Intrinsic value of Medidata Solutions - MDSO

Previous Close

$75.78

  Intrinsic Value

$83.30

stock screener

  Rating & Target

hold

+10%

  Value-price divergence*

+177%

Previous close

$75.78

 
Intrinsic value

$83.30

 
Up/down potential

+10%

 
Rating

hold

 
Value-price divergence*

+177%

*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 4.3

 

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
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  463
  565
  681
  809
  950
  1,104
  1,271
  1,450
  1,641
  1,844
  2,058
  2,284
  2,521
  2,769
  3,027
  3,297
  3,578
  3,870
  4,174
  4,490
  4,818
  5,159
  5,514
  5,882
  6,266
  6,665
  7,080
  7,512
  7,962
  8,431
  8,921
Variable operating expenses, $m
 
  404
  485
  576
  676
  785
  903
  1,030
  1,166
  1,309
  1,461
  1,618
  1,785
  1,961
  2,144
  2,335
  2,534
  2,741
  2,957
  3,180
  3,413
  3,654
  3,906
  4,167
  4,438
  4,721
  5,014
  5,321
  5,640
  5,972
  6,319
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
  490
  573
  666
  769
  880
  1,000
  1,130
  1,268
  1,414
  1,569
  1,728
  1,898
  2,077
  2,263
  2,457
  2,659
  2,869
  3,088
  3,314
  3,551
  3,795
  4,051
  4,315
  4,590
  4,877
  5,174
  5,485
  5,808
  6,144
  6,495
Operating income, $m
  50
  76
  107
  142
  181
  224
  270
  320
  373
  430
  490
  556
  622
  692
  764
  840
  919
  1,001
  1,087
  1,175
  1,268
  1,364
  1,464
  1,568
  1,676
  1,788
  1,905
  2,028
  2,155
  2,287
  2,426
EBITDA, $m
  65
  86
  119
  156
  196
  241
  289
  341
  397
  456
  519
  585
  654
  726
  802
  881
  964
  1,050
  1,139
  1,232
  1,328
  1,428
  1,533
  1,641
  1,754
  1,872
  1,994
  2,121
  2,254
  2,393
  2,537
Interest expense (income), $m
  3
  9
  12
  16
  20
  25
  29
  35
  40
  46
  53
  59
  67
  74
  82
  90
  98
  107
  116
  126
  136
  146
  157
  168
  180
  192
  204
  217
  231
  245
  260
Earnings before tax, $m
  37
  66
  95
  126
  161
  199
  241
  285
  333
  384
  437
  497
  556
  618
  683
  750
  821
  894
  970
  1,049
  1,132
  1,218
  1,307
  1,400
  1,496
  1,596
  1,701
  1,810
  1,924
  2,042
  2,166
Tax expense, $m
  8
  18
  26
  34
  44
  54
  65
  77
  90
  104
  118
  134
  150
  167
  184
  203
  222
  241
  262
  283
  306
  329
  353
  378
  404
  431
  459
  489
  519
  551
  585
Net income, $m
  29
  49
  69
  92
  118
  146
  176
  208
  243
  280
  319
  363
  406
  451
  498
  548
  599
  653
  708
  766
  826
  889
  954
  1,022
  1,092
  1,165
  1,242
  1,321
  1,404
  1,491
  1,581

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
  588
  708
  842
  989
  1,149
  1,323
  1,509
  1,708
  1,919
  2,142
  2,377
  2,623
  2,881
  3,150
  3,431
  3,723
  4,027
  4,344
  4,672
  5,014
  5,369
  5,738
  6,121
  6,520
  6,935
  7,367
  7,817
  8,285
  8,774
  9,283
Adjusted assets (=assets-cash), $m
  443
  588
  708
  842
  989
  1,149
  1,323
  1,509
  1,708
  1,919
  2,142
  2,377
  2,623
  2,881
  3,150
  3,431
  3,723
  4,027
  4,344
  4,672
  5,014
  5,369
  5,738
  6,121
  6,520
  6,935
  7,367
  7,817
  8,285
  8,774
  9,283
Revenue / Adjusted assets
  1.045
  0.961
  0.962
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
Average production assets, $m
  58
  71
  85
  101
  119
  138
  159
  181
  205
  231
  257
  286
  315
  346
  378
  412
  447
  484
  522
  561
  602
  645
  689
  735
  783
  833
  885
  939
  995
  1,054
  1,115
Working capital, $m
  387
  15
  18
  21
  25
  29
  33
  38
  43
  48
  54
  59
  66
  72
  79
  86
  93
  101
  109
  117
  125
  134
  143
  153
  163
  173
  184
  195
  207
  219
  232
Total debt, $m
  263
  355
  459
  574
  701
  840
  990
  1,151
  1,323
  1,505
  1,698
  1,900
  2,113
  2,336
  2,569
  2,811
  3,064
  3,327
  3,600
  3,884
  4,179
  4,486
  4,804
  5,136
  5,480
  5,839
  6,212
  6,601
  7,005
  7,427
  7,867
Total liabilities, $m
  416
  508
  612
  727
  854
  993
  1,143
  1,304
  1,476
  1,658
  1,851
  2,053
  2,266
  2,489
  2,722
  2,964
  3,217
  3,480
  3,753
  4,037
  4,332
  4,639
  4,957
  5,289
  5,633
  5,992
  6,365
  6,754
  7,158
  7,580
  8,020
Total equity, $m
  402
  80
  96
  114
  134
  156
  180
  205
  232
  261
  291
  323
  357
  392
  428
  467
  506
  548
  591
  635
  682
  730
  780
  832
  887
  943
  1,002
  1,063
  1,127
  1,193
  1,262
Total liabilities and equity, $m
  818
  588
  708
  841
  988
  1,149
  1,323
  1,509
  1,708
  1,919
  2,142
  2,376
  2,623
  2,881
  3,150
  3,431
  3,723
  4,028
  4,344
  4,672
  5,014
  5,369
  5,737
  6,121
  6,520
  6,935
  7,367
  7,817
  8,285
  8,773
  9,282
Debt-to-equity ratio
  0.654
  4.440
  4.760
  5.020
  5.220
  5.370
  5.500
  5.610
  5.690
  5.770
  5.830
  5.880
  5.920
  5.960
  6.000
  6.030
  6.050
  6.070
  6.090
  6.110
  6.130
  6.140
  6.160
  6.170
  6.180
  6.190
  6.200
  6.210
  6.220
  6.220
  6.230
Adjusted equity ratio
  0.061
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136
  0.136

