Intrinsic value of Nuance Communications - NUAN

Previous Close

$15.34

  Intrinsic Value

$10.85

stock screener

  Rating & Target

sell

-29%

Previous close

$15.34

 
Intrinsic value

$10.85

 
Up/down potential

-29%

 
Rating

sell

We calculate the intrinsic value of NUAN 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, %
  -0.51
  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
  1,939
  1,978
  2,023
  2,075
  2,134
  2,198
  2,269
  2,347
  2,430
  2,520
  2,617
  2,721
  2,831
  2,949
  3,074
  3,206
  3,347
  3,495
  3,653
  3,819
  3,994
  4,179
  4,375
  4,580
  4,797
  5,026
  5,266
  5,519
  5,786
  6,066
  6,360
Variable operating expenses, $m
 
  1,829
  1,861
  1,898
  1,939
  1,985
  2,036
  2,091
  2,150
  2,214
  2,282
  1,930
  2,009
  2,092
  2,181
  2,275
  2,375
  2,480
  2,592
  2,710
  2,834
  2,966
  3,104
  3,250
  3,404
  3,566
  3,737
  3,916
  4,105
  4,304
  4,513
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
  1,887
  1,829
  1,861
  1,898
  1,939
  1,985
  2,036
  2,091
  2,150
  2,214
  2,282
  1,930
  2,009
  2,092
  2,181
  2,275
  2,375
  2,480
  2,592
  2,710
  2,834
  2,966
  3,104
  3,250
  3,404
  3,566
  3,737
  3,916
  4,105
  4,304
  4,513
Operating income, $m
  52
  149
  162
  177
  194
  213
  234
  256
  280
  307
  335
  790
  822
  856
  893
  931
  972
  1,015
  1,061
  1,109
  1,160
  1,214
  1,271
  1,330
  1,393
  1,460
  1,530
  1,603
  1,680
  1,762
  1,847
EBITDA, $m
  286
  1,028
  1,051
  1,078
  1,109
  1,142
  1,179
  1,219
  1,263
  1,309
  1,360
  1,413
  1,471
  1,532
  1,597
  1,666
  1,739
  1,816
  1,898
  1,984
  2,075
  2,171
  2,273
  2,380
  2,492
  2,611
  2,736
  2,867
  3,006
  3,151
  3,305
Interest expense (income), $m
  92
  162
  167
  173
  179
  187
  195
  204
  214
  225
  236
  249
  262
  276
  291
  307
  324
  342
  361
  381
  402
  425
  448
  473
  500
  527
  556
  587
  620
  654
  689
Earnings before tax, $m
  -119
  -13
  -5
  4
  15
  26
  38
  52
  66
  82
  98
  542
  560
  580
  602
  624
  648
  673
  700
  728
  758
  789
  822
  857
  894
  932
  973
  1,016
  1,061
  1,108
  1,158
Tax expense, $m
  32
  0
  0
  1
  4
  7
  10
  14
  18
  22
  27
  146
  151
  157
  162
  169
  175
  182
  189
  197
  205
  213
  222
  231
  241
  252
  263
  274
  286
  299
  313
Net income, $m
  -151
  -13
  -5
  3
  11
  19
  28
  38
  48
  60
  72
  395
  409
  424
  439
  456
  473
  492
  511
  532
  553
  576
  600
  626
  652
  681
  710
  742
  774
  809
  845

