Intrinsic value of Stamps.com - STMP

Previous Close

$197.25

  Intrinsic Value

$477.97

stock screener

  Rating & Target

str. buy

+142%

Previous close

$197.25

 
Intrinsic value

$477.97

 
Up/down potential

+142%

 
Rating

str. buy

We calculate the intrinsic value of STMP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  70.09
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
Revenue, $m
  364
  450
  549
  659
  782
  917
  1,064
  1,223
  1,393
  1,575
  1,768
  1,972
  2,186
  2,411
  2,646
  2,892
  3,148
  3,414
  3,691
  3,979
  4,279
  4,590
  4,913
  5,250
  5,599
  5,963
  6,341
  6,734
  7,144
  7,571
  8,017
Variable operating expenses, $m
 
  87
  101
  116
  134
  152
  173
  195
  219
  245
  272
  276
  306
  338
  371
  405
  441
  478
  517
  557
  599
  643
  688
  735
  784
  835
  888
  943
  1,001
  1,061
  1,123
Fixed operating expenses, $m
 
  183
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  259
  266
  272
  279
  286
  293
  301
  308
  316
  324
  332
  340
  349
  357
  366
  375
Total operating expenses, $m
  244
  270
  289
  309
  332
  355
  381
  408
  437
  469
  501
  511
  547
  585
  624
  664
  707
  750
  796
  843
  892
  944
  996
  1,051
  1,108
  1,167
  1,228
  1,292
  1,358
  1,427
  1,498
Operating income, $m
  120
  180
  260
  350
  451
  562
  683
  815
  956
  1,107
  1,267
  1,461
  1,639
  1,827
  2,023
  2,227
  2,441
  2,663
  2,895
  3,136
  3,386
  3,646
  3,917
  4,198
  4,491
  4,796
  5,112
  5,442
  5,786
  6,145
  6,518
EBITDA, $m
  139
  213
  294
  387
  490
  604
  728
  863
  1,007
  1,162
  1,326
  1,499
  1,682
  1,874
  2,074
  2,284
  2,503
  2,730
  2,967
  3,214
  3,470
  3,736
  4,013
  4,301
  4,601
  4,912
  5,237
  5,574
  5,926
  6,293
  6,675
Interest expense (income), $m
  3
  5
  7
  9
  11
  14
  17
  20
  24
  28
  32
  36
  41
  45
  50
  56
  61
  67
  73
  79
  85
  92
  99
  106
  113
  121
  129
  138
  146
  156
  165
Earnings before tax, $m
  117
  175
  253
  341
  439
  548
  666
  794
  932
  1,079
  1,236
  1,425
  1,599
  1,781
  1,972
  2,172
  2,380
  2,597
  2,822
  3,057
  3,301
  3,555
  3,818
  4,093
  4,378
  4,674
  4,983
  5,305
  5,640
  5,989
  6,353
Tax expense, $m
  42
  47
  68
  92
  119
  148
  180
  214
  252
  291
  334
  385
  432
  481
  532
  586
  643
  701
  762
  825
  891
  960
  1,031
  1,105
  1,182
  1,262
  1,345
  1,432
  1,523
  1,617
  1,715
Net income, $m
  75
  128
  185
  249
  321
  400
  486
  580
  680
  788
  902
  1,040
  1,167
  1,300
  1,440
  1,585
  1,737
  1,896
  2,060
  2,232
  2,410
  2,595
  2,787
  2,988
  3,196
  3,412
  3,638
  3,873
  4,117
  4,372
  4,638

