Intrinsic value of Mindbody - MB

Previous Close

$31.30

  Intrinsic Value

$35.83

stock screener

  Rating & Target

hold

+14%

Previous close

$31.30

 
Intrinsic value

$35.83

 
Up/down potential

+14%

 
Rating

hold

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 1.5

 

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
  29.40
  26.96
  24.76
  22.79
  21.01
  19.41
  17.97
  16.67
  15.50
  14.45
  13.51
  12.66
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  139
  180
  228
  285
  350
  423
  505
  596
  696
  804
  920
  1,044
  1,176
  1,316
  1,463
  1,618
  1,780
  1,950
  2,127
  2,311
  2,503
  2,702
  2,909
  3,125
  3,349
  3,581
  3,823
  4,074
  4,336
  4,608
  4,891
Variable operating expenses, $m
 
  114
  144
  179
  220
  266
  318
  375
  437
  504
  577
  654
  737
  824
  917
  1,014
  1,115
  1,222
  1,332
  1,448
  1,568
  1,693
  1,823
  1,958
  2,098
  2,244
  2,395
  2,553
  2,717
  2,887
  3,065
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
  190
  222
  259
  302
  350
  404
  463
  527
  596
  672
  751
  837
  926
  1,022
  1,121
  1,225
  1,335
  1,447
  1,566
  1,689
  1,817
  1,950
  2,089
  2,232
  2,381
  2,536
  2,697
  2,865
  3,038
  3,220
Operating income, $m
  -21
  -10
  7
  26
  48
  73
  102
  134
  169
  207
  248
  293
  340
  389
  442
  497
  555
  616
  679
  745
  813
  885
  959
  1,036
  1,117
  1,200
  1,287
  1,378
  1,472
  1,570
  1,672
EBITDA, $m
  -13
  0
  19
  40
  66
  95
  127
  163
  203
  246
  293
  343
  396
  453
  512
  575
  641
  709
  781
  856
  934
  1,015
  1,099
  1,187
  1,278
  1,372
  1,471
  1,573
  1,680
  1,791
  1,907
Interest expense (income), $m
  1
  1
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  19
  21
  24
  27
  30
  33
  37
  40
  44
  47
  51
  55
  60
  64
  69
  73
  78
  83
  89
Earnings before tax, $m
  -23
  -11
  5
  23
  44
  68
  96
  126
  159
  195
  234
  276
  321
  368
  418
  470
  525
  582
  642
  705
  770
  837
  908
  981
  1,057
  1,136
  1,219
  1,304
  1,393
  1,486
  1,583
Tax expense, $m
  0
  0
  1
  6
  12
  18
  26
  34
  43
  53
  63
  75
  87
  99
  113
  127
  142
  157
  173
  190
  208
  226
  245
  265
  285
  307
  329
  352
  376
  401
  427
Net income, $m
  -23
  -11
  4
  17
  32
  50
  70
  92
  116
  142
  171
  202
  234
  269
  305
  343
  383
  425
  469
  515
  562
  611
  663
  716
  772
  829
  890
  952
  1,017
  1,085
  1,155

