Intrinsic value of Nuance Communications - NUAN

Previous Close

$15.70

  Intrinsic Value

$15.01

stock screener

  Rating & Target

hold

-4%

  Value-price divergence*

+64%

Previous close

$15.70

 
Intrinsic value

$15.01

 
Up/down potential

-4%

 
Rating

hold

 
Value-price divergence*

+64%

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

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

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 4.5

 

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, %
  0.93
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  1,949
  2,035
  2,126
  2,221
  2,323
  2,430
  2,543
  2,662
  2,787
  2,919
  3,058
  3,205
  3,359
  3,522
  3,692
  3,872
  4,061
  4,259
  4,468
  4,687
  4,918
  5,160
  5,415
  5,682
  5,963
  6,259
  6,569
  6,895
  7,237
  7,597
  7,974
Variable operating expenses, $m
 
  1,960
  2,032
  2,108
  2,188
  2,273
  2,362
  2,456
  2,555
  2,660
  2,770
  2,535
  2,657
  2,785
  2,920
  3,062
  3,212
  3,369
  3,534
  3,707
  3,890
  4,081
  4,283
  4,494
  4,717
  4,950
  5,196
  5,453
  5,724
  6,009
  6,307
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
  1,810
  1,960
  2,032
  2,108
  2,188
  2,273
  2,362
  2,456
  2,555
  2,660
  2,770
  2,535
  2,657
  2,785
  2,920
  3,062
  3,212
  3,369
  3,534
  3,707
  3,890
  4,081
  4,283
  4,494
  4,717
  4,950
  5,196
  5,453
  5,724
  6,009
  6,307
Operating income, $m
  139
  74
  93
  113
  135
  157
  181
  206
  232
  259
  288
  670
  702
  736
  772
  809
  849
  890
  934
  980
  1,028
  1,079
  1,132
  1,188
  1,247
  1,308
  1,373
  1,441
  1,513
  1,588
  1,667
EBITDA, $m
  370
  478
  499
  522
  546
  571
  597
  625
  655
  686
  719
  753
  789
  827
  868
  910
  954
  1,001
  1,050
  1,101
  1,155
  1,212
  1,272
  1,335
  1,401
  1,470
  1,543
  1,620
  1,700
  1,785
  1,874
Interest expense (income), $m
  77
  85
  91
  97
  103
  110
  117
  125
  133
  141
  150
  159
  169
  179
  190
  202
  214
  226
  240
  254
  268
  284
  300
  317
  335
  354
  373
  394
  416
  439
  463
Earnings before tax, $m
  2
  -11
  3
  17
  31
  47
  63
  81
  99
  118
  139
  511
  533
  557
  582
  608
  635
  664
  694
  726
  760
  795
  832
  871
  912
  955
  1,000
  1,047
  1,097
  1,149
  1,204
Tax expense, $m
  14
  0
  1
  5
  8
  13
  17
  22
  27
  32
  37
  138
  144
  150
  157
  164
  172
  179
  187
  196
  205
  215
  225
  235
  246
  258
  270
  283
  296
  310
  325
Net income, $m
  -12
  -11
  2
  12
  23
  34
  46
  59
  72
  86
  101
  373
  389
  406
  425
  444
  464
  485
  507
  530
  555
  580
  607
  636
  666
  697
  730
  764
  801
  839
  879

