Intrinsic value of RPX - RPXC

Previous Close

$12.43

  Intrinsic Value

$20.63

stock screener

  Rating & Target

str. buy

+66%

  Value-price divergence*

+16%

Previous close

$12.43

 
Intrinsic value

$20.63

 
Up/down potential

+66%

 
Rating

str. buy

 
Value-price divergence*

+16%

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

We calculate the intrinsic value of RPXC 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 0.6

 

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, %
  14.04
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  333
  346
  359
  374
  389
  405
  423
  441
  461
  482
  503
  526
  551
  576
  603
  632
  662
  694
  727
  762
  799
  838
  878
  921
  966
  1,014
  1,064
  1,116
  1,171
  1,229
  1,290
Variable operating expenses, $m
 
  267
  277
  288
  299
  311
  324
  337
  351
  366
  382
  384
  402
  421
  440
  461
  483
  506
  530
  556
  583
  611
  641
  672
  705
  740
  776
  814
  854
  897
  941
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
  298
  267
  277
  288
  299
  311
  324
  337
  351
  366
  382
  384
  402
  421
  440
  461
  483
  506
  530
  556
  583
  611
  641
  672
  705
  740
  776
  814
  854
  897
  941
Operating income, $m
  35
  78
  82
  86
  90
  95
  99
  104
  109
  115
  121
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  226
  237
  249
  261
  274
  288
  302
  317
  332
  349
EBITDA, $m
  207
  121
  126
  131
  137
  142
  148
  155
  162
  169
  177
  185
  193
  202
  212
  222
  232
  243
  255
  267
  280
  294
  308
  323
  339
  356
  373
  392
  411
  431
  453
Interest expense (income), $m
  3
  6
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  28
  30
  31
  33
  36
  38
  40
  43
  45
  48
Earnings before tax, $m
  32
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  129
  134
  140
  146
  152
  159
  166
  174
  182
  190
  199
  208
  218
  228
  238
  250
  261
  274
  287
  301
Tax expense, $m
  14
  20
  20
  21
  22
  23
  24
  25
  27
  28
  29
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  67
  71
  74
  77
  81
Net income, $m
  18
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  94
  98
  102
  107
  111
  116
  121
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  191
  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
  735
  565
  587
  611
  636
  663
  691
  721
  753
  787
  822
  860
  900
  942
  986
  1,033
  1,082
  1,133
  1,188
  1,245
  1,305
  1,369
  1,435
  1,505
  1,579
  1,657
  1,738
  1,824
  1,913
  2,008
  2,107
Adjusted assets (=assets-cash), $m
  544
  565
  587
  611
  636
  663
  691
  721
  753
  787
  822
  860
  900
  942
  986
  1,033
  1,082
  1,133
  1,188
  1,245
  1,305
  1,369
  1,435
  1,505
  1,579
  1,657
  1,738
  1,824
  1,913
  2,008
  2,107
Revenue / Adjusted assets
  0.612
  0.612
  0.612
  0.612
  0.612
  0.611
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.611
  0.612
  0.612
  0.612
  0.613
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
  0.612
Average production assets, $m
  269
  279
  290
  301
  314
  327
  341
  356
  371
  388
  406
  424
  444
  465
  486
  509
  534
  559
  586
  614
  644
  675
  708
  743
  779
  817
  857
  899
  944
  990
  1,039
Working capital, $m
  113
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -129
Total debt, $m
  95
  99
  109
  120
  132
  145
  158
  172
  187
  203
  220
  237
  256
  276
  296
  318
  341
  366
  391
  418
  446
  476
  507
  540
  575
  611
  649
  689
  731
  776
  822
Total liabilities, $m
  261
  265
  275
  286
  298
  311
  324
  338
  353
  369
  386
  403
  422
  442
  462
  484
  507
  532
  557
  584
  612
  642
  673
  706
  741
  777
  815
  855
  897
  942
  988
Total equity, $m
  474
  300
  312
  324
  338
  352
  367
  383
  400
  418
  437
  457
  478
  500
  524
  548
  574
  602
  631
  661
  693
  727
  762
  799
  839
  880
  923
  968
  1,016
  1,066
  1,119
Total liabilities and equity, $m
  735
  565
  587
  610
  636
  663
  691
  721
  753
  787
  823
  860
  900
  942
  986
  1,032
  1,081
  1,134
  1,188
  1,245
  1,305
  1,369
  1,435
  1,505
  1,580
  1,657
  1,738
  1,823
  1,913
  2,008
  2,107
Debt-to-equity ratio
  0.200
  0.330
  0.350
  0.370
  0.390
  0.410
  0.430
  0.450
  0.470
  0.490
  0.500
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.670
  0.680
  0.690
  0.690
  0.700
  0.710
  0.720
  0.730
  0.730
Adjusted equity ratio
  0.520
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531
  0.531

