Intrinsic value of Overstock.com - OSTK

Previous Close

$33.80

  Intrinsic Value

$9.38

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

-110%

Previous close

$33.80

 
Intrinsic value

$9.38

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

-110%

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

We calculate the intrinsic value of OSTK 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 0.9

 

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, %
  8.56
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  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
Revenue, $m
  1,800
  1,856
  1,917
  1,983
  2,055
  2,132
  2,215
  2,303
  2,397
  2,498
  2,604
  2,717
  2,837
  2,963
  3,097
  3,239
  3,388
  3,545
  3,711
  3,886
  4,071
  4,265
  4,469
  4,684
  4,910
  5,149
  5,399
  5,662
  5,939
  6,230
  6,536
Variable operating expenses, $m
 
  1,778
  1,836
  1,900
  1,968
  2,042
  2,121
  2,206
  2,296
  2,392
  2,494
  2,601
  2,715
  2,836
  2,964
  3,100
  3,243
  3,393
  3,552
  3,720
  3,896
  4,082
  4,278
  4,484
  4,700
  4,928
  5,168
  5,420
  5,685
  5,963
  6,256
Fixed operating expenses, $m
 
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  100
  102
  105
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
  144
  148
  151
  155
Total operating expenses, $m
  1,796
  1,854
  1,914
  1,980
  2,050
  2,126
  2,207
  2,294
  2,386
  2,484
  2,589
  2,698
  2,815
  2,938
  3,069
  3,207
  3,353
  3,506
  3,667
  3,838
  4,017
  4,206
  4,405
  4,615
  4,834
  5,065
  5,309
  5,564
  5,833
  6,114
  6,411
Operating income, $m
  4
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  19
  22
  25
  28
  32
  35
  39
  44
  48
  53
  58
  64
  70
  76
  83
  91
  98
  107
  115
  125
EBITDA, $m
  35
  6
  7
  8
  9
  11
  12
  14
  16
  18
  20
  23
  26
  29
  32
  36
  40
  44
  49
  54
  59
  64
  70
  77
  83
  91
  98
  106
  115
  124
  134
Interest expense (income), $m
  1
  2
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
Earnings before tax, $m
  21
  0
  2
  2
  3
  4
  5
  6
  8
  9
  11
  14
  16
  19
  21
  24
  27
  30
  34
  37
  41
  46
  50
  55
  61
  66
  72
  79
  86
  93
  101
Tax expense, $m
  10
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  14
  15
  16
  18
  19
  21
  23
  25
  27
Net income, $m
  13
  0
  1
  2
  2
  3
  4
  5
  6
  7
  8
  10
  12
  14
  15
  17
  20
  22
  25
  27
  30
  33
  37
  40
  44
  48
  53
  57
  62
  68
  73

