Intrinsic value of Synchronoss Technologies - SNCR

Previous Close

$11.39

  Intrinsic Value

$8.87

stock screener

  Rating & Target

sell

-22%

Previous close

$11.39

 
Intrinsic value

$8.87

 
Up/down potential

-22%

 
Rating

sell

We calculate the intrinsic value of SNCR 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 0.5

 

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, %
  11.45
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  477
  531
  589
  648
  711
  777
  845
  916
  990
  1,066
  1,146
  1,229
  1,315
  1,405
  1,498
  1,594
  1,695
  1,800
  1,909
  2,023
  2,142
  2,265
  2,395
  2,529
  2,670
  2,817
  2,971
  3,132
  3,300
  3,476
  3,661
Variable operating expenses, $m
 
  509
  561
  615
  672
  732
  794
  858
  925
  995
  1,067
  1,115
  1,193
  1,275
  1,359
  1,447
  1,538
  1,633
  1,732
  1,836
  1,943
  2,056
  2,173
  2,295
  2,423
  2,557
  2,696
  2,842
  2,995
  3,154
  3,322
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
  549
  509
  561
  615
  672
  732
  794
  858
  925
  995
  1,067
  1,115
  1,193
  1,275
  1,359
  1,447
  1,538
  1,633
  1,732
  1,836
  1,943
  2,056
  2,173
  2,295
  2,423
  2,557
  2,696
  2,842
  2,995
  3,154
  3,322
Operating income, $m
  -72
  22
  28
  33
  39
  45
  51
  58
  65
  72
  79
  114
  122
  130
  139
  148
  157
  167
  177
  187
  198
  210
  222
  234
  247
  261
  275
  290
  306
  322
  339
EBITDA, $m
  27
  117
  129
  142
  156
  170
  185
  201
  217
  234
  251
  270
  288
  308
  328
  350
  372
  395
  419
  444
  470
  497
  525
  555
  586
  618
  652
  687
  724
  762
  803
Interest expense (income), $m
  7
  8
  10
  12
  14
  17
  19
  21
  24
  26
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  76
  80
  85
  91
  96
  102
  108
  114
Earnings before tax, $m
  -75
  14
  17
  21
  25
  28
  32
  37
  41
  45
  50
  82
  87
  92
  98
  103
  109
  116
  122
  129
  136
  143
  151
  159
  167
  175
  185
  194
  204
  214
  225
Tax expense, $m
  -8
  4
  5
  6
  7
  8
  9
  10
  11
  12
  14
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
Net income, $m
  20
  10
  13
  15
  18
  21
  24
  27
  30
  33
  37
  60
  64
  67
  71
  76
  80
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  149
  156
  164