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  845
  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
  5,932
  6,048
  6,187
  6,346
  6,525
  6,723
  6,940
  7,176
  7,432
  7,708
  8,003
  8,320
  8,657
  9,017
  9,399
  9,805
  10,234
  10,689
  11,170
  11,678
  12,215
  12,781
  13,378
  14,007
  14,671
  15,369
  16,104
  16,878
  17,693
  18,550
  19,451
Adjusted assets (=assets-cash), $m
  5,087
  6,048
  6,187
  6,346
  6,525
  6,723
  6,940
  7,176
  7,432
  7,708
  8,003
  8,320
  8,657
  9,017
  9,399
  9,805
  10,234
  10,689
  11,170
  11,678
  12,215
  12,781
  13,378
  14,007
  14,671
  15,369
  16,104
  16,878
  17,693
  18,550
  19,451
Revenue / Adjusted assets
  0.381
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
Average production assets, $m
  894
  4,531
  4,635
  4,754
  4,888
  5,036
  5,199
  5,376
  5,568
  5,774
  5,996
  6,233
  6,486
  6,755
  7,041
  7,345
  7,667
  8,008
  8,368
  8,749
  9,151
  9,575
  10,022
  10,494
  10,991
  11,514
  12,065
  12,645
  13,255
  13,897
  14,572
Working capital, $m
  216
  -97
  -99
  -102
  -105
  -108
  -111
  -115
  -119
  -123
  -128
  -133
  -139
  -144
  -151
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -214
  -224
  -235
  -246
  -258
  -270
  -283
  -297
  -312
Total debt, $m
  2,617
  2,693
  2,787
  2,894
  3,014
  3,148
  3,294
  3,453
  3,626
  3,811
  4,011
  4,224
  4,452
  4,694
  4,951
  5,225
  5,514
  5,821
  6,145
  6,488
  6,849
  7,231
  7,633
  8,058
  8,504
  8,975
  9,471
  9,992
  10,541
  11,119
  11,726
Total liabilities, $m
  4,001
  4,077
  4,170
  4,277
  4,398
  4,531
  4,677
  4,837
  5,009
  5,195
  5,394
  5,608
  5,835
  6,077
  6,335
  6,608
  6,898
  7,204
  7,529
  7,871
  8,233
  8,614
  9,017
  9,441
  9,888
  10,359
  10,854
  11,376
  11,925
  12,502
  13,110
Total equity, $m
  1,931
  1,972
  2,017
  2,069
  2,127
  2,192
  2,262
  2,339
  2,423
  2,513
  2,609
  2,712
  2,822
  2,940
  3,064
  3,196
  3,336
  3,485
  3,641
  3,807
  3,982
  4,167
  4,361
  4,566
  4,783
  5,010
  5,250
  5,502
  5,768
  6,047
  6,341
Total liabilities and equity, $m
  5,932
  6,049
  6,187
  6,346
  6,525
  6,723
  6,939
  7,176
  7,432
  7,708
  8,003
  8,320
  8,657
  9,017
  9,399
  9,804
  10,234
  10,689
  11,170
  11,678
  12,215
  12,781
  13,378
  14,007
  14,671
  15,369
  16,104
  16,878
  17,693
  18,549
  19,451
Debt-to-equity ratio
  1.355
  1.370
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.620
  1.630
  1.650
  1.670
  1.690
  1.700
  1.720
  1.740
  1.750
  1.760
  1.780
  1.790
  1.800
  1.820
  1.830
  1.840
  1.850
Adjusted equity ratio
  0.213
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -151
  -13
  -5
  3
  11
  19
  28
  38
  48
  60
  72
  395
  409
  424
  439
  456
  473
  492
  511
  532
  553
  576
  600
  626
  652
  681
  710
  742
  774
  809
  845
Depreciation, amort., depletion, $m
  234
  879
  889
  901
  914
  929
  945
  963
  982
  1,003
  1,025
  623
  649
  676
  704
  735
  767
  801
  837
  875
  915
  957
  1,002
  1,049
  1,099
  1,151
  1,206
  1,264
  1,325
  1,390
  1,457
Funds from operations, $m
  413
  865
  884
  904
  925
  948
  973
  1,001
  1,031
  1,063
  1,097
  1,019
  1,058
  1,099
  1,143
  1,190
  1,240
  1,292
  1,348
  1,406
  1,468
  1,534
  1,602
  1,675
  1,752
  1,832
  1,917
  2,006
  2,100
  2,199
  2,303
Change in working capital, $m
  34
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
Cash from operations, $m
  379
  867
  886
  907
  928
  951
  977
  1,005
  1,035
  1,067
  1,102
  1,024
  1,063
  1,105
  1,149
  1,197
  1,247
  1,300
  1,355
  1,415
  1,477
  1,543
  1,612
  1,685
  1,762
  1,843
  1,929
  2,018
  2,113
  2,212
  2,317
Maintenance CAPEX, $m
  0
  -444
  -453
  -464
  -475
  -489
  -504
  -520
  -538
  -557
  -577
  -600
  -623
  -649
  -676
  -704
  -735
  -767
  -801
  -837
  -875
  -915
  -957
  -1,002
  -1,049
  -1,099
  -1,151
  -1,206
  -1,264
  -1,325
  -1,390
New CAPEX, $m
  -62
  -87
  -104
  -119
  -134
  -148
  -163
  -177
  -192
  -206
  -222
  -237
  -253
  -269
  -286
  -304
  -322
  -341
  -360
  -381
  -402
  -424
  -447
  -472
  -497
  -523
  -551
  -580
  -610
  -642
  -675
Cash from investing activities, $m
  -334
  -531
  -557
  -583
  -609
  -637
  -667
  -697
  -730
  -763
  -799
  -837
  -876
  -918
  -962
  -1,008
  -1,057
  -1,108
  -1,161
  -1,218
  -1,277
  -1,339
  -1,404
  -1,474
  -1,546
  -1,622
  -1,702
  -1,786
  -1,874
  -1,967
  -2,065
Free cash flow, $m
  45
  336
  329
  324
  319
  314
  311
  308
  305
  304
  303
  187
  187
  187
  188
  189
  190
  192
  194
  197
  200
  203
  207
  211
  216
  221
  226
  232
  238
  245
  252
Issuance/(repayment) of debt, $m
  203
  76
  94
  107
  120
  133
  146
  159
  172
  186
  199
  213
  228
  242
  258
  273
  290
  307
  324
  343
  362
  382
  402
  424
  447
  471
  496
  522
  549
  578
  607
Issuance/(repurchase) of shares, $m
  -82
  54
  50
  49
  47
  45
  43
  39
  35
  30
  25
  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  
  67
  130
  144
  156
  167
  178
  189
  198
  207
  216
  224
  213
  228
  242
  258
  273
  290
  307
  324
  343
  362
  382
  402
  424
  447
  471
  496
  522
  549
  578
  607
Total cash flow (excl. dividends), $m
  111
  465
  473
  480
  487
  493
  500
  506
  513
  520
  527
  400
  414
  429
  445
  462
  480
  499
  519
  540
  562
  585
  610
  636
  663
  692
  722
  754
  787
  822
  860
Retained Cash Flow (-), $m
  0
  -54
  -50
  -52
  -58
  -64
  -71
  -77
  -83
  -90
  -96
  -103
  -110
  -117
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -228
  -240
  -252
  -266
  -279
  -294
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
 
