Intrinsic value of New York Times Cl A - NYT

Previous Close

$18.00

  Intrinsic Value

$15.01

stock screener

  Rating & Target

hold

-17%

Previous close

$18.00

 
Intrinsic value

$15.01

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of NYT 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 2.9

 

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, %
  -1.52
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  1,555
  1,697
  1,844
  1,997
  2,157
  2,323
  2,495
  2,674
  2,860
  3,054
  3,255
  3,464
  3,682
  3,909
  4,145
  4,391
  4,648
  4,916
  5,195
  5,487
  5,792
  6,110
  6,443
  6,791
  7,155
  7,536
  7,935
  8,353
  8,791
  9,249
  9,730
Variable operating expenses, $m
 
  1,549
  1,683
  1,822
  1,966
  2,116
  2,272
  2,435
  2,603
  2,778
  2,960
  3,136
  3,334
  3,539
  3,753
  3,976
  4,208
  4,450
  4,703
  4,967
  5,243
  5,531
  5,833
  6,148
  6,478
  6,823
  7,184
  7,562
  7,959
  8,374
  8,808
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
  1,454
  1,549
  1,683
  1,822
  1,966
  2,116
  2,272
  2,435
  2,603
  2,778
  2,960
  3,136
  3,334
  3,539
  3,753
  3,976
  4,208
  4,450
  4,703
  4,967
  5,243
  5,531
  5,833
  6,148
  6,478
  6,823
  7,184
  7,562
  7,959
  8,374
  8,808
Operating income, $m
  102
  147
  161
  176
  191
  206
  223
  240
  257
  276
  295
  328
  349
  370
  392
  416
  440
  465
  492
  520
  548
  579
  610
  643
  677
  714
  751
  791
  832
  876
  921
EBITDA, $m
  164
  217
  236
  255
  276
  297
  319
  342
  366
  390
  416
  443
  471
  500
  530
  561
  594
  628
  664
  701
  740
  781
  824
  868
  915
  964
  1,015
  1,068
  1,124
  1,183
  1,244
Interest expense (income), $m
  39
  28
  42
  57
  72
  88
  104
  121
  139
  158
  177
  197
  217
  239
  261
  285
  309
  334
  361
  389
  417
  448
  479
  512
  546
  582
  620
  660
  701
  744
  790
Earnings before tax, $m
  31
  119
  119
  119
  118
  118
  118
  118
  118
  118
  118
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  131
  132
  132
Tax expense, $m
  5
  32
  32
  32
  32
  32
  32
  32
  32
  32
  32
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  36
  36
Net income, $m
  29
  87
  87
  87
  87
  86
  86
  86
  86
  86
  86
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  550
  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
  2,185
  1,784
  1,939
  2,100
  2,268
  2,442
  2,624
  2,812
  3,008
  3,211
  3,423
  3,643
  3,872
  4,110
  4,359
  4,618
  4,887
  5,169
  5,463
  5,770
  6,090
  6,425
  6,775
  7,141
  7,524
  7,925
  8,344
  8,784
  9,244
  9,726
  10,231
Adjusted assets (=assets-cash), $m
  1,635
  1,784
  1,939
  2,100
  2,268
  2,442
  2,624
  2,812
  3,008
  3,211
  3,423
  3,643
  3,872
  4,110
  4,359
  4,618
  4,887
  5,169
  5,463
  5,770
  6,090
  6,425
  6,775
  7,141
  7,524
  7,925
  8,344
  8,784
  9,244
  9,726
  10,231
Revenue / Adjusted assets
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
  0.951
Average production assets, $m
  620
  675
  734
  795
  858
  924
  993
  1,064
  1,138
  1,215
  1,296
  1,379
  1,466
  1,556
  1,650
  1,748
  1,850
  1,956
  2,068
  2,184
  2,305
  2,432
  2,564
  2,703
  2,848
  3,000
  3,158
  3,325
  3,499
  3,681
  3,872
Working capital, $m
  397
  -166
  -181
  -196
  -211
  -228
  -245
  -262
  -280
  -299
  -319
  -340
  -361
  -383
  -406
  -430
  -456
  -482
  -509
  -538
  -568
  -599
  -631
  -666
  -701
  -739
  -778
  -819
  -862
  -906
  -953
Total debt, $m
  247
  369
  496
  628
  765
  908
  1,056
  1,210
  1,370
  1,537
  1,710
  1,890
  2,077
  2,272
  2,475
  2,687
  2,908
  3,138
  3,379
  3,629
  3,892
  4,165
  4,452
  4,751
  5,065
  5,392
  5,736
  6,095
  6,471
  6,866
  7,279
Total liabilities, $m
  1,338
  1,459
  1,586