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  581
  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
  5,661
  5,299
  5,535
  5,785
  6,049
  6,328
  6,622
  6,932
  7,258
  7,602
  7,965
  8,346
  8,748
  9,171
  9,615
  10,083
  10,574
  11,091
  11,635
  12,206
  12,806
  13,437
  14,101
  14,797
  15,529
  16,298
  17,106
  17,955
  18,846
  19,783
  20,766
Adjusted assets (=assets-cash), $m
  5,080
  5,299
  5,535
  5,785
  6,049
  6,328
  6,622
  6,932
  7,258
  7,602
  7,965
  8,346
  8,748
  9,171
  9,615
  10,083
  10,574
  11,091
  11,635
  12,206
  12,806
  13,437
  14,101
  14,797
  15,529
  16,298
  17,106
  17,955
  18,846
  19,783
  20,766
Revenue / Adjusted assets
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
Average production assets, $m
  965
  1,007
  1,052
  1,100
  1,150
  1,203
  1,259
  1,318
  1,380
  1,445
  1,514
  1,586
  1,663
  1,743
  1,828
  1,917
  2,010
  2,108
  2,212
  2,320
  2,434
  2,554
  2,680
  2,813
  2,952
  3,098
  3,252
  3,413
  3,582
  3,760
  3,947
Working capital, $m
  348
  -203
  -213
  -222
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -321
  -336
  -352
  -369
  -387
  -406
  -426
  -447
  -469
  -492
  -516
  -541
  -568
  -596
  -626
  -657
  -689
  -724
  -760
  -797
Total debt, $m
  2,433
  2,592
  2,766
  2,949
  3,143
  3,347
  3,563
  3,791
  4,031
  4,283
  4,549
  4,829
  5,124
  5,434
  5,761
  6,104
  6,465
  6,844
  7,243
  7,662
  8,103
  8,566
  9,053
  9,564
  10,101
  10,666
  11,259
  11,882
  12,536
  13,223
  13,945
Total liabilities, $m
  3,730
  3,889
  4,063
  4,246
  4,440
  4,644
  4,860
  5,088
  5,328
  5,580
  5,846
  6,126
  6,421
  6,731
  7,058
  7,401
  7,762
  8,141
  8,540
  8,959
  9,400
  9,863
  10,350
  10,861
  11,398
  11,963
  12,556
  13,179
  13,833
  14,520
  15,242
Total equity, $m
  1,931
  1,409
  1,472
  1,539
  1,609
  1,683
  1,761
  1,844
  1,931
  2,022
  2,119
  2,220
  2,327
  2,439
  2,558
  2,682
  2,813
  2,950
  3,095
  3,247
  3,407
  3,574
  3,751
  3,936
  4,131
  4,335
  4,550
  4,776
  5,013
  5,262
  5,524
Total liabilities and equity, $m
  5,661
  5,298
  5,535
  5,785
  6,049
  6,327
  6,621
  6,932
  7,259
  7,602
  7,965
  8,346
  8,748
  9,170
  9,616
  10,083
  10,575
  11,091
  11,635
  12,206
  12,807
  13,437
  14,101
  14,797
  15,529
  16,298
  17,106
  17,955
  18,846
  19,782
  20,766
Debt-to-equity ratio
  1.260
  1.840
  1.880
  1.920
  1.950
  1.990
  2.020
  2.060
  2.090
  2.120
  2.150
  2.180
  2.200
  2.230
  2.250
  2.280
  2.300
  2.320
  2.340
  2.360
  2.380
  2.400
  2.410
  2.430
  2.450
  2.460
  2.470
  2.490
  2.500
  2.510
  2.520
Adjusted equity ratio
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  -11
  2
  12
  23
  34
  46
  59
  72
  86
  101
  373
  389
  406
  425
  444
  464
  485
  507
  530
  555
  580
  607
  636
  666
  697
  730
  764
  801
  839
  879
Depreciation, amort., depletion, $m
  231
  404
  406
  408
  411
  414
  417
  420
  423
  427
  430
  83
  87
  91
  96
  100
  105
  110
  116
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
Funds from operations, $m
  710
  393
  408
  421
  434
  448
  463
  479
  495
  513
  531
  456
  476
  498
  520
  544
  569
  595
  623
  652
  682
  714
  748
  783
  820
  859
  900
  943
  988
  1,036
  1,086
Change in working capital, $m
  144
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
Cash from operations, $m
  566
  402
  417
  430
  444
  459
  474
  491
  508
  526
  545
  471
  492
  514
  537
  562
  588
  615
  644
  674
  705
  738
  773
  810
  848
  889
  931
  976
  1,023
  1,072
  1,123
Maintenance CAPEX, $m
  0
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -147
  -155
  -162
  -170
  -179
  -188
  -197
New CAPEX, $m
  -55
  -43
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -161
  -169
  -178
  -187
Cash from investing activities, $m
  -263
  -93
  -98
  -102
  -108
  -113
  -119
  -125
  -131
  -137
  -145
  -152
  -159
  -167
  -175
  -185
  -193
  -203
  -213
  -225
  -235
  -247
  -260
  -272
  -286
  -301
  -316
  -331
  -348
  -366
  -384
Free cash flow, $m
  303
  308
  319
  328
  336
  346
  356
  366
  377
  388
  401
  319
  332
  347
  362
  377
  394
  411
  430
  449
  470
  491
  513
  537
  562
  588
  615
  644
  674
  706
  740
Issuance/(repayment) of debt, $m
  446
  159
  173
  183
  194
  205
  216
  228
  240
  253
  266
  280
  295
  310
  326
  343
  361
  379
  399
  419
  441
  463
  487
  511
  537
  564
  593
  623
  654
  687
  722
Issuance/(repurchase) of shares, $m
  -683
  70
  61
  54
  47
  40
  32
  23
  15
  5
  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  
  -305
  229
  234
  237
  241
  245
  248
  251
  255
  258
  266
  280
  295
  310
  326
  343
  361
  379
  399
  419
  441
  463
  487
  511
  537
  564
  593
  623
  654
  687
  722
Total cash flow (excl. dividends), $m
  2
  538
  554
  565
  577
  590
  603
  617
  631
  646
  667
  599
  627
  657
  688
  721
  755
  791
  829
  869
  910
  954
  1,000
  1,048
  1,099
  1,152
  1,208
  1,267
  1,329
  1,394
  1,462
Retained Cash Flow (-), $m
  334
  -70
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -195
  -205
  -215
  -226
  -237
  -249
  -262
Prev. year cash balance distribution, $m
 