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  183
  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
  485
  311
  322
  333
  345
  358
  372
  386
  402
  419
  437
  456
  476
  497
  520
  543
  568
  595
  623
  652
  683
  716
  750
  786
  824
  864
  906
  950
  996
  1,045
  1,097
Adjusted assets (=assets-cash), $m
  302
  311
  322
  333
  345
  358
  372
  386
  402
  419
  437
  456
  476
  497
  520
  543
  568
  595
  623
  652
  683
  716
  750
  786
  824
  864
  906
  950
  996
  1,045
  1,097
Revenue / Adjusted assets
  5.960
  5.968
  5.953
  5.955
  5.957
  5.955
  5.954
  5.966
  5.963
  5.962
  5.959
  5.958
  5.960
  5.962
  5.956
  5.965
  5.965
  5.958
  5.957
  5.960
  5.960
  5.957
  5.959
  5.959
  5.959
  5.959
  5.959
  5.960
  5.963
  5.962
  5.958
Average production assets, $m
  13
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
Working capital, $m
  -5
  -191
  -197
  -204
  -212
  -220
  -228
  -237
  -247
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -349
  -365
  -382
  -400
  -419
  -439
  -460
  -482
  -506
  -530
  -556
  -583
  -612
  -642
  -673
Total debt, $m
  59
  29
  38
  48
  59
  71
  83
  97
  111
  126
  142
  159
  177
  196
  217
  238
  261
  284
  309
  336
  364
  393
  424
  456
  491
  526
  564
  604
  646
  690
  736
Total liabilities, $m
  310
  280
  289
  299
  310
  322
  334
  348
  362
  377
  393
  410
  428
  447
  468
  489
  512
  535
  560
  587
  615
  644
  675
  707
  742
  777
  815
  855
  897
  941
  987
Total equity, $m
  175
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
  105
  110
Total liabilities and equity, $m
  485
  311
  321
  332
  344
  358
  371
  387
  402
  419
  437
  456
  476
  497
  520
  543
  569
  594
  622
  652
  683
  716
  750
  786
  824
  863
  906
  950
  997
  1,046
  1,097
Debt-to-equity ratio
  0.337
  0.940
  1.200
  1.460
  1.720
  1.980
  2.250
  2.500
  2.760
  3.010
  3.260
  3.490
  3.730
  3.950
  4.170
  4.380
  4.580
  4.780
  4.970
  5.150
  5.320
  5.490
  5.650
  5.810
  5.950
  6.090
  6.230
  6.360
  6.480
  6.600
  6.710
Adjusted equity ratio
  -0.026
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  0
  1
  2
  2
  3
  4
  5
  6
  7
  8
  10
  12
  14
  15
  17
  20
  22
  25
  27
  30
  33
  37
  40
  44
  48
  53
  57
  62
  68
  73
Depreciation, amort., depletion, $m
  31
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Funds from operations, $m
  21
  4
  6
  6
  7
  7
  8
  9
  10
  12
  13
  14
  16
  18
  20
  22
  24
  27
  30
  33
  36
  39
  43
  47
  51
  56
  60
  65
  71
  76
  83
Change in working capital, $m
  -19
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
Cash from operations, $m
  40
  10
  12
  13
  14
  15
  17
  18
  20
  22
  24
  26
  28
  31
  34
  37
  40
  43
  47
  51
  55
  59
  64
  69
  74
  80
  86
  92
  99
  106
  114
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
New CAPEX, $m
  -72
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -79
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
Free cash flow, $m
  -39
  7
  9
  10
  11
  12
  13
  15
  16
  18
  20
  21
  24
  26
  29
  31
  34
  37
  41
  44
  48
  52
  57
  61
  66
  71
  77
  83
  89
  96
  103
Issuance/(repayment) of debt, $m
  46
  -27
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
Issuance/(repurchase) of shares, $m
  8
  36
  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  
  53
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
Total cash flow (excl. dividends), $m
  13
  17
  18
  20
  22
  24
  26
  28
  30
  33
  36
  39
  42
  45
  49
  53
  57
  61
  66
  71
  76
  82
  87
  94
  100
  107
  115
  123
  131
  140
  149
Retained Cash Flow (-), $m
  -25
  -36
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Prev. year cash balance distribution, $m
 
  180
  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
 
  160
  17
  19
  20
  22
  24
  27
  29
  31
  34
  37
  40
  43
  46
  50
  54
  58
  63
  68
  73
  78
  84
  90
  97
  103
  111
  118
  127
  135
  144
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
 
  154
  16
  16
  17
  17
  18
  18
  18
  18
  18
  17
  17
  16
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  13
  12
  10
  9
  8
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  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
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  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Overstock.com, Inc. is an online retailer and incubator of blockchain technology. Through its online retail business, the Company offers a range of price-competitive brand name, non-brand name and closeout products, including furniture, home decor, bedding and bath, housewares, jewelry and watches, apparel and designer accessories, health and beauty products, electronics and computers, and sporting goods. It operates Retail and Medici businesses. Its Retail business consists of its Direct and Partner segments. Its Other segment consists of Medici. The Company also sells various books, magazines, compact discs (CDs), digital versatile discs (DVDs) and video games. The Company sells these products and services through its Internet Websites located at www.overstock.com, www.o.co and www.o.biz. The Company's other offerings include Worldstock Fair Trade, Main Street Revolution, Farmers Market, Pet Adoptions, Insurance and Supplier Oasis.

