Intrinsic value of Model N - MODN

Previous Close

$19.85

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$19.85

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of MODN 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.43
  22.60
  20.84
  19.26
  17.83
  16.55
  15.39
  14.35
  13.42
  12.58
  11.82
  11.14
  10.52
  9.97
  9.47
  9.03
  8.62
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
Revenue, $m
  131
  161
  194
  231
  273
  318
  367
  419
  476
  536
  599
  665
  736
  809
  885
  965
  1,049
  1,135
  1,225
  1,319
  1,416
  1,517
  1,623
  1,732
  1,845
  1,964
  2,087
  2,215
  2,348
  2,487
  2,632
Variable operating expenses, $m
 
  198
  237
  282
  330
  384
  442
  504
  570
  641
  716
  787
  870
  957
  1,047
  1,142
  1,240
  1,343
  1,449
  1,560
  1,675
  1,795
  1,919
  2,048
  2,183
  2,322
  2,468
  2,619
  2,777
  2,941
  3,113
Fixed operating expenses, $m
 
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
Total operating expenses, $m
  170
  205
  244
  289
  338
  392
  450
  512
  578
  650
  725
  796
  879
  966
  1,056
  1,152
  1,250
  1,353
  1,459
  1,571
  1,686
  1,806
  1,930
  2,060
  2,195
  2,334
  2,480
  2,632
  2,790
  2,954
  3,126
Operating income, $m
  -39
  -44
  -51
  -58
  -65
  -74
  -83
  -93
  -103
  -114
  -126
  -130
  -143
  -157
  -171
  -186
  -202
  -218
  -234
  -252
  -270
  -288
  -308
  -328
  -349
  -371
  -394
  -417
  -442
  -468
  -494
EBITDA, $m
  -31
  -30
  -35
  -41
  -47
  -53
  -61
  -68
  -77
  -85
  -95
  -104
  -115
  -125
  -137
  -148
  -160
  -173
  -186
  -200
  -214
  -229
  -244
  -260
  -277
  -294
  -312
  -330
  -350
  -370
  -391
Interest expense (income), $m
  3
  8
  13
  17
  23
  29
  35
  42
  50
  58
  67
  76
  85
  96
  106
  117
  129
  141
  153
  166
  180
  194
  208
  224
  239
  256
  273
  291
  309
  328
  349
Earnings before tax, $m
  -43
  -53
  -63
  -75
  -88
  -102
  -118
  -135
  -153
  -172
  -193
  -206
  -229
  -253
  -277
  -303
  -330
  -358
  -388
  -418
  -449
  -482
  -516
  -552
  -588
  -627
  -666
  -708
  -751
  -796
  -843
Tax expense, $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
Net income, $m
  -40
  -53
  -63
  -75
  -88
  -102
  -118
  -135
  -153
  -172
  -193
  -206
  -229
  -253
  -277
  -303
  -330
  -358
  -388
  -418
  -449
  -482
  -516
  -552
  -588
  -627
  -666
  -708
  -751
  -796
  -843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  172
  210
  254
  303
  357
  417
  481
  550
  623
  702
  785
  872
  964
  1,060
  1,161
  1,265
  1,374
  1,488
  1,606
  1,729
  1,856
  1,989
  2,127
  2,270
  2,419
  2,574
  2,735
  2,903
  3,077
  3,260
  3,450
Adjusted assets (=assets-cash), $m
  114
  210
  254
  303
  357
  417
  481
  550
  623
  702
  785
  872
  964
  1,060
  1,161
  1,265
  1,374
  1,488
  1,606
  1,729
  1,856
  1,989
  2,127
  2,270
  2,419
  2,574
  2,735
  2,903
  3,077
  3,260
  3,450
Revenue / Adjusted assets
  1.149
  0.767
  0.764
  0.762
  0.765
  0.763
  0.763
  0.762
  0.764
  0.764
  0.763
  0.763
  0.763
  0.763
  0.762
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
  0.763
Average production assets, $m
  28
  63
  76
  91
  107
  125
  144
  164
  186
  210
  235
  261
  288
  317
  347
  378
  411
  445
  480
  517
  555
  595
  636
  679
  723
  770
  818
  868
  920
  975
  1,032
Working capital, $m
  10
  -4
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -61
Total debt, $m
  57
  86
  120
  157
  198
  243
  292
  344
  400
  460
  523
  589
  659
  732
  808
  888
  971
  1,057
  1,147
  1,240
  1,337
  1,438
  1,542
  1,651
  1,764
  1,882
  2,005
  2,132
  2,265
  2,404
  2,548
Total liabilities, $m
  131
  160
  193
  231
  272
  317
