Intrinsic value of Moody's - MCO

Previous Close

$168.21

  Intrinsic Value

$56.94

stock screener

  Rating & Target

str. sell

-66%

Previous close

$168.21

 
Intrinsic value

$56.94

 
Up/down potential

-66%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
Revenue, $m
  3,604
  4,177
  4,796
  5,459
  6,166
  6,915
  7,706
  8,537
  9,409
  10,321
  11,273
  12,265
  13,298
  14,372
  15,489
  16,650
  17,856
  19,109
  20,412
  21,767
  23,175
  24,641
  26,167
  27,756
  29,412
  31,139
  32,939
  34,818
  36,780
  38,829
  40,969
Variable operating expenses, $m
 
  2,394
  2,733
  3,097
  3,485
  3,896
  4,330
  4,786
  5,264
  5,764
  6,287
  6,728
  7,295
  7,884
  8,497
  9,134
  9,795
  10,483
  11,198
  11,941
  12,714
  13,518
  14,355
  15,227
  16,135
  17,082
  18,070
  19,101
  20,177
  21,301
  22,475
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
  2,394
  2,733
  3,097
  3,485
  3,896
  4,330
  4,786
  5,264
  5,764
  6,287
  6,728
  7,295
  7,884
  8,497
  9,134
  9,795
  10,483
  11,198
  11,941
  12,714
  13,518
  14,355
  15,227
  16,135
  17,082
  18,070
  19,101
  20,177
  21,301
  22,475
Operating income, $m
  639
  1,783
  2,062
  2,362
  2,681
  3,019
  3,376
  3,751
  4,145
  4,557
  4,986
  5,537
  6,003
  6,488
  6,992
  7,516
  8,060
  8,626
  9,214
  9,826
  10,462
  11,123
  11,812
  12,530
  13,277
  14,056
  14,869
  15,717
  16,603
  17,528
  18,494
EBITDA, $m
  766
  1,941
  2,229
  2,537
  2,866
  3,214
  3,582
  3,968
  4,373
  4,797
  5,240
  5,701
  6,181
  6,680
  7,199
  7,739
  8,299
  8,882
  9,487
  10,117
  10,772
  11,453
  12,162
  12,901
  13,671
  14,473
  15,310
  16,183
  17,095
  18,048
  19,043
Interest expense (income), $m
  137
  126
  2
  22
  43
  65
  89
  114
  140
  168
  197
  227
  259
  292
  326
  361
  398
  436
  476
  517
  560
  605
  652
  700
  751
  803
  858
  915
  975
  1,037
  1,102
Earnings before tax, $m
  558
  1,658
  2,061
  2,340
  2,638
  2,954
  3,287
  3,637
  4,005
  4,389
  4,789
  5,309
  5,744
  6,196
  6,666
  7,155
  7,662
  8,190
  8,738
  9,308
  9,901
  10,518
  11,160
  11,829
  12,526
  13,253
  14,011
  14,802
  15,628
  16,491
  17,392
Tax expense, $m
  282
  448
  556
  632
  712
  798
  888
  982
  1,081
  1,185
  1,293
  1,434
  1,551
  1,673
  1,800
  1,932
  2,069
  2,211
  2,359
  2,513
  2,673
  2,840
  3,013
  3,194
  3,382
  3,578
  3,783
  3,997
  4,220
  4,452
  4,696
Net income, $m
  267
  1,210
  1,504
  1,708
  1,926
  2,156
  2,400
  2,655
  2,923
  3,204
  3,496
  3,876
  4,193
  4,523
  4,866
  5,223
  5,594
  5,979
  6,379
  6,795
  7,228
  7,678
  8,147
  8,635
  9,144
  9,675
  10,228
  10,806
  11,408
  12,038
  12,696

