  102
  22
  29
  37
  48
  60
  73
  89
  107
  126
  147
  170
  195
  222
  251
  281
  312
  346
  381
  417
  456
  495
  537
  580
  625
  671
  720
  770
  822
  876
  933
Total liabilities and equity, $m
  144
  79
  105
  135
  173
  216
  266
  323
  387
  457
  533
  617
  708
  805
  908
  1,017
  1,132
  1,253
  1,380
  1,512
  1,651
  1,795
  1,945
  2,101
  2,264
  2,432
  2,607
  2,789
  2,978
  3,175
  3,380
Debt-to-equity ratio
  0.147
  1.380
  1.690
  1.900
  2.060
  2.170
  2.260
  2.320
  2.370
  2.410
  2.440
  2.460
  2.490
  2.500
  2.520
  2.530
  2.540
  2.550
  2.550
  2.560
  2.560
  2.570
  2.570
  2.580
  2.580
  2.580
  2.590
  2.590
  2.590
  2.590
  2.590
Adjusted equity ratio
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -23
  -7
  9
  27
  49
  75
  104
  138
  176
  218
  265
  316
  370
  428
  491
  556
  626
  699
  776
  856
  940
  1,027
  1,118
  1,212
  1,310
  1,413
  1,519
  1,629
  1,744
  1,863
  1,988
Depreciation, amort., depletion, $m
  8
  10
  13
  17
  21
  26
  32
  38
  45
  53
  62
  71
  82
  93
  105
  117
  130
  144
  159
  174
  190
  207
  224
  242
  261
  280
  300
  321
  343
  366
  389
Funds from operations, $m
  -2
  3
  22
  44
  70
  101
  136
  176
  222
  272
  327
  387
  452
  521
  595
  674
  756
  843
  935
  1,030
  1,130
  1,234
  1,342
  1,454
  1,571
  1,693
  1,819
  1,950
  2,087
  2,229
  2,377
Change in working capital, $m
  2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
Cash from operations, $m
  -4
  7
  26
  48
  75
  107
  143
  184
  230
  282
  338
  398
  464
  535
  609
  689
  772
  860
  952
  1,048
  1,149
  1,254
  1,362
  1,476
  1,594
  1,716
  1,843
  1,976
  2,113
  2,256
  2,405
Maintenance CAPEX, $m
  0
  -7
  -9
  -12
  -16
  -20
  -25
  -31
  -37
  -44
  -53
  -61
  -71
  -82
  -93
  -105
  -117
  -130
  -144
  -159
  -174
  -190
  -207
  -224
  -242
  -261
  -280
  -300
  -321
  -343
  -366
New CAPEX, $m
  -9
  -12
  -15
  -18
  -22
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -64
  -68
  -71
  -74
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
Cash from investing activities, $m
  -13
  -19
  -24
  -30
  -38
  -45
  -54
  -64
  -74
  -85
  -98
  -110
  -124
  -139
  -154
  -169
  -185
  -201
  -218
  -237
  -255
  -275
  -295
  -316
  -337
  -360
  -383
  -407
  -432
  -459
  -486
Free cash flow, $m
  -17
  -12
  2
  18
  38
  61
  89
  120
  156
  196
  240
  288
  340
  396
  456
  520
  588
  659
  733
  812
  894
  979
  1,068
  1,160
  1,256
  1,356
  1,460
  1,569
  1,681
  1,798
  1,919
Issuance/(repayment) of debt, $m
  0
  15
  19
  23
  27
  31
  36
  41
  46
  51
  56
  61
  65
  70
  75
  79
  83
  88
  92
  96
  100
  104
  109
  113
  117
  122
  127
  132
  137
  142
  148
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  9
  15
  19
  23
  27
  31
  36
  41
  46
  51
  56
  61
  65
  70
  75
  79
  83
  88
  92
  96
  100
  104
  109
  113
  117
  122
  127
  132
  137
  142
  148
Total cash flow (excl. dividends), $m
  -8
  3
  20
  41
  65
  93
  125
  161
  202
  247
  296
  348
  405
  466
  531
  599
  671
  746
  825
  908
  994
  1,083
  1,176
  1,273
  1,374
  1,479
  1,587
  1,700
  1,818
  1,940
  2,068
Retained Cash Flow (-), $m
  4
  -6
  -7
  -9
  -10
  -12
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -56
Prev. year cash balance distribution, $m
 
  86
  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
 
  83
  13
  32
  54
  81
  111
  146
  184
  227
  274
  325
  380
  440
  502
  569
  639
  713
  790
  871
  956
  1,043
  1,135
  1,230
  1,329
  1,432
  1,539
  1,650
  1,766
  1,886
  2,011
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
 
  80
  12
  28
  45
  63
  81
  98
  115
  131
  144
  154
  162
  167
  169
  167
  162
  155
  146
  134
  121
  108
  94
  81
  68
  56
  45
  35
  27
  21
  15
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

MINDBODY, Inc. operates a cloud-based business management software and payments platform for the small and medium-sized businesses in the wellness services industry. Its platform enables businesses to run, market, and build client scheduling and online booking, staff management, client relationship management, integrated software and payments, retail point-of-sale, analytics and reporting, simple and intuitive user experience, mobility, social integration, cloud-based architecture, open platform for third-party application development, security and compliance, and integration with other cloud-based partners for yoga, Pilates, barre, indoor cycling, personal training, martial arts, and dance exercise, spas, salons, music instruction studios, dance studios, children’s activity centers, and integrative health centers. The company offers its software platform to its subscribers as a subscription-based service. It also connects consumers with businesses through its MINDBODY app, a consumer-facing app that allows consumers to discover, book, and pay for wellness services; MINDBODY Marketing Platform, a fee-based platform that connects subscribers with local consumers via the MINDBODY app and third-party partner applications, or Websites; MINDBODY Workplace, a platform to manage on-site wellness services; and MINDBODY API Platform and Partner Ecosystem, a platform focuses in areas, such as automation, marketing, mobile, and social interaction. MINDBODY, Inc. sells its subscriptions through a direct sales team primarily in San Luis Obispo, California; New York; Texas; the United Kingdom; and Australia. The company was founded in 2001 and is headquartered in San Luis Obispo, California.

