Intrinsic value of Pendrell - PCO

Previous Close

$6.31

  Intrinsic Value

$1.88

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

-54%

Previous close

$6.31

 
Intrinsic value

$1.88

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

-54%

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

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

We calculate the intrinsic value of PCO 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 0.2

 

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, %
  34.09
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  59
  60
  62
  63
  65
  67
  69
  71
  74
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  122
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
Variable operating expenses, $m
 
  225
  231
  237
  243
  251
  259
  267
  277
  287
  298
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
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
  44
  225
  231
  237
  243
  251
  259
  267
  277
  287
  298
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
Operating income, $m
  15
  -165
  -169
  -173
  -178
  -184
  -190
  -196
  -203
  -211
  -219
  -227
  -237
  -246
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -349
  -366
  -383
  -401
  -420
  -440
  -461
  -483
  -507
  -531
EBITDA, $m
  25
  -164
  -168
  -172
  -177
  -183
  -189
  -195
  -202
  -209
  -217
  -226
  -235
  -245
  -255
  -266
  -278
  -290
  -303
  -317
  -332
  -347
  -363
  -380
  -398
  -417
  -437
  -458
  -481
  -504
  -528
Interest expense (income), $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
  1
  1
  1
  1
  1
  1
Earnings before tax, $m
  18
  -165
  -169
  -173
  -178
  -184
  -190
  -196
  -203
  -211
  -219
  -227
  -237
  -247
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -350
  -366
  -383
  -401
  -420
  -441
  -462
  -484
  -508
  -532
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
  18
  -165
  -169
  -173
  -178
  -184
  -190
  -196
  -203
  -211
  -219
  -227
  -237
  -247
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -350
  -366
  -383
  -401
  -420
  -441
  -462
  -484
  -508
  -532

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  175
  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
  212
  38
  39
  40
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  92
  96
  100
  105
  110
  116
  121
Adjusted assets (=assets-cash), $m
  37
  38
  39
  40
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  92
  96
  100
  105
  110
  116
  121
Revenue / Adjusted assets
  1.595
  1.579
  1.590
  1.575
  1.585
  1.595
  1.605
  1.578
  1.609
  1.604
  1.600
  1.596
  1.593
  1.607
  1.593
  1.607
  1.594
  1.582
  1.586
  1.589
  1.605
  1.588
  1.602
  1.598
  1.587
  1.594
  1.600
  1.600
  1.600
  1.595
  1.603
Average production assets, $m
  10
  10
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
Working capital, $m
  184
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
Total debt, $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
Total liabilities, $m
  11
  10
  10
  11
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
Total equity, $m
  202
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  81
  84
  89
Total liabilities and equity, $m
  213
  38
  38
  40
  41
  42
  44
  45
  47
  48
  49
  52
  54
  56
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  96
  100
  105
  111
  115
  122
Debt-to-equity ratio
  0.000
  0.010
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.250
  0.250
  0.260
Adjusted equity ratio
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  -165
  -169
  -173
  -178
  -184
  -190
  -196
  -203
  -211
  -219
  -227
  -237
  -247
  -257
  -268
  -280
  -292
  -305
  -319
  -334
  -350
  -366
  -383
  -401
  -420
  -441
  -462
  -484
  -508
  -532
Depreciation, amort., depletion, $m
  10
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Funds from operations, $m
  -9
  -164
  -168
  -172
  -177
  -183
  -189
  -195
  -202
  -209
  -217
  -226
  -235
  -245
  -255
  -267
  -278
  -291
  -304
  -318
  -332
  -348
  -364
  -381
  -399
  -418
  -438
  -459
  -481
  -505
  -529
Change in working capital, $m
  -20
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  11
  -164
  -168
  -173
  -178
  -183
  -189
  -195
  -202
  -210
  -218
  -227
  -236
  -246
  -256
  -267
  -279
  -291
  -304
  -318
  -333
  -348
  -365
  -382
  -400
  -419
  -439
  -460
  -482
  -506
  -530
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Free cash flow, $m
  12
  -166
  -169
  -174
  -179
  -184
  -190
  -197
  -204
  -211
  -220
  -228
  -238
  -248
  -258
  -269
  -281
  -294
  -307
  -321
  -336
  -351
  -368
  -385
  -403
  -423
  -443
  -464
  -486
  -510
  -535
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
Issuance/(repurchase) of shares, $m
  0
  166
  170
  174
  179
  185
  191
  197
  204
  212
  220
  229
  238
  248
  259
  270
  282
  294
  308
  322
  337
  352
  369
  386
  404
  424
  444
  465
  488
  511
  536
Cash from financing (excl. dividends), $m  
  0
  166
  170
  174
  179
  185
  191
  197
  204
  212
  220
  230
  239
  249
  260
  271
  283
  295
  309
  323
  338
  353
  370
  387
  405
  425
  445
  466
  489
  512
  538
Total cash flow (excl. dividends), $m
  12
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Retained Cash Flow (-), $m
  -22
  -166
  -170
  -174
  -179
  -185
  -191
  -197
  -204
  -212
  -220
  -229
  -238
  -248
  -259
  -270
  -282
  -294
  -308
  -322
  -337
  -352
  -369
  -386
  -404
  -424
  -444
  -465
  -488
  -511
  -536
Prev. year cash balance distribution, $m
 
  175
  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
 
  10
  -169
  -174
  -179
  -184
  -190
  -196
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -269
  -280
  -293
  -306
  -320
  -335
  -350
  -367
  -384
  -402
  -421
  -442
  -463
  -485
  -509
  -533
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
 
