Intrinsic value of Tucows - TCX

Previous Close

$59.70

  Intrinsic Value

$1,355

stock screener

  Rating & Target

str. buy

+999%

Previous close

$59.70

 
Intrinsic value

$1,355

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of TCX 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, %
  9.83
  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
  190
  526
  813
  1,216
  1,765
  2,490
  3,423
  4,595
  6,033
  7,763
  9,805
  12,176
  14,886
  17,943
  21,348
  25,102
  29,200
  33,635
  38,402
  43,493
  48,899
  54,613
  60,631
  66,946
  73,557
  80,462
  87,662
  95,160
  102,961
  111,073
  119,504
Variable operating expenses, $m
 
  448
  684
  1,016
  1,467
  2,064
  2,832
  3,796
  4,980
  6,404
  8,085
  10,021
  12,251
  14,767
  17,570
  20,659
  24,032
  27,682
  31,606
  35,795
  40,244
  44,948
  49,900
  55,098
  60,538
  66,221
  72,147
  78,318
  84,739
  91,415
  98,354
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
  165
  448
  684
  1,016
  1,467
  2,064
  2,832
  3,796
  4,980
  6,404
  8,085
  10,021
  12,251
  14,767
  17,570
  20,659
  24,032
  27,682
  31,606
  35,795
  40,244
  44,948
  49,900
  55,098
  60,538
  66,221
  72,147
  78,318
  84,739
  91,415
  98,354
Operating income, $m
  25
  78
  129
  200
  298
  426
  591
  798
  1,053
  1,359
  1,721
  2,155
  2,635
  3,176
  3,778
  4,443
  5,168
  5,953
  6,797
  7,698
  8,654
  9,666
  10,731
  11,848
  13,018
  14,240
  15,515
  16,842
  18,223
  19,658
  21,150
EBITDA, $m
  28
  111
  172
  257
  373
  527
  724
  972
  1,276
  1,642
  2,074
  2,575
  3,148
  3,795
  4,515
  5,309
  6,175
  7,113
  8,122
  9,198
  10,341
  11,550
  12,822
  14,158
  15,556
  17,016
  18,539
  20,125
  21,775
  23,490
  25,273
Interest expense (income), $m
  0
  6
  21
  41
  70
  110
  163
  230
  315
  419
  544
  691
  863
  1,059
  1,280
  1,526
  1,798
  2,094
  2,415
  2,759
  3,127
  3,518
  3,931
  4,366
  4,823
  5,301
  5,800
  6,321
  6,863
  7,427
  8,014
Earnings before tax, $m
  25
  72
  109
  159
  227
  316
  428
  568
  738
  940
  1,177
  1,463
  1,772
  2,117
  2,498
  2,917
  3,370
  3,859
  4,382
  4,938
  5,527
  6,148
  6,799
  7,482
  8,195
  8,939
  9,714
  10,521
  11,359
  12,231
  13,137
Tax expense, $m
  9
  19
  29
  43
  61
  85
  116
  153
  199
  254
  318
  395
  478
  572
  675
  787
  910
  1,042
  1,183
  1,333
  1,492
  1,660
  1,836
  2,020
  2,213
  2,414
  2,623
  2,841
  3,067
  3,302
  3,547
Net income, $m
  16
  53
  79
  116
  166
  231
  313
  415
  539
  687
  859
  1,068
  1,293
  1,545
  1,824
  2,129
  2,460
  2,817
  3,199
  3,605
  4,035
  4,488
  4,964
  5,462
  5,983
  6,526
  7,092
  7,680
  8,292
  8,929
  9,590

