Intrinsic value of Willdan Group - WLDN

Previous Close

$24.36

  Intrinsic Value

$394.66

stock screener

  Rating & Target

str. buy

+999%

Previous close

$24.36

 
Intrinsic value

$394.66

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of WLDN 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 0.2

 

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, %
  54.81
  54.80
  49.82
  45.34
  41.30
  37.67
  34.41
  31.47
  28.82
  26.44
  24.29
  22.36
  20.63
  19.06
  17.66
  16.39
  15.25
  14.23
  13.31
  12.47
  11.73
  11.05
  10.45
  9.90
  9.41
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
Revenue, $m
  209
  324
  485
  704
  995
  1,370
  1,842
  2,422
  3,120
  3,944
  4,902
  5,999
  7,236
  8,616
  10,137
  11,799
  13,599
  15,534
  17,600
  19,796
  22,117
  24,562
  27,129
  29,816
  32,623
  35,550
  38,598
  41,770
  45,068
  48,496
  52,058
Variable operating expenses, $m
 
  301
  449
  652
  920
  1,266
  1,701
  2,236
  2,880
  3,641
  4,525
  5,534
  6,675
  7,948
  9,351
  10,884
  12,544
  14,329
  16,236
  18,261
  20,403
  22,658
  25,026
  27,504
  30,093
  32,794
  35,606
  38,532
  41,574
  44,736
  48,022
Fixed operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
Total operating expenses, $m
  197
  303
  451
  654
  922
  1,268
  1,703
  2,238
  2,882
  3,643
  4,528
  5,537
  6,678
  7,951
  9,354
  10,887
  12,547
  14,332
  16,239
  18,264
  20,406
  22,661
  25,029
  27,508
  30,097
  32,798
  35,610
  38,536
  41,578
  44,740
  48,026
Operating income, $m
  12
  21
  33
  50
  73
  102
  138
  183
  237
  301
  375
  462
  558
  665
  783
  912
  1,051
  1,201
  1,361
  1,532
  1,711
  1,901
  2,100
  2,308
  2,525
  2,752
  2,989
  3,234
  3,490
  3,756
  4,032
EBITDA, $m
  15
  24
  38
  56
  79
  110
  149
  196
  253
  321
  399
  489
  591
  704
  828
  964
  1,112
  1,270
  1,440
  1,620
  1,810
  2,010
  2,221
  2,441
  2,671
  2,911
  3,161
  3,421
  3,691
  3,972
  4,264
Interest expense (income), $m
  0
  0
  1
  3
  5
  7
  11
  15
  20
  26
  34
  43
  52
  64
  76
  90
  105
  121
  139
  157
  177
  198
  220
  243
  268
  293
  320
  347
  376
  406
  437
Earnings before tax, $m
  11
  21
  32
  48
  68
  95
  128
  168
  217
  275
  341
  420
  506
  602
  707
  822
  946
  1,080
  1,223
  1,374
  1,534
  1,703
  1,880
  2,065
  2,258
  2,459
  2,669
  2,887
  3,114
  3,350
  3,595
Tax expense, $m
  3
  6
  9
  13
  18
  26
  34
  45
  59
  74
  92
  113
  137
  162
  191
  222
  256
  292
  330
  371
  414
  460
  507
  557
  610
  664
  721
  780
  841
  905
  971
Net income, $m
  8
  15
  23
  35
  50
  69
  93
  123
  158
  201
  249
  307
  369
  439
  516
  600
  691
  788
  893
  1,003
  1,120
  1,243
  1,372
  1,507
  1,648
  1,795
  1,948
  2,108
  2,273
  2,446
  2,624

