Intrinsic value of SGOCO Group - SGOC

Previous Close

$1.14

  Intrinsic Value

$1.23

stock screener

  Rating & Target

hold

+8%

Previous close

$1.14

 
Intrinsic value

$1.23

 
Up/down potential

+8%

 
Rating

hold

We calculate the intrinsic value of SGOC 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, %
  150.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  584
  661
  743
  830
  921
  1,017
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Variable operating expenses, $m
 
  11
  14
  20
  27
  36
  48
  64
  83
  105
  132
  159
  195
  235
  279
  328
  382
  440
  502
  568
  639
  714
  792
  875
  961
  1,052
  1,146
  1,244
  1,346
  1,452
  1,562
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
  9
  11
  14
  20
  27
  36
  48
  64
  83
  105
  132
  159
  195
  235
  279
  328
  382
  440
  502
  568
  639
  714
  792
  875
  961
  1,052
  1,146
  1,244
  1,346
  1,452
  1,562
Operating income, $m
  -4
  -3
  -2
  -1
  0
  2
  4
  6
  9
  13
  17
  26
  32
  38
  45
  53
  62
  72
  82
  93
  104
  116
  129
  142
  157
  171
  187
  202
  219
  236
  254
EBITDA, $m
  -3
  2
  3
  4
  6
  8
  12
  16
  20
  26
  33
  41
  51
  61
  72
  85
  99
  114
  130
  148
  166
  185
  206
  227
  250
  273
  298
  323
  349
  377
  406
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  4
  6
  8
  10
  13
  16
  20
  24
  29
  34
  40
  46
  53
  60
  67
  75
  83
  92
  101
  111
  121
  131
  142
  153
Earnings before tax, $m
  -5
  -3
  -2
  -2
  -1
  0
  1
  2
  3
  5
  7
  13
  15
  18
  21
  24
  28
  32
  36
  40
  44
  49
  54
  59
  64
  70
  76
  82
  88
  94
  101
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  25
  27
Net income, $m
  -5
  -3
  -2
  -2
  -1
  0
  0
  1
  2
  4
  5
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  60
  64
  69
  74