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  154
  561
  866
  1,295
  1,879
  2,652
  3,645
  4,893
  6,425
  8,267
  10,442
  12,967
  15,853
  19,108
  22,735
  26,733
  31,096
  35,820
  40,897
  46,318
  52,075
  58,161
  64,569
  71,295
  78,335
  85,689
  93,356
  101,342
  109,650
  118,289
  127,267
Adjusted assets (=assets-cash), $m
  139
  561
  866
  1,295
  1,879
  2,652
  3,645
  4,893
  6,425
  8,267
  10,442
  12,967
  15,853
  19,108
  22,735
  26,733
  31,096
  35,820
  40,897
  46,318
  52,075
  58,161
  64,569
  71,295
  78,335
  85,689
  93,356
  101,342
  109,650
  118,289
  127,267
Revenue / Adjusted assets
  1.367
  0.938
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
  0.939
Average production assets, $m
  17
  182
  281
  420
  609
  859
  1,181
  1,585
  2,081
  2,678
  3,383
  4,201
  5,136
  6,190
  7,365
  8,660
  10,074
  11,604
  13,249
  15,005
  16,870
  18,842
  20,918
  23,096
  25,377
  27,759
  30,243
  32,830
  35,522
  38,320
  41,229
Working capital, $m
  -1
  -6
  -10
  -15
  -21
  -30
  -41
  -55
  -72
  -93
  -118
  -146
  -179
  -215
  -256
  -301
  -350
  -404
  -461
  -522
  -587
  -655
  -728
  -803
  -883
  -966
  -1,052
  -1,142
  -1,236
  -1,333
  -1,434
Total debt, $m
  10
  250
  503
  859
  1,342
  1,982
  2,805
  3,838
  5,106
  6,632
  8,432
  10,523
  12,913
  15,608
  18,611
  21,921
  25,534
  29,446
  33,649
  38,138
  42,905
  47,944
  53,250
  58,819
  64,648
  70,736
  77,085
  83,697
  90,576
  97,729
  105,164
Total liabilities, $m
  117
  464
  717
  1,072
  1,556
  2,195
  3,018
  4,051
  5,320
  6,845
  8,646
  10,737
  13,126
  15,822
  18,825
  22,135
  25,748
  29,659
  33,863
  38,351
  43,118
  48,157
  53,463
  59,032
  64,862
  70,950
  77,299
  83,911
  90,790
  97,943
  105,377
Total equity, $m
  38
  96
  149
  223
  323
  456
  627
  842
  1,105
  1,422
  1,796
  2,230
  2,727
  3,287
  3,910
  4,598
  5,349
  6,161
  7,034
  7,967
  8,957
  10,004
  11,106
  12,263
  13,474
  14,738
  16,057
  17,431
  18,860
  20,346
  21,890
Total liabilities and equity, $m
  155
  560
  866
  1,295
  1,879
  2,651
  3,645
  4,893
  6,425
  8,267
  10,442
  12,967
  15,853
  19,109
  22,735
  26,733
  31,097
  35,820
  40,897
  46,318
  52,075
  58,161
  64,569
  71,295
  78,336
  85,688
  93,356
  101,342
  109,650
  118,289
  127,267
Debt-to-equity ratio
  0.263
  2.600
  3.380
  3.850
  4.150
  4.350
  4.470
  4.560
  4.620
  4.660
  4.690
  4.720
  4.740
  4.750
  4.760
  4.770
  4.770
  4.780
  4.780
  4.790
  4.790
  4.790
  4.790
  4.800
  4.800
  4.800
  4.800
  4.800
  4.800
  4.800
  4.800
Adjusted equity ratio
  0.180
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  53
  79
  116
  166
  231
  313
  415
  539
  687
  859
  1,068
  1,293
  1,545
  1,824
  2,129
  2,460
  2,817
  3,199
  3,605
  4,035
  4,488
  4,964
  5,462
  5,983
  6,526
  7,092
  7,680
  8,292
  8,929
  9,590
Depreciation, amort., depletion, $m
  3
  33
  43
  57
  76
  101
  133
  173
  223
  283
  353
  420
  514
