Intrinsic value of McClatchy Cl A - MNI

Previous Close

$9.50

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$9.50

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of MNI 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, %
  -7.57
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  977
  922
  943
  968
  995
  1,025
  1,058
  1,094
  1,133
  1,175
  1,220
  1,268
  1,320
  1,375
  1,433
  1,495
  1,560
  1,630
  1,703
  1,780
  1,862
  1,949
  2,040
  2,135
  2,237
  2,343
  2,455
  2,573
  2,697
  2,828
  2,965
Variable operating expenses, $m
 
  885
  903
  924
  948
  973
  1,002
  1,033
  1,066
  1,102
  1,141
  1,089
  1,133
  1,181
  1,231
  1,284
  1,340
  1,399
  1,462
  1,529
  1,599
  1,673
  1,752
  1,834
  1,921
  2,012
  2,108
  2,210
  2,316
  2,429
  2,547
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
  954
  885
  903
  924
  948
  973
  1,002
  1,033
  1,066
  1,102
  1,141
  1,089
  1,133
  1,181
  1,231
  1,284
  1,340
  1,399
  1,462
  1,529
  1,599
  1,673
  1,752
  1,834
  1,921
  2,012
  2,108
  2,210
  2,316
  2,429
  2,547
Operating income, $m
  23
  37
  40
  43
  47
  51
  56
  61
  67
  73
  79
  179
  186
  194
  202
  211
  220
  230
  240
  251
  263
  275
  288
  302
  316
  331
  347
  363
  381
  399
  419
EBITDA, $m
  112
  257
  263
  270
  278
  286
  295
  305
  316
  328
  341
  354
  368
  384
  400
  417
  435
  455
  475
  497
  520
  544
  569
  596
  624
  654
  685
  718
  753
  789
  828
Interest expense (income), $m
  73
  80
  50
  53
  57
  60
  64
  69
  74
  79
  85
  91
  98
  105
  113
  121
  129
  138
  148
  158
  169
  180
  192
  204
  218
  232
  246
  262
  278
  295
  313
Earnings before tax, $m
  -47
  -43
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -7
  -6
  88
  88
  89
  90
  90
  91
  92
  93
  93
  94
  95
  96
  97
  98
  99
  100
  102
  103
  104
  105
Tax expense, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  24
  24
  24
  24
  24
  25
  25
  25
  25
  25
  26
  26
  26
  26
  27
  27
  27
  28
  28
  28
Net income, $m
  -34
  -43
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -7
  -6
  64
  64
  65
  65
  66
  66
  67
  68
  68
  69
  69
  70
  71
  72
  72
  73
  74
  75
  76
  77

