Intrinsic value of Moody's - MCO

Previous Close

$150.17

  Intrinsic Value

$34.70

stock screener

  Rating & Target

str. sell

-77%

Previous close

$150.17

 
Intrinsic value

$34.70

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of MCO 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 28.7

 

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, %
  3.41
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  3,604
  3,885
  4,177
  4,481
  4,796
  5,124
  5,465
  5,820
  6,189
  6,573
  6,973
  7,389
  7,824
  8,277
  8,750
  9,243
  9,759
  10,297
  10,860
  11,449
  12,065
  12,709
  13,383
  14,089
  14,829
  15,603
  16,415
  17,265
  18,157
  19,091
  20,071
Variable operating expenses, $m
 
  2,234
  2,394
  2,561
  2,734
  2,914
  3,101
  3,295
  3,497
  3,708
  3,928
  4,054
  4,292
  4,541
  4,800
  5,071
  5,353
  5,649
  5,958
  6,281
  6,618
  6,972
  7,342
  7,729
  8,135
  8,560
  9,005
  9,472
  9,960
  10,473
  11,011
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
  2,966
  2,234
  2,394
  2,561
  2,734
  2,914
  3,101
  3,295
  3,497
  3,708
  3,928
  4,054
  4,292
  4,541
  4,800
  5,071
  5,353
  5,649
  5,958
  6,281
  6,618
  6,972
  7,342
  7,729
  8,135
  8,560
  9,005
  9,472
  9,960
  10,473
  11,011
Operating income, $m
  639
  1,651
  1,783
  1,920
  2,063
  2,211
  2,365
  2,525
  2,691
  2,865
  3,045
  3,336
  3,532
  3,736
  3,950
  4,173
  4,405
  4,648
  4,902
  5,168
  5,446
  5,737
  6,041
  6,360
  6,694
  7,044
  7,410
  7,794
  8,196
  8,618
  9,060
EBITDA, $m
  766
  1,806
  1,942
  2,083
  2,229
  2,382
  2,540
  2,705
  2,877
  3,055
  3,241
  3,435
  3,637
  3,847
  4,067
  4,296
  4,536
  4,786
  5,048
  5,321
  5,608
  5,907
  6,221
  6,549
  6,892
  7,252
  7,630
  8,025
  8,439
  8,874
  9,329
Interest expense (income), $m
  137
  126
  -7
  2
  12
  22
  32
  43
  54
  66
  78
  91
  104
  118
  132
  147
  163
  179
  196
  214
  233
  252
  273
  294
  317
  340
  365
  391
  418
  446
  475
Earnings before tax, $m
  558
  1,526
  1,791
  1,918
  2,051
  2,189
  2,333
  2,482
  2,637
  2,799
  2,967
  3,245
  3,428
  3,619
  3,818
  4,025
  4,242
  4,469
  4,706
  4,954
  5,213
  5,485
  5,769
  6,066
  6,377
  6,703
  7,045
  7,403
  7,779
  8,172
  8,585
Tax expense, $m
  282
  412
  483
  518
  554
  591
  630
  670
  712
  756
  801
  876
  926
  977
  1,031
  1,087
  1,145
  1,207
  1,271
  1,338
  1,408
  1,481
  1,558
  1,638
  1,722
  1,810
  1,902
  1,999
  2,100
  2,206
  2,318
Net income, $m
  267
  1,114
  1,307
  1,400
  1,497
  1,598
  1,703
  1,812
  1,925
  2,043
  2,166
  2,369
  2,502
  2,642
  2,787
  2,939
  3,097
  3,262
  3,436
  3,616
  3,806
  4,004
  4,211
  4,428
  4,655
  4,893
  5,143
  5,404
  5,678
  5,966
  6,267