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  194
  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
  1,165
  1,082
  1,199
  1,321
  1,448
  1,582
  1,721
  1,865
  2,015
  2,172
  2,334
  2,503
  2,678
  2,861
  3,050
  3,247
  3,453
  3,666
  3,889
  4,120
  4,362
  4,614
  4,877
  5,152
  5,438
  5,738
  6,051
  6,379
  6,722
  7,080
  7,456
Adjusted assets (=assets-cash), $m
  971
  1,082
  1,199
  1,321
  1,448
  1,582
  1,721
  1,865
  2,015
  2,172
  2,334
  2,503
  2,678
  2,861
  3,050
  3,247
  3,453
  3,666
  3,889
  4,120
  4,362
  4,614
  4,877
  5,152
  5,438
  5,738
  6,051
  6,379
  6,722
  7,080
  7,456
Revenue / Adjusted assets
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
  0.491
Average production assets, $m
  351
  391
  433
  477
  523
  571
  621
  673
  727
  784
  842
  903
  967
  1,032
  1,101
  1,172
  1,246
  1,323
  1,403
  1,487
  1,574
  1,665
  1,760
  1,859
  1,963
  2,071
  2,184
  2,302
  2,426
  2,555
  2,691
Working capital, $m
  210
  50
  55
  61
  67
  73
  79
  86
  93
  100
  108
  116
  124
  132
  141
  150
  159
  169
  179
  190
  201
  213
  225
  238
  251
  265
  279
  294
  310
  327
  344
Total debt, $m
  267
  293
  350
  410
  473
  539
  607
  678
  753
  830
  910
  993
  1,079
  1,169
  1,263
  1,360
  1,461
  1,566
  1,676
  1,790
  1,909
  2,034
  2,163
  2,299
  2,440
  2,588
  2,742
  2,904
  3,073
  3,250
  3,435
Total liabilities, $m
  508
  534
  591
  651
  714
  780
  848
  919
  994
  1,071
  1,151
  1,234
  1,320
  1,410
  1,504
  1,601
  1,702
  1,807
  1,917
  2,031
  2,150
  2,275
  2,404
  2,540
  2,681
  2,829
  2,983
  3,145
  3,314
  3,491
  3,676
Total equity, $m
  657
  549
  608
  670
  734
  802
  872
  946
  1,022
  1,101
  1,183
  1,269
  1,358
  1,450
  1,546
  1,646
  1,750
  1,859
  1,972
  2,089
  2,212
  2,339
  2,473
  2,612
  2,757
  2,909
  3,068
  3,234
  3,408
  3,590
  3,780
Total liabilities and equity, $m
  1,165
  1,083
  1,199
  1,321
  1,448
  1,582
  1,720
  1,865
  2,016
  2,172
  2,334
  2,503
  2,678
  2,860
  3,050
  3,247
  3,452
  3,666
  3,889
  4,120
  4,362
  4,614
  4,877
  5,152
  5,438
  5,738
  6,051
  6,379
  6,722
  7,081
  7,456
Debt-to-equity ratio
  0.406
  0.530
  0.580
  0.610
  0.640
  0.670
  0.700
  0.720
  0.740
  0.750
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
Adjusted equity ratio
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  20
  10
  13
  15
  18
  21
  24
  27
  30
  33
  37
  60
  64
  67
  71
  76
  80
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  149
  156
  164
Depreciation, amort., depletion, $m
  99
  94
  102
  109
  117
  125
  134
  143
  152
  162
  172
  156
  167
  178
  190
  202
  215
  228
  242
  256
  271
  287
  303
  321
  338
  357
  377
  397
  418
  441
  464
Funds from operations, $m
  204
  104
  114
  124
  135
  146
  158
  170
  182
  195
  209
  216
  230
  245
  261
  278
  295
  312
  331
  350
  370
  391
  413
  436
  460
  485
  511
  539
  567
  597
  628
Change in working capital, $m
  61
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
Cash from operations, $m
  143
  99
  109
  119
  129
  140
  151
  163
  175
  188
  201
  208
  222
  237
  252
  268
  285
  303
  321
  340
  359
  380
  401
  424
  447
  471
  497
  523
  551
  580
  611
Maintenance CAPEX, $m
  0
  -60
  -67
  -75
  -82
  -90
  -98
  -107
  -116
  -125
  -135
  -145
  -156
  -167
  -178
  -190
  -202
  -215
  -228
  -242
  -256
  -271
  -287
  -303
  -321
  -338
  -357
  -377
  -397
  -418
  -441
New CAPEX, $m
  -59
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -124
  -129
  -135
Cash from investing activities, $m
  -99
  -100
  -109
  -119
  -128
  -138
  -148
  -159
  -170
  -181
  -194
  -206
  -219
  -233
  -246
  -261
  -276
  -292
  -308
  -326
  -343
  -362
  -382
  -402
  -425
  -446
  -470
  -495
  -521
  -547
  -576
Free cash flow, $m
  44
  -1
  -1
  0
  1
  2
  3
  4
  5
  6
  8
  2
  3
  5
  6
  8
  9
  11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
Issuance/(repayment) of debt, $m
  25
  55
  57
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
  110
  114
  119
  124
  130
  135
  141
  148
  154
  162
  169
  177
  185
Issuance/(repurchase) of shares, $m
  -24
  47
  46
  47
  47
  47
  47
  47
  46
  46
  46
  26
  25
  25
  25
  24
  24
  24
  24
  24
  23
  23
  23
  23
  24
  24
  24
  24
  25
  25
  26
Cash from financing (excl. dividends), $m  
  -9
  102
  103
  107
  110
  113
  115
  118
  120
  123
  126
  109
  111
  115
  118
  121
  125
  129
  134
  138
  142
  147
  153
  158
  165
  172
  178
  186
  194
  202
  211
Total cash flow (excl. dividends), $m
  33
  100
  103
  107
  111
  114
  118
  122
  126
  129
  133
  111
  115
  119
  124
  129
  134
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  215
  225
  235
  246
Retained Cash Flow (-), $m
  -47
  -57
  -59
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -190
Prev. year cash balance distribution, $m
 
  165
  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
 
  208
  44
  45
  46
  47
  48
  48
  49
  50
  51
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  49
  51
  53
  56
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
 
