Intrinsic value of MDC Partners Cl A - MDCA

Previous Close

$10.35

  Intrinsic Value

$8.72

stock screener

  Rating & Target

hold

-16%

  Value-price divergence*

+18%

Previous close

$10.35

 
Intrinsic value

$8.72

 
Up/down potential

-16%

 
Rating

hold

 
Value-price divergence*

+18%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  1,386
  1,548
  1,719
  1,898
  2,086
  2,282
  2,486
  2,699
  2,920
  3,151
  3,390
  3,639
  3,897
  4,166
  4,445
  4,735
  5,037
  5,352
  5,679
  6,020
  6,376
  6,746
  7,133
  7,537
  7,959
  8,399
  8,859
  9,341
  9,844
  10,371
  10,922
Variable operating expenses, $m
 
  1,455
  1,606
  1,764
  1,930
  2,104
  2,285
  2,473
  2,669
  2,873
  3,085
  3,220
  3,449
  3,687
  3,934
  4,191
  4,458
  4,736
  5,026
  5,328
  5,643
  5,971
  6,313
  6,670
  7,044
  7,433
  7,841
  8,267
  8,712
  9,178
  9,666
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
  1,455
  1,606
  1,764
  1,930
  2,104
  2,285
  2,473
  2,669
  2,873
  3,085
  3,220
  3,449
  3,687
  3,934
  4,191
  4,458
  4,736
  5,026
  5,328
  5,643
  5,971
  6,313
  6,670
  7,044
  7,433
  7,841
  8,267
  8,712
  9,178
  9,666
Operating income, $m
  48
  93
  113
  134
  155
  178
  201
  226
  251
  278
  305
  418
  448
  479
  511
  544
  579
  615
  653
  692
  733
  776
  820
  866
  915
  966
  1,019
  1,074
  1,132
  1,192
  1,256
EBITDA, $m
  94
  186
  206
  228
  250
  274
  298
  324
  350
  378
  406
  436
  467
  499
  533
  568
  604
  642
  681
  722
  764
  809
  855
  904
  954
  1,007
  1,062
  1,120
  1,180
  1,243
  1,310
Interest expense (income), $m
  65
  73
  29
  43
  57
  72
  88
  104
  121
  139
  157
  176
  196
  217
  238
  261
  284
  308
  333
  359
  386
  415
  444
  475
  508
  541
  576
  613
  652
  692
  734
Earnings before tax, $m
  -50
  20
  84
  91
  98
  106
  113
  122
  130
  139
  148
  242
  252
  262
  273
  284
  295
  307
  320
  333
  347
  361
  376
  391
  407
  424
  442
  461
  480
  500
  522
Tax expense, $m
  -8
  6
  23
  25
  26
  28
  31
  33
  35
  37
  40
  65
  68
  71
  74
  77
  80
  83
  86
  90
  94
  97
  101
  106
  110
  115
  119
  124
  130
  135
  141
Net income, $m
  -48
  15
  61
  66
  72
  77
  83
  89
  95
  101
  108
  177
  184
  191
  199
  207
  216
  224
  233
  243
  253
  263
  274
  286
  297
  310
  323
  336
  350
  365
  381