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,225
  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
  5,327
  3,343
  3,595
  3,856
  4,128
  4,410
  4,703
  5,008
  5,326
  5,656
  6,001
  6,359
  6,733
  7,123
  7,530
  7,955
  8,398
  8,862
  9,346
  9,853
  10,383
  10,937
  11,517
  12,125
  12,761
  13,428
  14,126
  14,858
  15,625
  16,430
  17,273
Adjusted assets (=assets-cash), $m
  3,102
  3,343
  3,595
  3,856
  4,128
  4,410
  4,703
  5,008
  5,326
  5,656
  6,001
  6,359
  6,733
  7,123
  7,530
  7,955
  8,398
  8,862
  9,346
  9,853
  10,383
  10,937
  11,517
  12,125
  12,761
  13,428
  14,126
  14,858
  15,625
  16,430
  17,273
Revenue / Adjusted assets
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
  1.162
Average production assets, $m
  613
  660
  710
  762
  815
  871
  929
  989
  1,052
  1,117
  1,185
  1,256
  1,330
  1,407
  1,487
  1,571
  1,659
  1,751
  1,846
  1,946
  2,051
  2,161
  2,275
  2,395
  2,521
  2,653
  2,791
  2,935
  3,087
  3,245
  3,412
Working capital, $m
  825
  -1,185
  -1,274
  -1,367
  -1,463
  -1,563
  -1,667
  -1,775
  -1,888
  -2,005
  -2,127
  -2,254
  -2,386
  -2,524
  -2,669
  -2,819
  -2,976
  -3,141
  -3,312
  -3,492
  -3,680
  -3,876
  -4,082
  -4,297
  -4,523
  -4,759
  -5,007
  -5,266
  -5,538
  -5,823
  -6,122
Total debt, $m
  3,363
  -180
  46
  282
  526
  780
  1,044
  1,319
  1,604
  1,902
  2,212
  2,534
  2,871
  3,222
  3,588
  3,970
  4,369
  4,786
  5,222
  5,678
  6,155
  6,654
  7,177
  7,724
  8,296
  8,896
  9,525
  10,183
  10,874
  11,598
  12,356
Total liabilities, $m
  6,552
  3,009
  3,235
  3,471
  3,715
  3,969
  4,233
  4,508
  4,793
  5,091
  5,401
  5,723
  6,060
  6,411
  6,777
  7,159
  7,558
  7,975
  8,411
  8,867
  9,344
  9,843
  10,366
  10,913
  11,485
  12,085
  12,714
  13,372
  14,063
  14,787
  15,545
Total equity, $m
  -1,225
  334
  359
  386
  413
  441
  470
  501
  533
  566
  600
  636
  673
  712
  753
  795
  840
  886
  935
  985
  1,038
  1,094
  1,152
  1,213
  1,276
  1,343
  1,413
  1,486
  1,563
  1,643
  1,727
Total liabilities and equity, $m
  5,327
  3,343
  3,594
  3,857
  4,128
  4,410
  4,703
  5,009
  5,326
  5,657
  6,001
  6,359
  6,733
  7,123
  7,530
  7,954
  8,398
  8,861
  9,346
  9,852
  10,382
  10,937
  11,518
  12,126
  12,761
  13,428
  14,127
  14,858
  15,626
  16,430
  17,272
Debt-to-equity ratio
  -2.745
  -0.540
  0.130
  0.730
  1.270
  1.770
  2.220
  2.630
  3.010
  3.360
  3.690
  3.990
  4.260
  4.520
  4.760
  4.990
  5.200
  5.400
  5.590
  5.760
  5.930
  6.080
  6.230
  6.370
  6.500
  6.630
  6.740
  6.850
  6.960
  7.060
  7.150
Adjusted equity ratio
  -1.112
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  267
  1,114
  1,307
  1,400
  1,497
  1,598
  1,703
  1,812
  1,925
  2,043
  2,166
  2,369
  2,502
  2,642
  2,787
  2,939
  3,097
  3,262
  3,436
  3,616
  3,806
  4,004
  4,211
  4,428
  4,655
  4,893
  5,143
  5,404
  5,678
  5,966
  6,267
Depreciation, amort., depletion, $m
  127
  154
  158
  162
  167
  171
  176
  180
  185
  190
  196
  99
  105
  111
  117
  124
  131
  138
  145
  153
  161
  170
  179
  189
  198
  209
  220
  231
  243
  256
  269
Funds from operations, $m
  2,176
  1,268
  1,465
  1,563
  1,664
  1,769
  1,878
  1,992
  2,110
  2,234
  2,362
  2,468
  2,607
  2,752
  2,904
  3,062
  3,228
  3,400
  3,581
  3,770
  3,967
  4,174
  4,390
  4,617
  4,854
  5,102
  5,363
  5,635
  5,921
  6,221
  6,536
Change in working capital, $m
  950
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -151
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -215
  -226
  -236
  -248
  -259
  -272
  -285
  -299
Cash from operations, $m
  1,226
  1,354
  1,555
  1,655
  1,760
  1,869
  1,982
  2,100
  2,223
  2,351
  2,484
  2,595
  2,740
  2,891
  3,048
  3,213
  3,385
  3,565
  3,753
  3,949
  4,155
  4,370
  4,596
  4,832
  5,079
  5,339
  5,610
  5,895
  6,193
  6,506
  6,834
Maintenance CAPEX, $m
  0
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -161
  -170
  -179
  -189
  -198
  -209
  -220
  -231
  -243
  -256
New CAPEX, $m
  -115
  -47
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
Cash from investing activities, $m
  102
  -95
  -102
  -108
  -114
  -120
  -127
  -133
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -212
  -223
  -234
  -245
  -258
  -271
  -285
  -299
  -315
  -330
  -347
  -365
  -383
  -402
  -423
Free cash flow, $m
  1,328
  1,258
  1,453
  1,548
  1,647
  1,749
  1,856
  1,967
  2,082
  2,203
  2,328
  2,431
  2,567
  2,709
  2,857
  3,012
  3,173
  3,342
  3,519
  3,704
  3,897
  4,099
  4,311
  4,533
  4,765
  5,008
  5,263
  5,531
  5,811
  6,104
  6,412
Issuance/(repayment) of debt, $m
  0
  -3,243
  226
  235
  244
  254
  264
  275
  286
  297
  310
  323
  336
  351
  366
  382
  399
  417
  436
  456
  477
  499
  522
  547
  573
  600
  629
  659
  690
  724
  759
Issuance/(repurchase) of shares, $m
  -783
  2,371
  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  
  -725
  -872
  226
  235
  244
  254
  264
  275
  286
  297
  310
  323
  336
  351
  366
  382
  399
  417
  436
  456
  477
  499
  522
  547
  573
  600
  629
  659
  690
  724
  759
Total cash flow (excl. dividends), $m
  579
  386
  1,679
  1,783
  1,891
  2,003
  2,120
  2,241
  2,368
  2,500
  2,638
  2,753
  2,903
  3,060
  3,223
  3,394
  3,573
  3,760
  3,955
  4,160
  4,374
  4,598
  4,833
  5,080
  5,338
  5,608
  5,892
  6,189
  6,501
  6,828
  7,171
Retained Cash Flow (-), $m
  660
  -3,484
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
Prev. year cash balance distribution, $m
 