  1,718
  1,855
  1,998
  2,146
  2,300
  2,460
  2,627
  2,800
  2,980
  3,167
  3,362
  3,565
  3,777
  3,998
  4,228
  4,469
  4,719
  4,982
  5,255
  5,542
  5,841
  6,155
  6,482
  6,826
  7,185
  7,561
  7,956
  8,369
Total equity, $m
  848
  325
  353
  382
  413
  445
  478
  512
  547
  584
  623
  663
  705
  748
  793
  840
  890
  941
  994
  1,050
  1,108
  1,169
  1,233
  1,300
  1,369
  1,442
  1,519
  1,599
  1,682
  1,770
  1,862
Total liabilities and equity, $m
  2,186
  1,784
  1,939
  2,100
  2,268
  2,443
  2,624
  2,812
  3,007
  3,211
  3,423
  3,643
  3,872
  4,110
  4,358
  4,617
  4,888
  5,169
  5,463
  5,769
  6,090
  6,424
  6,775
  7,141
  7,524
  7,924
  8,345
  8,784
  9,243
  9,726
  10,231
Debt-to-equity ratio
  0.291
  1.140
  1.410
  1.640
  1.850
  2.040
  2.210
  2.360
  2.500
  2.630
  2.740
  2.850
  2.950
  3.040
  3.120
  3.200
  3.270
  3.340
  3.400
  3.460
  3.510
  3.560
  3.610
  3.660
  3.700
  3.740
  3.780
  3.810
  3.850
  3.880
  3.910
Adjusted equity ratio
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  29
  87
  87
  87
  87
  86
  86
  86
  86
  86
  86
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
  96
Depreciation, amort., depletion, $m
  62
  70
  75
  80
  85
  91
  96
  102
  108
  115
  121
  115
  122
  130
  137
  146
  154
  163
  172
  182
  192
  203
  214
  225
  237
  250
  263
  277
  292
  307
  323
Funds from operations, $m
  80
  156
  161
  166
  172
  177
  183
  189
  195
  201
  208
  211
  218
  225
  233
  241
  250
  259
  268
  278
  288
  298
  309
  321
  333
  346
  359
  373
  387
  403
  419
Change in working capital, $m
  -14
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  94
  170
  176
  181
  187
  193
  200
  206
  213
  220
  227
  231
  239
  248
  256
  265
  275
  285
  295
  306
  318
  329
  342
  355
  369
  383
  398
  414
  430
  448
  466
Maintenance CAPEX, $m
  0
  -52
  -56
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -130
  -137
  -146
  -154
  -163
  -172
  -182
  -192
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -292
  -307
New CAPEX, $m
  -30
  -56
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
Cash from investing activities, $m
  128
  -108
  -115
  -122
  -130
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -202
  -212
  -224
  -235
  -248
  -261
  -274
  -288
  -303
  -319
  -335
  -353
  -370
  -389
  -409
  -429
  -451
  -474
  -498
Free cash flow, $m
  222
  63
  61
  59
  57
  56
  54
  52
  50
  48
  46
  40
  38
  35
  33
  30
  27
  24
  21
  18
  14
  11
  7
  3
  -2
  -6
  -11
  -16
  -21
  -26
  -32
Issuance/(repayment) of debt, $m
  -190
  122
  127
  132
  137
  143
  148
  154
  160
  166
  173
  180
  187
  195
  203
  212
  221
  230
  240
  251
  262
  274
  286
  299
  313
  328
  343
  359
  376
  394
  413
Issuance/(repurchase) of shares, $m
  -15
  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  
  -201
  122
  127
  132
  137
  143
  148
  154
  160
  166
  173
  180
  187
  195
  203
  212
  221
  230
  240
  251
  262
  274
  286
  299
  313
  328
  343
  359
  376
  394
  413
Total cash flow (excl. dividends), $m
  21
  185
  188
  191
  195
  198
  202
  206
  210
  214
  219
  220
  225
  230
  236
  242
  248
  254
  261
  269
  276
  285
  293
  302
  312
  322
  333
  344
  356
  368
  381
Retained Cash Flow (-), $m
  -21
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
Prev. year cash balance distribution, $m
 
  550
  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
 
  709
  159
  162
  164
  167
  169
  172
  175
  177
  180
  180
  183
  187
  191
  195
  199
  203
  208
  213
  218
  224
  229
  236
  242
  249
  256
  264
  272
  280
  289
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
 
