Intrinsic value of On Deck Capital - ONDK

Previous Close

$4.69

  Intrinsic Value

$12.92

stock screener

  Rating & Target

str. buy

+176%

  Value-price divergence*

-61%

Previous close

$4.69

 
Intrinsic value

$12.92

 
Up/down potential

+176%

 
Rating

str. buy

 
Value-price divergence*

-61%

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

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

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 0.3

 

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
  47.60
  43.34
  39.51
  36.06
  32.95
  30.15
  27.64
  25.38
  23.34
  21.50
  19.85
  18.37
  17.03
  15.83
  14.75
  13.77
  12.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
Revenue, $m
  291
  430
  616
  859
  1,169
  1,554
  2,022
  2,581
  3,236
  3,991
  4,849
  5,812
  6,880
  8,052
  9,326
  10,701
  12,175
  13,745
  15,408
  17,164
  19,010
  20,945
  22,968
  25,080
  27,281
  29,572
  31,955
  34,433
  37,007
  39,683
  42,463
Variable operating expenses, $m
 
  433
  620
  865
  1,177
  1,564
  2,036
  2,599
  3,259
  4,019
  4,883
  5,853
  6,928
  8,108
  9,391
  10,776
  12,260
  13,841
  15,516
  17,284
  19,143
  21,091
  23,129
  25,256
  27,472
  29,779
  32,179
  34,674
  37,266
  39,961
  42,760
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
  433
  620
  865
  1,177
  1,564
  2,036
  2,599
  3,259
  4,019
  4,883
  5,853
  6,928
  8,108
  9,391
  10,776
  12,260
  13,841
  15,516
  17,284
  19,143
  21,091
  23,129
  25,256
  27,472
  29,779
  32,179
  34,674
  37,266
  39,961
  42,760
Operating income, $m
  -85
  -3
  -4
  -6
  -8
  -11
  -14
  -18
  -23
  -28
  -34
  -41
  -48
  -56
  -65
  -75
  -85
  -96
  -108
  -120
  -133
  -147
  -161
  -176
  -191
  -207
  -224
  -241
  -259
  -278
  -297
EBITDA, $m
  -76
  1
  2
  2
  3
  4
  5
  6
  8
  10
  12
  15
  17
  20
  23
  27
  30
  34
  39
  43
  48
  52
  57
  63
  68
  74
  80
  86
  93
  99
  106
Interest expense (income), $m
  25
  33
  50
  73
  102
  140
  187
  244
  312
  391
  483
  588
  705
  835
  977
  1,132
  1,300
  1,479
  1,670
  1,872
  2,086
  2,310
  2,546
  2,792
  3,049
  3,316
  3,595
  3,885
  4,186
  4,499
  4,825
Earnings before tax, $m
  -85
  -36
  -54
  -79
  -110
  -151
  -201
  -262
  -334
  -419
  -517
  -628
  -753
  -891
  -1,042
  -1,207
  -1,385
  -1,575
  -1,778
  -1,992
  -2,219
  -2,457
  -2,706
  -2,967
  -3,240
  -3,523
  -3,819
  -4,126
  -4,445
  -4,777
  -5,122
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
  -54
  -79
  -110
  -151
  -201
  -262
  -334
  -419
  -517
  -628
  -753
  -891
  -1,042
  -1,207
  -1,385
  -1,575
  -1,778
  -1,992
  -2,219
  -2,457
  -2,706
  -2,967
  -3,240
  -3,523
  -3,819
  -4,126
  -4,445
  -4,777
  -5,122

