Intrinsic value of Medidata Solutions - MDSO

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$55.54

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$55.54

 
Intrinsic value

$109.28

 
Up/down potential

+97%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of MDSO 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 3.2

 

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, %
  17.81
  25.30
  23.27
  21.44
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.86
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
Revenue, $m
  463
  580
  715
  868
  1,040
  1,231
  1,440
  1,668
  1,913
  2,176
  2,455
  2,752
  3,065
  3,394
  3,739
  4,099
  4,476
  4,868
  5,276
  5,700
  6,142
  6,601
  7,077
  7,572
  8,087
  8,623
  9,179
  9,759
  10,362
  10,990
  11,645
Variable operating expenses, $m
 
  414
  510
  618
  740
  875
  1,023
  1,184
  1,358
  1,544
  1,742
  1,949
  2,171
  2,404
  2,648
  2,904
  3,170
  3,448
  3,737
  4,038
  4,350
  4,675
  5,013
  5,364
  5,728
  6,107
  6,502
  6,912
  7,339
  7,784
  8,248
Fixed operating expenses, $m
 
  86
  88
  90
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
Total operating expenses, $m
  413
  500
  598
  708
  833
  970
  1,120
  1,284
  1,460
  1,649
  1,850
  2,059
  2,284
  2,520
  2,767
  3,026
  3,295
  3,576
  3,868
  4,172
  4,488
  4,816
  5,158
  5,512
  5,880
  6,263
  6,662
  7,076
  7,507
  7,956
  8,424
Operating income, $m
  50
  80
  117
  160
  208
  261
  320
  383
  453
  527
  606
  693
  781
  874
  972
  1,074
  1,181
  1,292
  1,408
  1,529
  1,654
  1,784
  1,920
  2,061
  2,207
  2,359
  2,518
  2,683
  2,855
  3,034
  3,221
EBITDA, $m
  65
  84
  121
  164
  212
  266
  324
  389
  458
  532
  612
  696
  785
  878
  976
  1,079
  1,186
  1,298
  1,414
  1,535
  1,661
  1,792
  1,928
  2,070
  2,217
  2,370
  2,529
  2,695
  2,867
  3,047
  3,235
Interest expense (income), $m
  3
  9
  12
  16
  21
  26
  32
  38
  45
  52
  60
  69
  78
  87
  97
  107
  118
  130
  141
  154
  166
  180
  194
  208
  223
  238
  255
  271
  289
  307
  326
Earnings before tax, $m
  37
  71
  105
  144
  187
  235
  288
  345
  408
  474
  545
  624
  703
  787
  875
  967
  1,063
  1,163
  1,267
  1,375
  1,487
  1,604
  1,726
  1,853
  1,984
  2,121
  2,263
  2,412
  2,566
  2,727
  2,895
Tax expense, $m
  8
  19
  28
  39
  50
  63
  78
  93
  110
  128
  147
  168
  190
  213
  236
  261
  287
  314
  342
  371
  402
  433
  466
  500
  536
  573
  611
  651
  693
  736
  782
Net income, $m
  29
  52
  77
  105
  136
  172
  210
  252
  298
  346
  398
  455
  514
  575
  639
  706
  776
  849
  925
  1,004
  1,086
  1,171
  1,260
  1,352
  1,448
  1,548
  1,652
  1,761
  1,873
  1,991
  2,113