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  94
  98
  102
  107
  111
  116
  121
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
Depreciation, amort., depletion, $m
  172
  43
  44
  45
  46
  48
  49
  51
  52
  54
  56
  42
  44
  46
  49
  51
  53
  56
  59
  61
  64
  68
  71
  74
  78
  82
  86
  90
  94
  99
  104
Funds from operations, $m
  175
  96
  99
  103
  107
  111
  115
  120
  124
  129
  135
  136
  142
  149
  155
  162
  170
  177
  186
  194
  203
  213
  223
  233
  244
  256
  268
  281
  294
  308
  323
Change in working capital, $m
  -12
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  187
  97
  101
  104
  108
  112
  117
  121
  126
  132
  137
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  227
  237
  249
  261
  273
  286
  300
  314
  329
Maintenance CAPEX, $m
  0
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
New CAPEX, $m
  -120
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
Cash from investing activities, $m
  -213
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -78
  -83
  -87
  -91
  -95
  -101
  -106
  -110
  -116
  -122
  -128
  -134
  -141
  -148
Free cash flow, $m
  -26
  60
  62
  64
  66
  68
  70
  72
  75
  78
  81
  80
  83
  86
  90
  93
  97
  102
  106
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
  181
Issuance/(repayment) of debt, $m
  96
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
Issuance/(repurchase) of shares, $m
  -56
  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  
  32
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
Total cash flow (excl. dividends), $m
  5
  70
  72
  75
  78
  80
  83
  87
  90
  94
  97
  97
  101
  106
  110
  115
  120
  126
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
Retained Cash Flow (-), $m
  42
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
Prev. year cash balance distribution, $m
 
  185
  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
 
  244
  61
  62
  64
  66
  68
  71
  73
  76
  78
  77
  80
  84
  87
  91
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  160
  167
  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
 
  234
  56
  54
  53
  51
  50
  48
  46
  43
  41
  37
  34
  32
  29
  27
  24
  21
  19
  17
  14
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
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

RPX Corporation provides patent risk management solutions in the United States, Japan, Korea, and internationally. It offers a subscription-based patent risk management solution that facilitates exchanges of value between owners and users of patents. The company provides a defensive patent aggregation in which it acquires patent assets to offer clients with licenses to protect them from patent infringement assertions; and insurance services to cover certain costs of non-practicing entity patent litigation. It also offers its clients with access to its proprietary patent market intelligence and data. RPX Corporation’s clients include companies that design, make, or sell technology-based products and services, as well as companies that use technology in their businesses. The company was founded in 2008 and is based in San Francisco, California.

FINANCIAL RATIOS  of  RPX (RPXC)

Valuation Ratios
P/E Ratio 33.7
Price to Sales 1.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 3.2
Price to Free Cash Flow 9
Growth Rates
Sales Growth Rate 14%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 32
Current Ratio 0
LT Debt to Equity 18.8%
Total Debt to Equity 20%
Interest Coverage 12
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 6.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 40.8%
Gross Margin - 3 Yr. Avg. 47.3%
EBITDA Margin 62.2%
EBITDA Margin - 3 Yr. Avg. 69%
Operating Margin 10.5%
Oper. Margin - 3 Yr. Avg. 19.3%
Pre-Tax Margin 9.6%
Pre-Tax Margin - 3 Yr. Avg. 19%
Net Profit Margin 5.4%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 43.8%
Eff/ Tax Rate - 3 Yr. Avg. 41.2%
Payout Ratio 0%

RPXC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RPXC stock intrinsic value calculation we used $333 million for the last fiscal year's total revenue generated by RPX. The default revenue input number comes from 2016 income statement of RPX. 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 RPXC stock valuation model: a) initial revenue growth rate of 3.8% 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 RPXC is calculated based on our internal credit rating of RPX, 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 RPX.
    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 RPXC stock the variable cost ratio is equal to 77.5%.

