Intrinsic value of MDC Partners Cl A - MDCA

Previous Close

$10.90

  Intrinsic Value

$13.57

stock screener

  Rating & Target

buy

+24%

Previous close

$10.90

 
Intrinsic value

$13.57

 
Up/down potential

+24%

 
Rating

buy

We calculate the intrinsic value of MDCA 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 0.6

 

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, %
  4.52
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  1,386
  1,608
  1,847
  2,104
  2,378
  2,669
  2,976
  3,298
  3,637
  3,991
  4,360
  4,746
  5,147
  5,564
  5,998
  6,449
  6,917
  7,404
  7,910
  8,436
  8,983
  9,552
  10,145
  10,762
  11,405
  12,076
  12,775
  13,504
  14,266
  15,061
  15,892
Variable operating expenses, $m
 
  1,507
  1,719
  1,947
  2,189
  2,446
  2,718
  3,004
  3,303
  3,616
  3,944
  4,200
  4,555
  4,924
  5,308
  5,707
  6,122
  6,553
  7,001
  7,466
  7,950
  8,454
  8,979
  9,525
  10,094
  10,687
  11,306
  11,952
  12,626
  13,330
  14,065
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
  1,337
  1,507
  1,719
  1,947
  2,189
  2,446
  2,718
  3,004
  3,303
  3,616
  3,944
  4,200
  4,555
  4,924
  5,308
  5,707
  6,122
  6,553
  7,001
  7,466
  7,950
  8,454
  8,979
  9,525
  10,094
  10,687
  11,306
  11,952
  12,626
  13,330
  14,065
Operating income, $m
  48
  100
  128
  157
  189
  222
  258
  295
  334
  374
  417
  546
  592
  640
  690
  741
  795
  851
  909
  970
  1,033
  1,098
  1,166
  1,237
  1,311
  1,388
  1,469
  1,553
  1,640
  1,732
  1,827
EBITDA, $m
  94
  193
  221
  252
  285
  320
  357
  395
  436
  478
  523
  569
  617
  667
  719
  773
  829
  888
  948
  1,011
  1,077
  1,145
  1,216
  1,290
  1,367
  1,448
  1,532
  1,619
  1,710
  1,806
  1,905
Interest expense (income), $m
  65
  73
  31
  50
  70
  92
  114
  138
  164
  190
  218
  247
  277
  308
  341
  375
  410
  446
  484
  524
  565
  608
  652
  699
  747
  797
  850
  904
  961
  1,021
  1,083
Earnings before tax, $m
  -50
  27
  96
  107
  119
  131
  143
  156
  170
  184
  199
  299
  315
  332
  349
  367
  385
  405
  425
  446
  468
  490
  514
  539
  564
  591
  619
  648
  679
  711
  744
Tax expense, $m
  -8
  7
  26
  29
  32
  35
  39
  42
  46
  50
  54
  81
  85
  90
  94
  99
  104
  109
  115
  120
  126
  132
  139
  145
  152
  160
  167
  175
  183
  192
  201
Net income, $m
  -48
  20
  70
  78
  87
  95
  105
  114
  124
  135
  145
  218
  230
  242
  255
  268
  281
  295
  310
  325
  341
  358
  375
  393
  412
  431
  452
  473
  495
  519
  543

