Intrinsic value of New Media Investment Group - NEWM

Previous Close

$16.74

  Intrinsic Value

$17.39

stock screener

  Rating & Target

hold

+4%

Previous close

$16.74

 
Intrinsic value

$17.39

 
Up/down potential

+4%

 
Rating

hold

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 0.9

 

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
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  1,255
  1,286
  1,322
  1,361
  1,404
  1,452
  1,503
  1,558
  1,617
  1,681
  1,748
  1,820
  1,897
  1,979
  2,065
  2,156
  2,253
  2,355
  2,463
  2,577
  2,697
  2,824
  2,958
  3,098
  3,246
  3,402
  3,566
  3,739
  3,920
  4,111
  4,312
Variable operating expenses, $m
 
  1,174
  1,206
  1,241
  1,279
  1,322
  1,367
  1,417
  1,470
  1,527
  1,587
  1,629
  1,698
  1,771
  1,848
  1,930
  2,016
  2,108
  2,204
  2,306
  2,414
  2,527
  2,647
  2,772
  2,905
  3,044
  3,191
  3,345
  3,508
  3,679
  3,858
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
  1,174
  1,206
  1,241
  1,279
  1,322
  1,367
  1,417
  1,470
  1,527
  1,587
  1,629
  1,698
  1,771
  1,848
  1,930
  2,016
  2,108
  2,204
  2,306
  2,414
  2,527
  2,647
  2,772
  2,905
  3,044
  3,191
  3,345
  3,508
  3,679
  3,858
Operating income, $m
  61
  112
  116
  120
  125
  130
  135
  141
  147
  154
  161
  191
  200
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  341
  358
  375
  393
  412
  432
  453
EBITDA, $m
  129
  190
  195
  201
  207
  214
  221
  230
  238
  248
  258
  268
  280
  292
  304
  318
  332
  347
  363
  380
  398
  416
  436
  457
  479
  501
  526
  551
  578
  606
  636
Interest expense (income), $m
  27
  26
  27
  28
  29
  31
  33
  34
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  80
  84
  89
  94
  99
  105
  111
  117
  124
Earnings before tax, $m
  29
  87
  89
  92
  95
  99
  103
  107
  111
  116
  121
  149
  154
  160
  167
  173
  180
  188
  196
  204
  213
  222
  231
  242
  252
  264
  276
  288
  301
  315
  330
Tax expense, $m
  -3
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
Net income, $m
  32
  63
  65
  67
  70
  72
  75
  78
  81
  84
  88
  109
  113
  117
  122
  126
  132
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241