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  108
  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
  610
  621
  757
  909
  1,078
  1,265
  1,468
  1,687
  1,922
  2,173
  2,439
  2,720
  3,015
  3,326
  3,650
  3,988
  4,341
  4,709
  5,091
  5,489
  5,902
  6,331
  6,777
  7,241
  7,723
  8,224
  8,746
  9,289
  9,854
  10,443
  11,058
Adjusted assets (=assets-cash), $m
  502
  621
  757
  909
  1,078
  1,265
  1,468
  1,687
  1,922
  2,173
  2,439
  2,720
  3,015
  3,326
  3,650
  3,988
  4,341
  4,709
  5,091
  5,489
  5,902
  6,331
  6,777
  7,241
  7,723
  8,224
  8,746
  9,289
  9,854
  10,443
  11,058
Revenue / Adjusted assets
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
Average production assets, $m
  131
  162
  197
  237
  281
  330
  383
  440
  502
  567
  637
  710
  787
  868
  953
  1,041
  1,133
  1,229
  1,329
  1,433
  1,540
  1,652
  1,769
  1,890
  2,016
  2,147
  2,283
  2,424
  2,572
  2,726
  2,886
Working capital, $m
  88
  -17
  -21
  -25
  -30
  -35
  -40
  -46
  -53
  -60
  -67
  -75
  -83
  -92
  -101
  -110
  -120
  -130
  -140
  -151
  -163
  -174
  -187
  -199
  -213
  -227
  -241
  -256
  -271
  -288
  -305
Total debt, $m
  147
  196
  258
  328
  406
  492
  585
  686
  794
  910
  1,032
  1,161
  1,297
  1,440
  1,589
  1,745
  1,907
  2,076
  2,252
  2,435
  2,625
  2,822
  3,028
  3,241
  3,463
  3,693
  3,933
  4,183
  4,443
  4,714
  4,996
Total liabilities, $m
  237
  286
  348
  418
  496
  582
  675
  776
  884
  1,000
  1,122
  1,251
  1,387
  1,530
  1,679
  1,835
  1,997
  2,166
  2,342
  2,525
  2,715
  2,912
  3,118
  3,331
  3,553
  3,783
  4,023
  4,273
  4,533
  4,804
  5,086
Total equity, $m
  373
  335
  409
  491
  582
  683
  792
  911
  1,038
  1,173
  1,317
  1,469
  1,628
  1,796
  1,971
  2,154
  2,344
  2,543
  2,749
  2,964
  3,187
  3,419
  3,660
  3,910
  4,170
  4,441
  4,723
  5,016
  5,321
  5,639
  5,971
Total liabilities and equity, $m
  610
  621
  757
  909
  1,078
  1,265
  1,467
  1,687
  1,922
  2,173
  2,439
  2,720
  3,015
  3,326
  3,650
  3,989
  4,341
  4,709
  5,091
  5,489
  5,902
  6,331
  6,778
  7,241
  7,723
  8,224
  8,746
  9,289
  9,854
  10,443
  11,057
Debt-to-equity ratio
  0.394
  0.580
  0.630
  0.670
  0.700
  0.720
  0.740
  0.750
  0.770
  0.780
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.840
  0.840
Adjusted equity ratio
  0.528
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  128
  185
  249
  321
  400
  486
  580
  680
  788
  902
  1,040
  1,167
  1,300
  1,440
  1,585
  1,737
  1,896
  2,060
  2,232
  2,410
  2,595
  2,787
  2,988
  3,196
  3,412
  3,638
  3,873
  4,117
  4,372
  4,638
Depreciation, amort., depletion, $m
  19
  33
  35
  37
  39
  42
  45
  48
  51
  55
  59
  39
  43
  47
  52
  57
  62
  67
  72
  78
  84
  90
  96
  103
  110
  117
  124
  132
  140
  148
  157
Funds from operations, $m
  160
  160
  219
  286
  360
  442
  531
  628
  732
  843
  961
  1,079
  1,210
  1,347
  1,491
  1,642
  1,799
  1,962
  2,133
  2,309
  2,493
  2,685
  2,884
  3,090
  3,305
  3,529
  3,762
  4,004
  4,257
  4,520
  4,795
Change in working capital, $m
  12
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
Cash from operations, $m
  148
  164
  223
  290
  365
  447
  537
  634
  738
  850
  968
  1,086
  1,218
  1,356
  1,500
  1,651
  1,809
  1,973
  2,143
  2,320
  2,505
  2,697
  2,896
  3,103
  3,319
  3,543
  3,776
  4,019
  4,272
  4,536
  4,812
Maintenance CAPEX, $m
  0
  -7
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -31
  -35
  -39
  -43
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -84
  -90
  -96
  -103
  -110
  -117
  -124
  -132
  -140
  -148
New CAPEX, $m
  -8
  -31
  -35
  -40
  -44
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -160
Cash from investing activities, $m
  -55
  -38
  -44
  -51
  -57
  -64
  -71
  -78
  -85
  -92
  -100
  -108
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -176
  -186
  -196
  -206
  -217
  -229
  -241
  -253
  -266
  -280
  -294
  -308
Free cash flow, $m
  93
  125
  179
  239
  308
  383
  466
  556
  653
  757
  868
  978
  1,102
  1,232
  1,369
  1,511
  1,660
  1,815
  1,976
  2,144
  2,319
  2,501
  2,690
  2,886
  3,090
  3,302
  3,523
  3,753
  3,993
  4,243
  4,503
Issuance/(repayment) of debt, $m
  -12
  55
  62
  70
  78
  86
  93
  101
  108
  115
  122
  129
  136
  143
  149
  156
  162
  169
  176
  183
  190
  197
  205
  213
  222
  231
  240
  250
  260
  271
  283
Issuance/(repurchase) of shares, $m
  -65
  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  
  -51
  55
  62
  70
  78
  86
  93
  101
  108
  115
  122
  129
  136
  143
  149
  156
  162
  169
  176
  183
  190
  197
  205
  213
  222
  231
  240
  250
  260
  271
  283
Total cash flow (excl. dividends), $m
  42
  180
  241
  310
  385
  469
  559
  657
  761
  872
  990
  1,108
  1,238
  1,375
  1,518
  1,667
  1,822
  1,984
  2,152
  2,327
  2,509
  2,698
  2,895
  3,099
  3,312
  3,533
  3,763
  4,003
  4,253
  4,514
  4,786
Retained Cash Flow (-), $m
  -134
  -64
  -73
  -82
  -91
  -101
  -110
  -118
  -127
  -135
  -144
  -152
  -160
  -167
  -175
  -183
  -191
  -198
  -206
  -215
  -223
  -232
  -241
  -250
  -260
  -271
  -282
  -293
  -305
  -318
  -332
Prev. year cash balance distribution, $m
 
