Intrinsic value of 2U - TWOU

Previous Close

$61.85

  Intrinsic Value

$16.79

stock screener

  Rating & Target

str. sell

-73%

  Value-price divergence*

-54%

Previous close

$61.85

 
Intrinsic value

$16.79

 
Up/down potential

-73%

 
Rating

str. sell

 
Value-price divergence*

-54%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TWOU 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 2.9

 

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, %
  37.33
  32.70
  29.93
  27.44
  25.19
  23.17
  21.36
  19.72
  18.25
  16.92
  15.73
  14.66
  13.69
  12.82
  12.04
  11.34
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
Revenue, $m
  206
  273
  355
  453
  567
  698
  847
  1,014
  1,199
  1,402
  1,623
  1,861
  2,115
  2,387
  2,674
  2,977
  3,296
  3,630
  3,979
  4,343
  4,723
  5,118
  5,529
  5,956
  6,400
  6,862
  7,341
  7,840
  8,358
  8,897
  9,458
Variable operating expenses, $m
 
  250
  324
  413
  517
  637
  773
  926
  1,095
  1,280
  1,481
  1,699
  1,931
  2,179
  2,441
  2,718
  3,009
  3,314
  3,633
  3,965
  4,312
  4,673
  5,048
  5,438
  5,843
  6,265
  6,703
  7,158
  7,631
  8,123
  8,635
Fixed operating expenses, $m
 
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
Total operating expenses, $m
  227
  291
  366
  456
  561
  682
  819
  974
  1,144
  1,330
  1,532
  1,751
  1,985
  2,234
  2,498
  2,776
  3,068
  3,375
  3,695
  4,029
  4,378
  4,740
  5,117
  5,509
  5,915
  6,339
  6,779
  7,236
  7,711
  8,205
  8,719
Operating income, $m
  -21
  -17
  -11
  -4
  5
  15
  27
  41
  56
  72
  90
  109
  130
  152
  176
  201
  227
  255
  284
  314
  345
  378
  412
  448
  484
  523
  563
  604
  647
  692
  739
EBITDA, $m
  -11
  -7
  2
  13
  26
  41
  58
  78
  99
  123
  149
  177
  207
  239
  273
  309
  347
  387
  429
  472
  517
  564
  613
  664
  717
  773
  830
  890
  952
  1,016
  1,083
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  38
  41
  44
  48
  52
  55
  59
  64
  68
  72
Earnings before tax, $m
  -21
  -17
  -12
  -5
  3
  12
  23
  35
  49
  64
  80
  98
  116
  137
  158
  181
  204
  229
  255
  283
  311
  341
  371
  403
  437
  471
  507
  545
  584
  624
  667
Tax expense, $m
  0
  0
  0
  0
  1
  3
  6
  10
  13
  17
  22
  26
  31
  37
  43
  49
  55
  62
  69
  76
  84
  92
  100
  109
  118
  127
  137
  147
  158
  169
  180
Net income, $m
  -21
  -17
  -12
  -5
  2
  9
  17
  26
  36
  47
  58
  71
  85
  100
  115
  132
  149
  167
  186
  206
  227
  249
  271
  294
  319
  344
  370
  398
  426
  456
  487