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
  100
  160
  247
  370
  536
  757
  1,040
  1,397
  1,834
  2,360
  2,980
  3,701
  4,525
  5,454
  6,489
  7,630
  8,875
  10,224
  11,672
  13,220
  14,863
  16,600
  18,429
  20,348
  22,358
  24,456
  26,645
  28,924
  31,295
  33,761
  36,323
Adjusted assets (=assets-cash), $m
  100
  160
  247
  370
  536
  757
  1,040
  1,397
  1,834
  2,360
  2,980
  3,701
  4,525
  5,454
  6,489
  7,630
  8,875
  10,224
  11,672
  13,220
  14,863
  16,600
  18,429
  20,348
  22,358
  24,456
  26,645
  28,924
  31,295
  33,761
  36,323
Revenue / Adjusted assets
  0.050
  0.050
  0.049
  0.049
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
Average production assets, $m
  13
  20
  31
  46
  67
  95
  130
  175
  229
  295
  373
  463
  566
  682
  811
  954
  1,109
  1,278
  1,459
  1,652
  1,858
  2,075
  2,304
  2,544
  2,795
  3,057
  3,331
  3,615
  3,912
  4,220
  4,540
Working capital, $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 debt, $m
  0
  8
  19
  35
  57
  85
  122
  169
  225
  294
  374
  468
  575
  696
  831
  979
  1,141
  1,316
  1,504
  1,706
  1,919
  2,145
  2,383
  2,632
  2,893
  3,166
  3,451
  3,747
  4,055
  4,376
  4,709
Total liabilities, $m
  14
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,517
  1,719
  1,932
  2,158
  2,396
  2,645
  2,906
  3,179
  3,464
  3,760
  4,068
  4,389
  4,722
Total equity, $m
  87
  139
  215
  322
  467
  658
  905
  1,215
  1,595
  2,053
  2,593
  3,220
  3,936
  4,745
  5,645
  6,638
  7,721
  8,894
  10,155
  11,501
  12,931
  14,442
  16,033
  17,703
  19,451
  21,277
  23,181
  25,164
  27,227
  29,372
  31,601
Total liabilities and equity, $m
  101
  160
  247
  370
  537
  756
  1,040
  1,397
  1,833
  2,360
  2,980
  3,701
  4,524
  5,454
  6,489
  7,630
  8,875
  10,223
  11,672
  13,220
  14,863
  16,600
  18,429
  20,348
  22,357
  24,456
  26,645
  28,924
  31,295
  33,761
  36,323
Debt-to-equity ratio
  0.000
  0.060
  0.090
  0.110
  0.120
  0.130
  0.140
  0.140
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
Adjusted equity ratio
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -3
  -2
  -2
  -1
  0
  0
  1
  2
  4
  5
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  60
  64
  69
  74
Depreciation, amort., depletion, $m
  1
  4
  5
  5
  6
  7
  8
  10
  11
  14
  16
  15
  19
  23
  27
  32
  37
  43
  49
  55
  62
  69
  77
  85
  93
  102
  111
  121
  130
  141
  151
Funds from operations, $m
  -1
  2
  2
  3
  5
  6
  8
  11
  14
  17
  21
  25
  30
  36
  42
  50
  57
  66
  75
  84
  94
  105
  116
  128
  140
  153
  166
  180
  195
  210
  225
Change in working capital, $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
Cash from operations, $m
  -1
  2
  2
  3
  5
  6
  8
  11
  14
  17
  21
  25
  30
  36
  42
  50
  57
  66
  75
  84
  94
  105
  116
  128
  140
  153
  166
  180
  195
  210
  225
Maintenance CAPEX, $m
  0
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -6
  -8
  -10
  -12
  -15
  -19
  -23
  -27
  -32
  -37
  -43
  -49
  -55
  -62
  -69
  -77
  -85
  -93
  -102
  -111
  -121
  -130
  -141
New CAPEX, $m
  0
  -8
  -11
  -15
  -21
  -28
  -35
  -45
  -55
  -66
  -78
  -90
  -103
  -116
  -129
  -143
  -156
  -169
  -181
  -193
  -205
  -217
  -229
  -240
  -251
  -262
  -274
  -285
  -296
  -308
  -320
Cash from investing activities, $m
  -7
  -8
  -12
  -16
  -23
  -30
  -38
  -49
  -61
  -74
  -88
  -102
  -118
  -135
  -152
  -170
  -188
  -206
  -224
  -242
  -260
  -279
  -298
  -317
  -336
  -355
  -376
  -396
  -417
  -438
  -461
Free cash flow, $m
  -8
  -6
  -9
  -13
  -18
  -23
  -30
  -38
  -47
  -56
  -66
  -78
  -88
  -99
  -110
  -120
  -130
  -140
  -149
  -158
  -166
  -174
  -182
  -189
  -196
  -203
  -209
  -216
  -222
  -229
  -236
Issuance/(repayment) of debt, $m
  0
  8
  11
  16
  22
  29
  37
  46
  57
  68
  81
  94
  107
  121
  135
  148
  162
  175
  188
  201
  214
  226
  238
  250
  261
  273
  285
  296
  308
  321
  333
Issuance/(repurchase) of shares, $m
  7
  55
  78
  108
  146
  192
  246
  309
  378
  454
  535
  618
  706
  795
  885
  975
  1,063
  1,150
  1,235
  1,317
  1,397
  1,475
  1,552
  1,627
  1,701
  1,775
  1,849
  1,923
  1,999
  2,076
  2,156
Cash from financing (excl. dividends), $m  
  8
  63
  89
  124
  168
  221
  283
  355
  435
  522
  616
  712
  813
  916
  1,020
  1,123
  1,225
  1,325
  1,423
  1,518
  1,611
  1,701
  1,790
  1,877
  1,962
  2,048
  2,134
  2,219
  2,307
  2,397
  2,489
Total cash flow (excl. dividends), $m
  0
  56
  80
  111
  150
  197
  253
  317
  388
  466
  549
  633
  724
  817
  910
  1,003
  1,095
  1,185
  1,274
  1,360
  1,445
  1,527
  1,608
  1,688
  1,767
  1,845
  1,924
  2,004
  2,085
  2,168
  2,253
Retained Cash Flow (-), $m
  -9
  -55
  -78
  -108
  -146
  -192
  -247
  -310
  -380
  -457
  -540
  -627
  -717
  -808
  -901
  -993
  -1,084
  -1,173
  -1,261
  -1,346
  -1,430
  -1,511
  -1,591
  -1,670
  -1,748
  -1,826
  -1,904
  -1,983
  -2,063
  -2,145
  -2,229
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
 
  2
  2
  3
  4
  5
  6
  7
  8
  9
  9
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  23
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
 
  2
  2
  3
  3
  4
  5
  5
  5
  5
  5
  3
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  52.6
  29.2
  17.0
  10.3
  6.5
  4.2
  2.8
  2.0
  1.4
  1.0
  0.8
  0.6
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

SGOCO Group, Ltd. is a holding company. The Company is focused on developing its own-brands and distributing its branded products in the Chinese flat-panel display market. The Company's main products are liquid crystal display (LCD)/light emitting diode (LED) monitors, All-in-One (AIO) and Part-in-One (PIO) computers and other application-specific products. The Company's product lines include LCD/LED monitors with screen sizes of approximately 40 inches and application-specific LCD/LED display products, such as tablet personal computers (PCs) for commercial and consumer use, all-in-one e-reader notebooks, cell phone devices, mobile Internet devices, e-boards that integrate software and hardware functionalities, rotating screens, closed-circuit television (CCTV) monitors for security systems, billboard monitors for advertising and public notice systems, as well as touch screens for non-keyed entries. It offers LCD/LED products under various brands, such as SGOCO, No. 10 and POVIZON.

