Intrinsic value of Tucows - TCX

Previous Close

$60.80

  Intrinsic Value

$2,457

stock screener

  Rating & Target

str. buy

+999%

Previous close

$60.80

 
Intrinsic value

$2,457

 
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

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 0.6

 

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
  304
  470
  702
  1,019
  1,438
  1,977
  2,653
  3,484
  4,483
  5,663
  7,032
  8,597
  10,362
  12,329
  14,497
  16,863
  19,425
  22,178
  25,117
  28,239
  31,540
  35,015
  38,662
  42,480
  46,467
  50,625
  54,956
  59,461
  64,146
  69,015
Variable operating expenses, $m
 
  178
  274
  408
  591
  833
  1,145
  1,536
  2,016
  2,593
  3,275
  4,064
  4,969
  5,989
  7,125
  8,378
  9,746
  11,226
  12,818
  14,516
  16,321
  18,228
  20,237
  22,345
  24,551
  26,856
  29,259
  31,761
  34,365
  37,073
  39,887
Fixed operating expenses, $m
 
  55
  57
  58
  60
  61
  63
  64
  66
  67
  69
  71
  73
  74
  76
  78
  80
  82
  84
  86
  88
  91
  93
  95
  98
  100
  103
  105
  108
  111
  113
Total operating expenses, $m
  165
  233
  331
  466
  651
  894
  1,208
  1,600
  2,082
  2,660
  3,344
  4,135
  5,042
  6,063
  7,201
  8,456
  9,826
  11,308
  12,902
  14,602
  16,409
  18,319
  20,330
  22,440
  24,649
  26,956
  29,362
  31,866
  34,473
  37,184
  40,000
Operating income, $m
  25
  71
  139
  236
  368
  544
  770
  1,054
  1,403
  1,823
  2,319
  2,897
  3,556
  4,299
  5,127
  6,040
  7,037
  8,116
  9,276
  10,515
  11,830
  13,221
  14,685
  16,222
  17,831
  19,511
  21,264
  23,089
  24,988
  26,962
  29,014
EBITDA, $m
  28
  75
  145
  243
  378
  556
  786
  1,074
  1,429
  1,856
  2,360
  2,946
  3,616
  4,372
  5,214
  6,142
  7,155
  8,252
  9,431
  10,691
  12,028
  13,442
  14,930
  16,493
  18,129
  19,837
  21,619
  23,474
  25,405
  27,412
  29,498
Interest expense (income), $m
  0
  0
  3
  6
  11
  18
  26
  38
  52
  69
  90
  115
  144
  177
  214
  255
  301
  350
  404
  462
  524
  589
  658
  731
  808
  888
  972
  1,059
  1,150
  1,245
  1,343
Earnings before tax, $m
  25
  71
  137
  230
  357
  526
  743
  1,016
  1,351
  1,753
  2,228
  2,782
  3,412
  4,122
  4,913
  5,785
  6,736
  7,766
  8,872
  10,053
  11,306
  12,632
  14,027
  15,491
  17,023
  18,623
  20,292
  22,030
  23,838
  25,718
  27,671
Tax expense, $m
  9
  19
  37
  62
  96
  142
  201
  274
  365
  473
  602
  751
  921
  1,113
  1,327
  1,562
  1,819
  2,097
  2,395
  2,714
  3,053
  3,411
  3,787
  4,182
  4,596
  5,028
  5,479
  5,948
  6,436
  6,944
  7,471
Net income, $m
  16
  52
  100
  168
  261
  384
  542
  742
  986
  1,280
  1,627
  2,031
  2,491
  3,009
  3,587
  4,223
  4,917
  5,669
  6,476
  7,338
  8,254
  9,221
  10,239
  11,308
  12,427
  13,595
  14,813
  16,082
  17,402
  18,774
  20,200