  102
  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
 
  218
  168
  227
  294
  368
  450
  538
  634
  737
  846
  956
  1,079
  1,207
  1,343
  1,484
  1,632
  1,786
  1,946
  2,113
  2,286
  2,466
  2,654
  2,849
  3,051
  3,262
  3,482
  3,710
  3,948
  4,196
  4,454
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
 
  209
  154
  198
  242
  285
  326
  364
  396
  423
  444
  454
  460
  459
  451
  436
  415
  389
  358
  325
  290
  255
  220
  187
  155
  127
  102
  80
  61
  46
  34
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

Stamps.com Inc. is a provider of Internet-based mailing and shipping solutions in the United States. The Company offers mailing and shipping products and services to its customers under the Stamps.com, Endicia, ShipStation, ShipWorks and ShippingEasy brands. It operates through the Internet Mailing and Shipping Services segment. Under the Stamps.com and Endicia brands, customers use its United States Postal Service (USPS) only solutions to mail and ship a range of mail pieces and packages through the USPS. USPS mailing and shipping solutions enable users to print electronic postage directly onto envelopes, plain paper, or labels using only a standard personal computer, printer and Internet connection. The Company offers USPS mailing and shipping services, multi-carrier shipping services, mailing and shipping services, branded insurance and international postage solutions. The Company offers customized postage under the PhotoStamps and PictureItPostage brand names.

FINANCIAL RATIOS  of  Stamps.com (STMP)

Valuation Ratios
P/E Ratio 44.4
Price to Sales 9.2
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 23.8
Growth Rates
Sales Growth Rate 70.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio 18
Current Ratio 0.1
LT Debt to Equity 37.8%
Total Debt to Equity 39.4%
Interest Coverage 40
Management Effectiveness
Return On Assets 13.5%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 16.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.5%
Return On Equity 24.5%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 82.7%
Gross Margin - 3 Yr. Avg. 79.9%
EBITDA Margin 38.2%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 33%
Oper. Margin - 3 Yr. Avg. 15.7%
Pre-Tax Margin 32.1%
Pre-Tax Margin - 3 Yr. Avg. 15.2%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. 14.6%
Effective Tax Rate 35.9%
Eff/ Tax Rate - 3 Yr. Avg. 5%
Payout Ratio 0%

STMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STMP stock intrinsic value calculation we used $364 million for the last fiscal year's total revenue generated by Stamps.com. The default revenue input number comes from 2016 income statement of Stamps.com. 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 STMP stock valuation model: a) initial revenue growth rate of 23.7% 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 STMP is calculated based on our internal credit rating of Stamps.com, 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 Stamps.com.
    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 STMP stock the variable cost ratio is equal to 20.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $179 million in the base year in the intrinsic value calculation for STMP 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 Stamps.com.

Corporate tax rate of 27% is the nominal tax rate for Stamps.com. 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 STMP 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 STMP are equal to 36%.