  365
  418
  474
  533
  596
  663
  733
  806
  882
  962
  1,045
  1,131
  1,221
  1,314
  1,411
  1,511
  1,616
  1,725
  1,838
  1,956
  2,078
  2,206
  2,339
  2,477
  2,622
Total equity, $m
  41
  51
  61
  73
  86
  100
  115
  132
  150
  168
  188
  209
  231
  254
  279
  304
  330
  357
  385
  415
  446
  477
  510
  545
  580
  618
  656
  697
  739
  782
  828
Total liabilities and equity, $m
  172
  211
  254
  304
  358
  417
  480
  550
  624
  701
  784
  872
  964
  1,060
  1,161
  1,266
  1,375
  1,488
  1,606
  1,729
  1,857
  1,988
  2,126
  2,270
  2,418
  2,574
  2,734
  2,903
  3,078
  3,259
  3,450
Debt-to-equity ratio
  1.390
  1.710
  1.960
  2.150
  2.310
  2.430
  2.530
  2.610
  2.670
  2.730
  2.780
  2.810
  2.850
  2.880
  2.900
  2.920
  2.940
  2.960
  2.980
  2.990
  3.000
  3.010
  3.020
  3.030
  3.040
  3.050
  3.050
  3.060
  3.070
  3.070
  3.080
Adjusted equity ratio
  -0.105
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  -53
  -63
  -75
  -88
  -102
  -118
  -135
  -153
  -172
  -193
  -206
  -229
  -253
  -277
  -303
  -330
  -358
  -388
  -418
  -449
  -482
  -516
  -552
  -588
  -627
  -666
  -708
  -751
  -796
  -843
Depreciation, amort., depletion, $m
  8
  14
  16
  17
  19
  20
  22
  24
  27
  29
  31
  26
  29
  32
  35
  38
  41
  45
  48
  52
  56
  59
  64
  68
  72
  77
  82
  87
  92
  97
  103
Funds from operations, $m
  -2
  -38
  -48
  -58
  -70
  -82
  -96
  -111
  -126
  -143
  -161
  -180
  -200
  -221
  -243
  -265
  -289
  -314
  -339
  -366
  -394
  -423
  -453
  -484
  -516
  -550
  -585
  -621
  -659
  -698
  -740
Change in working capital, $m
  10
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  -12
  -38
  -47
  -57
  -69
  -81
  -95
  -109
  -125
  -142
  -160
  -179
  -198
  -219
  -241
  -264
  -287
  -312
  -337
  -364
  -392
  -420
  -450
  -481
  -513
  -547
  -582
  -618
  -656
  -695
  -736
Maintenance CAPEX, $m
  0
  -5
  -6
  -8
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -59
  -64
  -68
  -72
  -77
  -82
  -87
  -92
  -97
New CAPEX, $m
  -1
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
Cash from investing activities, $m
  -49
  -17
  -19
  -23
  -25
  -29
  -31
  -35
  -38
  -42
  -46
  -49
  -53
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -96
  -100
  -107
  -113
  -118
  -125
  -132
  -139
  -146
  -154
Free cash flow, $m
  -61
  -55
  -66
  -79
  -94
  -109
  -126
  -144
  -164
  -184
  -206
  -228
  -252
  -277
  -303
  -330
  -358
  -387
  -417
  -449
  -481
  -516
  -551
  -588
  -626
  -666
  -707
  -750
  -795
  -842
  -891
Issuance/(repayment) of debt, $m
  49
  29
  33
  37
  41
  45
  49
  52
  56
  60
  63
  66
  70
  73
  76
  80
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  133
  138
  144
Issuance/(repurchase) of shares, $m
  4
  62
  74
  87
  101
  117
  133
  152
  171
  191
  213
  227
  251
  276
  302
  328
  356
  386
  416
  447
  480
  514
  549
  586
  624
  664
  705
  748
  793
  840
  888
Cash from financing (excl. dividends), $m  
  52
  91
  107
  124
  142
  162
  182
  204
  227
  251
  276
  293
  321
  349
  378
  408
  439
  472
  506
  540
  577
  615
  654
  695
  737
  782
  828
  876
  926
  978
  1,032
Total cash flow (excl. dividends), $m
  -9
  37
  41
  45
  48
  52
  56
  60
  63
  67
  70
  65
  69
  72
  75
  78
  82
  85
  88
  92
  95
  99
  103
  107
  111
  116
  121
  126
  131
  136
  142
Retained Cash Flow (-), $m
  25
  -62
  -74
  -87
  -101
  -117
  -133
  -152
  -171
  -191
  -213
  -227
  -251
  -276
  -302
  -328
  -356
  -386
  -416
  -447
  -480
  -514
  -549
  -586
  -624
  -664
  -705
  -748
  -793
  -840
  -888
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
 