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  169
  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
  244
  100
  129
  165
  206
  254
  308
  369
  437
  510
  591
  677
  770
  869
  973
  1,084
  1,200
  1,321
  1,448
  1,581
  1,719
  1,863
  2,013
  2,168
  2,330
  2,498
  2,672
  2,854
  3,043
  3,239
  3,443
Adjusted assets (=assets-cash), $m
  75
  100
  129
  165
  206
  254
  308
  369
  437
  510
  591
  677
  770
  869
  973
  1,084
  1,200
  1,321
  1,448
  1,581
  1,719
  1,863
  2,013
  2,168
  2,330
  2,498
  2,672
  2,854
  3,043
  3,239
  3,443
Revenue / Adjusted assets
  2.747
  2.730
  2.752
  2.745
  2.752
  2.748
  2.750
  2.748
  2.744
  2.749
  2.746
  2.749
  2.747
  2.747
  2.748
  2.746
  2.747
  2.748
  2.748
  2.747
  2.748
  2.747
  2.747
  2.747
  2.747
  2.747
  2.747
  2.747
  2.747
  2.747
  2.747
Average production assets, $m
  38
  50
  65
  82
  103
  127
  154
  185
  218
  255
  295
  339
  385
  434
  487
  542
  600
  661
  724
  790
  860
  931
  1,006
  1,084
  1,165
  1,249
  1,336
  1,427
  1,521
  1,619
  1,721
Working capital, $m
  144
  -33
  -43
  -55
  -69
  -84
  -102
  -123
  -145
  -170
  -196
  -225
  -256
  -289
  -324
  -360
  -399
  -439
  -481
  -526
  -571
  -619
  -669
  -721
  -774
  -830
  -888
  -949
  -1,011
  -1,077
  -1,144
Total debt, $m
  0
  16
  35
  59
  86
  117
  152
  192
  236
  284
  337
  393
  454
  518
  587
  659
  734
  814
  897
  983
  1,074
  1,168
  1,265
  1,367
  1,472
  1,582
  1,696
  1,815
  1,938
  2,066
  2,199
Total liabilities, $m
  49
  65
  84
  108
  135
  166
  201
  241
  285
  333
  386
  442
  503
  567
  636
  708
  783
  863
  946
  1,032
  1,123
  1,217
  1,314
  1,416
  1,521
  1,631
  1,745
  1,864
  1,987
  2,115
  2,248
Total equity, $m
  195
  35
  45
  57
  72
  88
  107
  128
  151
  177
  205
  235
  267
  301
  338
  376
  416
  458
  503
  549
  597
  646
  698
  752
  808
  867
  927
  990
  1,056
  1,124
  1,195
Total liabilities and equity, $m
  244
  100
  129
  165
  207
  254
  308
  369
  436
  510
  591
  677
  770
  868
  974
  1,084
  1,199
  1,321
  1,449
  1,581
  1,720
  1,863
  2,012
  2,168
  2,329
  2,498
  2,672
  2,854
  3,043
  3,239
  3,443
Debt-to-equity ratio
  0.000
  0.460
  0.790
  1.020
  1.200
  1.330
  1.420
  1.500
  1.560
  1.610
  1.640
  1.670
  1.700
  1.720
  1.740
  1.750
  1.760
  1.770
  1.780
  1.790
  1.800
  1.810
  1.810
  1.820
  1.820
  1.830
  1.830
  1.830
  1.840
  1.840
  1.840
Adjusted equity ratio
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  -17
  -12
  -5
  2
  9
  17
  26
  36
  47
  58
  71
  85
  100
  115
  132
  149
  167
  186
  206
  227
  249
  271
  294
  319
  344
  370
  398
  426
  456
  487
Depreciation, amort., depletion, $m
  10
  10
  13
  16
  21
  25
  31
  37
  44
  51
  59
  68
  77
  87
  97
  108
  120
  132
  145
  158
  172
  186
  201
  217
  233
  250
  267
  285
  304
  324
  344
Funds from operations, $m
  5
  -7
  1
  12
  23
  35
  48
  63
  79
  98
  117
  139
  162
  187
  213
  240
  269
  299
  331
  364
  399
  435
  472
  511
  552
  594
  638
  683
  730
  780
  831
Change in working capital, $m
  0
  -8
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
Cash from operations, $m
  5
  1
  11
  23
  37
  50
  66
  83
  102
  122
  144
  168
  193
  219
  247
  277
  308
  340
  373
  408
  445
  483
  522
  563
  605
  650
  696
  743
  793
  845
  899
Maintenance CAPEX, $m
  0
  -8
  -10
  -13
  -16
  -21
  -25
  -31
  -37
  -44
  -51
  -59
  -68
  -77
  -87
  -97
  -108
  -120
  -132
  -145
  -158
  -172
  -186
  -201
  -217
  -233
  -250
  -267
  -285
  -304
  -324
New CAPEX, $m
  -24
  -12
  -15
  -18
  -21
  -24
  -27
  -30
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
Cash from investing activities, $m
  -25
  -20
  -25
  -31
  -37
  -45
  -52
  -61
  -71
  -81
  -91
  -102
  -114
  -126
  -139
  -152
  -166
  -181
  -196
  -211
  -227
  -244
  -261
  -279
  -298
  -317
  -337
  -358
  -379
  -402
  -426
Free cash flow, $m
  -20
  -19
  -14
  -7
  -1
  6
  13
  22
  31
  42
  53
  65
  79
  93
  108
  124
  141
  159
  178
  197
  218
  239
  261
  284
  308
  333
  359
  385
  413
  443
  473
Issuance/(repayment) of debt, $m
  0
  16
  19
  23
  27
  31
  35
  40
  44
  48
  52
  57
  61
  64
  68
  72
  76
  79
  83
  87
  90
  94
  98
  102
  106
  110
  114
  118
  123
  128
  133
Issuance/(repurchase) of shares, $m
  5
  26
  22
  17
  12
  7
  2
  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  
  4
  42
  41
  40
  39
  38
  37
  40
  44
  48
  52
  57
  61
  64
  68
  72
  76
  79
  83
  87
  90
  94
  98
  102
  106
  110
  114
  118
  123
  128
  133
Total cash flow (excl. dividends), $m
  -15
  23
  28
  33
  39
  45
  51
  61
  75
  90
  105
  122
  139
  158
  177
  196
  217
  238
  261
  284
  308
  333
  359
  385
  413
  442
  473
  504
  537
  571
  606
Retained Cash Flow (-), $m
  1
  -26
  -22
  -17
  -14
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
Prev. year cash balance distribution, $m
 