  155
  158
  162
  166
  171
  176
  182
  188
  194
  202
  209
  218
  226
  236
  246
  256
  268
  280
  292
  306
  320
  334
  350
  366
  384
  402
  421
  442
  463
  485
Cash available for distribution, $m
 
  411
  423
  428
  428
  429
  429
  429
  430
  430
  430
  297
  304
  312
  321
  330
  340
  350
  362
  374
  387
  400
  415
  430
  447
  464
  482
  501
  522
  543
  566
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  385
  369
  346
  318
  290
  262
  235
  209
  184
  160
  95
  83
  71
  61
  51
  42
  34
  28
  22
  17
  13
  10
  7
  5
  3
  2
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  98.8
  97.7
  96.7
  95.7
  94.9
  94.1
  93.4
  92.8
  92.3
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9

Nuance Communications, Inc. is a provider of voice recognition and natural language understanding solutions. The Company's segments include Healthcare, Mobile, Enterprise and Imaging. The Healthcare segment provides clinical speech and clinical language understanding solutions. The solutions for the Healthcare segment include transcription solutions, Dragon Medical, and clinical document improvement (CDI) and coding solutions. Its Mobile segment provides a portfolio of specialized virtual assistants and connected services. The Enterprise segment provides automated customer solutions and services. The solutions for the Enterprise segment include On-Premise solutions and services, and On-Demand multichannel cloud. The Imaging segment provides software solutions that help professionals and organizations to gain control of their document and information processes. Imaging segment include multi-function printer (MFP) scan automation solutions and MFP Print automation solutions.