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
  222
  344
  514
  746
  1,052
  1,446
  1,941
  2,549
  3,280
  4,142
  5,144
  6,289
  7,580
  9,019
  10,605
  12,336
  14,210
  16,224
  18,374
  20,658
  23,072
  25,614
  28,282
  31,075
  33,992
  37,034
  40,202
  43,497
  46,924
  50,486
Adjusted assets (=assets-cash), $m
  139
  222
  344
  514
  746
  1,052
  1,446
  1,941
  2,549
  3,280
  4,142
  5,144
  6,289
  7,580
  9,019
  10,605
  12,336
  14,210
  16,224
  18,374
  20,658
  23,072
  25,614
  28,282
  31,075
  33,992
  37,034
  40,202
  43,497
  46,924
  50,486
Revenue / Adjusted assets
  1.367
  1.369
  1.366
  1.366
  1.366
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
  1.367
Average production assets, $m
  17
  27
  42
  63
  91
  128
  176
  236
  310
  399
  504
  626
  765
  922
  1,097
  1,290
  1,501
  1,729
  1,974
  2,235
  2,513
  2,807
  3,116
  3,441
  3,781
  4,136
  4,506
  4,891
  5,292
  5,709
  6,142
Working capital, $m
  -1
  -22
  -35
  -52
  -75
  -106
  -146
  -196
  -258
  -332
  -419
  -520
  -636
  -767
  -912
  -1,073
  -1,248
  -1,437
  -1,641
  -1,859
  -2,090
  -2,334
  -2,591
  -2,861
  -3,143
  -3,439
  -3,746
  -4,067
  -4,400
  -4,747
  -5,107
Total debt, $m
  10
  76
  176
  315
  505
  757
  1,080
  1,486
  1,984
  2,583
  3,291
  4,112
  5,051
  6,110
  7,289
  8,590
  10,009
  11,546
  13,197
  14,961
  16,833
  18,813
  20,898
  23,085
  25,376
  27,768
  30,262
  32,859
  35,562
  38,372
  41,293
Total liabilities, $m
  117
  182
  282
  421
  611
  863
  1,186
  1,592
  2,090
  2,689
  3,397
  4,218
  5,157
  6,216
  7,395
  8,696
  10,115
  11,652
  13,303
  15,067
  16,939
  18,919
  21,004
  23,191
  25,482
  27,874
  30,368
  32,965
  35,668
  38,478
  41,399
Total equity, $m
  38
  40
  62
  92
  134
  189
  260
  349
  459
  590
  746
  926
  1,132
  1,364
  1,623
  1,909
  2,220
  2,558
  2,920
  3,307
  3,718
  4,153
  4,611
  5,091
  5,594
  6,119
  6,666
  7,236
  7,830
  8,446
  9,088
Total liabilities and equity, $m
  155
  222
  344
  513
  745
  1,052
  1,446
  1,941
  2,549
  3,279
  4,143
  5,144
  6,289
  7,580
  9,018
  10,605
  12,335
  14,210
  16,223
  18,374
  20,657
  23,072
  25,615
  28,282
  31,076
  33,993
  37,034
  40,201
  43,498
  46,924
  50,487
Debt-to-equity ratio
  0.263
  1.910
  2.840
  3.410
  3.770
  4.000
  4.150
  4.250
  4.320
  4.380
  4.410
  4.440
  4.460
  4.480
  4.490
  4.500
  4.510
  4.510
  4.520
  4.520
  4.530
  4.530
  4.530
  4.530
  4.540
  4.540
  4.540
  4.540
  4.540
  4.540
  4.540
Adjusted equity ratio
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  52
  100
  168
  261
  384
  542
  742
  986
  1,280
  1,627
  2,031
  2,491
  3,009
  3,587
  4,223
  4,917
  5,669
  6,476
  7,338
  8,254
  9,221
  10,239
  11,308
  12,427
  13,595
  14,813
  16,082
  17,402
  18,774
  20,200
Depreciation, amort., depletion, $m
  3
  4
  5
  7
  9
  12
  16
  21
  27
  34
  42
  49
  60
  73
  86
  102
  118
  136
  155
  176
  198
  221
  245
  271
  298
  326
  355
  385
  417
  450
  484
Funds from operations, $m
  24
  56
  105
  175
  270
  396
  558
  762
  1,012
  1,313
  1,668
  2,080
  2,551
  3,082
  3,673
  4,325
  5,036
  5,805
  6,632
  7,514
  8,452
  9,442
  10,485
  11,579
  12,724
  13,921
  15,168
  16,467
  17,818
  19,223
  20,684
Change in working capital, $m
  2
  -8
  -12
  -17
  -23
  -31
  -40
  -50
  -61
  -74
  -87
  -101
  -116
  -131
  -146
  -160
  -175
  -190
  -204
  -218
  -231
  -244
  -257
  -270
  -283
  -295
  -308
  -320
  -333
  -347
  -360
Cash from operations, $m
  22
  64
  117
  192
  294
  427
  598
  812
  1,074
  1,387
  1,756
  2,181
  2,667
  3,212
  3,819
  4,485
  5,211
  5,995
  6,836
  7,732
  8,683
  9,686
  10,742
  11,849
  13,007
  14,216
  15,476
  16,787
  18,152
  19,570
  21,044
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -5
  -7
  -10
  -14
  -19
  -24
  -31
  -40
  -49
  -60
  -73
  -86
  -102
  -118
  -136
  -155
  -176
  -198
  -221
  -245
  -271
  -298
  -326
  -355
  -385
  -417
  -450
New CAPEX, $m
  -8
  -10
  -15
  -21
  -28
  -37
  -48
  -60
  -74
  -89
  -105
  -122
  -139
  -157
  -175
  -193
  -211
  -228
  -245
  -262
  -278
  -294
  -309
  -325
  -340
  -355
  -370
  -385
  -401
  -417
  -433
Cash from investing activities, $m
  -14
  -11
  -17
  -24
  -33
  -44
  -58
  -74
  -93
  -113
  -136
  -162
  -188
  -217
  -248
  -279
  -313
  -346
  -381
  -417
  -454
  -492
  -530
  -570
  -611
  -653
  -696
  -740
  -786
  -834
  -883
Free cash flow, $m
  8
  53
  101
  168
  260
  383
  540
  738
  981
  1,274
  1,619
  2,020
  2,478
  2,995
  3,571
  4,206
  4,899
  5,649
  6,454
  7,315
  8,229
  9,195
  10,212
  11,279
  12,396
  13,563
  14,780
  16,047
  17,366
  18,736
  20,161
Issuance/(repayment) of debt, $m
  7
  68
  99
  140
  190
  251
  323
  406
  498
  599
  707
  821
  939
  1,059
  1,180
  1,300
  1,420
  1,537
  1,651
  1,763
  1,873
  1,980
  2,085
  2,188
  2,290
  2,392
  2,494
  2,598
  2,703
  2,810
  2,921
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
  68
  99
  140
  190
  251
  323
  406
  498
  599
  707
  821
  939
  1,059
  1,180
  1,300
  1,420
  1,537
  1,651
  1,763
  1,873
  1,980
  2,085
  2,188
  2,290
  2,392
  2,494
  2,598
  2,703
  2,810
  2,921
Total cash flow (excl. dividends), $m
  7
  121
  200
  308
  450
  634
  863
  1,144
  1,480
  1,873
  2,327
  2,841
  3,417
  4,054
  4,751
  5,506
  6,318
  7,185
  8,106
  9,078
  10,101
  11,174
  12,296
  13,467
  14,686
  15,955
  17,274
  18,645
  20,068
  21,546
  23,082
Retained Cash Flow (-), $m
  -12
  -15
  -22
  -31
  -42
  -55
  -71
  -89
  -109
  -132
  -155
  -180
  -206
  -232
  -259
  -285
  -312
  -337
  -362
  -387
  -411
  -435
  -458
  -480
  -503
  -525
  -548
  -570
  -593
  -617
  -641
Prev. year cash balance distribution, $m
 
