Intrinsic value of RPX - RPXC

Previous Close

$14.23

  Intrinsic Value

$19.83

stock screener

  Rating & Target

buy

+39%

Previous close

$14.23

 
Intrinsic value

$19.83

 
Up/down potential

+39%

 
Rating

buy

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 0.7

 

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
  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
  333
  340
  347
  356
  366
  378
  390
  403
  417
  433
  449
  467
  486
  506
  528
  551
  575
  600
  627
  656
  686
  718
  751
  787
  824
  863
  904
  948
  994
  1,042
  1,092
Variable operating expenses, $m
 
  263
  269
  275
  282
  291
  299
  309
  320
  331
  343
  341
  355
  369
  385
  402
  419
  438
  458
  479
  501
  524
  548
  574
  601
  630
  660
  692
  725
  760
  797
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
  263
  269
  275
  282
  291
  299
  309
  320
  331
  343
  341
  355
  369
  385
  402
  419
  438
  458
  479
  501
  524
  548
  574
  601
  630
  660
  692
  725
  760
  797
Operating income, $m
  35
  77
  79
  81
  84
  87
  90
  94
  98
  102
  106
  126
  131
  137
  143
  149
  155
  162
  170
  177
  185
  194
  203
  213
  223
  233
  244
  256
  269
  282
  295
EBITDA, $m
  207
  147
  150
  154
  158
  163
  168
  174
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  296
  310
  324
  339
  356
  372
  390
  409
  429
  450
  471
Interest expense (income), $m
  3
  6
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
Earnings before tax, $m
  32
  71
  73
  75
  77
  80
  83
  86
  89
  92
  96
  115
  120
  124
  129
  134
  140
  145
  151
  158
  165
  172
  179
  187
  196
  204
  214
  224
  234
  245
  256
Tax expense, $m
  14
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
Net income, $m
  18
  52
  53
  55
  56
  58
  60
  63
  65
  67
  70
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  163
  171
  179
  187

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
  555
  568
  582
  599
  617
  637
  658
  682
  707
  734
  763
  794
  827
  862
  900
  939
  981
  1,025
  1,072
  1,121
  1,173
  1,228
  1,285
  1,346
  1,410
  1,478
  1,549
  1,624
  1,702
  1,785
Adjusted assets (=assets-cash), $m
  544
  555
  568
  582
  599
  617
  637
  658
  682
  707
  734
  763
  794
  827
  862
  900
  939
  981
  1,025
  1,072
  1,121
  1,173
  1,228
  1,285
  1,346
  1,410
  1,478
  1,549
  1,624
  1,702
  1,785
Revenue / Adjusted assets
  0.612
  0.613
  0.611
  0.612
  0.611
  0.613
  0.612
  0.612
  0.611
  0.612
  0.612
  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
  0.612
  0.612
  0.612
Average production assets, $m
  269
  274
  280
  287
  295
  304
  314
  325
  336
  349
  362
  377
  392
  408
  425
  444
  463
  484
  506
  529
  553
  579
  606
  634
  664
  696
  729
  764
  801
  840
  880
Working capital, $m
  113
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -135
  -142
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -205
  -215
  -225
  -236
Total debt, $m
  95
  94
  100
  107
  115
  123
  133
  143
  154
  166
  178
  192
  207
  222
  239
  256
  274
  294
  315
  337
  360
  384
  410
  437
  465
  495
  527
  560
  595
  632
  671
Total liabilities, $m
  261
  260
  266
  273
  281
  289
  299
  309
  320
  332
  344
  358
  373
  388
  405
  422
  440
  460
  481
  503
  526
  550
  576
  603
  631
  661
  693
  726
  761
  798
  837
Total equity, $m
  474
  295
  301
  309
  318
  328
  338
  350
  362
  376
  390
  405
  422
  439
  458
  478
  499
  521
  544
  569
  595
  623
  652
  683
  715
  749
  785
  822
  862
  904
  948
Total liabilities and equity, $m
  735
  555
  567
  582
  599
  617
  637
  659
  682
  708
  734
  763
  795
  827
  863
  900
  939
  981
  1,025
  1,072
  1,121
  1,173
  1,228
  1,286
  1,346
  1,410
  1,478
  1,548
  1,623
  1,702
  1,785
Debt-to-equity ratio
  0.200
  0.320
  0.330
  0.350
  0.360
  0.380
  0.390
  0.410
  0.420
  0.440
  0.460
  0.470
  0.490
  0.510
  0.520
  0.540
  0.550
  0.560
  0.580
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
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
  52
  53
  55
  56
  58
  60
  63
  65
  67
  70
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  163
  171
  179
  187
Depreciation, amort., depletion, $m
  172
  70
  71
  73
  74
  76
  78
  80
  82
  85
  88
  75
  78
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
Funds from operations, $m
  175
  122
  124
  127
  131
  134
  138
  143
  147
  152
  158
  159
  166
  172
  179
  187
  194
  203
  212
  221
  231
  241
  252
  264
  276
  288
  302
  316
  331
  347
  363
Change in working capital, $m
  -12
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Cash from operations, $m
  187
  123
  126
  129
  133
  137
  141
  145
  150
  156
  161
  163
  170
  177
  184
  192
  200
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  325
  341
  357
  374
Maintenance CAPEX, $m
  0
  -54
  -55
  -56
  -57
  -59
  -61
  -63
  -65
  -67
  -70
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
New CAPEX, $m
  -120
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
Cash from investing activities, $m
  -213
  -59
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -79
  -83
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -124
  -130
  -137
  -143
  -149
  -157
  -165
  -172
  -181
  -190
  -199
  -209
Free cash flow, $m
  -26
  64
  65
  66
  67
  69
  70
  72
  74
  76
  78
  77
  79
  82
  85
  88
  91
  95
  99
  103
  107
  112
  117
  122
  127
  132
  138
  145
  151
  158
  165
Issuance/(repayment) of debt, $m
  96
  5
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
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
  5
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
Total cash flow (excl. dividends), $m
  5
  70
  71
  73
  75
  77
  80
  82
  85
  88
  91
  90
  94
  97
  101
  106
  110
  115
  120
  125
  130
  136
  142
  149
  155
  163
  170
  178
  186
  195
  204
Retained Cash Flow (-), $m
  42
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
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
 