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  23
  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
  108
  132
  197
  286
  405
  557
  749
  985
  1,269
  1,604
  1,994
  2,440
  2,943
  3,504
  4,122
  4,798
  5,530
  6,317
  7,158
  8,050
  8,994
  9,989
  11,033
  12,125
  13,267
  14,457
  15,697
  16,987
  18,328
  19,722
  21,171
Adjusted assets (=assets-cash), $m
  85
  132
  197
  286
  405
  557
  749
  985
  1,269
  1,604
  1,994
  2,440
  2,943
  3,504
  4,122
  4,798
  5,530
  6,317
  7,158
  8,050
  8,994
  9,989
  11,033
  12,125
  13,267
  14,457
  15,697
  16,987
  18,328
  19,722
  21,171
Revenue / Adjusted assets
  2.459
  2.455
  2.462
  2.462
  2.457
  2.460
  2.459
  2.459
  2.459
  2.459
  2.458
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
  2.459
Average production assets, $m
  9
  13
  20
  29
  41
  56
  76
  99
  128
  162
  201
  246
  297
  353
  416
  484
  558
  637
  722
  812
  907
  1,007
  1,112
  1,222
  1,338
  1,458
  1,583
  1,713
  1,848
  1,988
  2,134
Working capital, $m
  24
  8
  12
  17
  24
  33
  44
  58
  75
  95
  118
  144
  174
  207
  243
  283
  326
  373
  422
  475
  531
  589
  651
  716
  783
  853
  926
  1,002
  1,082
  1,164
  1,249
Total debt, $m
  7
  33
  74
  131
  206
  303
  425
  574
  755
  968
  1,215
  1,498
  1,818
  2,174
  2,567
  2,996
  3,461
  3,960
  4,494
  5,061
  5,660
  6,292
  6,955
  7,648
  8,373
  9,129
  9,916
  10,735
  11,587
  12,472
  13,392
Total liabilities, $m
  58
  84
  125
  182
  257
  354
  476
  625
  806
  1,019
  1,266
  1,549
  1,869
  2,225
  2,618
  3,047
  3,512
  4,011
  4,545
  5,112
  5,711
  6,343
  7,006
  7,699
  8,424
  9,180
  9,967
  10,786
  11,638
  12,523
  13,443
Total equity, $m
  50
  48
  72
  105
  148
  203
  273
  359
  463
  585
  728
  890
  1,074
  1,279
  1,505
  1,751
  2,019
  2,306
  2,612
  2,938
  3,283
  3,646
  4,027
  4,426
  4,842
  5,277
  5,729
  6,200
  6,690
  7,198
  7,727
Total liabilities and equity, $m
  108
  132
  197
  287
  405
  557
  749
  984
  1,269
  1,604
  1,994
  2,439
  2,943
  3,504
  4,123
  4,798
  5,531
  6,317
  7,157
  8,050
  8,994
  9,989
  11,033
  12,125
  13,266
  14,457
  15,696
  16,986
  18,328
  19,721
  21,170
Debt-to-equity ratio
  0.140
  0.680
  1.030
  1.250
  1.390
  1.490
  1.550
  1.600
  1.630
  1.650
  1.670
  1.680
  1.690
  1.700
  1.710
  1.710
  1.710
  1.720
  1.720
  1.720
  1.720
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
  1.730
Adjusted equity ratio
  0.318
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  15
  23
  35
  50
  69
  93
  123
  158
  201
  249
  307
  369
  439
  516
  600
  691
  788
  893
  1,003
  1,120
  1,243
  1,372
  1,507
  1,648
  1,795
  1,948
  2,108
  2,273
  2,446
  2,624
Depreciation, amort., depletion, $m
  3
  4
  4
  5
  7
  8
  10
  13
  16
  20
  24
  27
  32
  38
  45
  53
  61
  69
  78
  88
  99
  109
  121
  133
  145
  158
  172
  186
  201
  216
  232
Funds from operations, $m
  29
  19
  28
  40
  56
  77
  104
  136
  175
  220
  273
  333
  402
  478
  561
  653
  751
  858
  971
  1,091
  1,219
  1,352
  1,493
  1,640
  1,794
  1,954
  2,120
  2,294
  2,474
  2,662
  2,856
Change in working capital, $m
  7
  3
  4
  5
  7
  9
  11
  14
  17
  20
  23
  26
  30
  33
  37
  40
  43
  46
  50
  53
  56
  59
  62
  64
  67
  70
  73
  76
  79
  82
  85
Cash from operations, $m
  22
  16
  24
  35
  49
  68
  92
  122
  158
  200
  250
  307
  372
  444
  525
  613
  708
  811
  921
  1,039
  1,163
  1,294
  1,431
  1,576
  1,726
  1,883
  2,047
  2,218
  2,395
  2,579
  2,771
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -27
  -32
  -38
  -45
  -53
  -61
  -69
  -78
  -88
  -99
  -109
  -121
  -133
  -145
  -158
  -172
  -186
  -201
  -216
New CAPEX, $m
  -2
  -5
  -7
  -9
  -12
  -15
  -19
  -24
  -29
  -34
  -39
  -45
  -51
  -57
  -62
  -68
  -74
  -79
  -85
  -90
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -141
  -146
Cash from investing activities, $m
  -11
  -6
  -8
  -11
  -15
  -19
  -25
  -32
  -40
  -48
  -57
  -67
  -78
  -89
  -100
  -113
  -127
  -140
  -154
  -168
  -183
  -199
  -214
  -231
  -248
  -265
  -283
  -302
  -321
  -342
  -362
Free cash flow, $m
  11
  10
  16
  24
  34
  49
  67
  90
  118
  153
  193
  240
  294
  356
  424
  499
  582
  671
  767
  870
  979
  1,095
  1,217
  1,344
  1,478
  1,618
  1,764
  1,916
  2,074
  2,238
  2,409
Issuance/(repayment) of debt, $m
  -4
  30
  42
  57
  75
  97
  122
  150
  180
  213
  247
  283
  320
  356
  393
  429
  465
  500
  534
  567
  599
  631
  663
  694
  725
  756
  787
  819
  852
  885
  920
Issuance/(repurchase) of shares, $m
  1
  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
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -5
  32
  42
  57
  75
  97
  122
  150
  180
  213
  247
  283
  320
  356
  393
  429
  465
  500
  534
  567
  599
  631
  663
  694
  725
  756
  787
  819
  852
  885
  920
Total cash flow (excl. dividends), $m
  6
  42
  58
  80
  109
  145
  189
  240
  299
  366
  441
  523
  614
  712
  817
  929
  1,047
  1,171
  1,301
  1,437
  1,579
  1,726
  1,879
  2,038
  2,203
  2,374
  2,551
  2,735
  2,925
  3,123
  3,329
Retained Cash Flow (-), $m
  -12
  -17
  -24
  -33
  -43
  -56
  -70
  -86
  -104
  -122
  -142
  -163
  -184
  -205
  -226
  -247
  -267
  -287
  -307
  -326
  -345
  -363
  -381
  -399
  -417
  -434
  -452
  -471
  -490
  -509
  -529
Prev. year cash balance distribution, $m
 