  169
  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
 
  166
  6
  16
  24
  28
  32
  40
  52
  64
  78
  92
  107
  123
  140
  158
  177
  196
  217
  238
  260
  283
  307
  332
  357
  384
  412
  441
  471
  503
  535
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
 
  159
  5
  14
  20
  22
  23
  27
  32
  37
  41
  44
  46
  47
  47
  46
  45
  43
  40
  37
  33
  29
  25
  22
  18
  15
  12
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  91.0
  85.5
  82.4
  80.7
  79.8
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7
  79.7

2U, Inc. is a provider of an integrated solution consisting of cloud-based software-as-a-service (SaaS) combined with technology-enabled services (together, the Platform) that allows colleges and universities to deliver online degree programs. The Company's SaaS technology consists of a learning environment (Online Campus), which acts as the hub for all student and faculty academic and social interaction, and a suite of integrated applications, which the Company uses to launch, operate and support the Company's clients' programs. The Company also provides a suite of technology-enabled services optimized with data analysis and machine learning techniques that support the complete lifecycle of a higher education program, including attracting students, advising students through the admissions application process, providing technical, success coaching and other support, facilitating accessibility to individuals with disabilities, and facilitating in-program field placements.

FINANCIAL RATIOS  of  2U (TWOU)

Valuation Ratios
P/E Ratio -138.9
Price to Sales 14.2
Price to Book 15
Price to Tangible Book
Price to Cash Flow 583.2
Price to Free Cash Flow -153.5
Growth Rates
Sales Growth Rate 37.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 71.4%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -8.8%
Ret/ On Assets - 3 Yr. Avg. -21.8%
Return On Total Capital -10.7%
Ret/ On T. Cap. - 3 Yr. Avg. -30.5%
Return On Equity -10.7%
Return On Equity - 3 Yr. Avg. -30.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 64.1%
Gross Margin - 3 Yr. Avg. 60.1%
EBITDA Margin -5.3%
EBITDA Margin - 3 Yr. Avg. -13.2%
Operating Margin -10.2%
Oper. Margin - 3 Yr. Avg. -17.7%
Pre-Tax Margin -10.2%
Pre-Tax Margin - 3 Yr. Avg. -18.2%
Net Profit Margin -10.2%
Net Profit Margin - 3 Yr. Avg. -18.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

TWOU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TWOU stock intrinsic value calculation we used $206 million for the last fiscal year's total revenue generated by 2U. The default revenue input number comes from 2016 income statement of 2U. 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 TWOU stock valuation model: a) initial revenue growth rate of 32.7% 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 TWOU is calculated based on our internal credit rating of 2U, 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 2U.
    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 TWOU stock the variable cost ratio is equal to 91.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 million in the base year in the intrinsic value calculation for TWOU 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 2U.