  249
  64
  65
  66
  67
  69
  71
  72
  74
  76
  75
  77
  80
  83
  86
  89
  93
  96
  100
  104
  109
  113
  118
  123
  128
  134
  140
  146
  153
  160
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
 
  239
  59
  57
  55
  52
  50
  48
  45
  43
  40
  35
  33
  30
  28
  25
  23
  20
  18
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
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RPX Corporation is engaged in providing an alternative to litigation through its patent risk management services. The Company helps companies reduce patent litigation risk and corporate legal expense through two primary service offerings: patent risk management services and discovery services. It operates through two segments: patent risk management and discovery services. Its patent risk management segment generates its revenues from membership subscriptions, premiums earned from insurance policies, and management fees for marketing, underwriting, and claim management. Its discovery services segment generates its revenues from fees generated for data collection, hosting and processing, project management, and document review services. The Company serves clients in a range of industries, including consumer electronics, personal computers, e-commerce, financial services, software, media content and distribution, mobile communications and handsets, networking and semiconductors.

FINANCIAL RATIOS  of  RPX (RPXC)

Valuation Ratios
P/E Ratio 38.6
Price to Sales 2.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow 10.4
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 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 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 2.1 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 -21.6%. 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 49.5 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 $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
ACTG Acacia Researc 4.30 1.31  str.sell

COMPANY NEWS

▶ RPX Corp.: Leads amongst peers with strong fundamentals   [Dec-14-17 12:29PM  Capital Cube]
▶ ETFs with exposure to RPX Corp. : November 8, 2017   [Nov-08-17 06:32PM  Capital Cube]
▶ RPX Corp. Value Analysis (NASDAQ:RPXC) : November 2, 2017   [Nov-02-17 01:07PM  Capital Cube]
▶ Falling Income, Revenue Plague RPX   [09:18AM  Motley Fool]
▶ RPX Corp. posts 3Q profit   [Oct-30-17 05:21PM  Associated Press]
▶ RPX Corporation to Host Earnings Call   [10:10AM  ACCESSWIRE]
▶ 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]
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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