Intrinsic value of Sigma Designs - SIGM

Previous Close

$5.95

  Intrinsic Value

$1.53

stock screener

  Rating & Target

str. sell

-74%

Previous close

$5.95

 
Intrinsic value

$1.53

 
Up/down potential

-74%

 
Rating

str. sell

We calculate the intrinsic value of SIGM 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 2017), $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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.64
  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
  221
  225
  231
  237
  243
  251
  259
  267
  277
  287
  298
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
Variable operating expenses, $m
 
  227
  232
  238
  244
  252
  260
  269
  278
  288
  299
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
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
  233
  227
  232
  238
  244
  252
  260
  269
  278
  288
  299
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
Operating income, $m
  -12
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
EBITDA, $m
  9
  10
  11
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
Earnings before tax, $m
  -12
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Tax expense, $m
  6
  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
  -18
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  71
  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
  202
  134
  137
  140
  144
  149
  153
  159
  164
  170
  177
  184
  191
  199
  208
  217
  226
  236
  247
  258
  270
  282
  296
  309
  324
  340
  356
  373
  391
  410
  430
Adjusted assets (=assets-cash), $m
  131
  134
  137
  140
  144
  149
  153
  159
  164
  170
  177
  184
  191
  199
  208
  217
  226
  236
  247
  258
  270
  282
  296
  309
  324
  340
  356
  373
  391
  410
  430
Revenue / Adjusted assets
  1.687
  1.679
  1.686
  1.693
  1.688
  1.685
  1.693
  1.679
  1.689
  1.688
  1.684
  1.685
  1.691
  1.688
  1.683
  1.682
  1.686
  1.686
  1.684
  1.686
  1.685
  1.688
  1.686
  1.689
  1.688
  1.685
  1.685
  1.686
  1.685
  1.685
  1.686
Average production assets, $m
  51
  52
  53
  54
  56
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  137
  144
  151
  158
  166
Working capital, $m
  98
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
Total debt, $m
  0
  1
  3
  4
  6
  8
  10
  12
  15
  17
  20
  23
  27
  30
  34
  38
  42
  47
  51
  56
  62
  67
  73
  79
  86
  92
  100
  107
  115
  124
  132
Total liabilities, $m
  58
  59
  61
  62
  64
  66
  68
  70
  73
  75
  78
  81
  85
  88
  92
  96
  100
  105
  109
  114
  120
  125
  131
  137
  144
  150
  158
  165
  173
  182
  190
Total equity, $m
  144
  74
  76
  78
  80
  83
  85
  88
  91
  95
  98
  102
  107
  111
  116
  121
  126
  132
  137
  144
  150
  157
  165
  172
  181
  189
  198
  208
  218
  228
  239
Total liabilities and equity, $m
  202
  133
  137
  140
  144
  149
  153
  158
  164
  170
  176
  183
  192
  199
  208
  217
  226
  237
  246
  258
  270
  282
  296
  309
  325
  339
  356
  373
  391
  410
  429
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.050
  0.070
  0.090
  0.120
  0.140
  0.160
  0.180
  0.210
  0.230
  0.250
  0.270
  0.290
  0.310
  0.330
  0.350
  0.370
  0.390
  0.410
  0.430
  0.440
  0.460
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
Adjusted equity ratio
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -18
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Depreciation, amort., depletion, $m
  21
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
Funds from operations, $m
  12
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
Change in working capital, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
Cash from operations, $m
  12
  10
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
Maintenance CAPEX, $m
  0
  -10
  -10
  -11
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
New CAPEX, $m
  -19
  -1
  -1
  -1
  -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
  -7
  -8
Cash from investing activities, $m
  -12
  -11
  -11
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -18
  -19
  -21
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -40
Free cash flow, $m
  0
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
Issuance/(repayment) of debt, $m
  0
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
Issuance/(repurchase) of shares, $m
  3
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
Cash from financing (excl. dividends), $m  
  3
  4
  4
  5
  5
  6
  6
  6
  8
  8
  8
  8
  8
  9
  10
  10
  11
  11
  13
  13
  14
  15
  16
  16
  17
  19
  19
  21
  22
  23
  24
Total cash flow (excl. dividends), $m
  3
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
Retained Cash Flow (-), $m
  9
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
Prev. year cash balance distribution, $m
 
  71
  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
 
  71
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
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
 
  68
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.9
  95.6
  93.1
  90.6
  88.1
  85.4
  82.8
  80.1
  77.4
  74.8
  72.7
  70.5
  68.3
  66.2
  64.0
  61.9
  59.8
  57.7
  55.7
  53.6
  51.7
  49.7
  47.9
  46.0
  44.2
  42.5
  40.8
  39.2
  37.6
  36.1

Sigma Designs, Inc. is a provider of global integrated semiconductor solutions. The Company offers media platforms for use in the home entertainment and home control markets. The Company sells its products into markets, including smart television, media connectivity, set-top box and Internet of Things (IoT) devices. The Company's media processor product line consists of a range of functionally similar platforms that are based on integrated chips, embedded software and hardware reference designs. The Company's media connectivity product line consists of wired home networking controller chipsets that are designed to provide connectivity solutions between various home entertainment products and incoming video streams. The Company's IoT devices product line consists of its wireless Z-Wave chips and modules. The Company is engaged in the license of its internally developed intellectual property. It also offers legacy products that are sold into prosumer and other industrial applications.