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
  3,595
  4,127
  4,698
  5,306
  5,951
  6,631
  7,347
  8,097
  8,882
  9,701
  10,555
  11,444
  12,368
  13,330
  14,328
  15,366
  16,445
  17,566
  18,732
  19,944
  21,206
  22,519
  23,887
  25,312
  26,798
  28,347
  29,964
  31,652
  33,415
  35,258
Adjusted assets (=assets-cash), $m
  3,102
  3,595
  4,127
  4,698
  5,306
  5,951
  6,631
  7,347
  8,097
  8,882
  9,701
  10,555
  11,444
  12,368
  13,330
  14,328
  15,366
  16,445
  17,566
  18,732
  19,944
  21,206
  22,519
  23,887
  25,312
  26,798
  28,347
  29,964
  31,652
  33,415
  35,258
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
  710
  815
  928
  1,048
  1,176
  1,310
  1,451
  1,600
  1,755
  1,916
  2,085
  2,261
  2,443
  2,633
  2,830
  3,035
  3,249
  3,470
  3,700
  3,940
  4,189
  4,448
  4,719
  5,000
  5,294
  5,600
  5,919
  6,253
  6,601
  6,965
Working capital, $m
  825
  -1,274
  -1,463
  -1,665
  -1,880
  -2,109
  -2,350
  -2,604
  -2,870
  -3,148
  -3,438
  -3,741
  -4,056
  -4,383
  -4,724
  -5,078
  -5,446
  -5,828
  -6,226
  -6,639
  -7,068
  -7,516
  -7,981
  -8,466
  -8,971
  -9,497
  -10,046
  -10,620
  -11,218
  -11,843
  -12,496
Total debt, $m
  3,363
  46
  525
  1,039
  1,586
  2,167
  2,779
  3,423
  4,099
  4,805
  5,542
  6,311
  7,111
  7,943
  8,808
  9,707
  10,641
  11,612
  12,621
  13,670
  14,761
  15,896
  17,078
  18,309
  19,592
  20,929
  22,323
  23,779
  25,298
  26,885
  28,543
Total liabilities, $m
  6,552
  3,235
  3,714
  4,228
  4,775
  5,356
  5,968
  6,612
  7,288
  7,994
  8,731
  9,500
  10,300
  11,132
  11,997
  12,896
  13,830
  14,801
  15,810
  16,859
  17,950
  19,085
  20,267
  21,498
  22,781
  24,118
  25,512
  26,968
  28,487
  30,074
  31,732
Total equity, $m
  -1,225
  359
  413
  470
  531
  595
  663
  735
  810
  888
  970
  1,056
  1,144
  1,237
  1,333
  1,433
  1,537
  1,645
  1,757
  1,873
  1,994
  2,121
  2,252
  2,389
  2,531
  2,680
  2,835
  2,996
  3,165
  3,342
  3,526
Total liabilities and equity, $m
  5,327
  3,594
  4,127
  4,698
  5,306
  5,951
  6,631
  7,347
  8,098
  8,882
  9,701
  10,556
  11,444
  12,369
  13,330
  14,329
  15,367
  16,446
  17,567
  18,732
  19,944
  21,206
  22,519
  23,887
  25,312
  26,798
  28,347
  29,964
  31,652
  33,416
  35,258
Debt-to-equity ratio
  -2.745
  0.130
  1.270
  2.210
  2.990
  3.640
  4.190
  4.660
  5.060
  5.410
  5.710
  5.980
  6.210
  6.420
  6.610
  6.770
  6.920
  7.060
  7.180
  7.300
  7.400
  7.500
  7.580
  7.660
  7.740
  7.810
  7.880
  7.940
  7.990
  8.050
  8.100
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
  1,210
  1,504
  1,708
  1,926
  2,156
  2,400
  2,655
  2,923
  3,204
  3,496
  3,876
  4,193
  4,523
  4,866
  5,223
  5,594
  5,979
  6,379
  6,795
  7,228
  7,678
  8,147
  8,635
  9,144
  9,675
  10,228
  10,806
  11,408
  12,038
  12,696
Depreciation, amort., depletion, $m
  127
  158
  167
  175
  185
  195
  206
  217
  228
  241
  253
  164
  178
  192
  207
  223
  239
  256
  273
  291
  310
  330
  350
  372
  394
  417
  441
  466
  492
  520
  548
Funds from operations, $m
  2,176
  1,368
  1,671
  1,884
  2,111
  2,351
  2,605
  2,872
  3,152
  3,444
  3,750
  4,040
  4,371
  4,716
  5,074
  5,446
  5,833
  6,234
  6,652
  7,086
  7,538
  8,008
  8,497
  9,007
  9,538
  10,092
  10,669
  11,272
  11,901
  12,558
  13,244
Change in working capital, $m
  950
  -175
  -189
  -202
  -216
  -229
  -241
  -254
  -266
  -278
  -290
  -303
  -315
  -328
  -341
  -354
  -368
  -382
  -397
  -413
  -430
  -447
  -465
  -485
  -505
  -527
  -549
  -573
  -598
  -625
  -653
Cash from operations, $m
  1,226
  1,543
  1,859
  2,086
  2,326
  2,580
  2,846
  3,126
  3,418
  3,722
  4,040
  4,343
  4,686
  5,043
  5,414
  5,800
  6,200
  6,617
  7,049
  7,500
  7,968
  8,455
  8,963
  9,492
  10,043
  10,618
  11,218
  11,845
  12,499
  13,183
  13,897
Maintenance CAPEX, $m
  0
  -48
  -56
  -64
  -73
  -83
  -93
  -103
  -114
  -126
  -138
  -151
  -164
  -178
  -192
  -207
  -223
  -239
  -256
  -273
  -291
  -310
  -330
  -350
  -372
  -394
  -417
  -441
  -466
  -492
  -520
New CAPEX, $m
  -115
  -97
  -105
  -113
  -120
  -127
  -134
  -141
  -148
  -155
  -162
  -169
  -176
  -183
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -270
  -282
  -293
  -306
  -319
  -333
  -348
  -364
Cash from investing activities, $m
  102
  -145
  -161
  -177
  -193
  -210
  -227
  -244
  -262
  -281
  -300
  -320
  -340
  -361
  -382
  -404
  -428
  -452
  -477
  -503
  -530
  -559
  -589
  -620
  -654
  -687
  -723
  -760
  -799
  -840
  -884
Free cash flow, $m
  1,328
  1,398
  1,698
  1,909
  2,133
  2,370
  2,619
  2,881
  3,155
  3,441
  3,740
  4,023
  4,346
  4,683
  5,032
  5,395
  5,772
  6,165
  6,572
  6,996
  7,437
  7,896
  8,374
  8,871
  9,390
  9,931
  10,495
  11,084
  11,700
  12,342
  13,014
Issuance/(repayment) of debt, $m
  0
  -3,017
  479
  514
  547
  580
  612
  644
  675
  706
  737
  768
  800
  832
  865
  899
  934
  971
  1,009
  1,049
  1,091
  1,135
  1,182
  1,231
  1,283
  1,337
  1,395
  1,455
  1,519
  1,587
  1,658
Issuance/(repurchase) of shares, $m
  -783
  2,299
  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
  -718
  479
  514
  547
  580
  612
  644
  675
  706
  737
  768
  800
  832
  865
  899
  934
  971
  1,009
  1,049
  1,091
  1,135
  1,182
  1,231
  1,283
  1,337
  1,395
  1,455
  1,519
  1,587
  1,658
Total cash flow (excl. dividends), $m
  579
  680
  2,178
  2,423
  2,681
  2,950
  3,232
  3,525
  3,831
  4,148
  4,477
  4,791
  5,146
  5,515
  5,897
  6,294
  6,707
  7,135
  7,581
  8,045
  8,528
  9,031
  9,555
  10,102
  10,673
  11,268
  11,890
  12,540
  13,219
  13,929
  14,672
Retained Cash Flow (-), $m
  660
  -3,509
  -53
  -57
  -61
  -64
  -68
  -72
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -137
  -143
  -149
  -155
  -162
  -169
  -176
  -184
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
 