Corporate tax rate of 27% is the nominal tax rate for 2U. 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 TWOU 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 TWOU are equal to 18.2%.

Life of production assets of 3.8 years is the average useful life of capital assets used in 2U 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 TWOU is equal to -12.1%. 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 - $195 million for 2U - 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 46.839 million for 2U 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 2U at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ 3 Stocks That Look Just Like Costco in 1982   [Oct-19-17 05:49PM  Motley Fool]
▶ ETFs with exposure to 2U, Inc. : October 11, 2017   [Oct-11-17 12:08PM  Capital Cube]
▶ Why 2U, Inc. Stock Jumpd 11.9% in September   [Oct-04-17 10:00AM  Motley Fool]
▶ 2U, Inc. to Host Investor Day on October 5, 2017   [Sep-26-17 08:30AM  PR Newswire]
▶ 2U: Valuation Concerns and Market Opportunities   [Sep-22-17 07:17PM  Motley Fool]
▶ 2Us Recipe for Revenue Growth   [07:14PM  Motley Fool]
▶ What Sets 2U Apart From Competitors   [07:10PM  Motley Fool]
▶ Back to School With 2 High-Growth Education Companies   [Sep-21-17 07:31PM  Motley Fool]
▶ Rani Hammond to join 2U as Chief People Officer   [Sep-13-17 08:29AM  PR Newswire]
▶ Why 2U Inc. Stock Popped Today   [Sep-07-17 04:25PM  Motley Fool]
▶ 2U, Inc. Announces Public Offering of Common Stock   [Sep-05-17 05:17PM  PR Newswire]
▶ 2U loses top executive   [Sep-01-17 11:40AM  American City Business Journals]
▶ 2U, Inc. Value Analysis (NASDAQ:TWOU) : August 24, 2017   [Aug-24-17 06:10PM  Capital Cube]
▶ 2U Announces Senior Leadership Team Promotions   [Aug-23-17 09:00AM  PR Newswire]
▶ 2U reports 2Q loss   [Aug-08-17 12:00AM  Associated Press]
▶ 2U, Inc. Is Delightfully Ahead of Schedule   [Aug-07-17 08:35PM  Motley Fool]
▶ 30% of banking jobs threatened by AI & Blockchain   [Aug-02-17 02:00AM  PR Newswire]
▶ ETFs with exposure to 2U, Inc. : July 10, 2017   [Jul-10-17 03:23PM  Capital Cube]
▶ 3 Growth Stocks for Forward-Looking Investors   [Jul-09-17 06:02AM  Motley Fool]
▶ 2U, Inc. Closes Acquisition of GetSmarter   [Jul-03-17 08:30AM  PR Newswire]
▶ ETFs with exposure to 2U, Inc. : June 27, 2017   [Jun-27-17 03:54PM  Capital Cube]
▶ ETFs with exposure to 2U, Inc. : June 15, 2017   [Jun-15-17 03:35PM  Capital Cube]
▶ 2U, Inc. Value Analysis (NASDAQ:TWOU) : May 22, 2017   [May-22-17 02:43PM  Capital Cube]
▶ 2U reports 1Q loss   [May-04-17 06:51PM  Associated Press]
▶ 2U extends its footprint with $123 million acquisition   [12:32PM  American City Business Journals]
▶ 2U, Inc. to Acquire GetSmarter   [09:20AM  PR Newswire]
▶ [$$] Colleges Rush to Ramp Up Online Classes   [May-01-17 12:09AM  The Wall Street Journal]
▶ 1776 executive departs for ed-tech firm 2U   [Apr-28-17 11:15AM  American City Business Journals]
▶ 2U Inc.   [Apr-27-17 09:30PM  American City Business Journals]
▶ Our Foolish Interview With 2U Inc CEO Chip Paucek   [Mar-31-17 11:00AM  Motley Fool]
▶ Moving Average Crossover Alert: 2U (TWOU)   [Mar-03-17 08:40AM  Zacks]
Financial statements of TWOU
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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