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  375
  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
  818
  555
  684
  831
  996
  1,178
  1,378
  1,596
  1,830
  2,082
  2,350
  2,634
  2,933
  3,248
  3,578
  3,923
  4,283
  4,658
  5,049
  5,455
  5,877
  6,316
  6,772
  7,246
  7,739
  8,251
  8,784
  9,339
  9,916
  10,517
  11,143
Adjusted assets (=assets-cash), $m
  443
  555
  684
  831
  996
  1,178
  1,378
  1,596
  1,830
  2,082
  2,350
  2,634
  2,933
  3,248
  3,578
  3,923
  4,283
  4,658
  5,049
  5,455
  5,877
  6,316
  6,772
  7,246
  7,739
  8,251
  8,784
  9,339
  9,916
  10,517
  11,143
Revenue / Adjusted assets
  1.045
  1.045
  1.045
  1.045
  1.044
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
  1.045
Average production assets, $m
  58
  3
  4
  5
  6
  7
  9
  10
  11
  13
  15
  17
  18
  20
  22
  25
  27
  29
  32
  34
  37
  40
  42
  45
  49
  52
  55
  59
  62
  66
  70
Working capital, $m
  387
  15
  19
  23
  27
  32
  37
  43
  50
  57
  64
  72
  80
  88
  97
  107
  116
  127
  137
  148
  160
  172
  184
  197
  210
  224
  239
  254
  269
  286
  303
Total debt, $m
  263
  347
  463
  595
  743
  907
  1,087
  1,283
  1,494
  1,721
  1,962
  2,217
  2,487
  2,770
  3,067
  3,378
  3,702
  4,039
  4,391
  4,757
  5,137
  5,532
  5,942
  6,369
  6,812
  7,273
  7,753
  8,252
  8,771
  9,312
  9,876
Total liabilities, $m
  416
  500
  616
  748
  896
  1,060
  1,240
  1,436
  1,647
  1,874
  2,115
  2,370
  2,640
  2,923
  3,220
  3,531
  3,855
  4,192
  4,544
  4,910
  5,290
  5,685
  6,095
  6,522
  6,965
  7,426
  7,906
  8,405
  8,924
  9,465
  10,029
Total equity, $m
  402
  56
  68
  83
  100
  118
  138
  160
  183
  208
  235
  263
  293
  325
  358
  392
  428
  466
  505
  546
  588
  632
  677
  725
  774
  825
  878
  934
  992
  1,052
  1,114
Total liabilities and equity, $m
  818
  556
  684
  831
  996
  1,178
  1,378
  1,596
  1,830
  2,082
  2,350
  2,633
  2,933
  3,248
  3,578
  3,923
  4,283
  4,658
  5,049
  5,456
  5,878
  6,317
  6,772
  7,247
  7,739
  8,251
  8,784
  9,339
  9,916
  10,517
  11,143
Debt-to-equity ratio
  0.654
  6.240
  6.760
  7.160
  7.460
  7.700
  7.890
  8.040
  8.160
  8.270
  8.350
  8.420
  8.480
  8.530
  8.570
  8.610
  8.640
  8.670
  8.700
  8.720
  8.740
  8.760
  8.770
  8.790
  8.800
  8.810
  8.830
  8.840
  8.850
  8.850
  8.860
Adjusted equity ratio
  0.061
  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
  29
  52
  77
  105
  136
  172
  210
  252
  298
  346
  398
  455
  514
  575
  639
  706
  776
  849
  925
  1,004
  1,086
  1,171
  1,260
  1,352
  1,448
  1,548
  1,652
  1,761
  1,873
  1,991
  2,113
Depreciation, amort., depletion, $m
  15
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
Funds from operations, $m
  69
  55
  81
  109
  141
  176
  215
  257
  303
  352
  404
  459
  517
  579
  643
  711
  781
  854
  931
  1,010
  1,093
  1,179
  1,269
  1,362
  1,458
  1,559
  1,663
  1,772
  1,886
  2,004
  2,127
Change in working capital, $m
  -20
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
Cash from operations, $m
  89
  54
  77
  105
  136
  171
  209
  251
  297
  345
  397
  451
  509
  570
  634
  701
  771
  844
  920
  999
  1,082
  1,167
  1,256
  1,349
  1,445
  1,545
  1,649
  1,757
  1,870
  1,987
  2,110
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
New CAPEX, $m
  -26
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from investing activities, $m
  -41
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -16
  -16
  -17
Free cash flow, $m
  48
  53
  76
  103
  134
  169
  207
  248
  293
  341
  393
  446
  504
  564
  628
  695
  764
  837
  912
  991
  1,072
  1,157
  1,245
  1,337
  1,433
  1,532
  1,635
  1,743
  1,855
  1,971
  2,093
Issuance/(repayment) of debt, $m
  0
  84
  116
  132
  148
  164
  180
  196
  211
  226
  241
  255
  269
  283
  297
  311
  324
  338
  352
  366
  380
  395
  411
  427
  443
  461
  480
  499
  519
  541
  564
Issuance/(repurchase) of shares, $m
  -3
  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 from financing (excl. dividends), $m  
  -3
  84
  116
  132
  148
  164
  180
  196
  211
  226
  241
  255
  269
  283
  297
  311
  324
  338
  352
  366
  380
  395
  411
  427
  443
  461
  480
  499
  519
  541
  564
Total cash flow (excl. dividends), $m
  44
  137
  192
  235
  282
  333
  387
  444
  504
  568
  634
  702
  773
  848
  925
  1,005
  1,088
  1,174
  1,264
  1,356
  1,452
  1,552
  1,656
  1,764
  1,876
  1,993
  2,115
  2,242
  2,374
  2,512
  2,657
Retained Cash Flow (-), $m
  -118
  -29
  -13
  -15
  -16
  -18
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
Prev. year cash balance distribution, $m
 