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  29
  49
  69
  92
  118
  146
  176
  208
  243
  280
  319
  363
  406
  451
  498
  548
  599
  653
  708
  766
  826
  889
  954
  1,022
  1,092
  1,165
  1,242
  1,321
  1,404
  1,491
  1,581
Depreciation, amort., depletion, $m
  15
  10
  12
  13
  15
  17
  19
  21
  24
  26
  29
  29
  32
  35
  38
  41
  45
  48
  52
  56
  60
  64
  69
  74
  78
  83
  88
  94
  100
  105
  112
Funds from operations, $m
  69
  59
  81
  105
  133
  162
  195
  230
  267
  306
  348
  391
  437
  486
  536
  589
  644
  701
  760
  822
  887
  953
  1,023
  1,095
  1,170
  1,249
  1,330
  1,415
  1,504
  1,596
  1,693
Change in working capital, $m
  -20
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
Cash from operations, $m
  89
  56
  78
  102
  129
  158
  190
  225
  262
  301
  342
  385
  431
  479
  529
  582
  636
  693
  752
  814
  878
  944
  1,014
  1,086
  1,160
  1,238
  1,319
  1,404
  1,492
  1,584
  1,680
Maintenance CAPEX, $m
  0
  -6
  -7
  -9
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -69
  -74
  -78
  -83
  -88
  -94
  -100
  -105
New CAPEX, $m
  -26
  -13
  -14
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
Cash from investing activities, $m
  -41
  -19
  -21
  -25
  -28
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -59
  -63
  -67
  -72
  -76
  -82
  -86
  -91
  -97
  -103
  -108
  -115
  -122
  -128
  -135
  -142
  -150
  -159
  -166
Free cash flow, $m
  48
  38
  56
  78
  101
  127
  156
  187
  220
  255
  293
  331
  373
  417
  462
  510
  560
  612
  666
  722
  781
  842
  905
  971
  1,039
  1,110
  1,184
  1,262
  1,342
  1,426
  1,513
Issuance/(repayment) of debt, $m
  0
  92
  104
  115
  127
  139
  150
  161
  172
  182
  193
  203
  213
  223
  233
  243
  253
  263
  273
  284
  295
  307
  319
  331
  345
  359
  373
  389
  405
  422
  440
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
  92
  104
  115
  127
  139
  150
  161
  172
  182
  193
  203
  213
  223
  233
  243
  253
  263
  273
  284
  295
  307
  319
  331
  345
  359
  373
  389
  405
  422
  440
Total cash flow (excl. dividends), $m
  44
  130
  160
  193
  228
  266
  306
  348
  392
  437
  485
  534
  586
  639
  695
  753
  813
  875
  939
  1,006
  1,076
  1,148
  1,224
  1,302
  1,384
  1,469
  1,557
  1,650
  1,747
  1,848
  1,953
Retained Cash Flow (-), $m
  -118
  -14
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
Prev. year cash balance distribution, $m
 
  336
  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
 
  452
  144
  175
  208
  244
  282
  322
  364
  409
  455
  502
  552
  604
  658
  715
  773
  833
  896
  962
  1,029
  1,100
  1,173
  1,250
  1,329
  1,412
  1,499
  1,589
  1,683
  1,781
  1,884
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
 
  433
  131
  152
  171
  189
  205
  218
  228
  235
  238
  238
  236
  230
  221
  210
  196
  181
  165
  148
  131
  114
  97
  82
  68
  55
  44
  34
  26
  19
  14
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 150.9
Price to Sales 9.4
Price to Book 10.9
Price to Tangible Book
Price to Cash Flow 49.2
Price to Free Cash Flow 69.4
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 22.1% 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 12.5%.

Life of production assets of 10 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 $4.3 billion.

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COMPANY NEWS

▶ Medidata beats Street 2Q forecasts   [10:07PM  Associated Press]
▶ Medical Software Uptrend Steady, Even As TrumpCare Rocks The Boat   [Jul-06-17 05:23PM  Investor's Business Daily]
▶ 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]
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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