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  1,837
  1,537
  1,572
  1,613
  1,658
  1,708
  1,763
  1,823
  1,888
  1,958
  2,034
  2,114
  2,200
  2,291
  2,388
  2,491
  2,600
  2,716
  2,838
  2,967
  3,104
  3,248
  3,399
  3,559
  3,728
  3,905
  4,092
  4,289
  4,496
  4,713
  4,942
Adjusted assets (=assets-cash), $m
  1,832
  1,537
  1,572
  1,613
  1,658
  1,708
  1,763
  1,823
  1,888
  1,958
  2,034
  2,114
  2,200
  2,291
  2,388
  2,491
  2,600
  2,716
  2,838
  2,967
  3,104
  3,248
  3,399
  3,559
  3,728
  3,905
  4,092
  4,289
  4,496
  4,713
  4,942
Revenue / Adjusted assets
  0.533
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
Average production assets, $m
  655
  1,272
  1,301
  1,334
  1,372
  1,413
  1,459
  1,509
  1,562
  1,620
  1,683
  1,749
  1,820
  1,896
  1,976
  2,061
  2,152
  2,247
  2,348
  2,455
  2,568
  2,687
  2,813
  2,945
  3,084
  3,231
  3,386
  3,548
  3,720
  3,900
  4,089
Working capital, $m
  -22
  -24
  -25
  -25
  -26
  -27
  -28
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
Total debt, $m
  846
  546
  578
  615
  655
  701
  750
  804
  863
  926
  994
  1,066
  1,143
  1,225
  1,313
  1,405
  1,504
  1,608
  1,718
  1,834
  1,957
  2,086
  2,223
  2,367
  2,518
  2,678
  2,846
  3,023
  3,209
  3,405
  3,611
Total liabilities, $m
  1,723
  1,383
  1,415
  1,451
  1,492
  1,537
  1,587
  1,641
  1,700
  1,763
  1,830
  1,903
  1,980
  2,062
  2,149
  2,242
  2,340
  2,444
  2,554
  2,671
  2,793
  2,923
  3,059
  3,203
  3,355
  3,515
  3,683
  3,860
  4,046
  4,242
  4,448
Total equity, $m
  114
  154
  157
  161
  166
  171
  176
  182
  189
  196
  203
  211
  220
  229
  239
  249
  260
  272
  284
  297
  310
  325
  340
  356
  373
  391
  409
  429
  450
  471
  494
Total liabilities and equity, $m
  1,837
  1,537
  1,572
  1,612
  1,658
  1,708
  1,763
  1,823
  1,889
  1,959
  2,033
  2,114
  2,200
  2,291
  2,388
  2,491
  2,600
  2,716
  2,838
  2,968
  3,103
  3,248
  3,399
  3,559
  3,728
  3,906
  4,092
  4,289
  4,496
  4,713
  4,942
Debt-to-equity ratio
  7.421
  3.560
  3.680
  3.810
  3.950
  4.100
  4.260
  4.410
  4.570
  4.730
  4.890
  5.040
  5.200
  5.350
  5.500
  5.640
  5.780
  5.920
  6.050
  6.180
  6.300
  6.420
  6.540
  6.650
  6.760
  6.860
  6.960
  7.050
  7.140
  7.220
  7.310
Adjusted equity ratio
  0.059
  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
  -34
  -43
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -7
  -6
  64
  64
  65
  65
  66
  66
  67
  68
  68
  69
  69
  70
  71
  72
  72
  73
  74
  75
  76
  77
Depreciation, amort., depletion, $m
  89
  220
  223
  227
  230
  235
  239
  244
  250
  255
  262
  175
  182
  190
  198
  206
  215
  225
  235
  246
  257
  269
  281
  294
  308
  323
  339
  355
  372
  390
  409
Funds from operations, $m
  120
  177
  213
  217
  221
  226
  231
  236
  242
  249
  255
  239
  246
  254
  263
  272
  282
  292
  302
  314
  326
  338
  351
  365
  380
  396
  412
  429
  447
  466
  486
Change in working capital, $m
  45
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Cash from operations, $m
  75
  177
  214
  217
  222
  227
  232
  237
  243
  250
  257
  240
  248
  256
  265
  274
  283
  294
  304
  316
  328
  340
  354
  368
  383
  398
  415
  432
  450
  469
  489
Maintenance CAPEX, $m
  0
  -125
  -127
  -130
  -133
  -137
  -141
  -146
  -151
  -156
  -162
  -168
  -175
  -182
  -190
  -198
  -206
  -215
  -225
  -235
  -246
  -257
  -269
  -281
  -294
  -308
  -323
  -339
  -355
  -372
  -390
New CAPEX, $m
  -13
  -25
  -29
  -33
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -67
  -71
  -76
  -80
  -85
  -90
  -96
  -101
  -107
  -113
  -119
  -126
  -132
  -139
  -147
  -155
  -163
  -171
  -180
  -189
Cash from investing activities, $m
  -9
  -150
  -156
  -163
  -171
  -179
  -187
  -196
  -205
  -214
  -224
  -235
  -246
  -258
  -270
  -283
  -296
  -311
  -326
  -342
  -359
  -376
  -395
  -413
  -433
  -455
  -478
  -502
  -526
  -552
  -579
Free cash flow, $m
  66
  28
  57
  54
  51
  48
  45
  42
  39
  35
  32
  5
  2
  -2
  -5
  -9
  -13
  -17
  -22
  -26
  -31
  -35
  -40
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
Issuance/(repayment) of debt, $m
  -62
  -327
  32
  36
  41
  45
  50
  54
  59
  63
  68
  72
  77
  82
  87
  93
  98
  104
  110
  116
  123
  129
  137
  144
  152
  160
  168
  177
  186
  196
  206
Issuance/(repurchase) of shares, $m
  -8
  401
  14
  14
  14
  14
  14
  14
  14
  14
  14
  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  
  -70
  74
  46
  50
  55
  59
  64
  68
  73
  77
  82
  72
  77
  82
  87
  93
  98
  104
  110
  116
  123
  129
  137
  144
  152
  160
  168
  177
  186
  196
  206
Total cash flow (excl. dividends), $m
  -4
  102
  103
  104
  106
  107
  108
  110
  111
  112
  114
  78
  79
  81
  82
  84
  85
  87
  88
  90
  92
  94
  96
  98
  100
  103
  105
  108
  110
  113
  116
Retained Cash Flow (-), $m
  79
  -401
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
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
 
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
Cash available for distribution, $m
 
  -299
  89
  90
  92
  93
  94
  96
  97
  99
  100
  70
  71
  71
  72
  73
  74
  75
  76
  77
  78
  80
  81
  82
  84
  85
  86
  88
  90
  91
  93
Discount rate, %
 
  15.40
  16.17
  16.98
  17.83
  18.72
  19.65
  20.64
  21.67
  22.75
  23.89
  25.08
  26.34
  27.66
  29.04
  30.49
  32.02
  33.62
  35.30
  37.06
  38.92
  40.86
  42.90
  45.05
  47.30
  49.67
  52.15
  54.76
  57.50
  60.37
  63.39
PV of cash for distribution, $m
 
  -259
  66
  56
  48
  39
  32
  26
  20
  16
  12
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  45.8
  42.1
  38.8
  35.8
  33.1
  30.7
  28.5
  26.6
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8
  24.8

The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The Company's segments include Western Segment and Eastern Segment. Its Western Segment consists of its newspaper operations in California, the Northwest and the Midwest. The Company's Eastern Segment consists primarily of newspaper operations in the Southeast and Florida. The Company operates 30 media companies in 29 United States markets in 14 states, providing each of these communities with news and advertising services in a range of digital and print formats. The Company's operations include approximately 30 local media businesses in in over 30 growth markets across the United States that consist of daily newspapers, Websites and mobile applications, mobile news and advertising, video products, publications, direct marketing and direct mail services.

