Intrinsic value of Mindbody - MB

Previous Close

$22.70

  Intrinsic Value

$47.56

stock screener

  Rating & Target

str. buy

+109%

  Value-price divergence*

+5000%

Previous close

$22.70

 
Intrinsic value

$47.56

 
Up/down potential

+109%

 
Rating

str. buy

 
Value-price divergence*

+5000%

*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 0.9

 

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
  31.30
  28.67
  26.30
  24.17
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.25
  12.43
  11.69
  11.02
  10.41
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
Revenue, $m
  139
  183
  235
  297
  368
  450
  543
  646
  759
  883
  1,017
  1,161
  1,315
  1,479
  1,652
  1,834
  2,024
  2,224
  2,433
  2,651
  2,878
  3,113
  3,359
  3,614
  3,879
  4,154
  4,440
  4,737
  5,047
  5,369
  5,703
Variable operating expenses, $m
 
  115
  148
  187
  232
  283
  341
  405
  477
  554
  638
  728
  824
  926
  1,035
  1,149
  1,268
  1,394
  1,524
  1,661
  1,803
  1,951
  2,104
  2,264
  2,430
  2,602
  2,782
  2,968
  3,162
  3,364
  3,573
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
  191
  226
  267
  314
  367
  427
  493
  567
  646
  733
  825
  924
  1,028
  1,140
  1,256
  1,378
  1,507
  1,639
  1,779
  1,924
  2,075
  2,231
  2,395
  2,564
  2,739
  2,923
  3,112
  3,310
  3,515
  3,728
Operating income, $m
  -21
  -9
  9
  30
  55
  84
  116
  152
  192
  237
  284
  337
  392
  450
  512
  578
  646
  718
  793
  872
  953
  1,039
  1,127
  1,219
  1,315
  1,414
  1,518
  1,625
  1,737
  1,854
  1,975
EBITDA, $m
  -13
  -3
  16
  38
  65
  95
  130
  169
  212
  259
  310
  365
  424
  487
  553
  623
  696
  773
  853
  937
  1,024
  1,115
  1,209
  1,308
  1,410
  1,516
  1,626
  1,741
  1,861
  1,985
  2,115
Interest expense (income), $m
  1
  1
  2
  3
  4
  5
  7
  9
  11
  13
  16
  18
  21
  24
  27
  31
  34
  38
  42
  46
  50
  55
  59
  64
  69
  74
  80
  85
  91
  97
  104
Earnings before tax, $m
  -23
  -10
  7
  27
  51
  78
  109
  143
  182
  223
  269
  318
  371
  426
  485
  547
  612
  680
  751
  826
  903
  984
  1,068
  1,155
  1,246
  1,340
  1,438
  1,540
  1,646
  1,756
  1,871
Tax expense, $m
  0
  0
  2
  7
  14
  21
  29
  39
  49
  60
  73
  86
  100
  115
  131
  148
  165
  184
  203
  223
  244
  266
  288
  312
  336
  362
  388
  416
  444
  474
  505
Net income, $m
  -23
  -10
  5
  20
  37
  57
  79
  105
  133
  163
  196
  232
  271
  311
  354
  399
  447
  497
  549
  603
  659
  718
  779
  843
  909
  978
  1,050
  1,124
  1,201
  1,282
  1,366

