Intrinsic value of Qualys - QLYS

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$34.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$34.25

 
Intrinsic value

$43.15

 
Up/down potential

+26%

 
Rating

buy

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

We calculate the intrinsic value of QLYS 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 1.2

 

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, %
  20.73
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  198
  234
  274
  316
  363
  412
  465
  521
  580
  642
  707
  775
  845
  919
  996
  1,076
  1,159
  1,245
  1,335
  1,428
  1,525
  1,626
  1,730
  1,839
  1,953
  2,071
  2,194
  2,323
  2,457
  2,596
  2,742
Variable operating expenses, $m
 
  198
  232
  268
  308
  350
  394
  442
  492
  544
  599
  657
  717
  779
  845
  912
  983
  1,056
  1,132
  1,211
  1,293
  1,379
  1,467
  1,560
  1,656
  1,756
  1,861
  1,970
  2,083
  2,202
  2,326
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
  168
  198
  232
  268
  308
  350
  394
  442
  492
  544
  599
  657
  717
  779
  845
  912
  983
  1,056
  1,132
  1,211
  1,293
  1,379
  1,467
  1,560
  1,656
  1,756
  1,861
  1,970
  2,083
  2,202
  2,326
Operating income, $m
  30
  36
  42
  48
  55
  63
  71
  79
  88
  98
  107
  118
  128
  140
  151
  164
  176
  189
  203
  217
  232
  247
  263
  280
  297
  315
  334
  353
  373
  395
  417
EBITDA, $m
  47
  44
  52
  60
  68
  78
  88
  98
  109
  121
  133
  146
  159
  173
  188
  203
  218
  235
  251
  269
  287
  306
  326
  347
  368
  390
  413
  438
  463
  489
  517
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  7
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  40
  42
  45
  48
  52
  55
  58
  62
Earnings before tax, $m
  30
  36
  41
  46
  52
  58
  65
  72
  80
  88
  96
  105
  114
  123
  133
  143
  153
  164
  176
  188
  200
  213
  226
  240
  254
  269
  285
  301
  318
  336
  355
Tax expense, $m
  11
  10
  11
  12
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  39
  41
  44
  47
  51
  54
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
Net income, $m
  19
  26
  30
  34
  38
  43
  48
  53
  58
  64
  70
  76
  83
  90
  97
  104
  112
  120
  128
  137
  146
  155
  165
  175
  186
  197
  208
  220
  232
  245
  259