FINANCIAL RATIOS  of  McClatchy Cl A (MNI)

Valuation Ratios
P/E Ratio -2.1
Price to Sales 0.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 1
Price to Free Cash Flow 1.2
Growth Rates
Sales Growth Rate -7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.6%
Cap. Spend. - 3 Yr. Gr. Rate -17%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 727.2%
Total Debt to Equity 742.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital -3.3%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity -22.1%
Return On Equity - 3 Yr. Avg. -2.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 91.9%
Gross Margin - 3 Yr. Avg. 90.9%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 24.3%
Operating Margin 2.4%
Oper. Margin - 3 Yr. Avg. -6.6%
Pre-Tax Margin -4.8%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin -3.5%
Net Profit Margin - 3 Yr. Avg. 0.2%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 23.2%
Payout Ratio 0%

MNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MNI stock intrinsic value calculation we used $904 million for the last fiscal year's total revenue generated by McClatchy Cl A. The default revenue input number comes from 2016 income statement of McClatchy 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 MNI stock valuation model: a) initial revenue growth rate of 2% 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 15.4%, whose default value for MNI is calculated based on our internal credit rating of McClatchy 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 McClatchy 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 MNI stock the variable cost ratio is equal to 96.2%.

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 MNI 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 9.2% for McClatchy Cl A.

Corporate tax rate of 27% is the nominal tax rate for McClatchy 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 MNI stock is equal to 0.3%.

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 MNI are equal to 137.9%.

Life of production assets of 10 years is the average useful life of capital assets used in McClatchy 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 MNI 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 - $-204 million for McClatchy 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 8 million for McClatchy 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 McClatchy Cl A at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ The spiraling down of the daily newspaper: Circulation declines, layoffs continue   [Jul-11-18 07:00AM  American City Business Journals]
▶ McClatchy Holds 2018 Annual Meeting Of Shareholders   [May-17-18 04:39PM  PR Newswire]
▶ Goldman Wants to Trade Your Bitcoins   [May-03-18 10:42AM  Bloomberg]
▶ Goldman FX Trader Was Loyal to His Chat Room   [May-02-18 10:34AM  Bloomberg]
▶ Another Weird Deal Upsets CDS Traders   [May-01-18 09:59AM  Bloomberg]
▶ McClatchy Company Class A to Host Earnings Call   [Apr-27-18 09:30AM  ACCESSWIRE]
▶ McClatchy: 1Q Earnings Snapshot   [09:20AM  Associated Press]
▶ Rebecca Poynter Named Publisher of the Idaho Statesman   [Apr-23-18 11:52AM  PR Newswire]
▶ [$$] Russia, the NRA and Fake News   [Mar-23-18 01:23AM  The Wall Street Journal]
▶ McClatchy posts 4Q profit   [Feb-16-18 09:27AM  Associated Press]
▶ Judge rules for McClatchy officials accused of mismanagement   [Jan-17-18 06:43PM  Associated Press]
▶ Vijay Ravindran Named To McClatchy's Board Of Directors   [Dec-05-17 08:30AM  PR Newswire]
▶ Three McClatchy Newsrooms to Join News Co/Lab Initiative   [Nov-03-17 11:56AM  PR Newswire]
▶ Who Owns The McClatchy Company (MNI)?   [Oct-31-17 05:55PM  Simply Wall St.]
▶ McClatchy reports 3Q loss   [09:40AM  Associated Press]
▶ Publishing Industry Outlook - October 2017   [Oct-13-17 01:32PM  Zacks]
▶ Is It Too Late To Buy The McClatchy Company (MNI)?   [Sep-13-17 08:01PM  Simply Wall St.]
▶ McClatchy completes property deals in Sacramento, Kansas City   [Sep-07-17 02:32PM  American City Business Journals]
▶ Shares of news publisher McClatchy gain as much as 12%   [Aug-24-17 03:13PM  MarketWatch]
▶ ETFs with exposure to The McClatchy Co. : August 21, 2017   [Aug-21-17 04:40PM  Capital Cube]
▶ McClatchy reports 2Q loss   [Jul-21-17 08:55PM  Associated Press]
▶ Anjali Joshi Named To McClatchy's Board Of Directors   [Jul-11-17 11:00AM  PR Newswire]
Financial statements of MNI
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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