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
  76
  98
  124
  154
  188
  226
  269
  317
  368
  424
  485
  549
  617
  689
  765
  845
  928
  1,015
  1,106
  1,200
  1,299
  1,401
  1,508
  1,618
  1,733
  1,852
  1,976
  2,105
  2,240
  2,379
Adjusted assets (=assets-cash), $m
  58
  76
  98
  124
  154
  188
  226
  269
  317
  368
  424
  485
  549
  617
  689
  765
  845
  928
  1,015
  1,106
  1,200
  1,299
  1,401
  1,508
  1,618
  1,733
  1,852
  1,976
  2,105
  2,240
  2,379
Revenue / Adjusted assets
  2.397
  2.408
  2.398
  2.395
  2.390
  2.394
  2.403
  2.401
  2.394
  2.399
  2.399
  2.394
  2.395
  2.397
  2.398
  2.397
  2.395
  2.397
  2.397
  2.397
  2.398
  2.396
  2.398
  2.397
  2.397
  2.397
  2.397
  2.397
  2.398
  2.397
  2.397
Average production assets, $m
  34
  45
  58
  73
  90
  110
  133
  158
  186
  216
  249
  285
  322
  362
  405
  449
  496
  545
  596
  649
  705
  763
  823
  885
  950
  1,018
  1,088
  1,161
  1,236
  1,315
  1,397
Working capital, $m
  78
  -11
  -14
  -17
  -21
  -26
  -31
  -37
  -44
  -51
  -59
  -67
  -76
  -86
  -96
  -106
  -117
  -129
  -141
  -154
  -167
  -181
  -195
  -210
  -225
  -241
  -258
  -275
  -293
  -311
  -331
Total debt, $m
  15
  28
  44
  63
  84
  109
  137
  168
  202
  240
  280
  324
  370
  420
  472
  527
  584
  645
  708
  774
  842
  913
  987
  1,064
  1,144
  1,228
  1,314
  1,404
  1,497
  1,595
  1,696
Total liabilities, $m
  42
  55
  71
  90
  111
  136
  164
  195
  229
  267
  307
  351
  397
  447
  499
  554
  611
  672
  735
  801
  869
  940
  1,014
  1,091
  1,171
  1,255
  1,341
  1,431
  1,524
  1,622
  1,723
Total equity, $m
  102
  21
  27
  34
  42
  52
  62
  74
  87
  102
  117
  134
  151
  170
  190
  211
  233
  256
  280
  305
  331
  358
  387
  416
  447
  478
  511
  545
  581
  618
  657
Total liabilities and equity, $m
  144
  76
  98
  124
  153
  188
  226
  269
  316
  369
  424
  485
  548
  617
  689
  765
  844
  928
  1,015
  1,106
  1,200
  1,298
  1,401
  1,507
  1,618
  1,733
  1,852
  1,976
  2,105
  2,240
  2,380
Debt-to-equity ratio
  0.147
  1.340
  1.620
  1.830
  1.990
  2.100
  2.190
  2.260
  2.310
  2.360
  2.390
  2.420
  2.440
  2.460
  2.480
  2.500
  2.510
  2.520
  2.530
  2.530
  2.540
  2.550
  2.550
  2.560
  2.560
  2.570
  2.570
  2.570
  2.580
  2.580
  2.580
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
  -10
  5
  20
  37
  57
  79
  105
  133
  163
  196
  232
  271
  311
  354
  399
  447
  497
  549
  603
  659
  718
  779
  843
  909
  978
  1,050
  1,124
  1,201
  1,282
  1,366
Depreciation, amort., depletion, $m
  8
  5
  7
  8
  10
  12
  14
  17
  20
  23
  26
  28
  32
  36
  40
  45
  50
  54
  60
  65
  71
  76
  82
  89
  95
  102
  109
  116
  124
  132
  140
Funds from operations, $m
  -2
  -4
  12
  28
  47
  69
  94
  121
  152
  186
  222
  261
  303
  347
  394
  444
  496
  551
  608
  668
  730
  794
  862
  932
  1,004
  1,080
  1,158
  1,240
  1,325
  1,414
  1,506
Change in working capital, $m
  2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
Cash from operations, $m
  -4
  -2
  15
  32
  51
  74
  99
  127
  159
  193
  230
  269
  312
  357
  405
  455
  507
  563
  620
  680
  743
  808
  876
  946
  1,020
  1,096
  1,175
  1,257
  1,343
  1,432
  1,525
Maintenance CAPEX, $m
  0
  -3
  -4
  -6
  -7
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -28
  -32
  -36
  -40
  -45
  -50
  -54
  -60
  -65
  -71
  -76
  -82
  -89
  -95
  -102
  -109
  -116
  -124
  -132
New CAPEX, $m
  -9
  -11
  -13
  -15
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
Cash from investing activities, $m
  -13
  -14
  -17
  -21
  -25
  -29
  -34
  -38
  -44
  -49
  -55
  -60
  -66
  -72
  -78
  -85
  -92
  -99
  -105
  -113
  -121
  -129
  -136
  -144
  -154
  -162
  -172
  -182
  -192
  -203
  -214
Free cash flow, $m
  -17
  -16
  -2
  11
  26
  45
  65
  89
  115
  144
  175
  209
  246
  285
  326
  370
  416
  464
  515
  567
  622
  680
  740
  802
  866
  933
  1,003
  1,076
  1,151
  1,230
  1,312
Issuance/(repayment) of debt, $m
  0
  13
  16
  19
  22
  25
  28
  31
  34
  37
  41
  44
  46
  49
  52
  55
  58
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
Issuance/(repurchase) of shares, $m
  0
  15
  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
Cash from financing (excl. dividends), $m  
  9
  28
  17
  19
  22
  25
  28
  31
  34
  37
  41
  44
  46
  49
  52
  55
  58
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
Total cash flow (excl. dividends), $m
  -8
  12
  14
  29
  48
  69
  93
  120
  149
  181
  216
  253
  292
  334
  378
  425
  473
  524
  578
  633
  691
  751
  814
  879
  946
  1,016
  1,090
  1,166
  1,245
  1,327
  1,413
Retained Cash Flow (-), $m
  4
  -15
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
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
  8
  22
  40
  60
  83
  108
  136
  167
  200
  236
  274
  315
  358
  404
  451
  501
  554
  608
  665
  724
  785
  849
  916
  985
  1,057
  1,131
  1,209
  1,290
  1,374
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
  8
  19
  33
  46
  60
  73
  85
  96
  105
  112
  117
  120
  120
  119
  115
  109
  102
  94
  84
  75
  65
  56
  47
  38
  31
  24
  19
  14
  10
Current shareholders' claim on cash, %
  100
  90.7
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3