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  1,577
  1,790
  2,057
  2,343
  2,648
  2,972
  3,314
  3,673
  4,050
  4,444
  4,856
  5,285
  5,731
  6,196
  6,679
  7,181
  7,703
  8,245
  8,808
  9,394
  10,004
  10,637
  11,297
  11,985
  12,701
  13,447
  14,226
  15,038
  15,886
  16,772
  17,698
Adjusted assets (=assets-cash), $m
  1,544
  1,790
  2,057
  2,343
  2,648
  2,972
  3,314
  3,673
  4,050
  4,444
  4,856
  5,285
  5,731
  6,196
  6,679
  7,181
  7,703
  8,245
  8,808
  9,394
  10,004
  10,637
  11,297
  11,985
  12,701
  13,447
  14,226
  15,038
  15,886
  16,772
  17,698
Revenue / Adjusted assets
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
  0.898
Average production assets, $m
  150
  174
  200
  227
  257
  288
  321
  356
  393
  431
  471
  513
  556
  601
  648
  696
  747
  800
  854
  911
  970
  1,032
  1,096
  1,162
  1,232
  1,304
  1,380
  1,458
  1,541
  1,627
  1,716
Working capital, $m
  -313
  -402
  -462
  -526
  -595
  -667
  -744
  -825
  -909
  -998
  -1,090
  -1,186
  -1,287
  -1,391
  -1,499
  -1,612
  -1,729
  -1,851
  -1,977
  -2,109
  -2,246
  -2,388
  -2,536
  -2,691
  -2,851
  -3,019
  -3,194
  -3,376
  -3,566
  -3,765
  -3,973
Total debt, $m
  936
  402
  642
  900
  1,175
  1,466
  1,773
  2,097
  2,436
  2,791
  3,161
  3,547
  3,949
  4,367
  4,802
  5,254
  5,723
  6,211
  6,719
  7,246
  7,794
  8,365
  8,959
  9,577
  10,222
  10,893
  11,594
  12,325
  13,089
  13,886
  14,719
Total liabilities, $m
  2,146
  1,611
  1,851
  2,109
  2,384
  2,675
  2,982
  3,306
  3,645
  4,000
  4,370
  4,756
  5,158
  5,576
  6,011
  6,463
  6,932
  7,420
  7,928
  8,455
  9,003
  9,574
  10,168
  10,786
  11,431
  12,102
  12,803
  13,534
  14,298
  15,095
  15,928
Total equity, $m
  -568
  179
  206
  234
  265
  297
  331
  367
  405
  444
  486
  528
  573
  620
  668
  718
  770
  824
  881
  939
  1,000
  1,064
  1,130
  1,198
  1,270
  1,345
  1,423
  1,504
  1,589
  1,677
  1,770
Total liabilities and equity, $m
  1,578
  1,790
  2,057
  2,343
  2,649
  2,972
  3,313
  3,673
  4,050
  4,444
  4,856
  5,284
  5,731
  6,196
  6,679
  7,181
  7,702
  8,244
  8,809
  9,394
  10,003
  10,638
  11,298
  11,984
  12,701
  13,447
  14,226
  15,038
  15,887
  16,772
  17,698
Debt-to-equity ratio
  -1.648
  2.250
  3.120
  3.840
  4.430
  4.930
  5.350
  5.710
  6.010
  6.280
  6.510
  6.710
  6.890
  7.050
  7.190
  7.320
  7.430
  7.530
  7.630
  7.710
  7.790
  7.860
  7.930
  7.990
  8.050
  8.100
  8.150
  8.200
  8.240
  8.280
  8.320
Adjusted equity ratio
  -0.389
  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
  -48
  20
  70
  78
  87
  95
  105
  114
  124
  135
  145
  218
  230
  242
  255
  268
  281
  295
  310
  325
  341
  358
  375
  393
  412
  431
  452
  473
  495
  519
  543
Depreciation, amort., depletion, $m
  46
  92
  94
  95
  96
  98
  99
  101
  102
  104
  106
  23
  25
  27
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
Funds from operations, $m
  -104
  112
  164
  173
  183
  193
  204
  215
  227
  239
  251
  242
  255
  270
  284
  300
  315
  332
  349
  367
  386
  405
  425
  446
  468
  491
  515
  540
  566
  593
  621
Change in working capital, $m
  -109
  -55
  -60
  -64
  -68
  -73
  -77
  -81
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -161
  -168
  -175
  -182
  -190
  -199
  -208
Cash from operations, $m
  5
  168
  224
  237
  251
  266
  280
  296
  311
  327
  344
  338
  356
  374
  393
  412
  433
  454
  476
  499
  522
  547
  573
  600
  629
  659
  690
  722
  756
  792
  829
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -74
New CAPEX, $m
  -29
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -76
  -79
  -82
  -86
  -90
Cash from investing activities, $m
  -25
  -31
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -56
  -60
  -64
  -66
  -70
  -74
  -79
  -83
  -87
  -92
  -96
  -101
  -105
  -111
  -117
  -122
  -128
  -136
  -142
  -149
  -156
  -164
Free cash flow, $m
  -20
  137
  190
  201
  211
  223
  234
  246
  258
  271
  284
  275
  289
  303
  318
  334
  350
  367
  385
  403
  422
  442
  462
  484
  506
  530
  555
  580
  607
  636
  665
Issuance/(repayment) of debt, $m
  212
  -534
  240
  258
  275
  291
  307
  323
  339
  355
  370
  386
  402
  418
  435
  452
  470
  488
  507
  527
  548
  571
  594
  619
  644
  672
  701
  731
  763
  797
  833
Issuance/(repurchase) of shares, $m
  -3
  760
  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  
  17
  226
  240
  258
  275
  291
  307
  323
  339
  355
  370
  386
  402
  418
  435
  452
  470
  488
  507
  527
  548
  571
  594
  619
  644
  672
  701
  731
  763
  797
  833
Total cash flow (excl. dividends), $m
  -1
  363
  430
  458
  486
  514
  542
  570
  598
  626
  655
  661
  691
  722
  753
  786
  820
  855
  892
  930
  970
  1,012
  1,056
  1,102
  1,151
  1,202
  1,255
  1,312
  1,371
  1,433
  1,498
Retained Cash Flow (-), $m
  2
  -780
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
Prev. year cash balance distribution, $m
 
  33
  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
 
  -384
  404
  430
  455
  481
  507
  534
  560
  586
  613
  618
  646
  675
  705
  736
  768
  801
  835
  871
  909
  949
  990
  1,034
  1,079
  1,127
  1,177
  1,230
  1,286
  1,344
  1,406
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -336
  305
  277
  247
  216
  186
  156
  129
  104
  83
  62
  47
  35
  25
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

MDC Partners Inc. is a provider of global marketing, advertising, activation, communications and strategic consulting solutions. The Company and its subsidiary agencies (Partner Firms) deliver a range of customized services. The Company's segments include Reportable Segment, All Other and Corporate. The Reportable segment consists of the Company's integrated advertising, media and public relations service companies. The All Other segment consists of the companies that provide the Company's specialist marketing offerings, such as direct marketing, sales promotion, market research, strategic communications, database and customer relationship management, data analytics and insights, corporate identity, and design and branding. The Reportable segment includes the operations of various companies, such as Allison & Partners, Anomaly, Crispin Porter + Bogusky, Doner, Forsman & Bodenfors, Hunter PR, kbs, MDC Media Partners and 72andSunny.