  9
  -155
  -151
  -147
  -143
  -138
  -133
  -127
  -121
  -115
  -108
  -101
  -94
  -86
  -79
  -71
  -64
  -56
  -49
  -43
  -36
  -30
  -25
  -20
  -16
  -13
  -10
  -8
  -6
  -4
Current shareholders' claim on cash, %
  100
  12.0
  1.4
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Pendrell Corporation invests in, acquires, and develops businesses with unique technologies that are protected by intellectual property (IP) rights in the United States. It manages four IP licensing programs comprising digital media, digital cinema, wireless technologies, and memory and storage technologies. The company’s digital media program is supported by patents and patent applications to protect against unauthorized duplication and use of digital content transferred from a source to electronic devices. Its digital media licensees include manufacturers, distributors, and providers of consumer products. The company’s digital cinema program is supported by patents and patent applications designed to protect against unauthorized creation, duplication, and use of digital cinema content that is authored and distributed to movie theaters. Its digital cinema licensees include motion picture producers, motion picture distributors, and equipment vendors. The company’s wireless technologies program is supported by patents and patent applications in cellular and digital wireless devices and infrastructure that cover 3G, 4G, Bluetooth, Wi-Fi, and NFC technologies. Its wireless technologies licensees comprise suppliers, manufacturers, distributors, and providers of wireless devices and infrastructure. The company’s memory and storage technologies program is supported by patents and patent applications that cover embedded memory components and storage subsystems. Its memory and storage technologies licensees include flash memory component suppliers, solid state disk manufacturers, and device vendors. The company was formerly known as ICO Global Communications (Holdings) Limited and changed its name to Pendrell Corporation in July 2011. Pendrell Corporation was founded in 1995 and is headquartered in Kirkland, Washington.

FINANCIAL RATIOS  of  Pendrell (PCO)

Valuation Ratios
P/E Ratio 9.4
Price to Sales 2.9
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 15.4
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate 34.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. -17.2%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. -18.3%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. -18.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 69.5%
Gross Margin - 3 Yr. Avg. 69.9%
EBITDA Margin 47.5%
EBITDA Margin - 3 Yr. Avg. -87.8%
Operating Margin 25.4%
Oper. Margin - 3 Yr. Avg. -122.7%
Pre-Tax Margin 30.5%
Pre-Tax Margin - 3 Yr. Avg. -117.3%
Net Profit Margin 30.5%
Net Profit Margin - 3 Yr. Avg. -112.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -4.7%
Payout Ratio 0%

PCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PCO stock intrinsic value calculation we used $59 million for the last fiscal year's total revenue generated by Pendrell. The default revenue input number comes from 2016 income statement of Pendrell. 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 PCO stock valuation model: a) initial revenue growth rate of 2% 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 PCO is calculated based on our internal credit rating of Pendrell, 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 Pendrell.
    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 PCO stock the variable cost ratio is equal to 374.6%.

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 PCO 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 Pendrell.

Corporate tax rate of 27% is the nominal tax rate for Pendrell. 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 PCO 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 PCO are equal to 16.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Pendrell 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 PCO is equal to 15.3%. 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 - $202 million for Pendrell - 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 26.817 million for Pendrell 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 Pendrell at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to Pendrell Corp. : July 4, 2017   [Jul-04-17 03:20PM  Capital Cube]
▶ ETFs with exposure to Pendrell Corp. : April 5, 2017   [Apr-05-17 05:15PM  Capital Cube]
▶ Saratoga Springs City Center names next leader   [Dec-30-16 02:06PM  at bizjournals.com]
▶ Saratoga Springs City Center names next leader   [02:06PM  American City Business Journals]
▶ ETFs with exposure to Pendrell Corp. : September 28, 2016   [Sep-28-16 09:57AM  Capital Cube]
▶ ETFs with exposure to Pendrell Corp. : July 26, 2016   [Jul-26-16 12:02PM  Capital Cube]
▶ ETFs with exposure to Pendrell Corp. : May 23, 2016   [May-23-16 05:29PM  Capital Cube]
▶ Is Pernix Therapeutics Holdings Inc (PTX) A Good Stock To Buy?   [Nov-23  02:35PM  at Insider Monkey]
▶ 10-Q for Pendrell Corp.   [Aug-03  08:09PM  at Company Spotlight]
▶ 10-Q for Pendrell Corp.   [May-03  08:13PM  at Company Spotlight]
▶ 10-K for Pendrell Corp.   [Mar-08  08:08PM  at Company Spotlight]
▶ Pendrell Announces Leadership Changes   [Nov-19  07:06PM  Business Wire]
▶ 10-Q for Pendrell Corp.   [Nov-03  07:08PM  Company Spotlight]
▶ PENDRELL CORP Files SEC form 10-Q, Quarterly Report   [Oct-31  04:05PM  EDGAR Online]
▶ [$$] Credits & Debits: News Digest   [Sep-08  06:24PM  at The Wall Street Journal]
▶ CFO Moves: Pendrell, Plug Power   [Sep-04  04:31PM  at The Wall Street Journal]
▶ PENDRELL CORP Files SEC form 10-Q, Quarterly Report   [Aug-01  04:18PM  EDGAR Online]
▶ PENDRELL CORP Files SEC form 10-Q, Quarterly Report   [May-05  08:31AM  EDGAR Online]
▶ PENDRELL CORP Files SEC form 10-K, Annual Report   [Mar-11  08:32AM  Optionetics]
▶ PENDRELL CORP Files SEC form 8-K, Other Events   [Mar-10  09:00AM  Optionetics]
▶ PENDRELL CORP Files SEC form 10-Q, Quarterly Report   [Nov-01  04:12PM  Optionetics]
Stock chart of PCO Financial statements of PCO
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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