  679
  146
  141
  135
  129
  123
  116
  109
  102
  95
  85
  78
  71
  64
  57
  51
  44
  38
  33
  28
  23
  19
  15
  12
  10
  7
  6
  4
  3
  2
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

The New York Times Company is a media company focused on creating, collecting and distributing news and information. The Company's principal business consists of distributing content generated by its newsroom through its print, Web and mobile platforms. In addition, it distributes selected content on third-party platforms. The Company includes newspapers, print and digital products and investments. The Company's businesses include newspapers, such as The New York Times (The Times); Websites, including NYTimes.com; mobile applications, including The Times's news applications, as well as interest-specific applications, such as NYT Cooking, Crossword and others, and related businesses, such as The Times news services division, product review and recommendation Websites The Wirecutter and The Sweethome, digital archive distribution, NYT Live (its live events business) and other products and services under The Times brand.

FINANCIAL RATIOS  of  New York Times Cl A (NYT)

Valuation Ratios
P/E Ratio 100
Price to Sales 1.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 30.9
Price to Free Cash Flow 45.3
Growth Rates
Sales Growth Rate -1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.1%
Cap. Spend. - 3 Yr. Gr. Rate 12%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 29.1%
Total Debt to Equity 29.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 2.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 3.5%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 59.6%
Gross Margin - 3 Yr. Avg. 60%
EBITDA Margin 8.5%
EBITDA Margin - 3 Yr. Avg. 10.5%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 13.7%
Payout Ratio 89.7%

NYT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NYT stock intrinsic value calculation we used $1555 million for the last fiscal year's total revenue generated by New York Times Cl A. The default revenue input number comes from 2016 income statement of New York Times Cl A. 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 NYT stock valuation model: a) initial revenue growth rate of 9.1% 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 NYT is calculated based on our internal credit rating of New York Times Cl A, 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 York Times Cl A.
    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 NYT stock the variable cost ratio is equal to 91.4%.

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 NYT 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 11.5% for New York Times Cl A.

Corporate tax rate of 27% is the nominal tax rate for New York Times Cl A. 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 NYT 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 NYT are equal to 39.8%.

Life of production assets of 12 years is the average useful life of capital assets used in New York Times Cl A 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 NYT is equal to -9.8%. 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 - $848 million for New York Times Cl A - 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 161.954 million for New York Times Cl A 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 York Times Cl A at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ NY Times CEO on Global Expansion, Digital Initiatives   [Dec-05-17 06:21PM  Bloomberg Video]
▶ Essay: The Nazi Next Door   [Nov-28-17 03:33PM  Fortune]
▶ The New York Times to Launch Monthly Kids' Section   [Nov-12-17 04:00PM  TheStreet.com]
▶ How do the people of China view Trump?   [Nov-10-17 06:36PM  Fox Business Videos]
▶ 2 Stocks Trading Lower After Earnings   [Nov-09-17 05:26PM  Motley Fool]
▶ [$$] New York Times Profit Grows   [01:05PM  The Wall Street Journal]
▶ New York Times posts 3Q profit   [08:50AM  Associated Press]
▶ New York Times CFO announces retirement, search for successor begins   [Oct-25-17 01:50PM  American City Business Journals]
▶ [$$] New York Times Finance Chief to Retire   [09:53AM  The Wall Street Journal]
▶ New York Times develops timeline of Las Vegas shooting   [Oct-24-17 06:56PM  CBS News Videos]
▶ FBI takes its time with Clinton-Russia scandal?   [Oct-20-17 08:26PM  Fox Business Videos]
▶ Another actress speaks as TWC staff breaks silence   [01:21PM  American City Business Journals]
▶ [$$] Harvey Weinstein is Hollywood's monster   [Oct-11-17 12:07AM  Financial Times]
▶ Fact: 'Fake News' Giants Facebook, Google, NYT Are Near Buy Points   [Oct-10-17 11:13PM  Investor's Business Daily]
▶ Hollywood condemnation of Weinstein grows louder   [02:50AM  Associated Press]
▶ Resignations, fallout grow for embattled producer Weinstein   [Oct-07-17 07:46PM  Associated Press]
▶ Google Could Do More To Help Journalism   [Oct-03-17 09:12AM  Fortune]
▶ Google to help news publishers   [Oct-02-17 10:11AM  Yahoo Finance Video]
▶ [$$] The Women Who Suffered   [Sep-26-17 06:43PM  The Wall Street Journal]
Financial statements of NYT
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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