  200
  41
  39
  38
  36
  35
  33
  31
  29
  27
  12
  11
  10
  9
  9
  8
  7
  6
  5
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  89.5
  80.9
  73.9
  68.0
  63.0
  58.7
  55.1
  51.9
  49.1
  46.7
  45.5
  44.4
  43.4
  42.5
  41.7
  40.9
  40.2
  39.6
  39.0
  38.5
  38.0
  37.5
  37.1
  36.7
  36.3
  35.9
  35.6
  35.2
  34.9
  34.6

Synchronoss Technologies, Inc. is a global software and services company, which provides technologies and services for the mobile transformation of business. The Company's portfolio in the Consumer and Enterprise markets contains offerings, such as personal cloud, secure-mobility, identity management and scalable messaging platforms, products and solutions. Its products and platforms are designed to enable multiple converged communication services to be managed across a range of distribution channels, including e-commerce, m-commerce, telesales, customer stores, indirect and other retail outlets. The Company operates in and markets their solutions and services directly through their sales organizations in North America, Europe, the Middle East and Africa (EMEA), Latin America and the Asia-Pacific region. It delivers technologies for mobile transformation to service provider and enterprise customers in regulated verticals and use cases.

FINANCIAL RATIOS  of  Synchronoss Technologies (SNCR)

Valuation Ratios
P/E Ratio 25.8
Price to Sales 1.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 3.6
Price to Free Cash Flow 6.1
Growth Rates
Sales Growth Rate 11.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 36.2%
Total Debt to Equity 40.6%
Interest Coverage -10
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 2.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 6.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 59.3%
Gross Margin - 3 Yr. Avg. 61%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 17.9%
Operating Margin -15.1%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin -15.7%
Pre-Tax Margin - 3 Yr. Avg. 0.1%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate 10.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 0%

SNCR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNCR stock intrinsic value calculation we used $477 million for the last fiscal year's total revenue generated by Synchronoss Technologies. The default revenue input number comes from 2016 income statement of Synchronoss Technologies. 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 SNCR stock valuation model: a) initial revenue growth rate of 11.4% 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 SNCR is calculated based on our internal credit rating of Synchronoss Technologies, 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 Synchronoss Technologies.
    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 SNCR stock the variable cost ratio is equal to 96.4%.

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 SNCR 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 Synchronoss Technologies.

Corporate tax rate of 27% is the nominal tax rate for Synchronoss Technologies. 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 SNCR 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 SNCR are equal to 73.5%.

Life of production assets of 5.8 years is the average useful life of capital assets used in Synchronoss Technologies 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 SNCR is equal to 9.4%. 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 - $657 million for Synchronoss Technologies - 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 46.372 million for Synchronoss Technologies 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 Synchronoss Technologies at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
CSGS CSG Systems In 41.16 48.11  hold
DOX Amdocs 66.07 60.68  hold
VZ Verizon Commun 49.53 42.87  hold
APPS Digital Turbin 1.44 0.32  str.sell
T AT&T 35.54 38.64  hold
CRTN Cartesian 0.630 0.17  str.sell
MNDO MIND C.T.I. 2.81 15.48  str.buy

COMPANY NEWS

▶ LPC: Intralinks LBO backed by US$650m loan package   [Oct-20-17 12:50PM  Reuters]
▶ Synchronoss jettisons Intralinks for $1 billion   [09:58AM  American City Business Journals]
▶ Costco and Hess slide while Omega Protein climbs   [04:29PM  Associated Press]
▶ Siris in Talks to Buy Synchronoss Intralinks Unit   [Oct-05-17 05:38PM  TheStreet.com]
▶ Altice and Synchronoss move higher while Nordstrom sinks   [Oct-02-17 04:46PM  Associated Press]
▶ Synchronoss Plunges As Proposed Takeover By Equity Firm Stalls   [04:19PM  Investor's Business Daily]
▶ Why Synchronoss Shares Are Getting Crushed   [10:50AM  24/7 Wall St.]
▶ Synchronoss Technologies, Inc. Receives NASDAQ Letter   [Aug-22-17 04:45PM  Business Wire]
▶ These 3 Stocks Have Lost Over 50% in 2017   [Jul-16-17 07:07PM  Motley Fool]
▶ McDonald's and KLA-Tencor rise while Hess and Haverty fall   [Jul-07-17 06:45PM  Associated Press]
▶ Story Stocks from Briefing.com   [12:18PM  Briefing.com]
▶ Company News for June 26, 2017   [10:16AM  Zacks]
▶ Synchronoss Stock Pops On Takeover Offer After Long Swoon   [04:11PM  Investor's Business Daily]
▶ Stocks Open Tightly Mixed; This Bank Leads Dow, Cat Downgraded   [09:44AM  Investor's Business Daily]
Financial statements of SNCR
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.