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 -40.1
Price to Sales 6.6
Price to Book 9
Price to Tangible Book
Price to Cash Flow -230.4
Price to Free Cash Flow -70.9
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 31.3% 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 10 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 39.848 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 $0.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to MINDBODY, Inc. : July 28, 2017   [Jul-28-17 04:33PM  Capital Cube]
▶ Mindbody reports 2Q loss   [Jul-26-17 11:39PM  Associated Press]
▶ ETFs with exposure to MINDBODY, Inc. : July 18, 2017   [Jul-18-17 01:56PM  Capital Cube]
▶ Tesla? Not Even for Free   [Jul-15-17 10:00AM  TheStreet.com]
▶ 2 Fitness Stocks to Shape Up Your Portfolio   [Jul-14-17 06:36PM  Motley Fool]
▶ ETFs with exposure to MINDBODY, Inc. : July 7, 2017   [Jul-07-17 03:08PM  Capital Cube]
▶ ETFs with exposure to MINDBODY, Inc. : June 26, 2017   [Jun-26-17 04:23PM  Capital Cube]
▶ Mike Mansbach Named President of MINDBODY   [Jun-19-17 04:30PM  PR Newswire]
▶ ETFs with exposure to MINDBODY, Inc. : June 16, 2017   [Jun-16-17 04:02PM  Capital Cube]
▶ Using analytics for health, commerce and more   [Jun-01-17 11:00AM  ZDNet]
▶ MINDBODY Announces Pricing of Follow-On Offering   [May-24-17 07:54PM  GlobeNewswire]
▶ MINDBODY Announces Proposed Follow-On Offering   [May-22-17 04:15PM  GlobeNewswire]
▶ 3 Stocks on the Motley Fool Money Radar This Week   [May-17-17 11:08AM  Motley Fool]
▶ 2017 MINDBODY BOLD Awards Now Open for Entries   [May-16-17 04:30PM  PR Newswire]
▶ Italian banks a bright spot as European stocks fall back   [May-11-17 05:26AM  MarketWatch]
▶ MINDBODY, Inc. Value Analysis (NASDAQ:MB) : May 9, 2017   [May-09-17 05:34PM  Capital Cube]
▶ Why Mindbody Inc. Stock Dropped Today   [May-05-17 05:53PM  Motley Fool]
▶ Mindbody reports 1Q loss   [05:03AM  Associated Press]
▶ MINDBODY Reports First Quarter 2017 Financial Results   [May-04-17 04:05PM  GlobeNewswire]
▶ [$$] 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]
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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