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
  1,761
  1,956
  2,159
  2,373
  2,596
  2,828
  3,070
  3,322
  3,584
  3,857
  4,140
  4,434
  4,739
  5,057
  5,387
  5,731
  6,088
  6,461
  6,849
  7,253
  7,675
  8,115
  8,574
  9,054
  9,555
  10,079
  10,626
  11,199
  11,798
  12,426
Adjusted assets (=assets-cash), $m
  1,544
  1,761
  1,956
  2,159
  2,373
  2,596
  2,828
  3,070
  3,322
  3,584
  3,857
  4,140
  4,434
  4,739
  5,057
  5,387
  5,731
  6,088
  6,461
  6,849
  7,253
  7,675
  8,115
  8,574
  9,054
  9,555
  10,079
  10,626
  11,199
  11,798
  12,426
Revenue / Adjusted assets
  0.898
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
  0.879
Average production assets, $m
  150
  167
  186
  205
  225
  246
  269
  291
  315
  340
  366
  393
  421
  450
  480
  511
  544
  578
  613
  650
  689
  729
  770
  814
  860
  907
  957
  1,009
  1,063
  1,120
  1,180
Working capital, $m
  -313
  -155
  -172
  -190
  -209
  -228
  -249
  -270
  -292
  -315
  -339
  -364
  -390
  -417
  -444
  -474
  -504
  -535
  -568
  -602
  -638
  -675
  -713
  -754
  -796
  -840
  -886
  -934
  -984
  -1,037
  -1,092
Total debt, $m
  936
  376
  551
  735
  927
  1,127
  1,337
  1,554
  1,781
  2,017
  2,262
  2,517
  2,781
  3,056
  3,342
  3,639
  3,949
  4,271
  4,606
  4,955
  5,319
  5,699
  6,095
  6,508
  6,940
  7,391
  7,862
  8,355
  8,870
  9,410
  9,974
Total liabilities, $m
  2,146
  1,585
  1,760
  1,944
  2,136
  2,336
  2,546
  2,763
  2,990
  3,226
  3,471
  3,726
  3,990
  4,265
  4,551
  4,848
  5,158
  5,480
  5,815
  6,164
  6,528
  6,908
  7,304
  7,717
  8,149
  8,600
  9,071
  9,564
  10,079
  10,619
  11,183
Total equity, $m
  -568
  176
  196
  216
  237
  260
  283
  307
  332
  358
  386
  414
  443
  474
  506
  539
  573
  609
  646
  685
  725
  768
  812
  857
  905
  956
  1,008
  1,063
  1,120
  1,180
  1,243
Total liabilities and equity, $m
  1,578
  1,761
  1,956
  2,160
  2,373
  2,596
  2,829
  3,070
  3,322
  3,584
  3,857
  4,140
  4,433
  4,739
  5,057
  5,387
  5,731
  6,089
  6,461
  6,849
  7,253
  7,676
  8,116
  8,574
  9,054
  9,556
  10,079
  10,627
  11,199
  11,799
  12,426
Debt-to-equity ratio
  -1.648
  2.140
  2.820
  3.400
  3.900
  4.340
  4.730
  5.060
  5.360
  5.630
  5.870
  6.080
  6.270
  6.450
  6.610
  6.760
  6.890
  7.010
  7.130
  7.230
  7.330
  7.420
  7.510
  7.590
  7.660
  7.730
  7.800
  7.860
  7.920
  7.980
  8.030
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
  15
  61
  66
  72
  77
  83
  89
  95
  101
  108
  177
  184
  191
  199
  207
  216
  224
  233
  243
  253
  263
  274
  286
  297
  310
  323
  336
  350
  365
  381
Depreciation, amort., depletion, $m
  46
  92
  93
  94
  95
  96
  97
  98
  99
  100
  101
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
Funds from operations, $m
  -104
  107
  154
  160
  166
  173
  180
  187
  194
  201
  209
  195
  203
  212
  221
  230
  240
  251
  261
  273
  284
  297
  309
  323
  337
  351
  366
  382
  399
  416
  435
Change in working capital, $m
  -109
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
Cash from operations, $m
  5
  123
  171
  178
  185
  192
  200
  208
  216
  224
  233
  219
  229
  239
  249
  260
  271
  282
  294
  307
  320
  334
  348
  363
  379
  395
  412
  430
  449
  469
  490
Maintenance CAPEX, $m
  0
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
New CAPEX, $m
  -29
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
Cash from investing activities, $m
  -25
  -25
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -61
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -106
  -111
Free cash flow, $m
  -20
  99
  145
  150
  155
  161
  167
  173
  179
  185
  192
  176
  183
  190
  198
  206
  215
  223
  232
  242
  252
  262
  273
  284
  296
  308
  321
  335
  349
  364
  379
Issuance/(repayment) of debt, $m
  212
  -560
  175
  184
  192
  201
  209
  218
  227
  236
  245
  255
  265
  275
  286
  297
  309
  322
  335
  349
  364
  380
  396
  413
  432
  451
  471
  493
  515
  539
  564
Issuance/(repurchase) of shares, $m
  -3
  729
  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
  169
  175
  184
  192
  201
  209
  218
  227
  236
  245
  255
  265
  275
  286
  297
  309
  322
  335
  349
  364
  380
  396
  413
  432
  451
  471
  493
  515
  539
  564
Total cash flow (excl. dividends), $m
  -1
  268
  320
  334
  348
  362
  376
  390
  405
  421
  437
  430
  448
  465
  484
  504
  524
  545
  568
  591
  616
  642
  669
  698
  728
  759
  793
  828
  864
  903
  944
Retained Cash Flow (-), $m
  2
  -744
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
Prev. year cash balance distribution, $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 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
 
  -476
  301
  313
  326
  339
  353
  366
  380
  395
  410
  402
  418
  435
  452
  470
  490
  509
  530
  552
  575
  600
  625
  652
  680
  709
  740
  773
  807
  843
  881
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
 
  -416
  227
  202
  177
  152
  129
  107
  88
  70
  55
  40
  30
  22
  16
  11
  8
  5
  3
  2
  1
  1
  0
  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. provides marketing, advertising, activation, communications, and strategic consulting solutions worldwide. Its Advertising and Communications segment offers a range of customized services, including multi-channel media management and optimization; interactive and mobile marketing; direct marketing; database and customer relationship management; sales promotion; corporate communications; market research; data analytics and insights; corporate identity, design, and branding services; social media communications; product and service innovation; and e-commerce management. The company was formerly known as MDC Corporation Inc. and changed its name to MDC Partners Inc. in January 2004. MDC Partners Inc. was founded in 1980 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  MDC Partners Cl A (MDCA)

Valuation Ratios
P/E Ratio -11.4
Price to Sales 0.4
Price to Book -1
Price to Tangible Book
Price to Cash Flow 109.3
Price to Free Cash Flow -22.8
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 11.7% 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 -10%. 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 53.452 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
OMC Omnicom Group 78.66 146.89  str.buy
IPG Interpublic Gr 21.06 47.01  str.buy
FDC First Data Cl 18.03 5.49  str.sell

COMPANY NEWS

▶ 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]
▶ MDC Partners to Settle SEC Investigation   [Nov-09-16 03:22PM  at The Wall Street Journal]
▶ Why MDC Partners Stock Slid Today   [01:45PM  at Motley Fool]
▶ Ad Company MDC Partners Exploring Potential Sale   [01:20PM  at The Wall Street Journal]
▶ MDC Hires Adviser LionTree and Lowers Full-Year Guidance   [10:40AM  at The Wall Street Journal]
▶ Bernard Selz Grows Bullish On These Stocks   [Nov-01-16 08:30AM  at Insider Monkey]
▶ SEC charges Leon Cooperman with insider trading   [Sep-21-16 01:16PM  at MarketWatch]
▶ Hedge Funds Favorite Advertising Stocks   [Sep-13-16 03:08PM  at Insider Monkey]
Stock chart of MDCA 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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