Intrinsic value of Madison Square Garden - MSG

Previous Close

$211.55

  Intrinsic Value

$46.46

stock screener

  Rating & Target

str. sell

-78%

  Value-price divergence*

-100%

Previous close

$211.55

 
Intrinsic value

$46.46

 
Up/down potential

-78%

 
Rating

str. sell

 
Value-price divergence*

-100%

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

We calculate the intrinsic value of MSG 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 5.2

 

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, %
  4.01
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  1,115
  1,281
  1,459
  1,649
  1,851
  2,064
  2,287
  2,522
  2,768
  3,024
  3,291
  3,569
  3,859
  4,160
  4,472
  4,797
  5,135
  5,486
  5,850
  6,230
  6,625
  7,036
  7,464
  7,910
  8,375
  8,859
  9,365
  9,894
  10,445
  11,022
  11,624
Variable operating expenses, $m
 
  1,277
  1,451
  1,636
  1,833
  2,040
  2,258
  2,487
  2,727
  2,977
  3,237
  3,481
  3,763
  4,056
  4,361
  4,678
  5,007
  5,349
  5,705
  6,075
  6,460
  6,861
  7,278
  7,713
  8,167
  8,639
  9,133
  9,648
  10,186
  10,748
  11,335
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
  1,174
  1,277
  1,451
  1,636
  1,833
  2,040
  2,258
  2,487
  2,727
  2,977
  3,237
  3,481
  3,763
  4,056
  4,361
  4,678
  5,007
  5,349
  5,705
  6,075
  6,460
  6,861
  7,278
  7,713
  8,167
  8,639
  9,133
  9,648
  10,186
  10,748
  11,335
Operating income, $m
  -59
  4
  9
  13
  18
  24
  29
  35
  41
  47
  54
  89
  96
  103
  111
  119
  128
  136
  145
  155
  165
  175
  185
  197
  208
  220
  233
  246
  259
  274
  289
EBITDA, $m
  43
  130
  148
  167
  187
  209
  231
  255
  280
  306
  333
  361
  390
  420
  452
  485
  519
  555
  591
  630
  670
  711
  755
  800
  847
  896
  947
  1,000
  1,056
  1,114
  1,175
Interest expense (income), $m
  0
  0
  5
  10
  16
  22
  28
  35
  42
  50
  57
  65
  74
  82
  91
  101
  111
  121
  131
  142
  154
  166
  178
  191
  204
  218
  233
  248
  264
  280
  298
Earnings before tax, $m
  -77
  4
  4
  3
  2
  1
  1
  0
  -1
  -2
  -3
  23
  22
  21
  20
  18
  17
  15
  14
  12
  11
  9
  7
  6
  4
  2
  0
  -2
  -4
  -7
  -9
Tax expense, $m
  0
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  6
  6
  6
  5
  5
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  0
  0
  0
  0
  0
Net income, $m
  -77
  3
  3
  2
  2
  1
  0
  0
  -1
  -2
  -3
  17
  16
  15
  14
  13
  12
  11
  10
  9
  8
  7
  5
  4
  3
  1
  0
  -2
  -4
  -7
  -9