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
  1,466
  2,101
  2,931
  3,988
  5,302
  6,901
  8,809
  11,044
  13,622
  16,551
  19,837
  23,481
  27,480
  31,829
  36,523
  41,552
  46,910
  52,588
  58,580
  64,880
  71,484
  78,390
  85,598
  93,110
  100,930
  109,063
  117,518
  126,305
  135,436
  144,925
Adjusted assets (=assets-cash), $m
  984
  1,466
  2,101
  2,931
  3,988
  5,302
  6,901
  8,809
  11,044
  13,622
  16,551
  19,837
  23,481
  27,480
  31,829
  36,523
  41,552
  46,910
  52,588
  58,580
  64,880
  71,484
  78,390
  85,598
  93,110
  100,930
  109,063
  117,518
  126,305
  135,436
  144,925
Revenue / Adjusted assets
  0.296
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
  0.293
Average production assets, $m
  28
  41
  58
  82
  111
  148
  192
  245
  307
  379
  461
  552
  654
  765
  886
  1,017
  1,157
  1,306
  1,464
  1,631
  1,806
  1,990
  2,182
  2,383
  2,592
  2,809
  3,036
  3,271
  3,516
  3,770
  4,034
Working capital, $m
  0
  -43
  -62
  -86
  -117
  -155
  -202
  -258
  -324
  -399
  -485
  -581
  -688
  -805
  -933
  -1,070
  -1,217
  -1,374
  -1,541
  -1,716
  -1,901
  -2,094
  -2,297
  -2,508
  -2,728
  -2,957
  -3,196
  -3,443
  -3,701
  -3,968
  -4,246
Total debt, $m
  755
  1,138
  1,653
  2,325
  3,182
  4,246
  5,541
  7,086
  8,897
  10,985
  13,357
  16,019
  18,970
  22,209
  25,733
  29,534
  33,608
  37,948
  42,547
  47,401
  52,504
  57,853
  63,447
  69,286
  75,370
  81,704
  88,292
  95,140
  102,258
  109,654
  117,340
Total liabilities, $m
  805
  1,187
  1,702
  2,374
  3,231
  4,295
  5,590
  7,135
  8,946
  11,034
  13,406
  16,068
  19,019
  22,258
  25,782
  29,583
  33,657
  37,997
  42,596
  47,450
  52,553
  57,902
  63,496
  69,335
  75,419
  81,753
  88,341
  95,189
  102,307
  109,703
  117,389
Total equity, $m
  260
  279
  399
  557
  758
  1,007
  1,311
  1,674
  2,098
  2,588
  3,145
  3,769
  4,461
  5,221
  6,048
  6,939
  7,895
  8,913
  9,992
  11,130
  12,327
  13,582
  14,894
  16,264
  17,691
  19,177
  20,722
  22,328
  23,998
  25,733
  27,536
Total liabilities and equity, $m
  1,065
  1,466
  2,101
  2,931
  3,989
  5,302
  6,901
  8,809
  11,044
  13,622
  16,551
  19,837
  23,480
  27,479
  31,830
  36,522
  41,552
  46,910
  52,588
  58,580
  64,880
  71,484
  78,390
  85,599
  93,110
  100,930
  109,063
  117,517
  126,305
  135,436
  144,925
Debt-to-equity ratio
  2.904
  4.090
  4.140
  4.180
  4.200
  4.210
  4.230
  4.230
  4.240
  4.240
  4.250
  4.250
  4.250
  4.250
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
  4.260
Adjusted equity ratio
  0.183
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -83
  -36
  -54
  -79
  -110
  -151
  -201
  -262
  -334
  -419
  -517
  -628
  -753
  -891
  -1,042
  -1,207
  -1,385
  -1,575
  -1,778
  -1,992
  -2,219
  -2,457
  -2,706
  -2,967
  -3,240
  -3,523
  -3,819
  -4,126
  -4,445
  -4,777
  -5,122
Depreciation, amort., depletion, $m
  9
  4
  6
  8
  11
  15
  19
  25
  31
  38
  46
  55
  65
  76
  89
  102
  116
  131
  146
  163
  181
  199
  218
  238
  259
  281
  304
  327
  352
  377
  403
Funds from operations, $m
  152
  -32
  -49
  -71
  -99
  -136
  -182
  -237
  -304
  -381
  -471
  -573
  -688
  -815
  -954
  -1,105
  -1,269
  -1,444
  -1,631
  -1,829
  -2,038
  -2,258
  -2,488
  -2,729
  -2,980
  -3,242
  -3,515
  -3,799
  -4,094
  -4,400
  -4,719
Change in working capital, $m
  18
  -14
  -19
  -24
  -31
  -39
  -47
  -56
  -65
  -76
  -86
  -96
  -107
  -117
  -127
  -138
  -147
  -157
  -166
  -176
  -185
  -194
  -202
  -211
  -220
  -229
  -238
  -248
  -257
  -268
  -278
Cash from operations, $m
  134
  -18
  -30
  -46
  -68
  -98
  -135
  -181
  -238
  -306
  -385
  -477
  -581
  -697
  -826
  -968
  -1,122
  -1,287
  -1,465
  -1,654
  -1,854
  -2,064
  -2,286
  -2,518
  -2,760
  -3,013
  -3,277
  -3,551
  -3,836
  -4,133
  -4,441
Maintenance CAPEX, $m
  0
  -3
  -4
  -6
  -8
  -11
  -15
  -19
  -25
  -31
  -38
  -46
  -55
  -65
  -76
  -89
  -102
  -116
  -131
  -146
  -163
  -181
  -199
  -218
  -238
  -259
  -281
  -304
  -327
  -352
  -377
New CAPEX, $m
  -7
  -13
  -18
  -23
  -29
  -37
  -45
  -53
  -62
  -72
  -82
  -91
  -101
  -111
  -121
  -131
  -140
  -149
  -158
  -167
  -175
  -184
  -192
  -201
  -209
  -218
  -226
  -235
  -245
  -254
  -264
Cash from investing activities, $m
  -589
  -16
  -22
  -29
  -37
  -48
  -60
  -72
  -87
  -103
  -120
  -137
  -156
  -176
  -197
  -220
  -242
  -265
  -289
  -313
  -338
  -365
  -391
  -419
  -447
  -477
  -507
  -539
  -572
  -606
  -641
Free cash flow, $m
  -455
  -34
  -52
  -75
  -106
  -145
  -194
  -254
  -325
  -408
  -505
  -614
  -738
  -874
  -1,024
  -1,187
  -1,363
  -1,552
  -1,753
  -1,967
  -2,192
  -2,429
  -2,677
  -2,937
  -3,208
  -3,490
  -3,784
  -4,090
  -4,408
  -4,738
  -5,082
Issuance/(repayment) of debt, $m
  379
  383
  515
  672
  856
  1,064
  1,295
  1,545
  1,811
  2,088
  2,373
  2,662
  2,951
  3,239
  3,523
  3,802
  4,074
  4,340
  4,599
  4,853
  5,103
  5,349
  5,594
  5,839
  6,085
  6,334
  6,588
  6,849
  7,117
  7,396
  7,686
Issuance/(repurchase) of shares, $m
  2
  126
  175
  236
  311
  401
  505
  624
  759
  909
  1,074
  1,253
  1,445
  1,651
  1,869
  2,099
  2,340
  2,593
  2,856
  3,131
  3,416
  3,712
  4,019
  4,337
  4,667
  5,009
  5,364
  5,732
  6,115
  6,512
  6,925
Cash from financing (excl. dividends), $m  
  375
  509
  690
  908
  1,167
  1,465
  1,800
  2,169
  2,570
  2,997
  3,447
  3,915
  4,396
  4,890
  5,392
  5,901
  6,414
  6,933
  7,455
  7,984
  8,519
  9,061
  9,613
  10,176
  10,752
  11,343
  11,952
  12,581
  13,232
  13,908
  14,611
Total cash flow (excl. dividends), $m
  -80
  475
  638
  834
  1,061
  1,320
  1,606
  1,916
  2,245
  2,588
  2,942
  3,300
  3,659
  4,016
  4,368
  4,713
  5,051
  5,380
  5,702
  6,017
  6,327
  6,632
  6,936
  7,239
  7,544
  7,853
  8,168
  8,491
  8,824
  9,170
  9,530
Retained Cash Flow (-), $m
  63
  -126
  -175
  -236
  -311
  -401
  -505
  -624
  -759
  -909
  -1,074
  -1,253
  -1,445
  -1,651
  -1,869
  -2,099
  -2,340
  -2,593
  -2,856
  -3,131
  -3,416
  -3,712
  -4,019
  -4,337
  -4,667
  -5,009
  -5,364
  -5,732
  -6,115
  -6,512
  -6,925
Prev. year cash balance distribution, $m
 