  619
  737
  866
  1,007
  1,160
  1,325
  1,500
  1,687
  1,884
  2,092
  2,310
  2,538
  2,776
  3,024
  3,283
  3,552
  3,832
  4,123
Funds from operations, $m
  24
  86
  122
  173
  241
  331
  446
  588
  762
  969
  1,212
  1,488
  1,807
  2,164
  2,560
  2,995
  3,468
  3,978
  4,524
  5,105
  5,722
  6,372
  7,055
  7,771
  8,520
  9,302
  10,116
  10,963
  11,845
  12,761
  13,713
Change in working capital, $m
  2
  -2
  -3
  -5
  -7
  -9
  -11
  -14
  -17
  -21
  -25
  -28
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -94
  -97
  -101
Cash from operations, $m
  22
  88
  126
  178
  248
  340
  457
  602
  779
  990
  1,237
  1,517
  1,839
  2,201
  2,601
  3,040
  3,517
  4,031
  4,581
  5,167
  5,787
  6,440
  7,127
  7,847
  8,600
  9,385
  10,202
  11,053
  11,938
  12,858
  13,814
Maintenance CAPEX, $m
  0
  -11
  -18
  -28
  -42
  -61
  -86
  -118
  -159
  -208
  -268
  -338
  -420
  -514
  -619
  -737
  -866
  -1,007
  -1,160
  -1,325
  -1,500
  -1,687
  -1,884
  -2,092
  -2,310
  -2,538
  -2,776
  -3,024
  -3,283
  -3,552
  -3,832
New CAPEX, $m
  -8
  -68
  -99
  -139
  -189
  -250
  -322
  -404
  -496
  -597
  -705
  -818
  -935
  -1,055
  -1,175
  -1,295
  -1,414
  -1,530
  -1,645
  -1,756
  -1,865
  -1,972
  -2,076
  -2,179
  -2,281
  -2,382
  -2,484
  -2,587
  -2,691
  -2,799
  -2,909
Cash from investing activities, $m
  -14
  -79
  -117
  -167
  -231
  -311
  -408
  -522
  -655
  -805
  -973
  -1,156
  -1,355
  -1,569
  -1,794
  -2,032
  -2,280
  -2,537
  -2,805
  -3,081
  -3,365
  -3,659
  -3,960
  -4,271
  -4,591
  -4,920
  -5,260
  -5,611
  -5,974
  -6,351
  -6,741
Free cash flow, $m
  8
  9
  8
  11
  17
  29
  49
  80
  124
  185
  264
  361
  484
  633
  807
  1,009
  1,237
  1,493
  1,776
  2,086
  2,421
  2,782
  3,167
  3,577
  4,009
  4,465
  4,942
  5,442
  5,964
  6,507
  7,073
Issuance/(repayment) of debt, $m
  7
  174
  253
  355
  484
  639
  823
  1,033
  1,268
  1,525
  1,801
  2,090
  2,390
  2,695
  3,003
  3,310
  3,613
  3,912
  4,203
  4,489
  4,767
  5,039
  5,306
  5,569
  5,829
  6,089
  6,349
  6,612
  6,879
  7,153
  7,434
Issuance/(repurchase) of shares, $m
  -7
  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  
  0
  174
  253
  355
  484
  639
  823
  1,033
  1,268
  1,525
  1,801
  2,090
  2,390
  2,695
  3,003
  3,310
  3,613
  3,912
  4,203
  4,489
  4,767
  5,039
  5,306
  5,569
  5,829
  6,089
  6,349
  6,612
  6,879
  7,153
  7,434
Total cash flow (excl. dividends), $m
  7
  182
  261
  366
  501
  668
  872
  1,113
  1,393
  1,710
  2,065
  2,451
  2,874
  3,328
  3,810
  4,318
  4,850
  5,405
  5,979
  6,574
  7,188
  7,821
  8,473
  9,146
  9,838
  10,553
  11,291
  12,054
  12,843
  13,660
  14,507
Retained Cash Flow (-), $m
  -12
  -36
  -53
  -74
  -100
  -133
  -171
  -215
  -263
  -317
  -374
  -434
  -496
  -560
  -624
  -688
  -751
  -813
  -873
  -932
  -990
  -1,047
  -1,102
  -1,157
  -1,211
  -1,265
  -1,319
  -1,373
  -1,429
  -1,486
  -1,544
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
 