  13
  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
 
  119
  178
  277
  409
  579
  793
  1,055
  1,370
  1,742
  2,171
  2,661
  3,211
  3,821
  4,492
  5,221
  6,006
  6,848
  7,743
  8,691
  9,690
  10,740
  11,839
  12,987
  14,184
  15,430
  16,727
  18,074
  19,475
  20,930
  22,441
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
 
  114
  163
  241
  337
  449
  575
  713
  856
  1,000
  1,138
  1,264
  1,370
  1,453
  1,508
  1,533
  1,526
  1,490
  1,426
  1,338
  1,231
  1,111
  982
  851
  722
  600
  488
  388
  301
  228
  169
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 39.7
Price to Sales 3.3
Price to Book 16.7
Price to Tangible Book
Price to Cash Flow 28.9
Price to Free Cash Flow 45.4
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 $190 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 4.3%, 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 58.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $54 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 3.5% 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%.

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 8.9%.

Life of production assets of 12.7 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 -7.4%. 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 - $38 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 10.553 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 $0.6 billion.

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COMPANY NEWS

▶ 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]
▶ Holly Springs gets 'lit' with high-speed fiber   [Jan-13-17 11:10AM  at bizjournals.com]
▶ Is Tucows Inc. (USA) (TCX) A Good Stock to Buy?   [Dec-21-16 05:45AM  at Insider Monkey]
▶ Why Tucows Inc. Gained 16.8% in September   [Oct-10-16 08:09PM  at Motley Fool]
▶ Tucows posts 2Q profit   [07:19AM  AP]
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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