  375
  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
 
  483
  179
  221
  266
  315
  367
  422
  481
  542
  607
  673
  743
  816
  892
  971
  1,052
  1,137
  1,225
  1,316
  1,410
  1,508
  1,610
  1,716
  1,827
  1,942
  2,061
  2,186
  2,316
  2,452
  2,594
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
 
  464
  164
  192
  219
  244
  266
  285
  301
  312
  318
  320
  317
  310
  299
  285
  267
  247
  226
  203
  179
  156
  134
  112
  93
  76
  60
  47
  36
  27
  20
Current shareholders' claim on cash, %
  100
  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
  100.0

Medidata Solutions, Inc. provides cloud-based solutions for life sciences worldwide. The company offers applications and data analytics for clinical development. It offers Medidata Clinical Cloud that provides a software-as-a-service platform of technology and data analytics solutions to optimize activities across clinical development. The company’s platform includes Planning Cloud that provides capabilities for study design and planning; and Medidata Rave, an electronic data capture and management system solution. Its platform solutions also include Patient Cloud for direct capture of the voice of the patient in clinical trials; Medidata's mobile health that offer various ways for customers to utilize the measurements in the scientific, regulatory, and technology environment of clinical trials; Medidata Patient Cloud ePRO, an application for use on various app-ready iOS or Android device; and Study Management Cloud that enable clinical teams to manage, monitor, control, integrate, and report operational and clinical data from patients and sites. Further, the company’s platform solutions include a set of risk-based monitoring tools and services that enable customers to assess data quality with risk-based strategies; Payments Cloud solution that automates the task of tracking and calculating payments to individual sites across clinical trials; and Data and Analytics Cloud to surface a range of embedded operational data across the clinical process. Additionally, it offers professional services. The company markets and sells its cloud-based solutions through a direct sales force, as well as through relationships with contract research organizations (CROs) and other strategic partners. It serves pharmaceutical, biotechnology, medical device, and diagnostics companies; and academic institutions, CROs, and other entities engaged in clinical trials. Medidata Solutions, Inc. was founded in 1999 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  Medidata Solutions (MDSO)

Valuation Ratios
P/E Ratio 110.6
Price to Sales 6.9
Price to Book 8
Price to Tangible Book
Price to Cash Flow 36
Price to Free Cash Flow 50.9
Growth Rates
Sales Growth Rate 17.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.8%
Cap. Spend. - 3 Yr. Gr. Rate -3.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 65.4%
Total Debt to Equity 65.4%
Interest Coverage 13
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 5.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 75.8%
Gross Margin - 3 Yr. Avg. 75.8%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 8.5%
Operating Margin 10.8%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 6.3%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 21.6%
Eff/ Tax Rate - 3 Yr. Avg. 18.2%
Payout Ratio 0%

MDSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDSO stock intrinsic value calculation we used $463 million for the last fiscal year's total revenue generated by Medidata Solutions. The default revenue input number comes from 2016 income statement of Medidata Solutions. 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 MDSO stock valuation model: a) initial revenue growth rate of 25.3% 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 MDSO is calculated based on our internal credit rating of Medidata Solutions, 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 Medidata Solutions.
    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 MDSO stock the variable cost ratio is equal to 71.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $84 million in the base year in the intrinsic value calculation for MDSO 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 3.5% for Medidata Solutions.

Corporate tax rate of 27% is the nominal tax rate for Medidata Solutions. 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 MDSO 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 MDSO are equal to 0.6%.

Life of production assets of 1.9 years is the average useful life of capital assets used in Medidata Solutions 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 MDSO is equal to 2.6%. 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 - $402 million for Medidata Solutions - 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 56.908 million for Medidata Solutions 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 Medidata Solutions at the current share price and the inputted number of shares is $3.2 billion.


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COMPANY NEWS

▶ Medidata to Present at Upcoming Investor Conferences   [May-03-17 08:30AM  Business Wire]
▶ Medidata beats Street 1Q forecasts   [Apr-26-17 07:10AM  Associated Press]
▶ Karyopharm and Medidata Expand Clinical Trial Partnership   [Apr-04-17 08:30AM  Business Wire]
▶ Medidata and INC Research Expand Technology Partnership   [Mar-02-17 08:30AM  Business Wire]
▶ Medidata to Present at Upcoming Investor Conferences   [Feb-22-17 05:30PM  Business Wire]
▶ Medidata to Present at Piper Jaffray Healthcare Conference   [Nov-21-16 08:30AM  Business Wire]
▶ Medidata Introduces eConnect Partner Program   [07:00AM  Business Wire]
▶ Medidata Unveils AppConnect Partner Program   [08:30AM  Business Wire]
Stock chart of MDSO Financial statements of MDSO Annual reports of MDSO
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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