FINANCIAL RATIOS  of  SGOCO Group (SGOC)

Valuation Ratios
P/E Ratio -2.1
Price to Sales 2.1
Price to Book 0.1
Price to Tangible Book
Price to Cash Flow -10.7
Price to Free Cash Flow -10.7
Growth Rates
Sales Growth Rate 150%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
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 -5.3%
Ret/ On Assets - 3 Yr. Avg. -3.2%
Return On Total Capital -6%
Ret/ On T. Cap. - 3 Yr. Avg. -3.5%
Return On Equity -6.1%
Return On Equity - 3 Yr. Avg. -3.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 1.6%
EBITDA Margin -80%
EBITDA Margin - 3 Yr. Avg. -60.8%
Operating Margin -80%
Oper. Margin - 3 Yr. Avg. -44.9%
Pre-Tax Margin -100%
Pre-Tax Margin - 3 Yr. Avg. -67.4%
Net Profit Margin -100%
Net Profit Margin - 3 Yr. Avg. -68.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -33.3%
Payout Ratio 0%

SGOC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SGOC stock intrinsic value calculation we used $5 million for the last fiscal year's total revenue generated by SGOCO Group. The default revenue input number comes from 2016 income statement of SGOCO Group. 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 SGOC stock valuation model: a) initial revenue growth rate of 60% 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 SGOC is calculated based on our internal credit rating of SGOCO Group, 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 SGOCO Group.
    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 SGOC stock the variable cost ratio is equal to 160%.

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 SGOC 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 SGOCO Group.

Corporate tax rate of 27% is the nominal tax rate for SGOCO Group. 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 SGOC 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 SGOC are equal to 250%.

Life of production assets of 31 years is the average useful life of capital assets used in SGOCO Group 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 SGOC is equal to 0%. 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 - $87 million for SGOCO Group - 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 10.13 million for SGOCO Group 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 SGOCO Group at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
AAPL Apple 156.17 143.02  hold
LPL LG Display ADR 12.94 16.76  buy

COMPANY NEWS

▶ SGOCO Group, Ltd. Appoints New Director   [Oct-23-17 10:00AM  PR Newswire]
▶ SGOCO Group, Ltd. Appoints New Directors   [Aug-31-17 10:00AM  PR Newswire]
▶ *** DATA NOT AVAILABLE ***   [Nov-10-16 11:41AM  at noodls]
▶ SGOCO Group, Ltd. Appoints New Directors   [Dec-22  03:00PM  PR Newswire]
▶ NT 20-F   [May-01  10:36AM  at noodls]
▶ Why SGOCO Group (SGOC) Stock Is Skyrocketing Today   [Aug-28  10:24AM  at TheStreet]
▶ SGOCO Group, Ltd. Announces Appointment of Director   [Jul-07  09:07PM  PR Newswire]
▶ SGOCO Group's CEO Discusses Q4 2013 Results - Earnings Call   [Apr-23  10:51AM  at Seeking Alpha]
▶ SGOCO Unveils New Products for the High-end Market   [Apr-09  08:00AM  PR Newswire]
▶ Why SGOCO Group (SGOC) Stock Is Plunging Today   [Apr-03  11:04AM  at TheStreet]
▶ SGOCO GROUP, LTD. Financials   [Mar-13  01:04PM  EDGAR Online Financials]
▶ SGOCO Announces Three Management Promotions   [Mar-10  09:00AM  PR Newswire]
▶ SGOCO Announces Management And Board Changes   [Jan-03  04:00PM  PR Newswire]
▶ On The Fly: Pre-market Movers   [08:55AM  at theflyonthewall.com]
▶ On The Fly: After Hours Movers   [Aug-20  07:01PM  at theflyonthewall.com]
▶ 5 Stocks Under $10 in Breakout Territory   [Aug-14  07:58AM  at TheStreet]
▶ CFO Moves: Celsion, First Acceptance, SGOCO Group   [Jul-02  05:33PM  at The Wall Street Journal]
▶ SGOCO Group appoints Johnson Lau as CFO   [09:02AM  theflyonthewall.com]
▶ SGOCO Group, Ltd. Appoints New Director   [Apr-29  09:00AM  PR Newswire]
▶ SGOCO Group: Firing On All Cylinders   [Apr-24  09:37AM  at Seeking Alpha]
▶ 4 Stocks Under $5 Spiking Higher   [Jan-17  02:58PM  at TheStreet]
▶ ADR REPORT-Deutsche Bank leads European shares higher   [Sep-11-12 01:26PM  at Reuters]
▶ China Stock Woes Still Leave Some Investors In Limbo   [Aug-20-12 04:04PM  at Barrons.com]
Financial statements of SGOC
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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