FINANCIAL RATIOS  of  Mindbody (MB)

Valuation Ratios
P/E Ratio -50
Price to Sales 8.3
Price to Book 11.3
Price to Tangible Book
Price to Cash Flow -287.8
Price to Free Cash Flow -88.5
Growth Rates
Sales Growth Rate 37.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10%
Cap. Spend. - 3 Yr. Gr. Rate 12.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 14.7%
Total Debt to Equity 14.7%
Interest Coverage -22
Management Effectiveness
Return On Assets -15.4%
Ret/ On Assets - 3 Yr. Avg. -32.1%
Return On Total Capital -19.2%
Ret/ On T. Cap. - 3 Yr. Avg. -41.7%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -53.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 69.1%
Gross Margin - 3 Yr. Avg. 63.2%
EBITDA Margin -10.1%
EBITDA Margin - 3 Yr. Avg. -21.6%
Operating Margin -15.1%
Oper. Margin - 3 Yr. Avg. -28%
Pre-Tax Margin -16.5%
Pre-Tax Margin - 3 Yr. Avg. -28.8%
Net Profit Margin -16.5%
Net Profit Margin - 3 Yr. Avg. -29.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -1.4%
Payout Ratio 0%

MB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MB stock intrinsic value calculation we used $139 million for the last fiscal year's total revenue generated by Mindbody. The default revenue input number comes from 2016 income statement of Mindbody. 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 MB stock valuation model: a) initial revenue growth rate of 35.7% 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 MB is calculated based on our internal credit rating of Mindbody, 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 Mindbody.
    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 MB stock the variable cost ratio is equal to 63.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $74 million in the base year in the intrinsic value calculation for MB 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 6.5% for Mindbody.

Corporate tax rate of 27% is the nominal tax rate for Mindbody. 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 MB 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 MB are equal to 24.5%.

Life of production assets of 5.1 years is the average useful life of capital assets used in Mindbody 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 MB is equal to -5.8%. 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 - $102 million for Mindbody - 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 40.801 million for Mindbody 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 Mindbody at the current share price and the inputted number of shares is $1.2 billion.


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COMPANY NEWS

▶ [$$] Four Smaller Cloud Picks Ahead of Earnings   [Apr-27-17 03:38PM  Barrons.com]
▶ MINDBODY Acquires Lymber   [Mar-28-17 09:00AM  PR Newswire]
▶ MINDBODY Announces Program for BOLD 2017   [Mar-20-17 05:00PM  PR Newswire]
▶ 1 Top Small-Cap Stock to Buy Now   [Mar-09-17 05:21PM  Motley Fool]
▶ 1 Top Small-Cap Stock to Buy Now   [05:21PM  at Motley Fool]
▶ MINDBODY Announces Schedule of Upcoming Investor Conference   [Mar-07-17 04:05PM  GlobeNewswire]
▶ MINDBODY App Wins 2017 Global Mobile Award   [Mar-06-17 09:00AM  PR Newswire]
▶ Mindbody reports 4Q loss   [Feb-08-17 06:41PM  Associated Press]
▶ Cramer: The right time to buy more oil stocks   [Feb-07-17 07:05PM  at CNBC]
▶ MINDBODY releases powerful custom-branded web technology   [Jan-03-17 05:00PM  PR Newswire]
▶ European stocks close off 2016 high as banks lose ground   [Dec-21-16 12:29PM  at MarketWatch]
▶ Bank stocks send European markets flying   [Dec-06-16 12:17PM  at MarketWatch]
▶ Oil slide, political risks drag European stocks lower   [Nov-28-16 12:16PM  at MarketWatch]
▶ MINDBODY Named to Deloittes 2016 Technology Fast 500   [Nov-17-16 09:00AM  GlobeNewswire]
▶ MINDBODY App Wins Best in Show and Gold 2016 W³ Awards   [Nov-15-16 01:17PM  GlobeNewswire]
▶ The markets message to speculators is loud and clear   [Nov-01-16 12:58PM  at MarketWatch]
▶ Why Mindbody Inc. Stock Surged Today   [Oct-27-16 02:26PM  at Motley Fool]
▶ Mindbody reports 3Q loss   [Oct-26-16 06:25PM  AP]
▶ Luxor Capital Takes Sizable Stake in MINDBODY Inc (MB)   [Oct-23-16 06:56PM  at Insider Monkey]
▶ MINDBODY App Nominated for Lovie Award   [Sep-19-16 07:39PM  Marketwired]
▶ MINDBODY Acquires HealCode   [Sep-06-16 08:30AM  Marketwired]
▶ MINDBODY Inc (MB): Abdiel Capital Advisors Buys Even More Shares   [Aug-09-16 12:07PM  at Insider Monkey]
▶ Abdiel Capital Advisors Increases Stake In MINDBODY (MB)   [Jul-29-16 11:37AM  at Insider Monkey]
▶ Mindbody reports 2Q loss   [07:14PM  AP]
Stock chart of MB Financial statements of MB
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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