FINANCIAL RATIOS  of  Nuance Communications (NUAN)

Valuation Ratios
P/E Ratio -29.5
Price to Sales 2.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 14
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.7%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 116.1%
Total Debt to Equity 135.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. -2.9%
Return On Total Capital -3.4%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -7.8%
Return On Equity - 3 Yr. Avg. -4.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 56%
Gross Margin - 3 Yr. Avg. 56.8%
EBITDA Margin 10.7%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 2.7%
Oper. Margin - 3 Yr. Avg. 4.2%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. -3.4%
Net Profit Margin -7.8%
Net Profit Margin - 3 Yr. Avg. -4.8%
Effective Tax Rate -26.9%
Eff/ Tax Rate - 3 Yr. Avg. 209.8%
Payout Ratio 0%

NUAN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NUAN stock intrinsic value calculation we used $1939 million for the last fiscal year's total revenue generated by Nuance Communications. The default revenue input number comes from 2017 income statement of Nuance Communications. 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 NUAN 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 6.7%, whose default value for NUAN is calculated based on our internal credit rating of Nuance Communications, 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 Nuance Communications.
    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 NUAN stock the variable cost ratio is equal to 92.9%.

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 NUAN 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 6.2% for Nuance Communications.

Corporate tax rate of 27% is the nominal tax rate for Nuance Communications. 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 NUAN stock is equal to 8%.

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 NUAN are equal to 229.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Nuance Communications 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 NUAN is equal to -4.9%. 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 - $1931 million for Nuance Communications - 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 289 million for Nuance Communications 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 Nuance Communications at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ Mark Sherwood Joins Nuance as Chief Information Officer   [Jul-16-18 08:00AM  GlobeNewswire]
▶ Nuance Teams Up with Leading CAD/RMS Provider Nexgen   [Jun-19-18 08:00AM  GlobeNewswire]
▶ Brands, Listen Up: Consumers Want to Message with You   [May-23-18 08:00AM  GlobeNewswire]
▶ This Industry Could Drive Nuance's Recovery   [May-10-18 09:18AM  Motley Fool]
▶ Earnings Roundup: Roku, IAC Rising, Nuance Plunges   [May-09-18 08:05PM  Barrons.com]
▶ Nuance Announces Second Quarter 2018 Results   [04:01PM  GlobeNewswire]
▶ [$$] Digital Assistants Start to Get More Human   [Apr-29-18 11:00PM  The Wall Street Journal]
▶ Nuance will finally get a new CEO   [Mar-22-18 02:58PM  American City Business Journals]
▶ William Janeway Retires from Nuance Board of Directors   [Mar-15-18 04:30PM  GlobeNewswire]
▶ [$$] Nuance Says Future of Authentication Is Voice, Behavioral Biometrics   [Feb-21-18 05:25PM  The Wall Street Journal]
▶ Nuance Loop Shortlisted for Prestigious 2018 GLOMO Award   [Feb-13-18 08:30AM  GlobeNewswire]
▶ Nuance Sees Faster Growth for 2018   [Feb-09-18 12:57PM  Motley Fool]
▶ Nuance Communications beats Street 1Q forecasts   [Feb-08-18 04:15PM  Associated Press]
▶ Nuance Announces First Quarter 2018 Results   [04:00PM  GlobeNewswire]
▶ Nuance Appoints Sanjay Vaswani to its Board of Directors   [Jan-26-18 05:13PM  GlobeNewswire]
▶ How Healthcare Can Become Big Business for NVIDIA   [Dec-19-17 03:15PM  Motley Fool]
Financial statements of NUAN
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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