Intrinsic value of Reed's - REED

Previous Close

$2.20

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-54%

Previous close

$2.20

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-54%

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

We calculate the intrinsic value of REED 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 0.0

 

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, %
  -8.70
  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
  42
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
Variable operating expenses, $m
 
  33
  33
  34
  35
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
Fixed operating expenses, $m
 
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
Total operating expenses, $m
  46
  47
  48
  49
  50
  52
  53
  56
  57
  59
  61
  63
  66
  68
  71
  73
  76
  79
  82
  85
  89
  93
  96
  101
  104
  109
  114
  118
  123
  129
  134
Operating income, $m
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  0
  1
  1
  2
  3
  3
EBITDA, $m
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  0
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
Interest expense (income), $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
Earnings before tax, $m
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -4
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
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -4

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
Adjusted assets (=assets-cash), $m
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
Revenue / Adjusted assets
  2.211
  2.263
  2.200
  2.250
  2.190
  2.182
  2.227
  2.217
  2.208
  2.200
  2.192
  2.185
  2.179
  2.207
  2.233
  2.226
  2.182
  2.235
  2.194
  2.243
  2.231
  2.220
  2.209
  2.200
  2.213
  2.224
  2.192
  2.222
  2.193
  2.220
  2.226
Average production assets, $m
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Working capital, $m
  -2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Total debt, $m
  13
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  41
  43
  45
  48
Total liabilities, $m
  21
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
Total equity, $m
  -2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Total liabilities and equity, $m
  19
  19
  20
  20
  21
  21
  22
  23
  23
  24
  26
  27
  28
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  44
  47
  49
  51
  54
  57
  59
  62
Debt-to-equity ratio
  -6.500
  4.870
  4.960
  5.070
  5.170
  5.290
  5.400
  5.520
  5.640
  5.760
  5.880
  6.000
  6.120
  6.230
  6.340
  6.450
  6.560
  6.660
  6.760
  6.860
  6.960
  7.050
  7.130
  7.220
  7.300
  7.380
  7.450
  7.520
  7.590
  7.650
  7.720
Adjusted equity ratio
  -0.105
  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
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -4
Depreciation, amort., depletion, $m
  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
  3
Funds from operations, $m
  -2
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -4
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
Change in working capital, $m
  1
  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 operations, $m
  -3
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -4
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -1
Maintenance CAPEX, $m
  0
  -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
New CAPEX, $m
  0
  0
  0
  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
Cash from investing activities, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Free cash flow, $m
  -3
  -7
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -8
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -6
Issuance/(repayment) of debt, $m
  -1
  -4
  0
  0
  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
  3
Issuance/(repurchase) of shares, $m
  2
  10
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  6
  6
  6
  6
  5
  5
  5
  4
Cash from financing (excl. dividends), $m  
  2
  6
  6
  6
  7
  7
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  8
  9
  9
  9
  8
  8
  8
  8
  7
  7
  7
  7
Total cash flow (excl. dividends), $m
  -1
  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
Retained Cash Flow (-), $m
  3
  -10
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -4
Prev. year cash balance distribution, $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 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
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
  -5
  -4
  -4
  -4
  -3
Discount rate, %
 
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.65
  23.79
  24.98
  26.23
  27.54
  28.91
  30.36
  31.88
  33.47
  35.14
  36.90
  38.75
  40.68
  42.72
  44.85
  47.10
  49.45
  51.92
  54.52
  57.25
  60.11
  63.11
  66.27
PV of cash for distribution, $m
 
  -9
  -4
  -4
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  12.4
  3.0
  0.7
  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

Reed's, Inc. develops, manufactures, markets and sells natural non-alcoholic carbonated soft drinks, Kombucha, candies and ice creams. The Company manufactures, licenses, markets and sells several product lines, such as Reed's Ginger Brews; Virgil's Root Beer, Cream Sodas, Dr. Better and Real Cola, including ZERO diet sodas; Culture Club Kombucha; China Colas; Reed's Ginger candy and ice creams, and Sonoma Sparkler and other juice based products. The Company sells its products throughout the United States and in select international markets. It sells products through a network of natural, gourmet and beer distributors and direct to certain large national retailers. The Company also has private label business. The Company manufactures and sells beverages and candies or other ginger related products. The Company produces carbonated beverages in multiple facilities, including a facility in Los Angeles, California, known as The Brewery.