  -1
  -2
  -3
  -5
  -7
  -10
  -14
  -18
  -24
  -31
  -39
  -49
  -60
  -72
  -85
  -100
  -117
  -135
  -154
  -174
  -196
  -218
  -243
  -268
  -294
  -322
  -351
  -381
  -412
  -444
Cash available for distribution, $m
 
  146
  209
  292
  400
  535
  701
  899
  1,129
  1,394
  1,691
  2,017
  2,378
  2,768
  3,187
  3,631
  4,100
  4,592
  5,106
  5,642
  6,198
  6,774
  7,371
  7,989
  8,628
  9,288
  9,972
  10,680
  11,414
  12,174
  12,963
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  139
  189
  249
  319
  399
  484
  571
  655
  734
  801
  852
  888
  905
  903
  881
  843
  789
  724
  651
  574
  495
  418
  346
  280
  221
  171
  129
  95
  68
  47
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

Tucows Inc. is engaged in providing Internet services. The Company's segments include Network Access Services and Domain Services. The Network Access Services segment includes mobile, fixed high-speed Internet access services, Internet hosting and network consulting services. The Domain Services segment wholesale and retail domain name registration services, value added services and portfolio services. The Company focuses on serving the needs of this network of resellers by providing services, interfaces, proactive and attentive customer service, reseller-oriented technology and agile design and development processes. The Company focuses its service offerings under brands, including OpenSRS, YummyNames, Platypus, Hover and Ting. As of December 31, 2016, the OpenSRS Domain Service managed 15 million domain names under the Tucows ICANN registrar accreditation and for other registrars. As of December 31, 2016, Ting managed mobile telephony services for approximately 151,000 subscribers.

FINANCIAL RATIOS  of  Tucows (TCX)

Valuation Ratios
P/E Ratio 39
Price to Sales 3.3
Price to Book 16.4
Price to Tangible Book
Price to Cash Flow 28.4
Price to Free Cash Flow 44.6
Growth Rates
Sales Growth Rate 9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 166.7%
Cap. Spend. - 3 Yr. Gr. Rate 51.6%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 21.1%
Total Debt to Equity 26.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 41%
Ret/ On T. Cap. - 3 Yr. Avg. 30.6%
Return On Equity 50%
Return On Equity - 3 Yr. Avg. 34.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 30.5%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 11.1%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 13.2%
Pre-Tax Margin - 3 Yr. Avg. 9.9%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 36.1%
Payout Ratio 0%

TCX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TCX stock intrinsic value calculation we used $329 million for the last fiscal year's total revenue generated by Tucows. The default revenue input number comes from 2016 income statement of Tucows. 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 TCX 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 5%, whose default value for TCX is calculated based on our internal credit rating of Tucows, 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 Tucows.
    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 TCX stock the variable cost ratio is equal to 86.8%.

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 TCX 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 8.2% for Tucows.

Corporate tax rate of 27% is the nominal tax rate for Tucows. 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 TCX stock is equal to -0.4%.

