Intrinsic value of On Deck Capital - ONDK

Previous Close

$5.91

  Intrinsic Value

$8.17

stock screener

  Rating & Target

buy

+38%

Previous close

$5.91

 
Intrinsic value

$8.17

 
Up/down potential

+38%

 
Rating

buy

Our model is not good at valuating stocks of financial companies, such as ONDK.

We calculate the intrinsic value of ONDK 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 0.4

 

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, %
  14.12
  24.30
  22.37
  20.63
  19.07
  17.66
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
Revenue, $m
  291
  362
  443
  534
  636
  748
  871
  1,004
  1,146
  1,299
  1,461
  1,632
  1,813
  2,002
  2,201
  2,408
  2,624
  2,849
  3,083
  3,327
  3,580
  3,843
  4,116
  4,400
  4,695
  5,002
  5,322
  5,654
  6,000
  6,361
  6,737
Variable operating expenses, $m
 
  364
  446
  538
  640
  753
  877
  1,011
  1,154
  1,308
  1,471
  1,644
  1,826
  2,016
  2,216
  2,425
  2,642
  2,869
  3,105
  3,350
  3,605
  3,870
  4,145
  4,431
  4,728
  5,037
  5,359
  5,694
  6,042
  6,406
  6,784
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
  376
  364
  446
  538
  640
  753
  877
  1,011
  1,154
  1,308
  1,471
  1,644
  1,826
  2,016
  2,216
  2,425
  2,642
  2,869
  3,105
  3,350
  3,605
  3,870
  4,145
  4,431
  4,728
  5,037
  5,359
  5,694
  6,042
  6,406
  6,784
Operating income, $m
  -85
  -3
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
EBITDA, $m
  -76
  4
  5
  6
  8
  9
  10
  12
  14
  16
  18
  20
  22
  24
  26
  29
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
Interest expense (income), $m
  25
  33
  42
  52
  63
  75
  89
  104
  120
  137
  156
  175
  196
  218
  241
  265
  290
  317
  344
  372
  402
  433
  465
  498
  532
  568
  605
  644
  685
  727
  770
Earnings before tax, $m
  -85
  -36
  -45
  -55
  -67
  -80
  -95
  -111
  -128
  -146
  -166
  -187
  -209
  -232
  -256
  -282
  -309
  -336
  -365
  -396
  -427
  -459
  -493
  -529
  -565
  -603
  -643
  -684
  -727
  -771
  -818
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
  -83
  -36
  -45
  -55
  -67
  -80
  -95
  -111
  -128
  -146
  -166
  -187
  -209
  -232
  -256
  -282
  -309
  -336
  -365
  -396
  -427
  -459
  -493
  -529
  -565
  -603
  -643
  -684
  -727
  -771
  -818

