Intrinsic value of Overstock.com - OSTK

Previous Close

$19.10

  Intrinsic Value

$17.77

stock screener

  Rating & Target

hold

-7%

  Value-price divergence*

+116%

Previous close

$19.10

 
Intrinsic value

$17.77

 
Up/down potential

-7%

 
Rating

hold

 
Value-price divergence*

+116%

*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 0.5

 

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
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  1,800
  1,877
  1,959
  2,046
  2,138
  2,235
  2,338
  2,446
  2,560
  2,680
  2,807
  2,941
  3,081
  3,229
  3,385
  3,549
  3,721
  3,902
  4,093
  4,293
  4,504
  4,725
  4,958
  5,202
  5,459
  5,729
  6,013
  6,310
  6,623
  6,952
  7,298
Variable operating expenses, $m
 
  1,798
  1,877
  1,960
  2,048
  2,141
  2,239
  2,343
  2,452
  2,567
  2,688
  2,815
  2,949
  3,091
  3,240
  3,397
  3,562
  3,735
  3,918
  4,109
  4,311
  4,523
  4,745
  4,979
  5,225
  5,484
  5,755
  6,040
  6,340
  6,654
  6,985
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
  1,874
  1,955
  2,040
  2,130
  2,225
  2,325
  2,431
  2,542
  2,659
  2,783
  2,912
  3,049
  3,193
  3,345
  3,504
  3,672
  3,848
  4,033
  4,227
  4,432
  4,647
  4,872
  5,110
  5,359
  5,621
  5,896
  6,184
  6,488
  6,805
  7,140
Operating income, $m
  4
  3
  5
  6
  8
  11
  13
  15
  18
  21
  24
  29
  32
  36
  40
  45
  50
  55
  60
  66
  72
  78
  85
  92
  100
  108
  117
  126
  136
  146
  157
EBITDA, $m
  35
  6
  8
  9
  11
  14
  16
  19
  21
  24
  27
  31
  35
  39
  43
  47
  52
  57
  63
  69
  75
  81
  88
  96
  104
  112
  121
  131
  141
  151
  162
Interest expense (income), $m
  1
  2
  2
  2
  3
  3
  4
  5
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  16
  17
  18
  19
  21
  22
  24
  25
  27
  29
  31
Earnings before tax, $m
  21
  1
  3
  4
  6
  7
  9
  11
  13
  15
  18
  22
  25
  28
  31
  34
  38
  42
  47
  51
  56
  61
  67
  73
  79
  86
  93
  101
  109
  117
  127
Tax expense, $m
  10
  0
  1
  1
  2
  2
  2
  3
  3
  4
  5
  6
  7
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  32
  34
Net income, $m
  13
  1
  2
  3
  4
  5
  6
  8
  9
  11
  13
  16
  18
  20
  23
  25
  28
  31
  34
  37
  41
  45
  49
  53
  58
  63
  68
  74
  79
  86
  92