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,444
  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
  3,544
  2,413
  2,748
  3,106
  3,486
  3,886
  4,308
  4,750
  5,212
  5,695
  6,198
  6,722
  7,267
  7,833
  8,422
  9,034
  9,670
  10,331
  11,018
  11,732
  12,476
  13,250
  14,056
  14,896
  15,771
  16,684
  17,637
  18,632
  19,671
  20,756
  21,891
Adjusted assets (=assets-cash), $m
  2,100
  2,413
  2,748
  3,106
  3,486
  3,886
  4,308
  4,750
  5,212
  5,695
  6,198
  6,722
  7,267
  7,833
  8,422
  9,034
  9,670
  10,331
  11,018
  11,732
  12,476
  13,250
  14,056
  14,896
  15,771
  16,684
  17,637
  18,632
  19,671
  20,756
  21,891
Revenue / Adjusted assets
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
Average production assets, $m
  1,360
  1,563
  1,780
  2,012
  2,258
  2,518
  2,791
  3,077
  3,377
  3,689
  4,015
  4,355
  4,708
  5,075
  5,456
  5,852
  6,264
  6,692
  7,138
  7,601
  8,082
  8,584
  9,106
  9,650
  10,217
  10,808
  11,426
  12,070
  12,743
  13,446
  14,181
Working capital, $m
  989
  -128
  -146
  -165
  -185
  -206
  -229
  -252
  -277
  -302
  -329
  -357
  -386
  -416
  -447
  -480
  -513
  -549
  -585
  -623
  -662
  -704
  -746
  -791
  -837
  -886
  -937
  -989
  -1,045
  -1,102
  -1,162
Total debt, $m
  0
  142
  295
  458
  631
  814
  1,006
  1,208
  1,419
  1,639
  1,868
  2,107
  2,356
  2,614
  2,883
  3,162
  3,451
  3,753
  4,066
  4,392
  4,731
  5,084
  5,452
  5,834
  6,234
  6,650
  7,085
  7,538
  8,012
  8,507
  9,024
Total liabilities, $m
  958
  1,100
  1,253
  1,416
  1,589
  1,772
  1,964
  2,166
  2,377
  2,597
  2,826
  3,065
  3,314
  3,572
  3,841
  4,120
  4,409
  4,711
  5,024
  5,350
  5,689
  6,042
  6,410
  6,792
  7,192
  7,608
  8,043
  8,496
  8,970
  9,465
  9,982
Total equity, $m
  2,586
  1,312
  1,495
  1,690
  1,896
  2,114
  2,343
  2,584
  2,835
  3,098
  3,372
  3,657
  3,953
  4,261
  4,582
  4,915
  5,260
  5,620
  5,994
  6,382
  6,787
  7,208
  7,646
  8,103
  8,580
  9,076
  9,595
  10,136
  10,701
  11,291
  11,909
Total liabilities and equity, $m
  3,544
  2,412
  2,748
  3,106
  3,485
  3,886
  4,307
  4,750
  5,212
  5,695
  6,198
  6,722
  7,267
  7,833
  8,423
  9,035
  9,669
  10,331
  11,018
  11,732
  12,476
  13,250
  14,056
  14,895
  15,772
  16,684
  17,638
  18,632
  19,671
  20,756
  21,891
Debt-to-equity ratio
  0.000
  0.110
  0.200
  0.270
  0.330
  0.390
  0.430
  0.470
  0.500
  0.530
  0.550
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
Adjusted equity ratio
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -77
  3
  3
  2
  2
  1
  0
  0
  -1
  -2
  -3
  17
  16
  15
  14
  13
  12
  11
  10
  9
  8
  7
  5
  4
  3
  1
  0
  -2
  -4
  -7
  -9
Depreciation, amort., depletion, $m
  102
  125
  139
  153
  169
  185
  202
  220
  239
  258
  279
  272
  294
  317
  341
  366
  392
  418
  446
  475
  505
  536
  569
  603
  639
  676
  714
  754
  796
  840
  886
Funds from operations, $m
  137
  128
  142
  156
  170
  186
  203
  220
  238
  256
  275
  289
  310
  332
  355
  379
  404
  430
  456
  484
  513
  543
  575
  607
  641
  677
  714
  752
  792
  834
  877
Change in working capital, $m
  11
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -60
Cash from operations, $m
  126
  145
  159
  175
  191
  207
  225
  243
  262
  282
  302
  317
  339
  362
  387
  412
  438
  465
  493
  522
  553
  584
  617
  652
  688
  725
  765
  805
  847
  891
  938
Maintenance CAPEX, $m
  0
  -85
  -98
  -111
  -126
  -141
  -157
  -174
  -192
  -211
  -231
  -251
  -272
  -294
  -317
  -341
  -366
  -392
  -418
  -446
  -475
  -505
  -536
  -569
  -603
  -639
  -676
  -714
  -754
  -796
  -840
New CAPEX, $m
  -72
  -203
  -217
  -232
  -246
  -260
  -273
  -286
  -300
  -313
  -326
  -339
  -353
  -367
  -381
  -396
  -412
  -428
  -445
  -463
  -482
  -501
  -522
  -544
  -567
  -592
  -617
  -644
  -673
  -703
  -735
Cash from investing activities, $m
  -116
  -288
  -315
  -343
  -372
  -401
  -430
  -460
  -492
  -524
  -557
  -590
  -625
  -661
  -698
  -737
  -778
  -820
  -863
  -909
  -957
  -1,006
  -1,058
  -1,113
  -1,170
  -1,231
  -1,293
  -1,358
  -1,427
  -1,499
  -1,575
Free cash flow, $m
  10
  -143
  -156
  -168
  -181
  -193
  -205
  -218
  -230
  -242
  -254
  -273
  -286
  -299
  -312
  -326
  -340
  -355
  -371
  -387
  -404
  -422
  -441
  -461
  -482
  -505
  -528
  -553
  -580
  -608
  -638
Issuance/(repayment) of debt, $m
  0
  142
  153
  163
  173
  183
  192
  202
  211
  220
  229
  239
  248
  258
  268
  279
  290
  301
  313
  326
  339
  353
  368
  383
  399
  416
  434
  454
  474
  495
  517
Issuance/(repurchase) of shares, $m
  -105
  167
  180
  192
  205
  217
  229
  241
  253
  265
  277
  268
  280
  293
  306
  319
  334
  348
  364
  380
  397
  414
  433
  453
  473
  495
  518
  543
  569
  597
  626
Cash from financing (excl. dividends), $m  
  1,420
  309
  333
  355
  378
  400
  421
  443
  464
  485
  506
  507
  528
  551
  574
  598
  624
  649
  677
  706
  736
  767
  801
  836
  872
  911
  952
  997
  1,043
  1,092
  1,143
Total cash flow (excl. dividends), $m
  1,430
  167
  177
  187
  197
  206
  216
  225
  234
  243
  252
  234
  243
  253
  262
  273
  283
  295
  306
  319
  331
  345
  359
  374
  390
  407
  425
  443
  463
  484
  506
Retained Cash Flow (-), $m
  -1,363
  -170
  -183
  -195
  -206
  -218
  -229
  -241
  -253
  -265
  -277
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -374
  -389
  -404
  -421
  -438
  -457
  -476
  -497
  -518
  -543
  -569
  -597
  -626
Prev. year cash balance distribution, $m
 