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
  75
  95
  119
  146
  177
  211
  249
  290
  335
  384
  436
  491
  549
  610
  675
  743
  813
  887
  964
  1,044
  1,127
  1,214
  1,304
  1,397
  1,494
  1,595
  1,700
  1,809
  1,922
  2,041
Adjusted assets (=assets-cash), $m
  58
  75
  95
  119
  146
  177
  211
  249
  290
  335
  384
  436
  491
  549
  610
  675
  743
  813
  887
  964
  1,044
  1,127
  1,214
  1,304
  1,397
  1,494
  1,595
  1,700
  1,809
  1,922
  2,041
Revenue / Adjusted assets
  2.397
  2.400
  2.400
  2.395
  2.397
  2.390
  2.393
  2.394
  2.400
  2.400
  2.396
  2.394
  2.395
  2.397
  2.398
  2.397
  2.396
  2.399
  2.398
  2.397
  2.398
  2.398
  2.396
  2.396
  2.397
  2.397
  2.397
  2.396
  2.397
  2.398
  2.396
Average production assets, $m
  34
  44
  56
  70
  86
  104
  124
  146
  170
  197
  225
  256
  288
  322
  359
  396
  436
  478
  521
  566
  613
  662
  713
  766
  820
  877
  937
  998
  1,062
  1,129
  1,198
Working capital, $m
  78
  -10
  -13
  -17
  -20
  -25
  -29
  -35
  -40
  -47
  -53
  -61
  -68
  -76
  -85
  -94
  -103
  -113
  -123
  -134
  -145
  -157
  -169
  -181
  -194
  -208
  -222
  -236
  -251
  -267
  -284
Total debt, $m
  15
  27
  42
  59
  79
  101
  126
  153
  183
  216
  251
  288
  328
  370
  415
  462
  511
  562
  615
  671
  729
  789
  852
  917
  984
  1,055
  1,128
  1,204
  1,283
  1,365
  1,450
Total liabilities, $m
  42
  54
  69
  86
  106
  128
  153
  180
  210
  243
  278
  315
  355
  397
  442
  489
  538
  589
  642
  698
  756
  816
  879
  944
  1,011
  1,082
  1,155
  1,231
  1,310
  1,392
  1,477
Total equity, $m
  102
  21
  26
  33
  40
  49
  58
  69
  80
  93
  106
  120
  135
  152
  168
  186
  205
  225
  245
  266
  288
  311
  335
  360
  386
  412
  440
  469
  499
  531
  563
Total liabilities and equity, $m
  144
  75
  95
  119
  146
  177
  211
  249
  290
  336
  384
  435
  490
  549
  610
  675
  743
  814
  887
  964
  1,044
  1,127
  1,214
  1,304
  1,397
  1,494
  1,595
  1,700
  1,809
  1,923
  2,040
Debt-to-equity ratio
  0.147
  1.320
  1.600
  1.800
  1.950
  2.070
  2.160
  2.230
  2.290
  2.330
  2.370
  2.400
  2.420
  2.440
  2.460
  2.480
  2.490
  2.500
  2.510
  2.520
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.570
  2.570
  2.570
  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
  -11
  4
  17
  32
  50
  70
  92
  116
  142
  171
  202
  234
  269
  305
  343
  383
  425
  469
  515
  562
  611
  663
  716
  772
  829
  890
  952
  1,017
  1,085
  1,155
Depreciation, amort., depletion, $m
  8
  10
  12
  15
  18
  21
  25
  30
  34
  40
  45
  50
  56
  63
  70
  78
  86
  94
  102
  111
  120
  130
  140
  150
  161
  172
  184
  196
  208
  221
  235
Funds from operations, $m
  -2
  -1
  15
  31
  50
  71
  95
  121
  150
  182
  216
  252
  291
  332
  375
  421
  469
  519
  571
  626
  682
  741
  803
  866
  933
  1,002
  1,073
  1,148
  1,225
  1,306
  1,390
Change in working capital, $m
  2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
Cash from operations, $m
  -4
  1
  18
  35
  54
  75
  100
  127
  156
  188
  223
  259
  298
  340
  384
  430
  478
  529
  581
  636
  693
  753
  815
  879
  946
  1,015
  1,087
  1,162
  1,241
  1,322
  1,407
Maintenance CAPEX, $m
  0
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -29
  -33
  -39
  -44
  -50
  -56
  -63
  -70
  -78
  -86
  -94
  -102
  -111
  -120
  -130
  -140
  -150
  -161
  -172
  -184
  -196
  -208
  -221
New CAPEX, $m
  -9
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
Cash from investing activities, $m
  -13
  -17
  -21
  -25
  -30
  -35
  -40
  -46
  -53
  -59
  -67
  -74
  -82
  -90
  -99
  -108
  -118
  -128
  -137
  -147
  -158
  -169
  -181
  -193
  -205
  -218
  -231
  -246
  -260
  -275
  -290
Free cash flow, $m
  -17
  -15
  -2
  10
  24
  41
  59
  80
  103
  128
  155
  185
  216
  249
  285
  322
  361
  402
  444
  489
  535
  584
  634
  686
  741
  797
  856
  917
  981
  1,047
  1,116
Issuance/(repayment) of debt, $m
  0
  12
  15
  17
  20
  22
  25
  27
  30
  33
  35
  38
  40
  42
  45
  47
  49
  51
  53
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
Issuance/(repurchase) of shares, $m
  0
  15
  2
  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
  27
  17
  17
  20
  22
  25
  27
  30
  33
  35
  38
  40
  42
  45
  47
  49
  51
  53
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
Total cash flow (excl. dividends), $m
  -8
  12
  14
  27
  44
  63
  84
  107
  133
  161
  191
  222
  256
  292
  329
  369
  410
  453
  498
  545
  593
  644
  697
  751
  808
  867
  929
  993
  1,060
  1,129
  1,202
Retained Cash Flow (-), $m
  4
  -15
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
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
  9
  20
  36
  54
  75
  97
  122
  148
  177
  208
  241
  275
  312
  351
  391
  433
  477
  523
  571
  621
  673
  726
  782
  841
  901
  964
  1,030
  1,098
  1,169
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
  18
  30
  42
  54
  66
  76
  85
  93
  99
  103
  105
  105
  103
  99
  94
  88
  81
  73
  64
  56
  48
  40
  33
  26
  21
  16
  12
  9
Current shareholders' claim on cash, %
  100
  91.3
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4
  90.4

