Intrinsic value of New Media Investment Group - NEWM

Previous Close

$13.58

  Intrinsic Value

$17.37

stock screener

  Rating & Target

buy

+28%

  Value-price divergence*

-73%

Previous close

$13.58

 
Intrinsic value

$17.37

 
Up/down potential

+28%

 
Rating

buy

 
Value-price divergence*

-73%

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

We calculate the intrinsic value of NEWM 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 0.7

 

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, %
  4.93
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  1,255
  1,289
  1,327
  1,368
  1,414
  1,463
  1,516
  1,574
  1,635
  1,701
  1,770
  1,845
  1,924
  2,007
  2,096
  2,190
  2,289
  2,394
  2,504
  2,621
  2,744
  2,873
  3,010
  3,153
  3,304
  3,464
  3,631
  3,807
  3,992
  4,187
  4,392
Variable operating expenses, $m
 
  1,176
  1,210
  1,247
  1,288
  1,332
  1,380
  1,431
  1,486
  1,545
  1,607
  1,651
  1,721
  1,796
  1,876
  1,960
  2,048
  2,142
  2,241
  2,345
  2,455
  2,571
  2,693
  2,822
  2,957
  3,099
  3,249
  3,407
  3,573
  3,747
  3,930
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
  1,194
  1,176
  1,210
  1,247
  1,288
  1,332
  1,380
  1,431
  1,486
  1,545
  1,607
  1,651
  1,721
  1,796
  1,876
  1,960
  2,048
  2,142
  2,241
  2,345
  2,455
  2,571
  2,693
  2,822
  2,957
  3,099
  3,249
  3,407
  3,573
  3,747
  3,930
Operating income, $m
  61
  113
  117
  121
  126
  131
  137
  143
  149
  156
  163
  194
  202
  211
  220
  230
  241
  252
  263
  276
  289
  302
  317
  332
  348
  364
  382
  400
  420
  440
  462
EBITDA, $m
  129
  190
  196
  202
  208
  216
  224
  232
  241
  251
  261
  272
  284
  296
  309
  323
  337
  353
  369
  386
  404
  424
  444
  465
  487
  511
  535
  561
  589
  617
  647
Interest expense (income), $m
  27
  26
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  49
  52
  55
  58
  61
  65
  69
  73
  77
  81
  86
  91
  96
  102
  107
  113
  120
  126
Earnings before tax, $m
  29
  87
  90
  93
  96
  100
  104
  108
  112
  117
  122
  151
  156
  162
  169
  176
  183
  190
  198
  207
  216
  225
  235
  246
  257
  268
  280
  293
  306
  321
  335
Tax expense, $m
  -3
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  41
  42
  44
  46
  47
  49
  51
  54
  56
  58
  61
  64
  66
  69
  72
  76
  79
  83
  87
  91
Net income, $m
  32
  63
  66
  68
  70
  73
  76
  79
  82
  86
  89
  110
  114
  119
  123
  128
  133
  139
  145
  151
  158
  164
  172
  179
  187
  196
  205
  214
  224
  234
  245