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  80
  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
  1,064
  1,222
  1,495
  1,804
  2,148
  2,527
  2,942
  3,390
  3,873
  4,388
  4,936
  5,515
  6,125
  6,765
  7,435
  8,135
  8,865
  9,625
  10,416
  11,239
  12,094
  12,982
  13,905
  14,865
  15,862
  16,900
  17,979
  19,102
  20,272
  21,490
  22,760
Adjusted assets (=assets-cash), $m
  984
  1,222
  1,495
  1,804
  2,148
  2,527
  2,942
  3,390
  3,873
  4,388
  4,936
  5,515
  6,125
  6,765
  7,435
  8,135
  8,865
  9,625
  10,416
  11,239
  12,094
  12,982
  13,905
  14,865
  15,862
  16,900
  17,979
  19,102
  20,272
  21,490
  22,760
Revenue / Adjusted assets
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
Average production assets, $m
  28
  34
  42
  51
  60
  71
  83
  95
  109
  123
  139
  155
  172
  190
  209
  229
  249
  271
  293
  316
  340
  365
  391
  418
  446
  475
  506
  537
  570
  604
  640
Working capital, $m
  0
  -99
  -122
  -147
  -175
  -206
  -239
  -276
  -315
  -357
  -402
  -449
  -499
  -551
  -605
  -662
  -722
  -783
  -848
  -915
  -984
  -1,057
  -1,132
  -1,210
  -1,291
  -1,376
  -1,463
  -1,555
  -1,650
  -1,749
  -1,853
Total debt, $m
  755
  949
  1,173
  1,425
  1,706
  2,016
  2,354
  2,721
  3,115
  3,536
  3,984
  4,457
  4,955
  5,478
  6,025
  6,597
  7,194
  7,815
  8,461
  9,133
  9,832
  10,557
  11,312
  12,096
  12,911
  13,758
  14,640
  15,557
  16,513
  17,508
  18,546
Total liabilities, $m
  805
  998
  1,222
  1,474
  1,755
  2,065
  2,403
  2,770
  3,164
  3,585
  4,033
  4,506
  5,004
  5,527
  6,074
  6,646
  7,243
  7,864
  8,510
  9,182
  9,881
  10,606
  11,361
  12,145
  12,960
  13,807
  14,689
  15,606
  16,562
  17,557
  18,595
Total equity, $m
  260
  224
  274
  330
  393
  462
  538
  620
  709
  803
  903
  1,009
  1,121
  1,238
  1,361
  1,489
  1,622
  1,761
  1,906
  2,057
  2,213
  2,376
  2,545
  2,720
  2,903
  3,093
  3,290
  3,496
  3,710
  3,933
  4,165
Total liabilities and equity, $m
  1,065
  1,222
  1,496
  1,804
  2,148
  2,527
  2,941
  3,390
  3,873
  4,388
  4,936
  5,515
  6,125
  6,765
  7,435
  8,135
  8,865
  9,625
  10,416
  11,239
  12,094
  12,982
  13,906
  14,865
  15,863
  16,900
  17,979
  19,102
  20,272
  21,490
  22,760
Debt-to-equity ratio
  2.904
  4.250
  4.290
  4.320
  4.340
  4.360
  4.370
  4.390
  4.400
  4.400
  4.410
  4.420
  4.420
  4.420
  4.430
  4.430
  4.430
  4.440
  4.440
  4.440
  4.440
  4.440
  4.450
  4.450
  4.450
  4.450
  4.450
  4.450
  4.450
  4.450
  4.450
Adjusted equity ratio
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -83
  -36
  -45
  -55
  -67
  -80
  -95
  -111
  -128
  -146
  -166
  -187
  -209
  -232
  -256
  -282
  -309
  -336
  -365
  -396
  -427
  -459
  -493
  -529
  -565
  -603
  -643
  -684
  -727
  -771
  -818
Depreciation, amort., depletion, $m
  9
  7
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  34
  38
  42
  46
  50
  54
  59
  63
  68
  73
  78
  84
  89
  95
  101
  107
  114
  121
  128
Funds from operations, $m
  152
  -29
  -36
  -45
  -55
  -66
  -78
  -92
  -106
  -121
  -138
  -156
  -174
  -194
  -215
  -236
  -259
  -282
  -307
  -332
  -359
  -386
  -415
  -445
  -476
  -508
  -541
  -576
  -613
  -650
  -690
Change in working capital, $m
  18
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -39
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
Cash from operations, $m
  134
  -9
  -14
  -20
  -27
  -35
  -45
  -55
  -67
  -80
  -93
  -109
  -125
  -142
  -160
  -179
  -199
  -220
  -242
  -265
  -289
  -314
  -340
  -367
  -395
  -424
  -454
  -485
  -517
  -551
  -586
Maintenance CAPEX, $m
  0
  -6
  -7
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -28
  -31
  -34
  -38
  -42
  -46
  -50
  -54
  -59
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -114
  -121
New CAPEX, $m
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
Cash from investing activities, $m
  -589
  -13
  -15
  -17
  -20
  -23
  -26
  -30
  -33
  -36
  -40
  -44
  -48
  -52
  -57
  -62
  -67
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -112
  -118
  -125
  -133
  -140
  -148
  -157
Free cash flow, $m
  -455
  -22
  -29
  -37
  -47
  -58
  -70
  -84
  -99
  -116
  -134
  -153
  -173
  -194
  -217
  -241
  -266
  -292
  -319
  -347
  -377
  -407
  -439
  -472
  -506
  -542
  -579
  -618
  -658
  -699
  -743
Issuance/(repayment) of debt, $m
  379
  194
  223
  252
  281
  310
  339
  367
  394
  421
  447
  473
  498
  523
  547
  572
  596
  621
  646
  672
  698
  726
  754
  784
  815
  847
  882
  918
  955
  995
  1,037
Issuance/(repurchase) of shares, $m
  2
  79
  95
  112
  130
  150
  171
  193
  216
  240
  266
  293
  320
  349
  379
  410
  442
  476
  510
  546
  583
  622
  662
  704
  748
  793
  840
  889
  941
  994
  1,050
Cash from financing (excl. dividends), $m  
  375
  273
  318
  364
  411
  460
  510
  560
  610
  661
  713
  766
  818
  872
  926
  982
  1,038
  1,097
  1,156
  1,218
  1,281
  1,348
  1,416
  1,488
  1,563
  1,640
  1,722
  1,807
  1,896
  1,989
  2,087
Total cash flow (excl. dividends), $m
  -80
  252
  289
  327
  364
  402
  439
  475
  511
  546
  580
  613
  646
  678
  710
  741
  773
  805
  838
  871
  905
  941
  978
  1,016
  1,056
  1,098
  1,143
  1,189
  1,238
  1,290
  1,345
Retained Cash Flow (-), $m
  63
  -79
  -95
  -112
  -130
  -150
  -171
  -193
  -216
  -240
  -266
  -293
  -320
  -349
  -379
  -410
  -442
  -476
  -510
  -546
  -583
  -622
  -662
  -704
  -748
  -793
  -840
  -889
  -941
  -994
  -1,050
Prev. year cash balance distribution, $m
 