Life of production assets of 18.4 years is the average useful life of capital assets used in Stamps.com 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 STMP is equal to -3.8%. 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 - $373 million for Stamps.com - 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 17.606 million for Stamps.com 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 Stamps.com at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Why Stamps.com Stock Gained 64% in 2017   [Jan-11-18 11:35AM  Motley Fool]
▶ Stocks Showing Market Leadership: Stamps.com Earns 91 RS Rating   [Jan-10-18 03:00AM  Investor's Business Daily]
▶ Composite Rating For Stamps.com Rises To 98   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ Stamps.com Shows Rising Price Performance With Jump To 81 RS Rating   [Dec-15-17 03:00AM  Investor's Business Daily]
▶ Time Is A Critical Consideration Of Swing Trades   [Nov-10-17 03:07PM  Investor's Business Daily]
▶ Stamps.com Inc. Boosts Full-Year Profit Forecast   [Nov-07-17 03:01PM  Motley Fool]
▶ Why Stamps.com Stock Imploded Today   [01:33PM  Motley Fool]
▶ Which Stocks Make This List Of The Fastest-Growing Companies?   [09:41AM  Investor's Business Daily]
▶ Stamps.com tops Street 3Q forecasts   [Nov-02-17 04:49PM  Associated Press]
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▶ ShippingEasy Launches Automated Email Marketing   [Oct-19-17 08:30AM  Marketwired]
▶ This Leading Retail Stock Is Quietly Etching A New Base Post Gap-Up   [Sep-29-17 12:57PM  Investor's Business Daily]
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▶ ETFs with exposure to Stamps.com, Inc. : August 11, 2017   [Aug-11-17 06:41PM  Capital Cube]
▶ Trading stocks from 1999: 3 names   [Aug-07-17 05:00PM  CNBC Videos]
▶ Stamps.com Delivers Strong Earnings Report As Stock Surges   [04:17PM  Investor's Business Daily]
▶ Why Stamps.com Stock Just Jumped 27%   [12:16PM  Motley Fool]
▶ Stamps Ships Impressive Q2 Earnings, Revenue   [05:02AM  Investor's Business Daily]
▶ Stamps.com tops Street 2Q forecasts   [12:23AM  Associated Press]
▶ Stamps.com Reports Second Quarter 2017 Results   [Aug-02-17 04:30PM  Marketwired]
▶ ETFs with exposure to Stamps.com, Inc. : July 31, 2017   [Jul-31-17 05:12PM  Capital Cube]
▶ ETFs with exposure to Stamps.com, Inc. : July 13, 2017   [Jul-13-17 04:38PM  Capital Cube]
▶ 3 Dividend Stocks for Successful Investors   [Jul-10-17 11:30AM  Motley Fool]
▶ ETFs with exposure to Stamps.com, Inc. : June 27, 2017   [Jun-27-17 03:48PM  Capital Cube]
▶ Amazon Gets Rating Upgrade After Whole Foods Buy; Is Grubhub Next?   [Jun-20-17 11:16AM  Investor's Business Daily]
▶ ShippingEasy Launches Customer Management Solution   [Jun-13-17 08:30AM  Marketwired]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-07-17 03:53PM  Investor's Business Daily]
▶ Why Pitney Bowes Stock Jumped 10% in May   [09:51AM  Motley Fool]
▶ The 3 Stocks on the MFM Team's Radar This Week   [May-31-17 04:21PM  Motley Fool]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-30-17 03:30PM  Investor's Business Daily]
▶ Return To Sender? Stamps.com Reverses Sharply After Breakout   [02:42PM  Investor's Business Daily]
▶ Will This Internet Stock Deliver Amazon And Alibaba-Style Gains?   [May-26-17 04:17PM  Investor's Business Daily]
▶ Miss Alibaba, Amazon Breakouts? This Internet Stock Is In A Buy Zone Now   [May-25-17 04:19PM  Investor's Business Daily]
▶ S&P 500 Tests 2400; Here's Why Fed Minutes Could Move Market   [May-24-17 01:26PM  Investor's Business Daily]
▶ Breakout Watch: Can Stamps.com Deliver On Its New Buy Point?   [May-19-17 11:49AM  Investor's Business Daily]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-17-17 11:10AM  Investor's Business Daily]
▶ Does This Dotcom Darling Have Enough Postage For A New Breakout?   [May-15-17 11:17AM  Investor's Business Daily]
▶ ShippingEasy Launches InstantLabel   [May-11-17 08:30AM  Marketwired]
▶ Stamps.com tops Street 1Q forecasts   [May-03-17 06:31PM  Associated Press]
▶ ETFs with exposure to Stamps.com, Inc. : May 2, 2017   [May-02-17 04:41PM  Capital Cube]
Financial statements of STMP
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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