  -904
  2,124
  2,366
  2,620
  2,886
  3,164
  3,454
  3,755
  4,069
  4,395
  4,706
  5,057
  5,422
  5,801
  6,194
  6,603
  7,028
  7,469
  7,929
  8,407
  8,905
  9,424
  9,965
  10,530
  11,120
  11,735
  12,378
  13,050
  13,753
  14,488
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
 
  -838
  1,811
  1,841
  1,846
  1,825
  1,778
  1,708
  1,616
  1,507
  1,383
  1,243
  1,105
  966
  830
  700
  580
  470
  374
  290
  221
  164
  118
  84
  57
  38
  25
  15
  9
  6
  3
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 120.1
Price to Sales 8.9
Price to Book -26.2
Price to Tangible Book
Price to Cash Flow 26.2
Price to Free Cash Flow 28.9
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 15.9% 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 191.247 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 $32.2 billion.

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COMPANY NEWS

▶ Moody's Projects Vigorous Growth in 2018   [Feb-15-18 04:49PM  Motley Fool]
▶ Moodys Corporation to Webcast 2018 Investor Day   [Feb-14-18 04:15PM  Business Wire]
▶ Moodys Analytics Wins Two InsuranceERM Awards   [Feb-12-18 09:10AM  Business Wire]
▶ Moody's tops Street 4Q forecasts   [07:21AM  Associated Press]
▶ Markets on edge What you need to know on Friday   [Feb-08-18 06:20PM  Yahoo Finance]
▶ For Bon-Ton, founded in 19th century, an uncertain future   [Feb-05-18 12:57PM  Associated Press]
▶ Sectornomics: How financials fared in January   [Jan-30-18 03:51PM  CNBC Videos]
▶ [$$] Moody's CFO Linda Huber to Leave After 12 Years   [Jan-29-18 08:38AM  The Wall Street Journal]
▶ Moodys Corporation Declares Quarterly Dividend   [Jan-24-18 05:00PM  Business Wire]
▶ ETFs with exposure to Moodys Corp. : December 25, 2017   [Dec-25-17 12:08PM  Capital Cube]
▶ Warren Buffett's Top 3 Stocks of 2017 Will Surprise You   [Dec-23-17 10:45AM  Motley Fool]
▶ U.S. Housing Starts Climb 3.3% in November   [Dec-19-17 08:56AM  Bloomberg Video]
▶ 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]
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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