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  244
  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
  407
  193
  225
  260
  299
  339
  383
  429
  477
  528
  582
  638
  696
  757
  820
  885
  954
  1,025
  1,099
  1,175
  1,255
  1,338
  1,424
  1,514
  1,607
  1,705
  1,806
  1,912
  2,022
  2,137
  2,257
Adjusted assets (=assets-cash), $m
  163
  193
  225
  260
  299
  339
  383
  429
  477
  528
  582
  638
  696
  757
  820
  885
  954
  1,025
  1,099
  1,175
  1,255
  1,338
  1,424
  1,514
  1,607
  1,705
  1,806
  1,912
  2,022
  2,137
  2,257
Revenue / Adjusted assets
  1.215
  1.212
  1.218
  1.215
  1.214
  1.215
  1.214
  1.214
  1.216
  1.216
  1.215
  1.215
  1.214
  1.214
  1.215
  1.216
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
  1.215
Average production assets, $m
  36
  43
  50
  58
  66
  75
  85
  95
  106
  117
  129
  141
  154
  167
  181
  196
  211
  227
  243
  260
  278
  296
  315
  335
  355
  377
  399
  423
  447
  473
  499
Working capital, $m
  171
  -86
  -101
  -117
  -134
  -152
  -172
  -192
  -214
  -237
  -261
  -286
  -312
  -339
  -368
  -397
  -428
  -459
  -493
  -527
  -563
  -600
  -639
  -679
  -721
  -764
  -810
  -857
  -906
  -958
  -1,012
Total debt, $m
  0
  24
  54
  85
  120
  156
  195
  237
  281
  326
  374
  425
  477
  532
  589
  648
  709
  773
  840
  909
  981
  1,055
  1,133
  1,213
  1,298
  1,385
  1,476
  1,571
  1,671
  1,774
  1,882
Total liabilities, $m
  149
  173
  203
  234
  269
  305
  344
  386
  430
  475
  523
  574
  626
  681
  738
  797
  858
  922
  989
  1,058
  1,130
  1,204
  1,282
  1,362
  1,447
  1,534
  1,625
  1,720
  1,820
  1,923
  2,031
Total equity, $m
  258
  19
  23
  26
  30
  34
  38
  43
  48
  53
  58
  64
  70
  76
  82
  89
  95
  102
  110
  118
  126
  134
  142
  151
  161
  170
  181
  191
  202
  214
  226
Total liabilities and equity, $m
  407
  192
  226
  260
  299
  339
  382
  429
  478
  528
  581
  638
  696
  757
  820
  886
  953
  1,024
  1,099
  1,176
  1,256
  1,338
  1,424
  1,513
  1,608
  1,704
  1,806
  1,911
  2,022
  2,137
  2,257
Debt-to-equity ratio
  0.000
  1.260
  2.380
  3.280
  4.010
  4.610
  5.110
  5.520
  5.880
  6.180
  6.440
  6.660
  6.860
  7.030
  7.180
  7.320
  7.440
  7.550
  7.640
  7.730
  7.810
  7.890
  7.950
  8.020
  8.070
  8.130
  8.170
  8.220
  8.260
  8.300
  8.340
Adjusted equity ratio
  0.086
  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
  19
  26
  30
  34
  38
  43
  48
  53
  58
  64
  70
  76
  83
  90
  97
  104
  112
  120
  128
  137
  146
  155
  165
  175
  186
  197
  208
  220
  232
  245
  259
Depreciation, amort., depletion, $m
  17
  9
  10
  12
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  49
  52
  56
  59
  63
  67
  71
  75
  80
  85
  89
  95
  100
Funds from operations, $m
  88
  34
  40
  45
  51
  58
  65
  72
  79
  87
  96
  105
  114
  123
  133
  143
  154
  165
  177
  189
  201
  214
  228
  242
  257
  272
  288
  305
  322
  340
  359
Change in working capital, $m
  20
  -13
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
Cash from operations, $m
  68
  52
  54
  61
  68
  76
  84
  92
  101
  110
  120
  130
  140
  150
  162
  173
  185
  197
  210
  223
  237
  252
  267
  282
  299
  316
  333
  352
  371
  392
  413
Maintenance CAPEX, $m
  0
  -7
  -9
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -89
  -95
New CAPEX, $m
  -23
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -27
Cash from investing activities, $m
  -96
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -61
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -97
  -103
  -109
  -114
  -122
Free cash flow, $m
  -28
  38
  39
  43
  48
  54
  59
  65
  71
  78
  85
  92
  99
  106
  114
  122
  131
  139
  148
  158
  168
  178
  188
  200
  211
  223
  236
  249
  262
  277
  292
Issuance/(repayment) of debt, $m
  0
  24
  29
  32
  34
  37
  39
  41
  44
  46
  48
  50
  52
  55
  57
  59
  62
  64
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
Issuance/(repurchase) of shares, $m
  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
  0
Cash from financing (excl. dividends), $m  
  23
  24
  29
  32
  34
  37
  39
  41
  44
  46
  48
  50
  52
  55
  57
  59
  62
  64
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  99
  104
  108
Total cash flow (excl. dividends), $m
  -5
  62
  68
  75
  83
  90
  98
  107
  115
  124
  133
  142
  151
  161
  171
  181
  192
  203
  215
  227
  239
  252
  266
  280
  295
  311
  327
  344
  362
  380
  400
Retained Cash Flow (-), $m
  -62
  -5
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Prev. year cash balance distribution, $m
 
  244
  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
 
  301
  65
  72
  79
  86
  94
  102
  110
  119
  127
  136
  145
  155
  165
  175
  185
  196
  207
  219
  231
  244
  257
  271
  286
  301
  317
  333
  351
  369
  388
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
 
  289
  59
  62
  65
  67
  68
  69
  69
  68
  67
  65
  62
  59
  55
  51
  47
  43
  38
  34
  29
  25
  21
  18
  15
  12
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  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
  100.0