  1,925
  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
 
  -1,173
  1,654
  1,757
  1,864
  1,975
  2,091
  2,211
  2,336
  2,467
  2,603
  2,718
  2,866
  3,021
  3,182
  3,352
  3,528
  3,713
  3,907
  4,109
  4,321
  4,543
  4,775
  5,019
  5,274
  5,542
  5,822
  6,116
  6,424
  6,748
  7,087
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  -1,088
  1,410
  1,368
  1,313
  1,249
  1,175
  1,093
  1,005
  913
  819
  718
  626
  538
  455
  379
  310
  248
  195
  150
  113
  84
  60
  42
  29
  19
  12
  8
  5
  3
  2
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Moody's Corporation (Moody's) is a provider of credit ratings; credit, capital markets and economic related research, data and analytical tools; software solutions and related risk management services, quantitative credit risk measures, financial services training and certification services, and research and analytical services to financial institution customers. The Company operates in two segments: Moody's Investors Service (MIS) and Moody's Analytics (MA). The MIS segment includes its ratings operations. The MA segment develops a range of products and services that support financial analysis and risk management activities of institutional participants in financial markets. The MIS segment includes corporate finance group; structured finance group; financial institutions group; public, project and infrastructure finance, and MIS Other. The MA segment consists of three lines of business: data and analytics business, enterprise risk solutions and professional service.