  19
  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
 
  44
  34
  48
  66
  90
  119
  154
  195
  243
  299
  361
  430
  507
  591
  682
  780
  884
  994
  1,111
  1,234
  1,363
  1,498
  1,639
  1,786
  1,939
  2,099
  2,264
  2,436
  2,614
  2,800
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
 
  42
  31
  42
  55
  70
  86
  104
  122
  140
  157
  171
  184
  193
  198
  200
  198
  192
  183
  171
  157
  141
  124
  107
  91
  75
  61
  49
  38
  29
  21
Current shareholders' claim on cash, %
  100
  98.6
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3
  98.3

Willdan Group, Inc. is a holding company. The Company provides professional technical and consulting services to utilities, private industry and public agencies at all levels of government, primarily in California and New York. It operates through four segments: Energy Efficiency Services, Engineering Services, Public Finance Services and Homeland Security Services. The Energy Efficiency Services segment provides energy efficiency consulting services to utilities, state agencies, municipalities, private industry and non-profit organizations. The Engineering Services segment offers a range of engineering and planning services to its public and private sector clients. The Public Finance Services segment provides support for the various financing techniques employed by public agencies to finance their operations and infrastructure. The Homeland Security Services segment provides national preparedness, homeland security consulting, public safety and emergency response services.

FINANCIAL RATIOS  of  Willdan Group (WLDN)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 1
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate 54.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 6%
Total Debt to Equity 14%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 12.1%
Return On Total Capital 15.8%
Ret/ On T. Cap. - 3 Yr. Avg. 20.2%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 22%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 50.2%
Gross Margin - 3 Yr. Avg. 60%
EBITDA Margin 6.7%
EBITDA Margin - 3 Yr. Avg. 6.9%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 6.1%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 5%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 0%

WLDN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WLDN stock intrinsic value calculation we used $209 million for the last fiscal year's total revenue generated by Willdan Group. The default revenue input number comes from 2016 income statement of Willdan Group. 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 WLDN stock valuation model: a) initial revenue growth rate of 54.8% 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 WLDN is calculated based on our internal credit rating of Willdan Group, 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 Willdan Group.
    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 WLDN stock the variable cost ratio is equal to 93.3%.

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

Corporate tax rate of 27% is the nominal tax rate for Willdan Group. 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 WLDN 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 WLDN are equal to 4.1%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Willdan Group 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 WLDN is equal to 2.4%. 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 - $50 million for Willdan Group - 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 8.664 million for Willdan Group 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 Willdan Group at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Willdan posts 3Q profit   [Nov-06-17 05:39AM  Associated Press]
▶ 3 Stocks That Turned $8,000 Into $125,000 in 5 Years   [Oct-09-17 01:12PM  Motley Fool]
▶ Did Willdan Group Inc (WLDN) Create Value For Shareholders?   [Oct-03-17 04:26PM  Simply Wall St.]
▶ Should You Buy Willdan Group Inc (WLDN)?   [Sep-19-17 01:03PM  Simply Wall St.]
▶ Willdan buys data analytics firm Integral Analytics for $30 million   [Aug-04-17 04:40PM  American City Business Journals]
▶ Willdan Group Reports Second Quarter 2017 Financial Results   [Aug-03-17 04:07PM  Business Wire]
▶ 5 Stocks to Buy on New Analyst Coverage   [Jul-19-17 09:46AM  Zacks]
▶ ETFs with exposure to Willdan Group, Inc. : June 16, 2017   [Jun-16-17 04:26PM  Capital Cube]
▶ Willdan Set to Join Russell 3000 Index   [Jun-13-17 08:00AM  Business Wire]
▶ ETFs with exposure to Willdan Group, Inc. : May 12, 2017   [May-12-17 04:42PM  Capital Cube]
▶ Willdan posts 1Q profit   [May-05-17 05:03AM  Associated Press]
▶ Willdan Group Reports First Quarter 2017 Financial Results   [May-04-17 04:21PM  Business Wire]
▶ Stocks Try To Pare Losses; This Sector Is Bucking The Sell-Off   [Mar-14-17 01:31PM  Investor's Business Daily]
▶ Willdan posts 4Q profit   [Mar-09-17 06:57PM  Associated Press]
▶ Willdan Announces New Board Appointments   [04:05PM  Business Wire]
▶ Willdan Announces Expanded Credit Facility   [Jan-23-17 07:48PM  Business Wire]
▶ How Genocea Biosciences Inc (GNCA) Stacks Up Against Its Peers   [Dec-17-16 04:14PM  at Insider Monkey]
Financial statements of WLDN
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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