FINANCIAL RATIOS  of  Overstock.com (OSTK)

Valuation Ratios
P/E Ratio 66.1
Price to Sales 0.5
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 21.5
Price to Free Cash Flow -26.9
Growth Rates
Sales Growth Rate 8.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 61
Current Ratio 0
LT Debt to Equity 32%
Total Debt to Equity 33.7%
Interest Coverage 22
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 5.6%
Asset Turnover 3.9
Profitability Ratios
Gross Margin 18.4%
Gross Margin - 3 Yr. Avg. 18.5%
EBITDA Margin 2.9%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin 0.2%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 47.6%
Eff/ Tax Rate - 3 Yr. Avg. 48.4%
Payout Ratio 0%

OSTK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OSTK stock intrinsic value calculation we used $1800 million for the last fiscal year's total revenue generated by Overstock.com. The default revenue input number comes from 2016 income statement of Overstock.com. 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 OSTK stock valuation model: a) initial revenue growth rate of 3.1% 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 OSTK is calculated based on our internal credit rating of Overstock.com, 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 Overstock.com.
    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 OSTK stock the variable cost ratio is equal to 95.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $74 million in the base year in the intrinsic value calculation for OSTK 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 Overstock.com.

Corporate tax rate of 27% is the nominal tax rate for Overstock.com. 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 OSTK 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 OSTK are equal to 0.7%.

Life of production assets of 0.9 years is the average useful life of capital assets used in Overstock.com 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 OSTK is equal to -10.3%. 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 - $175 million for Overstock.com - 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 26.148 million for Overstock.com 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 Overstock.com at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

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▶ "Fast Money" final trades: GDI, OSTK and more   [Aug-31-17 05:59PM  CNBC Videos]
▶ Overstock goes crypto   [Aug-30-17 04:59PM  Yahoo Finance Video]
▶ Overstock.com Considers Adding 2-Day Delivery   [Aug-17-17 12:47PM  InvestorPlace]
▶ Why Is Everyone Rushing to Buy Bitcoin?   [Aug-11-17 10:52AM  InvestorPlace]
▶ Overstock May Part Ways With Its Blockchain Business   [Aug-10-17 02:42PM  Bloomberg]
▶ Overstock reports 2Q loss   [Aug-05-17 01:13AM  Associated Press]
▶ Overstock.com Reports Q2 2017 Results   [04:05PM  GlobeNewswire]
▶ Overstock.com Launches Online Car-Buying Site   [Jul-28-17 01:03PM  InvestorPlace]
▶ Overstock launches new car site   [09:17AM  Fox Business Videos]
▶ The Market In 5 Minutes   [09:02AM  Benzinga]
▶ Overstock.com Launches Cars by Overstock   [09:00AM  GlobeNewswire]
▶ Overstock Invests in Symbiont Via Blockchain Branch   [Jul-20-17 03:23PM  Investopedia]
▶ Medici Ventures Announces Strategic Investment in Symbiont   [Jul-19-17 04:01PM  GlobeNewswire]
▶ Better Buy: eBay Inc vs. Overstock.com, Inc.   [Jul-14-17 11:04AM  Motley Fool]
▶ ETFs with exposure to Overstock.com, Inc. : July 10, 2017   [Jul-10-17 03:01PM  Capital Cube]
▶ How Overstock.com Shares Rose 16% in June   [Jul-06-17 09:27PM  Motley Fool]
▶ ETFs with exposure to Overstock.com, Inc. : June 27, 2017   [Jun-27-17 03:31PM  Capital Cube]
▶ Why Overstock.com, Inc. Stock Fell 19% in May   [Jun-18-17 03:45PM  Motley Fool]
▶ How to Invest in Bitcoin Without Actually Buying Bitcoin   [Jun-07-17 08:23AM  Motley Fool]
▶ Medici Ventures Names Board of Directors   [May-17-17 02:13PM  GlobeNewswire]
▶ Prem Watsa Eliminates 3 Positions in 1st Quarter   [May-12-17 01:13PM  GuruFocus.com]
▶ Overstock reports 1Q loss   [May-05-17 05:03AM  Associated Press]
▶ Overstock.com Reports Q1 2017 Results   [May-04-17 04:05PM  GlobeNewswire]
▶ Have Etsy's Declines Created an Opportunity?   [Mar-20-17 10:48PM  Investopedia]
▶ Have Etsy's Declines Created an Opportunity?   [10:48PM  at Investopedia]
▶ WayFair, Overstock Flourish Amid Online Trends   [Feb-23-17 07:50PM  Investopedia]
▶ WayFair, Overstock Flourish Amid Online Trends   [07:50PM  at Investopedia]
Financial statements of OSTK
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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