  11
  13
  16
  19
  22
  26
  30
  34
  39
  43
  49
  54
  60
  66
  72
  78
  85
  92
  99
  107
  115
  123
  131
  140
  149
  159
  169
  179
  190
  201
Cash available for distribution, $m
 
  -25
  -33
  -42
  -53
  -65
  -78
  -92
  -108
  -125
  -143
  -162
  -182
  -204
  -226
  -250
  -275
  -301
  -327
  -355
  -385
  -415
  -446
  -479
  -513
  -548
  -584
  -623
  -662
  -703
  -746
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
 
  -24
  -30
  -37
  -43
  -50
  -56
  -62
  -67
  -72
  -75
  -77
  -78
  -77
  -76
  -73
  -70
  -65
  -60
  -55
  -49
  -43
  -37
  -31
  -26
  -21
  -17
  -13
  -10
  -8
  -6
Current shareholders' claim on cash, %
  100
  86.8
  75.8
  66.3
  58.3
  51.3
  45.2
  40.0
  35.4
  31.4
  27.9
  24.9
  22.2
  19.8
  17.7
  15.9
  14.2
  12.7
  11.4
  10.2
  9.2
  8.2
  7.4
  6.6
  5.9
  5.3
  4.8
  4.3
  3.8
  3.5
  3.1

Model N, Inc. is a provider of revenue management solutions for life science and technology companies. The Company's solutions enable its customers to maximize revenues and reduce revenue compliance risk by transforming their revenue life cycle from a series of tactical, disjointed operations into a strategic end-to-end process. The Company's solutions include Revenue Enterprise Cloud, Revenue Intelligence Cloud and Revvy Revenue Management. The Company provides solutions that span the organizational and operational boundaries of functions, such as sales, marketing and finance, and serve as a system of record for revenue management processes, including pricing, contracts, rebates, incentives and regulatory compliance. The Company's application suites are designed to work with enterprise resource planning (ERP) and customer relationship management (CRM) applications. The Company also offers implementation services, managed services, strategic services and customer support.

FINANCIAL RATIOS  of  Model N (MODN)

Valuation Ratios
P/E Ratio -14.6
Price to Sales 4.4
Price to Book 14.2
Price to Tangible Book
Price to Cash Flow -48.5
Price to Free Cash Flow -44.8
Growth Rates
Sales Growth Rate 22.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 126.8%
Total Debt to Equity 139%
Interest Coverage -13
Management Effectiveness
Return On Assets -26.1%
Ret/ On Assets - 3 Yr. Avg. -23.4%
Return On Total Capital -48.8%
Ret/ On T. Cap. - 3 Yr. Avg. -38.8%
Return On Equity -74.8%
Return On Equity - 3 Yr. Avg. -47.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 53.4%
Gross Margin - 3 Yr. Avg. 52.8%
EBITDA Margin -24.4%
EBITDA Margin - 3 Yr. Avg. -21.9%
Operating Margin -29.8%
Oper. Margin - 3 Yr. Avg. -26.9%
Pre-Tax Margin -32.8%
Pre-Tax Margin - 3 Yr. Avg. -28%
Net Profit Margin -30.5%
Net Profit Margin - 3 Yr. Avg. -27.6%
Effective Tax Rate 7%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 0%