FINANCIAL RATIOS  of  Reed's (REED)

Valuation Ratios
P/E Ratio -6.2
Price to Sales 0.7
Price to Book -15.4
Price to Tangible Book
Price to Cash Flow -10.3
Price to Free Cash Flow -10.3
Growth Rates
Sales Growth Rate -8.7%
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 0
Current Ratio 0
LT Debt to Equity -400%
Total Debt to Equity -650%
Interest Coverage -2
Management Effectiveness
Return On Assets -15.4%
Ret/ On Assets - 3 Yr. Avg. -10.5%
Return On Total Capital -43.5%
Ret/ On T. Cap. - 3 Yr. Avg. -29.1%
Return On Equity 1000%
Return On Equity - 3 Yr. Avg. 270.5%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 21.4%
Gross Margin - 3 Yr. Avg. 25.9%
EBITDA Margin -4.8%
EBITDA Margin - 3 Yr. Avg. -2.3%
Operating Margin -9.5%
Oper. Margin - 3 Yr. Avg. -5.3%
Pre-Tax Margin -11.9%
Pre-Tax Margin - 3 Yr. Avg. -7.6%
Net Profit Margin -11.9%
Net Profit Margin - 3 Yr. Avg. -7.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

REED stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the REED stock intrinsic value calculation we used $42 million for the last fiscal year's total revenue generated by Reed's. The default revenue input number comes from 2016 income statement of Reed's. 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 REED 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 16.1%, whose default value for REED is calculated based on our internal credit rating of Reed's, 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 Reed's.
    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 REED stock the variable cost ratio is equal to 76.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14 million in the base year in the intrinsic value calculation for REED 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 16.7% for Reed's.

Corporate tax rate of 27% is the nominal tax rate for Reed's. 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 REED 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 REED are equal to 19%.

Life of production assets of 8 years is the average useful life of capital assets used in Reed's 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 REED is equal to 7.1%. 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 - $-2 million for Reed's - 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 15.137 million for Reed's 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 Reed's at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
PEP PepsiCo 112.80 59.66  sell
KO Coca-Cola 45.40 16.98  str.sell
DPS Dr Pepper Snap 89.50 130.83  buy
NBEV New Age Bevera 3.72 0.00  str.sell
CELH Celsius Holdin 5.54 0.06  str.sell

COMPANY NEWS

▶ ETFs with exposure to Reeds, Inc. : August 25, 2017   [Aug-25-17 05:23PM  Capital Cube]
▶ Reeds posts 2Q profit   [Aug-14-17 10:21PM  Associated Press]
▶ Reed's Inc. Announces Second Quarter Results   [04:05PM  GlobeNewswire]
▶ ETFs with exposure to Reeds, Inc. : July 31, 2017   [Jul-31-17 05:04PM  Capital Cube]
▶ Reed's, Inc. Announces New CEO   [Jul-05-17 08:30AM  GlobeNewswire]
▶ ETFs with exposure to Reeds, Inc. : June 28, 2017   [Jun-28-17 03:00PM  Capital Cube]
▶ ETFs with exposure to Reeds, Inc. : June 13, 2017   [Jun-13-17 12:52PM  Capital Cube]
▶ ETFs with exposure to Reeds, Inc. : June 2, 2017   [Jun-02-17 02:26PM  Capital Cube]
▶ ETFs with exposure to Reeds, Inc. : May 23, 2017   [May-23-17 01:05PM  Capital Cube]
▶ Reed's Inc. Announces First Quarter Financial Results   [May-15-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Reeds, Inc. : May 8, 2017   [May-08-17 05:08PM  Capital Cube]
▶ ETFs with exposure to Reeds, Inc. : April 28, 2017   [Apr-28-17 04:13PM  Capital Cube]
▶ Reed's, Inc. Announces Stefan Freeman as Interim CEO   [Apr-24-17 01:00PM  GlobeNewswire]
▶ Reeds Provides Details for 2016 Earnings Call   [Apr-20-17 04:30PM  GlobeNewswire]
▶ Insiders Week: Achaogen, Lonestar Resources   [Dec-23-16 05:16PM  GuruFocus.com]
▶ Reed's, Inc. Announces Board of Director Nominees   [Oct-31-16 08:30AM  GlobeNewswire]
▶ ETFs with exposure to Reeds, Inc. : October 25, 2016   [Oct-25-16 02:55PM  Capital Cube]
▶ ETFs with exposure to Reeds, Inc. : August 30, 2016   [Aug-30-16 11:29AM  Capital Cube]
▶ Reed's Inc. Announces Second Quarter Results   [04:05PM  GlobeNewswire]
▶ Reeds Announces $2.2 Million Private Placement   [May-27-16 09:00AM  GlobeNewswire]
▶ Reed's Inc. Announces First Quarter Sales Results   [May-11-16 04:15PM  GlobeNewswire]
▶ Reed's, Inc. To Announce Q1 Earnings on May 11, 2016   [Apr-28-16 08:30AM  GlobeNewswire]
Financial statements of REED
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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