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 TCX are equal to 34.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Tucows 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 TCX is equal to -1.2%. 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 - $60 million for Tucows - 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 11 million for Tucows 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 Tucows at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ What's Wrong With Tucows Inc. Today?   [May-10-18 03:23PM  Motley Fool]
▶ Tucows: 1Q Earnings Snapshot   [05:12AM  Associated Press]
▶ Why Ting is expanding fiber internet service in Wake County   [May-01-18 08:38AM  American City Business Journals]
▶ 3 Stocks That Feel Like Netflix in 2002   [Apr-25-18 06:00AM  Motley Fool]
▶ 3 Growth Stocks I'd Buy Right Now   [Feb-23-18 07:31PM  Motley Fool]
▶ Tucows, Inc. Navigates Tricky Q4 Waters   [Feb-14-18 04:00PM  Motley Fool]
▶ Tucows posts 4Q profit   [07:42AM  Associated Press]
▶ Tucows Inc. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Why Tucows Inc. Shares Fell 23% in January   [Feb-09-18 04:44PM  Motley Fool]
▶ ETFs with exposure to Tucows, Inc. : December 27, 2017   [Dec-27-17 11:54AM  Capital Cube]
▶ 2 Things Tucows Management Wants You to Know   [Nov-25-17 08:16PM  Motley Fool]
▶ Tucows posts 3Q profit   [06:28PM  Associated Press]
▶ 2 Stocks Your Children Will Brag About Someday   [Oct-09-17 04:30PM  Motley Fool]
▶ Tucows Makes a Bid for a Vermont Telecom   [Oct-03-17 08:07PM  Motley Fool]
▶ Tucows Acquires Roam Mobility from Otono Networks   [Sep-27-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to Tucows, Inc. : September 25, 2017   [Sep-25-17 10:46AM  Capital Cube]
▶ ETFs with exposure to Tucows, Inc. : September 14, 2017   [Sep-14-17 07:16PM  Capital Cube]
▶ Why Tucows Inc. Stock Jumped 12% Today   [Aug-09-17 03:59PM  Motley Fool]
▶ Tucows posts 2Q profit   [03:16PM  Associated Press]
▶ ETFs with exposure to Tucows, Inc. : August 4, 2017   [Aug-04-17 07:56PM  Capital Cube]
▶ ETFs with exposure to Tucows, Inc. : July 25, 2017   [Jul-25-17 01:33PM  Capital Cube]
▶ ETFs with exposure to Tucows, Inc. : July 14, 2017   [Jul-14-17 05:05PM  Capital Cube]
▶ 3 Stocks That Could Put Alibaba's Returns to Shame   [Jul-06-17 03:33PM  Motley Fool]
▶ ETFs with exposure to Tucows, Inc. : July 4, 2017   [Jul-04-17 03:32PM  Capital Cube]
▶ 3 Stocks With Amazon-Like Growth Potential   [Jun-19-17 11:20AM  Motley Fool]
▶ Tucows, Inc. Value Analysis (NASDAQ:TCX) : June 15, 2017   [Jun-15-17 04:34PM  Capital Cube]
▶ 3 Key Takeaways From Tucows' Latest Earnings Report   [May-31-17 06:26PM  Motley Fool]
▶ Tucows Inc. Is Scaling Up Quickly   [May-10-17 10:26AM  Motley Fool]
▶ Tucows posts 1Q profit   [May-09-17 05:36PM  Associated Press]
▶ What to Watch When Tucows Reports Earnings   [May-08-17 10:49AM  Motley Fool]
▶ Why Tucows Inc. Stock Soared in March   [Apr-07-17 04:44PM  Motley Fool]
▶ Tucows Chief Financial Officer Michael Cooperman to Retire   [Mar-17-17 07:00AM  GlobeNewswire]
▶ Tucows Announces $40 Million Stock Buyback Program   [Mar-01-17 07:00AM  GlobeNewswire]
▶ 3 Hot Tech Stocks to Consider in February   [Feb-18-17 07:42AM  Motley Fool]
▶ 3 Hot Tech Stocks to Consider in February   [07:42AM  at Motley Fool]
▶ Tucows Inc. Lifts Fourth-Quarter Sales, but Earnings Dip   [Feb-08-17 11:53AM  Motley Fool]
▶ Tucows posts 4Q profit   [Feb-07-17 05:56PM  Associated Press]
▶ Tucows Inc. To Acquire eNom from Rightside   [08:30AM  GlobeNewswire]
▶ Rightside® Announces Sale of eNom to Tucows   [08:30AM  GlobeNewswire]
Financial statements of TCX
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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