FINANCIAL RATIOS  of  Sigma Designs (SIGM)

Valuation Ratios
P/E Ratio -12.6
Price to Sales 1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow -32.4
Growth Rates
Sales Growth Rate -2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 35.7%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -8.6%
Ret/ On Assets - 3 Yr. Avg. -6.3%
Return On Total Capital -12.1%
Ret/ On T. Cap. - 3 Yr. Avg. -8.9%
Return On Equity -12.1%
Return On Equity - 3 Yr. Avg. -8.9%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 48%
Gross Margin - 3 Yr. Avg. 49.4%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin -5.4%
Oper. Margin - 3 Yr. Avg. -5.3%
Pre-Tax Margin -5.4%
Pre-Tax Margin - 3 Yr. Avg. -3.8%
Net Profit Margin -8.1%
Net Profit Margin - 3 Yr. Avg. -6.6%
Effective Tax Rate -50%
Eff/ Tax Rate - 3 Yr. Avg. 6.9%
Payout Ratio 0%

SIGM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIGM stock intrinsic value calculation we used $221 million for the last fiscal year's total revenue generated by Sigma Designs. The default revenue input number comes from 2017 income statement of Sigma Designs. 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 SIGM 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 SIGM is calculated based on our internal credit rating of Sigma Designs, 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 Sigma Designs.
    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 SIGM stock the variable cost ratio is equal to 100.5%.

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 SIGM 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 Sigma Designs.

Corporate tax rate of 27% is the nominal tax rate for Sigma Designs. 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 SIGM 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 SIGM are equal to 22.9%.

Life of production assets of 2.9 years is the average useful life of capital assets used in Sigma Designs 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 SIGM is equal to 12.2%. 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 - $144 million for Sigma Designs - 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 38.547 million for Sigma Designs 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 Sigma Designs at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PXLW Pixelworks 5.36 64.68  str.buy
DSPG DSP Group 13.55 2.70  str.sell
STM STMicroelectro 20.71 2.72  str.sell
TXN Texas Instrume 96.21 77.16  hold
AMBA Ambarella 54.25 53.99  hold
NVDA NVIDIA 196.62 1,663.55  str.buy

COMPANY NEWS

▶ What Are The Drivers Of Sigma Designs Incs (SIGM) Risks?   [Sep-30-17 08:37PM  Simply Wall St.]
▶ Sigma Designs Launches Z-Wave Smart Home Maker Challenge   [Sep-19-17 11:01AM  GlobeNewswire]
▶ What Does Sigma Designs Incs (SIGM) Share Price Indicate?   [Sep-15-17 07:07PM  Simply Wall St.]
▶ Sigma Designs reports 2Q loss   [Sep-07-17 09:46PM  Associated Press]
▶ Why Sigma Designs, Inc. Shares Rose 11.1% in July   [Aug-07-17 02:33PM  Motley Fool]
▶ Sigma Designs to offer HDR10+ in STV7803/4 UHD HDR Chipsets   [Jul-13-17 09:00AM  GlobeNewswire]
▶ ETFs with exposure to Sigma Designs, Inc. : June 26, 2017   [Jun-26-17 04:54PM  Capital Cube]
▶ ETFs with exposure to Sigma Designs, Inc. : June 12, 2017   [Jun-12-17 02:26PM  Capital Cube]
▶ Sigma Designs reports 1Q loss   [04:25PM  Associated Press]
▶ Sigma Designs Joins OCF IoT Standards Group   [Jun-01-17 08:00AM  GlobeNewswire]
▶ [$$] Soros Gains 8.2% in Small Tech Stock in Two Weeks   [Apr-26-17 05:31AM  Barrons.com]
▶ George Soros Doubles Stake in Sigma Designs   [Apr-17-17 05:51PM  GuruFocus.com]
▶ ETFs with exposure to Sigma Designs, Inc. : April 5, 2017   [Apr-05-17 05:28PM  Capital Cube]
▶ Z-Wave Alliance Welcomes August Home to its Membership   [Apr-04-17 07:00AM  Marketwired]
▶ Sigma Designs reports 4Q loss   [05:08PM  Associated Press]
▶ Do Hedge Funds Love Sigma Designs Inc (SIGM)?   [Dec-09-16 03:54PM  at Insider Monkey]
▶ Hanesbrands, AstraZeneca Plop into Wednesdays 52-Week Low Club   [Dec-07-16 04:04PM  at 24/7 Wall St.]
▶ Why Shares of Sigma Designs Crashed Today   [12:23PM  at Motley Fool]
▶ Sigma Designs FYQ3 Revenue Misses, EPS Beats   [04:18PM  at Barrons.com]
▶ Sigma Promotes Sal Cobar to COO Role   [Sep-16-16 09:00AM  Marketwired]
▶ Sigma Designs (SIGM) Stock Falls on Q3 Revenue Guidance   [Sep-07-16 03:11PM  at TheStreet]
Financial statements of SIGM
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.