Intrinsic value of Novadaq Technologies - NVDQ

Previous Close

$11.57

  Intrinsic Value

$0.08

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

0%

Previous close

$11.57

 
Intrinsic value

$0.08

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of NVDQ 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 2008), $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
2008(a)
   2009
   2010
   2011
   2012
   2013
   2014
   2015
   2016
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.00
  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
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
Variable operating expenses, $m
 
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
Fixed operating expenses, $m
 
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
Total operating expenses, $m
  29
  29
  31
  31
  32
  33
  34
  35
  36
  37
  38
  39
  41
  41
  43
  45
  46
  48
  50
  51
  53
  55
  56
  58
  61
  63
  65
  67
  70
  73
  75
Operating income, $m
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -32
  -33
  -34
  -35
  -36
EBITDA, $m
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -31
Interest expense (income), $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
  0
Earnings before tax, $m
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -33
  -34
  -35
  -36
Tax expense, $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
  0
Net income, $m
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -33
  -34
  -35
  -36

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  23
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
Adjusted assets (=assets-cash), $m
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
Revenue / Adjusted assets
  0.632
  0.632
  0.650
  0.650
  0.619
  0.636
  0.636
  0.652
  0.625
  0.640
  0.615
  0.630
  0.643
  0.621
  0.633
  0.645
  0.636
  0.647
  0.639
  0.649
  0.641
  0.634
  0.628
  0.622
  0.638
  0.633
  0.635
  0.630
  0.632
  0.644
  0.629
Average production assets, $m
  14
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
Working capital, $m
  6
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
Total debt, $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
Total liabilities, $m
  4
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
Total equity, $m
  18
  14
  15
  15
  15
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
Total liabilities and equity, $m
  22
  19
  20
  20
  20
  22
  22
  23
  24
  24
  26
  27
  27
  29
  30
  31
  33
  34
  35
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
Debt-to-equity ratio
  0.000
  0.010
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
Adjusted equity ratio
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737
  0.737

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -33
  -34
  -35
  -36
Depreciation, amort., depletion, $m
  2
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Funds from operations, $m
  -11
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -25
  -26
  -26
  -27
  -28
  -28
  -29
  -30
  -30
  -31
  -32
Change in working capital, $m
  1
  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 operations, $m
  -12
  -16
  -17
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -24
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -31
  -31
  -32
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
New CAPEX, $m
  -1
  0
  0
  0
  0
  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
Cash from investing activities, $m
  9
  -1
  -1
  -1
  -1
  -1
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Free cash flow, $m
  -3
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -33
  -34
  -35
  -36
  -37
  -38
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
Issuance/(repurchase) of shares, $m
  0
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  29
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
Cash from financing (excl. dividends), $m  
  0
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  29
  29
  30
  32
  33
  34
  34
  35
  36
  37
  38
  39
Total cash flow (excl. dividends), $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
Retained Cash Flow (-), $m
  16
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -33
  -34
  -35
  -36
  -37
  -38
Prev. year cash balance distribution, $m
 
  4
  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
 
  -14
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -27
  -28
  -29
  -30
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -36
  -37
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
 
  -13
  -17
  -16
  -16
  -15
  -15
  -14
  -13
  -12
  -12
  -11
  -10
  -9
  -8
  -7
  -7
  -6
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  88.8
  78.7
  69.8
  61.9
  54.9
  48.6
  43.2
  38.3
  34.1
  30.3
  27.0
  24.1
  21.5
  19.3
  17.3
  15.5
  13.9
  12.6
  11.3
  10.2
  9.3
  8.4
  7.6
  7.0
  6.3
  5.8
  5.3
  4.9
  4.5
  4.1

Novadaq Technologies Inc. develops, manufactures, and markets fluorescence imaging products for use by surgeons in the operating room and other clinical settings in the United States and internationally. Its proprietary imaging platform is used to visualize blood vessels, nerves, and the lymphatic system during surgical procedures. The company offers SPY Elite imaging system for use in coronary artery bypass, cardiovascular, plastic, reconstructive, micro, organ transplant, and gastrointestinal surgeries; and PINPOINT endoscopic fluorescence imaging system, high-definition white-light video with SPY fluorescence imaging. It also provides Firefly systems for use in robotic surgery; LUNA fluorescence angiography that enables clinicians to visually assess tissue perfusion in various cardiovascular procedures; CO2 heart laser system for transmyocardial revascularization; and DermACELL tissue products for use in breast reconstruction surgeries, as well as in the treatment of diabetic foot, venous stasis ulcers, and chronic non-healing wounds. In addition, the company markets SPY Analysis Toolkit, a post-processing software that allows physicians to enhance and apply objective analysis tools to SPY Elite and LUNA images. Novadaq Technologies Inc. was founded in 2000 and is headquartered in Mississauga, Canada.