  1,444
  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
 
  1,440
  -5
  -7
  -10
  -12
  -14
  -16
  -19
  -22
  -25
  -51
  -54
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -100
  -106
  -113
  -120
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
 
  1,381
  -5
  -6
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -24
  -23
  -21
  -19
  -18
  -16
  -14
  -12
  -11
  -9
  -8
  -7
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  93.1
  87.1
  81.9
  77.2
  73.0
  69.2
  65.8
  62.7
  59.9
  57.4
  55.2
  53.1
  51.2
  49.4
  47.8
  46.2
  44.7
  43.3
  42.0
  40.7
  39.5
  38.3
  37.2
  36.2
  35.1
  34.2
  33.2
  32.3
  31.4
  30.6

The Madison Square Garden Company engages in sports and entertainment businesses in the United States. The company operates in two segments, MSG Sports and MSG Entertainment. The MSG Sports segment owns and operates professional sports franchises, as well as promotes, produces, and/or presents a range of other live sporting events, including professional boxing, college basketball, professional bull riding, mixed martial arts, tennis, and college wrestling. The MSG Entertainment segment presents or hosts live entertainment events comprising concerts, family shows, performing arts, and special events, as well as creates, produces, and/or presents live productions in its venues. The company also operates 19 restaurant, nightlife, and hospitality venues in New York City, New York and Las Vegas, Nevada, as well as in Sydney, Australia, primarily under the Tao, Marquee, Lavo, Avenue, The Stanton Social, Beauty & Essex, and Vandal brands; and manages the food and beverage operations at the Dream Downtown and Dream Midtown hotels in New York City. The Madison Square Garden Company was founded in 1879 and is based in New York, New York.