MINDBODY, Inc. is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with local business subscribers on its platform. The Company's subscribers provide a range of wellness services to active consumers. Its integrated software and payments platform helps business owners in the wellness services industry run, market and build their businesses. It also helps consumers discover, evaluate, engage and transact with these businesses through the Web and mobile devices. The platform addresses various aspects of operating a wellness business, including client scheduling and online booking; retail point-of-sale; analytics and reporting; user experience; mobility; social integration; dynamic cloud-based architecture; open platform for third-party application development; integration with other cloud-based partners, and security and compliance.

FINANCIAL RATIOS  of  Mindbody (MB)

Valuation Ratios
P/E Ratio -55.3
Price to Sales 9.1
Price to Book 12.5
Price to Tangible Book
Price to Cash Flow -317.7
Price to Free Cash Flow -97.8
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 29.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for 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 46.503 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 $1.5 billion.

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COMPANY NEWS

▶ Mindbody's 3 Biggest Growth Opportunities   [Dec-05-17 07:34PM  Motley Fool]
▶ ETFs with exposure to MINDBODY, Inc. : November 30, 2017   [Nov-30-17 02:05PM  Capital Cube]
▶ ETFs with exposure to MINDBODY, Inc. : November 20, 2017   [Nov-20-17 12:51PM  Capital Cube]
▶ MINDBODY Named to Deloitte's 2017 Technology Fast 500   [Nov-14-17 04:30PM  PR Newswire]
▶ ETFs with exposure to MINDBODY, Inc. : November 9, 2017   [Nov-09-17 12:54PM  Capital Cube]
▶ Stocks Showing Market Leadership: Mindbody Earns 92 RS Rating   [Nov-06-17 03:00AM  Investor's Business Daily]
▶ Why Mindbody Should Be on Your Radar   [Oct-30-17 08:25PM  Motley Fool]
▶ 3 Tech Recs From Our Writers   [Oct-28-17 06:10PM  Motley Fool]
▶ Mindbody reports 3Q loss   [Oct-26-17 05:15PM  Associated Press]
▶ ETFs with exposure to MINDBODY, Inc. : October 10, 2017   [Oct-10-17 11:37AM  Capital Cube]
▶ Largest Insider Trades of the Week   [Oct-06-17 04:28PM  GuruFocus.com]
▶ 2017 MINDBODY BOLD Awards Winners Announced   [Sep-28-17 05:16PM  PR Newswire]
▶ Mediobanca CEO Says Italy Removed Bank Tail Risks   [Sep-26-17 08:15AM  Bloomberg Video]
▶ 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]
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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