FINANCIAL RATIOS  of  Novadaq Technologies (NVDQ)

Valuation Ratios
P/E Ratio -16.7
Price to Sales 23.7
Price to Book 15.8
Price to Tangible Book
Price to Cash Flow -23.7
Price to Free Cash Flow -21.8
Growth Rates
Sales Growth Rate 20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -52.3%
Ret/ On Assets - 3 Yr. Avg. -48.2%
Return On Total Capital -65.4%
Ret/ On T. Cap. - 3 Yr. Avg. -56.8%
Return On Equity -65.4%
Return On Equity - 3 Yr. Avg. -56.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 50%
Gross Margin - 3 Yr. Avg. 50%
EBITDA Margin -125%
EBITDA Margin - 3 Yr. Avg. -255%
Operating Margin -141.7%
Oper. Margin - 3 Yr. Avg. -303.9%
Pre-Tax Margin -141.7%
Pre-Tax Margin - 3 Yr. Avg. -283.9%
Net Profit Margin -141.7%
Net Profit Margin - 3 Yr. Avg. -283.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NVDQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NVDQ stock intrinsic value calculation we used $12 million for the last fiscal year's total revenue generated by Novadaq Technologies. The default revenue input number comes from 2008 income statement of Novadaq Technologies. 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 NVDQ 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 4.3%, whose default value for NVDQ is calculated based on our internal credit rating of Novadaq Technologies, 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 Novadaq Technologies.
    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 NVDQ 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 $17 million in the base year in the intrinsic value calculation for NVDQ 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 Novadaq Technologies.

Corporate tax rate of 27% is the nominal tax rate for Novadaq Technologies. 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 NVDQ 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 NVDQ are equal to 112.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Novadaq Technologies 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 NVDQ is equal to 16.7%. 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 - $18 million for Novadaq Technologies - 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 57.843 million for Novadaq Technologies 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 Novadaq Technologies at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Novadaq reports 2Q loss   [Aug-11-17 08:08PM  Associated Press]
▶ Stryker Acquires Novadaq, Enhances Its Endoscopic Offerings   [Jul-20-17 09:09AM  Market Realist]
▶ Company News for June 20, 2017   [Jun-20-17 10:19AM  Zacks]
▶ Story Stocks from Briefing.com   [01:23PM  Briefing.com]
▶ Is This the Buyout Novadaq Needs?   [10:20AM  24/7 Wall St.]
▶ Novadaq reports 1Q loss   [May-03-17 06:33PM  Associated Press]
▶ Novadaq reports 4Q loss   [Feb-28-17 05:01PM  Associated Press]
▶ DermACELL receives coverage from Cigna   [Feb-21-17 03:54PM  PR Newswire]
▶ Baron Funds Comments on Novadaq Technologies   [Jan-20-17 04:18PM  GuruFocus.com]
▶ Baron Discovery Fund 4th Quarter Letter   [03:27PM  GuruFocus.com]
▶ NOVADAQ Appoints Lisa Colleran to Its Board of Directors   [Jan-04-17 04:05PM  GlobeNewswire]
▶ How Novadaq Technologies Inc. (NVDQ) Stacks Up Against Its Peers   [Dec-12-16 08:17PM  at Insider Monkey]
▶ Wedbush Has 3 Stocks to Buy With 70% to 140% Upside Potential   [Jul-30-16 09:40AM  at 24/7 Wall St.]
▶ NOVADAQ to Participate in August Investor Conferences   [Jul-29-16 08:30AM  GlobeNewswire]
▶ NOVADAQ to Participate in June Investor Conferences   [May-26-16 04:30PM  GlobeNewswire]
▶ NOVADAQ to Participate in May Investor Conferences   [Apr-29-16 08:00AM  GlobeNewswire]
▶ 8 Biotech Stocks Under $10 Making Big Moves Higher   [Mar-20-16 09:50AM  at TheStreet]
▶ 7 Breakout Stocks Spiking on Big Volume   [Mar-14-16 07:05AM  at TheStreet]
▶ NOVADAQ to Participate in March Investor Conferences   [Mar-01-16 04:30PM  GlobeNewswire]
Stock chart of NVDQ Financial statements of NVDQ
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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