  80
  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
 
  253
  195
  215
  234
  252
  268
  282
  295
  305
  314
  320
  325
  329
  331
  331
  331
  329
  327
  325
  322
  319
  315
  312
  309
  306
  303
  300
  298
  296
  295
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  230
  160
  158
  152
  144
  132
  119
  105
  90
  76
  63
  51
  40
  31
  23
  17
  12
  9
  6
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  79.0
  63.0
  50.5
  40.9
  33.2
  27.2
  22.4
  18.5
  15.4
  12.8
  10.7
  9.0
  7.6
  6.4
  5.4
  4.6
  3.9
  3.3
  2.8
  2.4
  2.1
  1.8
  1.5
  1.3
  1.1
  1.0
  0.8
  0.7
  0.6
  0.5

On Deck Capital, Inc. offers an online platform for small business lending. The Company's platform aggregates and analyzes data points from disparate data sources to assess the creditworthiness of small businesses. Small businesses apply for a term loan or line of credit on the Company's Website, and using its OnDeck Score, the Company makes a funding decision and transfers the funds. The Company offers small businesses a suite of financing options with its term loans and lines of credit that can meet the needs of small businesses throughout their life cycle. Its internal sales force and customer service representatives provide assistance throughout the application process and the life of the loan. Its loans are priced based on a risk assessment generated by its data and analytics engine, which includes the OnDeck Score. Its platform touches every aspect of the customer life cycle, including customer acquisition, sales, scoring and underwriting, funding, and servicing and collections.

FINANCIAL RATIOS  of  On Deck Capital (ONDK)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 1.5
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 3.2
Price to Free Cash Flow 3.3
Growth Rates
Sales Growth Rate 14.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate 11.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 290.4%
Total Debt to Equity 290.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -6.4%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -9.7%
Ret/ On T. Cap. - 3 Yr. Avg. -4.6%
Return On Equity -28.5%
Return On Equity - 3 Yr. Avg. -13.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 89%
Gross Margin - 3 Yr. Avg. 90.1%
EBITDA Margin -17.5%
EBITDA Margin - 3 Yr. Avg. -3.2%
Operating Margin -29.2%
Oper. Margin - 3 Yr. Avg. -11.5%
Pre-Tax Margin -29.2%
Pre-Tax Margin - 3 Yr. Avg. -14%
Net Profit Margin -28.5%
Net Profit Margin - 3 Yr. Avg. -13.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ONDK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ONDK stock intrinsic value calculation we used $291 million for the last fiscal year's total revenue generated by On Deck Capital. The default revenue input number comes from 2016 income statement of On Deck Capital. 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 ONDK stock valuation model: a) initial revenue growth rate of 24.3% 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 9.8%, whose default value for ONDK is calculated based on our internal credit rating of On Deck Capital, 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 On Deck Capital.
    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 ONDK stock the variable cost ratio is equal to 100.7%.