  71
  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
 
  420
  463
  597
  750
  919
  1,101
  1,291
  1,486
  1,679
  1,868
  2,047
  2,214
  2,365
  2,499
  2,614
  2,711
  2,788
  2,846
  2,887
  2,911
  2,921
  2,917
  2,902
  2,877
  2,844
  2,804
  2,759
  2,710
  2,658
  2,605
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
 
  383
  381
  439
  488
  524
  543
  544
  529
  497
  454
  401
  345
  287
  233
  183
  139
  103
  74
  52
  35
  23
  14
  9
  5
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  64.2
  42.1
  28.2
  19.2
  13.3
  9.4
  6.7
  4.9
  3.6
  2.7
  2.0
  1.5
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

On Deck Capital, Inc. operates an online platform for small business lending in the United States. It offers short term loans, long term loans, and flexible lines of credit. The company was incorporated in 2006 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  On Deck Capital (ONDK)

Valuation Ratios
P/E Ratio -4
Price to Sales 1.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 2.6
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 47.6% 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 10 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 -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 - $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 66.385 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 $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
ENVA Enova Internat 12.25 58.62  str.buy
INTU Intuit 134.11 68.26  sell

COMPANY NEWS

▶ 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]
▶ Citigroup Partners Biz2Credit for Small Business Loans (C)   [Jan-31-17 08:32AM  at Investopedia]
▶ IPO Dreams: Fintech Turmoil Is Disrupting SoFi   [Dec-21-16 03:36PM  at Investopedia]
▶ Bay Area fintech unicorn delays highly anticipated IPO   [Dec-19-16 05:55PM  at bizjournals.com]
▶ On Deck Capital Inc (ONDK): Hedge Fund Sentiment Unchanged   [Dec-11-16 09:15AM  at Insider Monkey]
Stock chart of ONDK 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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