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
  339
  353
  369
  386
  403
  422
  441
  462
  484
  506
  531
  556
  583
  611
  640
  671
  704
  738
  775
  813
  852
  894
  939
  985
  1,034
  1,085
  1,138
  1,195
  1,254
  1,317
Adjusted assets (=assets-cash), $m
  302
  339
  353
  369
  386
  403
  422
  441
  462
  484
  506
  531
  556
  583
  611
  640
  671
  704
  738
  775
  813
  852
  894
  939
  985
  1,034
  1,085
  1,138
  1,195
  1,254
  1,317
Revenue / Adjusted assets
  5.960
  5.537
  5.550
  5.545
  5.539
  5.546
  5.540
  5.546
  5.541
  5.537
  5.547
  5.539
  5.541
  5.539
  5.540
  5.545
  5.545
  5.543
  5.546
  5.539
  5.540
  5.546
  5.546
  5.540
  5.542
  5.541
  5.542
  5.545
  5.542
  5.544
  5.541
Average production assets, $m
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
Working capital, $m
  -5
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -256
  -268
  -281
  -294
  -308
  -323
  -338
  -355
  -372
  -390
  -409
  -429
  -450
  -473
  -496
  -520
  -546
  -573
  -601
  -631
  -662
  -695
  -730
Total debt, $m
  59
  54
  67
  81
  96
  112
  129
  146
  165
  184
  205
  226
  249
  273
  299
  325
  353
  383
  414
  446
  480
  516
  554
  594
  635
  679
  725
  774
  824
  878
  934
Total liabilities, $m
  310
  305
  318
  332
  347
  363
  380
  397
  416
  435
  456
  477
  500
  524
  550
  576
  604
  634
  665
  697
  731
  767
  805
  845
  886
  930
  976
  1,025
  1,075
  1,129
  1,185
Total equity, $m
  175
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  132
Total liabilities and equity, $m
  485
  339
  353
  369
  386
  403
  422
  441
  462
  483
  507
  530
  556
  582
  611
  640
  671
  704
  739
  774
  812
  852
  894
  939
  984
  1,033
  1,084
  1,139
  1,194
  1,254
  1,317
Debt-to-equity ratio
  0.337
  1.590
  1.900
  2.200
  2.490
  2.780
  3.050
  3.310
  3.570
  3.810
  4.040
  4.270
  4.480
  4.690
  4.890
  5.080
  5.260
  5.430
  5.600
  5.760
  5.910
  6.060
  6.190
  6.330
  6.450
  6.570
  6.690
  6.800
  6.900
  7.000
  7.090
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
  1
  2
  3
  4
  5
  6
  8
  9
  11
  13
  16
  18
  20
  23
  25
  28
  31
  34
  37
  41
  45
  49
  53
  58
  63
  68
  74
  79
  86
  92
Depreciation, amort., depletion, $m
  31
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Funds from operations, $m
  21
  4
  5
  6
  7
  8
  10
  11
  13
  14
  16
  18
  20
  22
  25
  28
  30
  34
  37
  40
  44
  48
  52
  57
  62
  67
  72
  78
  84
  91
  98
Change in working capital, $m
  -19
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
Cash from operations, $m
  40
  11
  13
  15
  16
  18
  20
  22
  24
  26
  29
  31
  34
  37
  40
  44
  48
  52
  56
  60
  65
  70
  76
  81
  87
  94
  101
  108
  115
  124
  132
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
New CAPEX, $m
  -72
  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
  -2
  -2
Cash from investing activities, $m
  -79
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
Free cash flow, $m
  -39
  10
  11
  13
  14
  16
  18
  20
  22
  24
  26
  28
  31
  34
  37
  40
  44
  48
  52
  56
  61
  65
  71
  76
  82
  88
  95
  101
  109
  117
  125
Issuance/(repayment) of debt, $m
  46
  -2
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
Issuance/(repurchase) of shares, $m
  8
  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
Cash from financing (excl. dividends), $m  
  53
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
Total cash flow (excl. dividends), $m
  13
  23
  25
  27
  29
  32
  34
  37
  40
  43
  47
  50
  54
  58
  62
  67
  72
  77
  83
  89
  95
  101
  108
  116
  124
  132
  141
  150
  160
  170
  181
Retained Cash Flow (-), $m
  -25
  -16
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Prev. year cash balance distribution, $m
 
  157
  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
 
  164
  23
  25
  27
  30
  32
  35
  38
  41
  44
  48
  51
  55
  60
  64
  69
  74
  79
  85
  91
  97
  104
  111
  119
  127
  135
  144
  154
  164
  175
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
 
  157
  21
  22
  23
  23
  24
  24
  24
  24
  23
  23
  22
  21
  20
  19
  18
  16
  15
  13
  12
  10
  9
  7
  6
  5
  4
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4
  76.4

Overstock.com, Inc. operates as an online retailer in the United States. The company operates through two segments, Direct and Partner. It offers 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, sporting goods, and other products; and sells various books, magazines, CDs, DVDs, and video games. The company also offers fintech and crypto, and proprietary blockchain software products; pet adoptions, farmers market, and insurance services; and online car listing service. In addition, it operates Worldstock Fair Trade, a store that offers handcrafted products; Main Street Revolution, a store that features products from small businesses; Supplier Oasis, a single integration point used to manage products, inventory, and sales channels; and ecommerce marketplace channels. Overstock.com, Inc. sells its products and services through its Internet websites located at overstock.com, o.co, and o.biz, as well as through the United States based third party logistics providers to international customer. The company was formerly known as D2-Discounts Direct and changed its name to Overstock.com, Inc. in October 1999. Overstock.com, Inc. was founded in 1997 and is based in Midvale, Utah.

FINANCIAL RATIOS  of  Overstock.com (OSTK)

Valuation Ratios
P/E Ratio 37.4
Price to Sales 0.3
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow -15.2
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 4.3% 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 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 10 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%. 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 25.522 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 $0.5 billion.

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TJX TJX 70.25 74.85  hold
EBAY eBay 34.85 36.96  hold
AMZN Amazon.com 960.57 870.28  hold
TGT Target 56.12 69.49  buy
TUES Tuesday Mornin 1.70 1.31  sell

COMPANY NEWS

▶ 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]
▶ Overstock.com shares jump on surprise profit   [05:01PM  at MarketWatch]
▶ Better Buy: eBay Inc. vs. Overstock.com   [Jan-19-17 03:46PM  at Motley Fool]
▶ Why Overstock.com, Inc. Stock Skyrocketed 41.7% in 2016   [Jan-16-17 03:23PM  at Motley Fool]
▶ Keys to Make Returning Gifts Bought Online Easier   [Dec-27-16 01:05PM  at MarketWatch]
▶ Overstock Closes Historic Rights Offering   [Dec-15-16 07:15PM  GlobeNewswire]
Stock chart of OSTK 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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