FINANCIAL RATIOS  of  MDC Partners Cl A (MDCA)

Valuation Ratios
P/E Ratio -12
Price to Sales 0.4
Price to Book -1
Price to Tangible Book
Price to Cash Flow 115.1
Price to Free Cash Flow -24
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.8%
Cap. Spend. - 3 Yr. Gr. Rate 11.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -164.8%
Total Debt to Equity -164.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital -18.1%
Ret/ On T. Cap. - 3 Yr. Avg. -13.8%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 7.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 32.5%
Gross Margin - 3 Yr. Avg. 33.6%
EBITDA Margin 4.4%
EBITDA Margin - 3 Yr. Avg. 6.7%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin -3.6%
Pre-Tax Margin - 3 Yr. Avg. -1.2%
Net Profit Margin -3.5%
Net Profit Margin - 3 Yr. Avg. -2.7%
Effective Tax Rate 16%
Eff/ Tax Rate - 3 Yr. Avg. 20.2%
Payout Ratio -68.8%

MDCA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDCA stock intrinsic value calculation we used $1386 million for the last fiscal year's total revenue generated by MDC Partners Cl A. The default revenue input number comes from 2016 income statement of MDC Partners Cl A. 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 MDCA stock valuation model: a) initial revenue growth rate of 16% 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 14.3%, whose default value for MDCA is calculated based on our internal credit rating of MDC Partners Cl A, 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 MDC Partners Cl A.
    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 MDCA stock the variable cost ratio is equal to 94.6%.

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 MDCA 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 7.8% for MDC Partners Cl A.

Corporate tax rate of 27% is the nominal tax rate for MDC Partners Cl A. 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 MDCA 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 MDCA are equal to 10.8%.

Life of production assets of 21.9 years is the average useful life of capital assets used in MDC Partners Cl A 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 MDCA is equal to -25%. 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 - $-568 million for MDC Partners Cl A - 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 58.426 million for MDC Partners Cl A 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 MDC Partners Cl A at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ New Strong Buy Stocks for December 4th   [Dec-04-17 09:42AM  Zacks]
▶ MDC Partners posts 3Q profit   [Oct-30-17 04:19PM  Associated Press]
▶ New Strong Buy Stocks for October 26th   [Oct-26-17 11:10AM  Zacks]
▶ New Strong Buy Stocks for October 20th   [Oct-20-17 10:56AM  Zacks]
▶ MDC Partners posts 2Q profit   [Aug-07-17 11:59PM  Associated Press]
▶ ETFs with exposure to MDC Partners, Inc. : May 25, 2017   [May-25-17 12:43PM  Capital Cube]
▶ ETFs with exposure to MDC Partners, Inc. : May 11, 2017   [May-11-17 05:05PM  Capital Cube]
▶ MDC Partners reports 1Q loss   [Apr-27-17 05:18PM  Associated Press]
▶ Top 10 Advertising Agencies in NYC   [Apr-22-17 03:21PM  Insider Monkey]
▶ 7 of the Worst-Performing Stocks in Gurus' Portfolios   [Apr-14-17 06:08PM  GuruFocus.com]
▶ ETFs with exposure to MDC Partners, Inc. : April 10, 2017   [Apr-10-17 01:50PM  Capital Cube]
▶ MDC Partners Subpoenaed by Justice Department in Ad Probe   [Mar-02-17 12:41PM  The Wall Street Journal]
▶ MDC Partners Subpoenaed by Justice Department in Ad Probe   [12:41PM  at The Wall Street Journal]
▶ MDC Partners tops Street 4Q forecasts   [08:27AM  Associated Press]
▶ Why MDC Partners Stock Soared Today   [Feb-15-17 11:42AM  Motley Fool]
▶ Why MDC Partners Stock Soared Today   [11:42AM  at Motley Fool]
▶ [$$] Goldman to Take 15% Stake in Ad Company MDC Partners   [10:04AM  The Wall Street Journal]
▶ [$$] Goldman to Take 15% Stake in Ad Company MDC Partners   [10:04AM  at The Wall Street Journal]
▶ 10 Biggest Advertising Agencies In The US   [Jan-27-17 03:10PM  at Insider Monkey]
▶ MDC Partners Agencies Top Advertising Age's 2017 A-List   [Jan-24-17 12:42PM  PR Newswire]
▶ [$$] SEC Settles With MDC Partners Over Non-GAAP Measures   [Jan-18-17 07:07PM  at The Wall Street Journal]
▶ Do Hedge Funds Love MDC Partners Inc (MDCA)?   [Dec-14-16 03:51PM  at Insider Monkey]
Financial statements of MDCA
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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