FINANCIAL RATIOS  of  Moody's (MCO)

Valuation Ratios
P/E Ratio 107.3
Price to Sales 7.9
Price to Book -23.4
Price to Tangible Book
Price to Cash Flow 23.4
Price to Free Cash Flow 25.8
Growth Rates
Sales Growth Rate 3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.2%
Cap. Spend. - 3 Yr. Gr. Rate 22.3%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity -250%
Total Debt to Equity -274.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 16.9%
Return On Total Capital 10.8%
Ret/ On T. Cap. - 3 Yr. Avg. 29.5%
Return On Equity -29.8%
Return On Equity - 3 Yr. Avg. 349.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 71.5%
Gross Margin - 3 Yr. Avg. 71.9%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 39.6%
Operating Margin 17.7%
Oper. Margin - 3 Yr. Avg. 35.4%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 33%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 21.4%
Effective Tax Rate 50.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 106.7%

MCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCO stock intrinsic value calculation we used $3604 million for the last fiscal year's total revenue generated by Moody's. The default revenue input number comes from 2016 income statement of Moody's. 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 MCO stock valuation model: a) initial revenue growth rate of 7.8% 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 7.9%, whose default value for MCO is calculated based on our internal credit rating of Moody's, 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 Moody's.
    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 MCO stock the variable cost ratio is equal to 57.7%.

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 MCO 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 4.1% for Moody's.

Corporate tax rate of 27% is the nominal tax rate for Moody's. 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 MCO 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 MCO are equal to 17%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Moody's 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 MCO is equal to -30.5%. 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 - $-1225 million for Moody's - 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 190.993 million for Moody's 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 Moody's at the current share price and the inputted number of shares is $28.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Moodys Corp. : December 12, 2017   [Dec-12-17 01:35PM  Capital Cube]
▶ Moody's Acquires Stake in Rockport VAL, LLC   [Nov-28-17 08:00AM  Business Wire]
▶ South Africa Faces Potential Credit Downgrade   [Nov-24-17 11:13AM  Bloomberg Video]
▶ ETFs with exposure to Moodys Corp. : November 16, 2017   [Nov-16-17 11:48AM  Capital Cube]
▶ Oil prices are up now, but surge might be short-term   [Nov-13-17 04:07PM  Associated Press]
▶ Catalonia faces 10 percent tourism hit in fourth quarter   [Nov-06-17 04:55PM  Associated Press]
▶ Company News For Nov 6, 2017   [10:04AM  Zacks]
▶ Moody's Corporation to Host Earnings Call   [Nov-03-17 09:40AM  ACCESSWIRE]
▶ Moody's beats 3Q profit forecasts   [07:11AM  Associated Press]
▶ JOBS What you need to know on Friday   [Nov-02-17 06:18PM  Yahoo Finance]
▶ Moodys Analytics Launches Capital Risk Analyzer   [Oct-25-17 01:28PM  Business Wire]
▶ Yahoo Finance: All Markets Summit, October 25, 2017   [Oct-24-17 04:28PM  Yahoo Finance]
▶ Moodys Analytics Launches the CreditLens Platform   [Oct-23-17 10:00AM  Business Wire]
▶ 3 Warren Buffett Stocks Still Worth Buying   [Oct-20-17 05:30PM  Motley Fool]
▶ Moody's Announces Strategic Investment in CompStak   [Oct-17-17 04:30PM  Business Wire]
▶ Equifax CEO Richard Smith is out   [10:30AM  Yahoo Finance Video]
▶ 2 Things to Love About Microsoft Corporation (MSFT) Stock   [Sep-25-17 11:36AM  InvestorPlace]
▶ Britain hopes for Brexit progress; EU leaders cautious   [Sep-23-17 07:06AM  Associated Press]
▶ Equifax Is Sure to Rise Again After the Crisis   [Sep-20-17 12:53PM  InvestorPlace]
▶ Equifax shares plummet on announcement of massive data breach   [Sep-08-17 01:14PM  Yahoo Finance Video]
▶ ETFs with exposure to Moodys Corp. : August 11, 2017   [Aug-11-17 05:57PM  Capital Cube]
▶ Trump's Impact on the Economy in 90 Seconds   [Aug-04-17 11:51AM  Bloomberg Video]
▶ Moody's beats Street 2Q forecasts   [Jul-21-17 08:55PM  Associated Press]
Financial statements of MCO
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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