FINANCIAL RATIOS  of  Madison Square Garden (MSG)

Valuation Ratios
P/E Ratio -66.8
Price to Sales 4.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 40.8
Price to Free Cash Flow 95.2
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.5%
Cap. Spend. - 3 Yr. Gr. Rate -19.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.7%
Ret/ On Assets - 3 Yr. Avg. -5.2%
Return On Total Capital -4%
Ret/ On T. Cap. - 3 Yr. Avg. -9%
Return On Equity -4%
Return On Equity - 3 Yr. Avg. -9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 33.8%
Gross Margin - 3 Yr. Avg. 29.3%
EBITDA Margin 2.2%
EBITDA Margin - 3 Yr. Avg. 2.1%
Operating Margin -5.3%
Oper. Margin - 3 Yr. Avg. -5.9%
Pre-Tax Margin -6.9%
Pre-Tax Margin - 3 Yr. Avg. -7.7%
Net Profit Margin -6.9%
Net Profit Margin - 3 Yr. Avg. -7.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -1.4%
Payout Ratio 0%

MSG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSG stock intrinsic value calculation we used $1115 million for the last fiscal year's total revenue generated by Madison Square Garden. The default revenue input number comes from 2016 income statement of Madison Square Garden. 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 MSG stock valuation model: a) initial revenue growth rate of 14.9% 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 MSG is calculated based on our internal credit rating of Madison Square Garden, 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 Madison Square Garden.
    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 MSG stock the variable cost ratio is equal to 100%.

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 MSG 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 Madison Square Garden.

Corporate tax rate of 27% is the nominal tax rate for Madison Square Garden. 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 MSG 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 MSG are equal to 122%.

Life of production assets of 16 years is the average useful life of capital assets used in Madison Square Garden 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 MSG 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 - $2586 million for Madison Square Garden - 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 24.362 million for Madison Square Garden 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 Madison Square Garden at the current share price and the inputted number of shares is $5.2 billion.

RELATED COMPANIES Price Int.Val. Rating
MANU Manchester Uni 16.45 87.16  str.buy
LYV Live Nation En 39.23 96.93  str.buy

COMPANY NEWS

▶ The Madison Square Garden Co. posts 4Q loss   [Aug-17-17 11:02PM  Associated Press]
▶ Why Mario Gabelli Is Optimistic about Multimedia Stocks   [Jul-26-17 09:11AM  Market Realist]
▶ 6 Things You Didn't Know About Shake Shack Inc.   [Jul-02-17 05:31PM  Motley Fool]
▶ Financials, food, housing & more in the trader blitz   [Jun-28-17 01:54PM  CNBC Videos]
▶ The Madison Square Garden Co. posts 3Q loss   [May-04-17 07:47AM  Associated Press]
▶ Trader tracker: Q1's most memorable calls   [Mar-27-17 04:09PM  CNBC]
▶ The Madison Square Garden Company Statement on the Grammys   [Mar-01-17 12:34PM  GlobeNewswire]
▶ Trader goes one-on-one with NBA legend Allan Houston   [Feb-17-17 05:23PM  CNBC Videos]
▶ Rockettes Put 'New York Spectacular' Show on Hiatus   [12:08PM  at The Wall Street Journal]
▶ Lexus renews MSG corporate sponsorship   [10:25AM  at bizjournals.com]
▶ [$$] MSG Profit Easily Tops Expectations   [08:21AM  at The Wall Street Journal]
Financial statements of MSG
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.