MODN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MODN stock intrinsic value calculation we used $131 million for the last fiscal year's total revenue generated by Model N. The default revenue input number comes from 2017 income statement of Model N. 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 MODN stock valuation model: a) initial revenue growth rate of 22.6% 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 MODN is calculated based on our internal credit rating of Model N, 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 Model N.
    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 MODN stock the variable cost ratio is equal to 124.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for MODN 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 14.5% for Model N.

Corporate tax rate of 27% is the nominal tax rate for Model N. 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 MODN stock is equal to 8.1%.

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 MODN are equal to 39.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Model N 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 MODN is equal to -2.3%. 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 - $41 million for Model N - 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 29 million for Model N 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 Model N at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Model N Sees Hammer Chart Pattern: Time to Buy?   [Jul-05-18 06:37AM  Zacks]
▶ Model N: Fiscal 2Q Earnings Snapshot   [May-08-18 07:19PM  Associated Press]
▶ Model N Launches Digital Reinvention Lab   [May-01-18 09:00AM  Business Wire]
▶ Model N Inc (NYSE:MODN): Time For A Financial Health Check   [Apr-27-18 06:50PM  Simply Wall St.]
▶ Model N to Host 2018 Analysts & Investors Meeting   [Mar-05-18 08:00AM  Business Wire]
▶ Model N Announces Winners of Rainmaker 2018 Awards   [Mar-01-18 08:00AM  Business Wire]
▶ McKinsey's Head of Design to Keynote Model N Rainmaker 2018   [Feb-09-18 08:00AM  Business Wire]
▶ Model N reports 1Q loss   [Feb-06-18 06:45PM  Associated Press]
▶ Model N, Inc. to Host Earnings Call   [12:45PM  ACCESSWIRE]
▶ Model N to Present at the J.P. Morgan Healthcare Conference   [Jan-04-18 04:15PM  Business Wire]
▶ Is Model N Inc (NYSE:MODN) A Financially Sound Company?   [Jan-01-18 06:45PM  Simply Wall St.]
▶ ETFs with exposure to Model N, Inc. : December 13, 2017   [Dec-13-17 01:44PM  Capital Cube]
▶ ETFs with exposure to Model N, Inc. : December 1, 2017   [Dec-01-17 10:41AM  Capital Cube]
▶ ETFs with exposure to Model N, Inc. : November 20, 2017   [Nov-20-17 12:54PM  Capital Cube]
▶ Model N reports 4Q loss   [05:03AM  Associated Press]
▶ Model N, Inc. to Host Earnings Call   [12:50PM  ACCESSWIRE]
▶ Should You Buy Model N Inc (MODN)?   [Sep-11-17 05:15PM  Simply Wall St.]
▶ Model N reports 3Q loss   [Aug-08-17 09:29PM  Associated Press]
▶ Model N, Inc. Value Analysis (NYSE:MODN) : August 7, 2017   [Aug-07-17 06:12PM  Capital Cube]
▶ ETFs with exposure to Model N, Inc. : May 26, 2017   [May-26-17 01:17PM  Capital Cube]
▶ Model N to Present at J.P. Morgan Technology Conference   [May-17-17 04:15PM  Business Wire]
▶ ETFs with exposure to Model N, Inc. : May 15, 2017   [May-15-17 04:08PM  Capital Cube]
▶ Model N reports 2Q loss   [May-08-17 05:46PM  Associated Press]
▶ Model N to Present at Upcoming Investor Conferences   [Feb-23-17 04:15PM  Business Wire]
▶ Can The Uptrend Continue for Model N (MODN)?   [Feb-22-17 08:23AM  Zacks]
▶ 5 Breakout Stocks for Superior Returns   [Feb-10-17 08:49AM  Zacks]
Financial statements of MODN
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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