Qualys, Inc. provides cloud-based security and compliance solutions in the United States and internationally. The company offers Qualys Cloud Suite, which includes Vulnerability Management, Continuous Monitoring, Cloud Agent, AssetView, ThreatPROTECT, Policy Compliance, PCI Compliance, Security Assessment Questionnaire, Web Application Scanning, and Web Application Firewall. Its integrated suite of security and compliance solutions delivered on its Qualys Cloud Platform enables customers to identify their IT assets, collect and analyze IT security data, discover and prioritize vulnerabilities, recommend remediation actions, and verify the implementation of such actions. The company also provides core services, including asset tagging and management, reporting and dashboards, questionnaires and collaboration, remediation and workflow, big data correlation and analytics engine, and alerts and notifications, which enable integrated workflows, management and real-time analysis, and reporting across IT security and compliance solutions. In addition, it offers cloud infrastructure services that include the data, data processing capabilities, software and hardware infrastructure, and infrastructure management capabilities. The company markets and sells its IT security and compliance solutions to customers directly through its sales teams, as well as indirectly through its network of channel partners, such as security consulting organizations, managed service providers, value added resellers, and consulting firms. It serves enterprises, government entities, and small and medium-sized businesses in various industries, including education, financial services, government, healthcare, insurance, manufacturing, media, retail, technology, and utilities. The company was founded in 1999 and is headquartered in Redwood City, California.

FINANCIAL RATIOS  of  Qualys (QLYS)

Valuation Ratios
P/E Ratio 64.6
Price to Sales 6.2
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 27.3
Growth Rates
Sales Growth Rate 20.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15%
Cap. Spend. - 3 Yr. Gr. Rate 10.4%
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 5.2%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 13.7%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 78.3%
Gross Margin - 3 Yr. Avg. 78.6%
EBITDA Margin 23.7%
EBITDA Margin - 3 Yr. Avg. 21.1%
Operating Margin 15.2%
Oper. Margin - 3 Yr. Avg. 12.6%
Pre-Tax Margin 15.2%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 13.9%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. -53.6%
Payout Ratio 0%

QLYS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QLYS stock intrinsic value calculation we used $198 million for the last fiscal year's total revenue generated by Qualys. The default revenue input number comes from 2016 income statement of Qualys. 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 QLYS stock valuation model: a) initial revenue growth rate of 18.2% 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 QLYS is calculated based on our internal credit rating of Qualys, 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 Qualys.
    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 QLYS stock the variable cost ratio is equal to 84.8%.

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 QLYS 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 Qualys.

Corporate tax rate of 27% is the nominal tax rate for Qualys. 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 QLYS 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 QLYS are equal to 18.2%.

Life of production assets of 2.1 years is the average useful life of capital assets used in Qualys 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 QLYS is equal to -36.9%. 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 - $258 million for Qualys - 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 34.571 million for Qualys 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 Qualys at the current share price and the inputted number of shares is $1.2 billion.


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COMPANY NEWS

▶ Patching WannaCrypt: Dispatches from the frontline   [May-17-17 03:28PM  TechRepublic]
▶ Qualys tops Street 1Q forecasts   [May-02-17 07:33PM  Associated Press]
▶ Dow Futures Lower: Keep These 5 Cybersecurity Plays Under Surveillance   [Mar-31-17 12:52AM  Investor's Business Daily]
▶ Columbia Wanger Buys LCI Industries, Nasdaq   [Mar-09-17 02:28PM  GuruFocus.com]
▶ Qualys tops 4Q profit forecasts   [Feb-08-17 06:18PM  AP]
▶ Qualys to Speak at Upcoming Investor Conferences   [Feb-02-17 09:00AM  Marketwired]
▶ Baron Funds Comments on Qualys   [Jan-20-17 04:18PM  Gurufocus]
▶ Baron Funds Comments on Qualys   [Jan-18-17 04:07PM  Gurufocus]
▶ Is Qualys Inc (QLYS) a Good Stock to Buy?   [Dec-10-16 05:01PM  at Insider Monkey]
▶ Qualys to Participate in Upcoming Investor Conferences   [Nov-16-16 09:00AM  Marketwired]
▶ Qualys to Host Analysts & Investors Day and Live Webcast   [Nov-09-16 09:00AM  Marketwired]
▶ Qualys and NTT Security Announce Strategic Partnership   [Oct-11-16 09:00AM  Marketwired]
▶ Wealth Adviser Daily Briefing: Merrill Fined, Energy Funds Ask for Time   [Sep-27-16 05:32AM  at The Wall Street Journal]
▶ [$$] Merrill Lynch to Pay $12.5 Million Fine for Mini-Flash Crashes   [Sep-26-16 04:43PM  at The Wall Street Journal]
▶ Qualys Announces Global Strategic Partnership With Wipro   [Aug-23-16 09:00AM  Marketwired]
Stock chart of QLYS Financial statements of QLYS Annual reports of QLYS
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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