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 ONDK 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 4.4% for On Deck Capital.

Corporate tax rate of 27% is the nominal tax rate for On Deck Capital. 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 ONDK 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 ONDK are equal to 9.5%.

Life of production assets of 3.1 years is the average useful life of capital assets used in On Deck Capital 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 ONDK is equal to -27.5%. 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 - $260 million for On Deck Capital - 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 73.133 million for On Deck Capital 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 On Deck Capital at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
ENVA Enova Internat 15.40 42.65  str.buy
INTU Intuit 159.65 127.46  hold

COMPANY NEWS

▶ OnDeck Spotlights Success of Small Business AnaOno   [Nov-30-17 07:30AM  PR Newswire]
▶ On Deck Capital reports 3Q loss   [08:58AM  Associated Press]
▶ Qudian IPO: What Investors Need to Know   [Oct-13-17 01:34PM  Motley Fool]
▶ OnDeck Celebrates 10 Years Of Lending Innovation   [Sep-01-17 07:00AM  PR Newswire]
▶ Has Fintech Industry Growth Just Begun?   [Aug-18-17 07:48PM  Motley Fool]
▶ On Deck Capital reports 2Q loss   [Aug-08-17 12:00AM  Associated Press]
▶ Why On Deck Capital Stock Jumped More Than 20% on Monday   [Aug-07-17 04:32PM  Motley Fool]
▶ OnDeck partners with Payment Source in Canada   [Aug-02-17 07:00AM  CNW Group]
▶ [video]Activists Step Up Pressure on Internet Companies   [May-23-17 03:44PM  The Deal Pipeline]
▶ [$$] On Deck Goes From Hot Tech Startup to Dull Lender   [May-08-17 11:53PM  The Wall Street Journal]
▶ [$$] On Deck Capital to Focus on Turning a Profit   [06:36PM  The Wall Street Journal]
▶ [$$] On Deck Goes From Hot Tech Startup to Dull Lender   [06:32PM  The Wall Street Journal]
▶ On Deck Capital reports 1Q loss   [07:14AM  Associated Press]
▶ [$$] Activist Steps Up Pressure on On Deck Capital   [Apr-13-17 04:12PM  The Wall Street Journal]
▶ [$$] Activist Investor Pushes for New Strategy at On Deck Capital   [Apr-01-17 12:08AM  The Wall Street Journal]
▶ [$$] Activist Investor Pushes for New Strategy at On Deck Capital   [Mar-31-17 07:49PM  at The Wall Street Journal]
▶ Are Peer To Peer Loans Right For Your Portfolio?   [Mar-23-17 08:02PM  Forbes]
▶ OnDeck Files Universal Shelf Registration on Form S-3   [Mar-17-17 04:30PM  PR Newswire]
▶ High Defaults Hammer Online Loan Investors   [Feb-20-17 06:00AM  at Investopedia]
▶ [$$] Defaults Slash Returns for Online Loan Investors   [Feb-17-17 11:33PM  at The Wall Street Journal]
▶ [$$] Defaults Slash Returns for Online Loan Investors   [05:30AM  at The Wall Street Journal]
▶ [$$] Online Lender On Deck Takes Another Hit With a Record Loss   [12:30AM  at The Wall Street Journal]
▶ [$$] Online Lender On Deck Takes Another Hit on a Record Loss   [Feb-16-17 06:33PM  at The Wall Street Journal]
▶ [$$] Why Online Lenders Keep Disappointing   [01:30PM  at The Wall Street Journal]
▶ U.S. bank trade group picks online lending partner   [Feb-13-17 08:30AM  Reuters]
Financial statements of ONDK
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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