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 RPXC 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 6.2% for RPX.

Corporate tax rate of 27% is the nominal tax rate for RPX. 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 RPXC 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 RPXC are equal to 80.6%.

Life of production assets of 10 years is the average useful life of capital assets used in RPX 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 RPXC 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 - $474 million for RPX - 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 47.905 million for RPX 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 RPX at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Paul Mankoo Appointed Inventus Chief Executive Officer   [Aug-10-17 08:30AM  PR Newswire]
▶ Marty Roberts Joins RPX Board of Directors   [Aug-07-17 08:30AM  PR Newswire]
▶ RPX Squeezes More Profit From Sluggish Sales   [Aug-02-17 06:54AM  Motley Fool]
▶ RPX Corp. posts 2Q profit   [Aug-01-17 07:04PM  Associated Press]
▶ Twitter Hires Ned Segal as CFO   [Jul-12-17 11:51AM  GuruFocus.com]
▶ [$$] Twitter Hires Former Goldman Executive Segal as CFO   [Jul-11-17 07:46PM  The Wall Street Journal]
▶ RPX Corporation Launches RPX Insight   [08:30AM  PR Newswire]
▶ RPX Corp. Value Analysis (NASDAQ:RPXC) : July 10, 2017   [Jul-10-17 04:28PM  Capital Cube]
▶ RPX Corporation Invalidates Rothschild Patent   [Jul-07-17 08:30AM  PR Newswire]
▶ RPX to Host Investor Day in New York on May 24, 2017   [May-15-17 04:06PM  PR Newswire]
▶ ETFs with exposure to RPX Corp. : May 12, 2017   [May-12-17 04:26PM  Capital Cube]
▶ Why RPX Corp.'s Shares Popped 19% Today   [May-03-17 12:35PM  Motley Fool]
▶ Discovery Pushes RPX Forward   [May-02-17 07:02PM  Motley Fool]
▶ RPX Corp. posts 1Q profit   [06:23PM  Associated Press]
▶ 4 Things to Know About RPX Corporation   [Apr-27-17 08:07PM  Motley Fool]
▶ Who Are Patent Trolls & How Do They Work?   [Apr-15-17 06:00AM  Investopedia]
▶ Your Guide To Patent Play Exposure   [Mar-11-17 07:34PM  Benzinga]
▶ RPX Corp.: Leads amongst peers with strong fundamentals   [Mar-09-17 05:11PM  Capital Cube]
▶ Why RPX Corp.'s Shares Popped 15% Today   [Mar-08-17 03:35PM  Motley Fool]
▶ Why RPX Corp.'s Shares Popped 15% Today   [03:35PM  at Motley Fool]
▶ Hedge Fund Mangrove Partners Done With RPX Corp (RPXC)?   [Feb-23-17 08:35AM  Insider Monkey]
▶ Time Warner Cable, Cisco Veterans Join RPX   [Feb-08-17 09:00AM  PR Newswire]
▶ RPX Corporation Announces CEO Transition   [Feb-06-17 08:00AM  PR Newswire]
▶ Do Hedge Funds Love RPX Corp (RPXC)?   [Dec-08-16 10:59AM  at Insider Monkey]
▶ Discovery Services Power RPX's Growth   [06:58AM  at Motley Fool]
▶ Tyfone Enjoys Record Year With 43 Patents Issued   [Sep-07-16 06:35PM  Marketwired]
▶ When You Should (and Shouldn't) Sell a Stock   [Aug-22-16 10:45AM  at Motley Fool]
▶ Rpx Corp (RPXC): Mangrove Partners Raises Stake to 7.2%   [Aug-20-16 02:13PM  at Insider Monkey]
Stock chart of RPXC Financial statements of RPXC
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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