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  1,336
  1,196
  1,231
  1,269
  1,311
  1,357
  1,407
  1,460
  1,517
  1,578
  1,642
  1,711
  1,785
  1,862
  1,944
  2,031
  2,123
  2,220
  2,323
  2,431
  2,545
  2,665
  2,792
  2,925
  3,065
  3,213
  3,368
  3,532
  3,704
  3,884
  4,074
Adjusted assets (=assets-cash), $m
  1,164
  1,196
  1,231
  1,269
  1,311
  1,357
  1,407
  1,460
  1,517
  1,578
  1,642
  1,711
  1,785
  1,862
  1,944
  2,031
  2,123
  2,220
  2,323
  2,431
  2,545
  2,665
  2,792
  2,925
  3,065
  3,213
  3,368
  3,532
  3,704
  3,884
  4,074
Revenue / Adjusted assets
  1.078
  1.078
  1.078
  1.078
  1.079
  1.078
  1.077
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
  1.078
Average production assets, $m
  711
  730
  751
  774
  800
  828
  858
  891
  925
  963
  1,002
  1,044
  1,089
  1,136
  1,186
  1,239
  1,296
  1,355
  1,417
  1,483
  1,553
  1,626
  1,703
  1,785
  1,870
  1,960
  2,055
  2,155
  2,260
  2,370
  2,486
Working capital, $m
  174
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
Total debt, $m
  353
  354
  371
  390
  411
  433
  457
  483
  511
  540
  572
  605
  641
  679
  719
  761
  806
  853
  903
  956
  1,011
  1,070
  1,132
  1,196
  1,265
  1,337
  1,412
  1,492
  1,576
  1,664
  1,756
Total liabilities, $m
  581
  582
  599
  618
  639
  661
  685
  711
  739
  768
  800
  833
  869
  907
  947
  989
  1,034
  1,081
  1,131
  1,184
  1,239
  1,298
  1,360
  1,424
  1,493
  1,565
  1,640
  1,720
  1,804
  1,892
  1,984
Total equity, $m
  755
  613
  631
  651
  673
  696
  722
  749
  778
  809
  843
  878
  915
  955
  997
  1,042
  1,089
  1,139
  1,192
  1,247
  1,306
  1,367
  1,432
  1,501
  1,573
  1,648
  1,728
  1,812
  1,900
  1,993
  2,090
Total liabilities and equity, $m
  1,336
  1,195
  1,230
  1,269
  1,312
  1,357
  1,407
  1,460
  1,517
  1,577
  1,643
  1,711
  1,784
  1,862
  1,944
  2,031
  2,123
  2,220
  2,323
  2,431
  2,545
  2,665
  2,792
  2,925
  3,066
  3,213
  3,368
  3,532
  3,704
  3,885
  4,074
Debt-to-equity ratio
  0.468
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
Adjusted equity ratio
  0.501
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  32
  63
  66
  68
  70
  73
  76
  79
  82
  86
  89
  110
  114
  119
  123
  128
  133
  139
  145
  151
  158
  164
  172
  179
  187
  196
  205
  214
  224
  234
  245
Depreciation, amort., depletion, $m
  68
  77
  79
  81
  83
  85
  87
  89
  92
  95
  98
  78
  81
  85
  89
  92
  97
  101
  106
  111
  116
  121
  127
  133
  140
  146
  153
  161
  169
  177
  186
Funds from operations, $m
  93
  141
  144
  148
  153
  157
  163
  168
  174
  180
  187
  188
  195
  203
  212
  221
  230
  240
  251
  262
  273
  286
  299
  312
  327
  342
  358
  375
  392
  411
  430
Change in working capital, $m
  -5
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Cash from operations, $m
  98
  140
  144
  148
  152
  157
  162
  167
  173
  179
  186
  187
  194
  202
  211
  220
  229
  239
  249
  260
  272
  284
  297
  311
  325
  340
  356
  372
  390
  408
  428
Maintenance CAPEX, $m
  0
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
  -146
  -153
  -161
  -169
  -177
New CAPEX, $m
  -11
  -19
  -21
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
  -116
Cash from investing activities, $m
  -145
  -72
  -75
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -128
  -135
  -142
  -148
  -156
  -164
  -172
  -181
  -189
  -198
  -208
  -219
  -230
  -241
  -253
  -266
  -279
  -293
Free cash flow, $m
  -47
  68
  68
  68
  69
  69
  70
  71
  72
  73
  75
  70
  72
  74
  76
  78
  80
  83
  86
  89
  92
  95
  98
  102
  106
  110
  115
  119
  124
  129
  135
Issuance/(repayment) of debt, $m
  -4
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
  93
Issuance/(repurchase) of shares, $m
  135
  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  
  132
  15
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
  93
Total cash flow (excl. dividends), $m
  86
  84
  85
  87
  89
  92
  94
  97
  100
  103
  106
  104
  107
  111
  116
  120
  125
  130
  136
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  217
  227
Retained Cash Flow (-), $m
  -108
  -16
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -97
Prev. year cash balance distribution, $m
 
  158
  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
 
  225
  67
  67
  68
  68
  69
  69
  70
  72
  73
  68
  70
  72
  74
  76
  78
  80
  83
  86
  89
  92
  95
  99
  102
  106
  111
  115
  120
  125
  130
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
 
  216
  61
  59
  56
  53
  50
  47
  44
  41
  38
  32
  30
  27
  25
  22
  20
  17
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
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