  581
  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
 
  1,049
  491
  499
  507
  516
  525
  534
  544
  555
  570
  497
  520
  544
  570
  596
  624
  653
  684
  717
  751
  786
  824
  863
  904
  948
  993
  1,041
  1,092
  1,144
  1,200
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  978
  424
  397
  368
  339
  310
  280
  252
  223
  198
  147
  129
  112
  96
  81
  67
  55
  44
  34
  27
  20
  15
  11
  7
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  97.8
  96.1
  94.6
  93.3
  92.4
  91.6
  91.1
  90.8
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7

Nuance Communications, Inc. provides voice recognition and natural language understanding solutions worldwide. It operates through four segments: Healthcare, Mobile, Enterprise, and Imaging. The Healthcare segment offers transcription solutions, which enables physicians to streamline clinical documentation with medical transcription platform; Dragon Medical, a dictation software that empowers physicians to accurately capture and document patient care in real-time on various devices; clinical document improvement and coding solutions to ensure patient health information is accurately documented, coded, and evaluated; and diagnostic solutions that allows radiologists to document, collaborate, and share medical images and reports. It also provides Dragon professional and personal productivity solutions to business users and consumers. The Mobile segment provides a portfolio of virtual assistants and connected services built on voice recognition, text-to-speech, natural language understanding, dialog, and text input technologies to automotive manufacturers, device makers, and mobile operators. The Enterprise segment offers OnPremise solutions and services, an automated customer service solution comprising speech recognition, voice biometrics, transcription, text-to-speech, and dialog and analytics products; and OnDemand multichannel cloud, a platform that offers enterprises the ability to implement automatic customer service. The Imaging segment provides MFP Scan automation solutions to offer scanning and document management solutions; MFP Print automation solutions to deliver printing and document management solutions; and PDF and OCR software, a technology that enables the capture, creation, and management of document workflows. The company was formerly known as ScanSoft, Inc. and changed its name to Nuance Communications, Inc. in October 2005. Nuance Communications, Inc. was founded in 1992 and is headquartered in Burlington, Massachusetts.

FINANCIAL RATIOS  of  Nuance Communications (NUAN)

Valuation Ratios
P/E Ratio -376.3
Price to Sales 2.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 8.8
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.2%
Cap. Spend. - 3 Yr. Gr. Rate -0.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 126%
Total Debt to Equity 126%
Interest Coverage 1
Management Effectiveness
Return On Assets -8.5%
Ret/ On Assets - 3 Yr. Avg. -3%
Return On Total Capital -0.3%
Ret/ On T. Cap. - 3 Yr. Avg. -2%
Return On Equity -0.6%
Return On Equity - 3 Yr. Avg. -3.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 57.4%
Gross Margin - 3 Yr. Avg. 56.9%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 0.1%
Pre-Tax Margin - 3 Yr. Avg. -4%
Net Profit Margin -0.6%
Net Profit Margin - 3 Yr. Avg. -4.8%
Effective Tax Rate 700%
Eff/ Tax Rate - 3 Yr. Avg. 219.8%
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 $1949 million for the last fiscal year's total revenue generated by Nuance Communications. The default revenue input number comes from 2016 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 4.4% 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 7.2%, 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 97.1%.

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 3.5% 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 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 NUAN are equal to 49.5%.

Life of production assets of 19.1 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 -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 - $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 288.215 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 $4.5 billion.

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COMPANY NEWS

▶ Global Malware Attacks Hit Nuance's Results   [Aug-09-17 07:21AM  Motley Fool]
▶ Nuance Communications reports 3Q loss   [Aug-08-17 09:32PM  Associated Press]
▶ Nuance Announces Third Quarter 2017 Results   [04:01PM  GlobeNewswire]
▶ Nuance and Epson Form Strategic Partnership   [Jul-25-17 08:00AM  GlobeNewswire]
▶ Nuance Comments on Malware Incident   [08:34AM  GlobeNewswire]
▶ [$$] Localytics Names Jude McColgan as CEO   [Jun-22-17 07:15PM  The Wall Street Journal]
▶ New Strong Sell Stocks for May 16th   [May-16-17 10:29AM  Zacks]
▶ Nuance Keeps Seeing Demand Rise   [May-09-17 11:15PM  Motley Fool]
▶ Nuance Communications reports 2Q loss   [04:38PM  Associated Press]
▶ Nuance Announces Second Quarter 2017 Results   [04:01PM  GlobeNewswire]
▶ Icahn Leaves Voltari Position But Adds to Hertz   [Feb-21-17 01:54PM  Investopedia]
▶ Nuance Boosts Bookings on Healthcare, Automotive Demand   [Feb-07-17 09:04PM  at Motley Fool]
▶ Nuance Announces First Quarter 2017 Results   [04:01PM  Business Wire]
▶ Why Nuance Communications, Inc. Stock Dropped 25.3% in 2016   [Jan-17-17 07:43AM  at Motley Fool]
▶ Here's what Massachusetts tech companies announced during CES   [Jan-09-17 02:00PM  at bizjournals.com]
Stock chart of NUAN 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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