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
  1,193
  1,226
  1,263
  1,303
  1,346
  1,394
  1,445
  1,500
  1,559
  1,622
  1,689
  1,760
  1,835
  1,916
  2,000
  2,090
  2,185
  2,285
  2,391
  2,502
  2,620
  2,744
  2,874
  3,011
  3,156
  3,308
  3,468
  3,636
  3,814
  4,000
Adjusted assets (=assets-cash), $m
  1,164
  1,193
  1,226
  1,263
  1,303
  1,346
  1,394
  1,445
  1,500
  1,559
  1,622
  1,689
  1,760
  1,835
  1,916
  2,000
  2,090
  2,185
  2,285
  2,391
  2,502
  2,620
  2,744
  2,874
  3,011
  3,156
  3,308
  3,468
  3,636
  3,814
  4,000
Revenue / Adjusted assets
  1.078
  1.078
  1.078
  1.078
  1.078
  1.079
  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
  1.078
Average production assets, $m
  711
  728
  748
  770
  795
  822
  850
  882
  915
  951
  990
  1,030
  1,074
  1,120
  1,169
  1,221
  1,275
  1,333
  1,394
  1,459
  1,527
  1,598
  1,674
  1,754
  1,837
  1,926
  2,018
  2,116
  2,219
  2,327
  2,440
Working capital, $m
  174
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  49
  51
  53
  56
Total debt, $m
  353
  353
  369
  387
  406
  428
  451
  476
  503
  531
  562
  594
  629
  666
  705
  746
  790
  836
  885
  936
  991
  1,048
  1,108
  1,172
  1,239
  1,309
  1,383
  1,461
  1,543
  1,629
  1,720
Total liabilities, $m
  581
  581
  597
  615
  634
  656
  679
  704
  731
  759
  790
  822
  857
  894
  933
  974
  1,018
  1,064
  1,113
  1,164
  1,219
  1,276
  1,336
  1,400
  1,467
  1,537
  1,611
  1,689
  1,771
  1,857
  1,948
Total equity, $m
  755
  612
  629
  648
  668
  691
  715
  741
  770
  800
  832
  866
  903
  942
  983
  1,026
  1,072
  1,121
  1,172
  1,226
  1,284
  1,344
  1,407
  1,474
  1,545
  1,619
  1,697
  1,779
  1,866
  1,956
  2,052
Total liabilities and equity, $m
  1,336
  1,193
  1,226
  1,263
  1,302
  1,347
  1,394
  1,445
  1,501
  1,559
  1,622
  1,688
  1,760
  1,836
  1,916
  2,000
  2,090
  2,185
  2,285
  2,390
  2,503
  2,620
  2,743
  2,874
  3,012
  3,156
  3,308
  3,468
  3,637
  3,813
  4,000
Debt-to-equity ratio
  0.468
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.810
  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
  65
  67
  70
  72
  75
  78
  81
  84
  88
  109
  113
  117
  122
  126
  132
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
Depreciation, amort., depletion, $m
  68
  77
  79
  80
  82
  84
  86
  89
  91
  94
  97
  77
  80
  84
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
Funds from operations, $m
  93
  140
  144
  148
  152
  156
  161
  167
  172
  178
  185
  185
  193
  201
  209
  218
  227
  236
  247
  258
  269
  281
  294
  307
  321
  336
  352
  368
  385
  404
  423
Change in working capital, $m
  -5
  0
  0
  1
  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
Cash from operations, $m
  98
  140
  143
  147
  151
  156
  161
  166
  171
  177
  184
  185
  192
  200
  208
  216
  225
  235
  245
  256
  268
  279
  292
  305
  319
  334
  350
  366
  383
  401
  420
Maintenance CAPEX, $m
  0
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
New CAPEX, $m
  -11
  -18
  -20
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
Cash from investing activities, $m
  -145
  -71
  -74
  -78
  -81
  -86
  -90
  -94
  -100
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -225
  -237
  -249
  -261
  -274
  -288
Free cash flow, $m
  -47
  69
  69
  69
  69
  70
  70
  71
  72
  73
  75
  70
  71
  73
  75
  77
  80
  82
  85
  88
  91
  94
  97
  101
  105
  109
  113
  118
  122
  128
  133
Issuance/(repayment) of debt, $m
  -4
  14
  16
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  70
  74
  78
  82
  86
  91
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
  14
  16
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  70
  74
  78
  82
  86
  91
Total cash flow (excl. dividends), $m
  86
  84
  85
  87
  89
  91
  93
  96
  99
  102
  105
  102
  106
  110
  114
  119
  123
  128
  134
  139
  145
  151
  158
  164
  172
  179
  187
  196
  204
  214
  224
Retained Cash Flow (-), $m
  -108
  -15
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -96
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
 
  226
  68
  68
  68
  69
  69
  70
  71
  72
  73
  68
  70
  71
  73
  75
  77
  80
  82
  85
  88
  91
  94
  98
  101
  105
  109
  114
  118
  123
  128
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
 
  217
  62
  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. is a holding company. The Company owns, operates and invests in local media assets. The Company's segments include Eastern US Publishing, Central US Publishing, Western US Publishing and BridgeTower. It focuses on owning and acquiring local media assets in small to mid-size markets. It is a publisher of local newspapers and related publications. As of December 25, 2016, its portfolio of media assets spanned across 538 markets and 36 states. As of December 25, 2016, its products included 631 community print publications, 538 Websites and two yellow page directories. Its directory portfolio includes Surewest Directories located in and around the Sacramento, California area, primarily in Roseville, California. The Roseville directory serves the local Roseville community. It also owns additional directory based in Mt. Shasta, California. Propel is its business services product line with digital products designed for small and midsized businesses (SMBs).

FINANCIAL RATIOS  of  New Media Investment Group (NEWM)

Valuation Ratios
P/E Ratio 28
Price to Sales 0.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 10.3
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 2.5% 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 53.238 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 $0.9 billion.

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COMPANY NEWS

▶ New Media Investment reports 3Q loss   [Oct-26-17 07:25AM  Associated Press]
▶ Owner of KC-area newspaper buys more across U.S.   [Aug-10-17 10:27AM  American City Business Journals]
▶ Morris Communications selling newspapers to GateHouse Media   [Aug-09-17 02:57PM  Associated Press]
▶ Columbus Dispatch owner buys another family-run news media company   [10:50AM  American City Business Journals]
▶ Florida Times-Union, St. Augustine Record sold   [08:19AM  American City Business Journals]
▶ New Media Investment reports 2Q loss   [Jul-28-17 12:19AM  Associated Press]
▶ 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]
Financial statements 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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