New Media Investment Group Inc. invests in, owns, and operates local media assets in the United States. The company’s principal products include 125 daily newspapers with total paid circulation of approximately 1.4 million; 314 weekly newspapers with total paid circulation of approximately 315,000 and total free circulation of approximately 1.9 million; 124 shoppers with total circulation of approximately 3.0 million; and 538 locally-focused Websites, including Internet and mobile devices with approximately 224 million page views per month. Its principal products also comprise 2 yellow page directories with a total distribution of approximately 230,000 that cover a population of approximately 411,000 people; 68 business publications; and Propel digital marketing and business services. In addition, the company also produces niche publications that address specific local market interests, such as recreation, sports, healthcare, and real estate. Further, it provides print and online products that offer local market news and information on various topics comprising local news and politics, community and regional events, youth sports, opinion and editorial pages, local schools, obituaries, weddings, and police reports, as well as print and digital advertising products, as well as commercial printing and regional business-oriented publications services. The company reaches approximately 20 million people per week; and serves approximately 220,000 business customers. New Media Investment Group Inc. was founded in 1997 and is based in New York, New York.


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FINANCIAL RATIOS  of  New Media Investment Group (NEWM)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 0.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 8.4
Growth Rates
Sales Growth Rate 4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10%
Cap. Spend. - 3 Yr. Gr. Rate 17.1%
Financial Strength
Quick Ratio 12
Current Ratio 0.1
LT Debt to Equity 44.9%
Total Debt to Equity 46.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 4.6%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 2.3%
Pre-Tax Margin - 3 Yr. Avg. 2.7%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate -10.3%
Eff/ Tax Rate - 3 Yr. Avg. -2%
Payout Ratio 187.5%

NEWM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEWM stock intrinsic value calculation we used $1255 million for the last fiscal year's total revenue generated by New Media Investment Group. The default revenue input number comes from 2016 income statement of New Media Investment Group. 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 NEWM stock valuation model: a) initial revenue growth rate of 2.7% 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 NEWM is calculated based on our internal credit rating of New Media Investment Group, 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 New Media Investment Group.
    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 NEWM stock the variable cost ratio is equal to 91.3%.

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 NEWM 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 7.6% for New Media Investment Group.

Corporate tax rate of 27% is the nominal tax rate for New Media Investment Group. 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 NEWM 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 NEWM are equal to 56.6%.

Life of production assets of 13.4 years is the average useful life of capital assets used in New Media Investment Group 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 NEWM is equal to 1.3%. 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 - $755 million for New Media Investment Group - 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 53.127 million for New Media Investment Group 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 New Media Investment Group at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Gatehouse Media adding 3 Pittsburgh-area newspapers in latest deal   [Jun-19-17 09:40AM  American City Business Journals]
▶ Another Boston-area newspaper is selling off its real estate   [Jun-02-17 02:15PM  American City Business Journals]
▶ Weekly CEO Buys Highlight   [May-08-17 01:40PM  GuruFocus.com]
▶ New Media Investment reports 1Q loss   [06:58AM  Associated Press]
▶ GateHouse Media to cut dozens of jobs in Framingham   [Mar-29-17 04:45PM  at bizjournals.com]
▶ GateHouse Media to cut dozens of jobs in Framingham   [04:45PM  American City Business Journals]
▶ KC-area newspapers may get a new owner SoftBank   [Mar-01-17 04:59PM  at bizjournals.com]
▶ KC-area newspapers may get a new owner SoftBank   [04:59PM  American City Business Journals]
▶ GateHouse Media parent signals cuts as it preps to buy more newspapers   [07:31AM  American City Business Journals]
▶ New Media Investment posts 4Q profit   [07:11AM  Associated Press]
▶ Japanese firm to buy GateHouse Media's parent company for $3.3B   [Feb-17-17 01:04PM  at bizjournals.com]
▶ Is Renren Inc (RENN) A Good Stock to Buy?   [Dec-16-16 07:38PM  at Insider Monkey]
▶ Are Hedge Funds Right To Grow More Bullish On AAR Corp. (AIR)?   [Dec-02-16 11:52AM  at Insider Monkey]
▶ New Media Announces Public Offering of Common Stock   [Nov-17-16 04:04PM  Business Wire]
▶ Columbia Daily Tribune bought by New York publisher   [Sep-23-16 01:10PM  at bizjournals.com]
▶ SEC charges Leon Cooperman with insider trading   [Sep-21-16 01:16PM  at MarketWatch]
▶ Dispatch parent company wants to add more business publications   [Aug-01-16 11:55AM  at bizjournals.com]
Stock chart of NEWM Financial statements of NEWM Annual reports of NEWM
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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