Intrinsic value of Cision - CISN

Previous Close

$12.15

  Intrinsic Value

$28.11

stock screener

  Rating & Target

str. buy

+131%

Previous close

$12.15

 
Intrinsic value

$28.11

 
Up/down potential

+131%

 
Rating

str. buy

We calculate the intrinsic value of CISN 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 0001), $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 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
Revenue, $m
  777
  942
  1,126
  1,330
  1,554
  1,796
  2,058
  2,338
  2,636
  2,952
  3,285
  3,635
  4,001
  4,384
  4,784
  5,200
  5,634
  6,085
  6,553
  7,040
  7,546
  8,072
  8,619
  9,188
  9,779
  10,394
  11,035
  11,702
  12,397
  13,122
Variable operating expenses, $m
  466
  531
  604
  684
  773
  869
  972
  1,082
  1,200
  1,325
  1,297
  1,435
  1,580
  1,731
  1,889
  2,053
  2,225
  2,403
  2,588
  2,780
  2,980
  3,187
  3,403
  3,628
  3,861
  4,104
  4,357
  4,621
  4,895
  5,181
Fixed operating expenses, $m
  193
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  268
  274
  280
  286
  292
  298
  305
  312
  319
  326
  333
  340
  348
  355
  363
Total operating expenses, $m
  659
  728
  806
  890
  984
  1,084
  1,192
  1,307
  1,430
  1,560
  1,537
  1,680
  1,831
  1,987
  2,151
  2,321
  2,499
  2,683
  2,874
  3,072
  3,278
  3,492
  3,715
  3,947
  4,187
  4,437
  4,697
  4,969
  5,250
  5,544
Operating income, $m
  118
  213
  320
  439
  570
  712
  866
  1,031
  1,206
  1,392
  1,748
  1,954
  2,170
  2,397
  2,633
  2,879
  3,136
  3,403
  3,680
  3,968
  4,268
  4,580
  4,904
  5,241
  5,592
  5,957
  6,338
  6,734
  7,147
  7,578
EBITDA, $m
  365
  479
  608
  750
  906
  1,076
  1,259
  1,456
  1,665
  1,887
  2,121
  2,367
  2,625
  2,895
  3,176
  3,470
  3,776
  4,094
  4,424
  4,768
  5,125
  5,497
  5,883
  6,285
  6,703
  7,138
  7,591
  8,063
  8,555
  9,068
Interest expense (income), $m
  0
  111
  143
  180
  221
  267
  316
  371
  429
  491
  558
  628
  702
  780
  861
  947
  1,036
  1,129
  1,225
  1,325
  1,430
  1,538
  1,651
  1,768
  1,890
  2,016
  2,148
  2,285
  2,428
  2,576
  2,731
Earnings before tax, $m
  6
  70
  140
  218
  304
  396
  496
  602
  715
  835
  1,120
  1,252
  1,391
  1,535
  1,686
  1,844
  2,007
  2,178
  2,355
  2,539
  2,730
  2,929
  3,136
  3,351
  3,576
  3,809
  4,052
  4,306
  4,571
  4,847
Tax expense, $m
  2
  19
  38
  59
  82
  107
  134
  163
  193
  225
  302
  338
  375
  415
  455
  498
  542
  588
  636
  685
  737
  791
  847
  905
  965
  1,028
  1,094
  1,163
  1,234
  1,309
Net income, $m
  5
  51
  102
  159
  222
  289
  362
  439
  522
  609
  818
  914
  1,015
  1,121
  1,231
  1,346
  1,465
  1,590
  1,719
  1,853
  1,993
  2,138
  2,289
  2,447
  2,610
  2,781
  2,958
  3,143
  3,337
  3,538

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,376
  2,880
  3,443
  4,067
  4,751
  5,494
  6,294
  7,150
  8,062
  9,027
  10,045
  11,115
  12,236
  13,407
  14,630
  15,903
  17,229
  18,608
  20,041
  21,530
  23,078
  24,686
  26,358
  28,097
  29,905
  31,786
  33,745
  35,786
  37,912
  40,129
Adjusted assets (=assets-cash), $m
  2,376
  2,880
  3,443
  4,067
  4,751
  5,494
  6,294
  7,150
  8,062
  9,027
  10,045
  11,115
  12,236
  13,407
  14,630
  15,903
  17,229
  18,608
  20,041
  21,530
  23,078
  24,686
  26,358
  28,097
  29,905
  31,786
  33,745
  35,786
  37,912
  40,129
Revenue / Adjusted assets
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
Average production assets, $m
  1,041
  1,262
  1,509
  1,782
  2,082
  2,407
  2,758
  3,133
  3,533
  3,956
  4,402
  4,870
  5,361
  5,875
  6,410
  6,969
  7,549
  8,154
  8,781
  9,434
  10,112
  10,817
  11,550
  12,311
  13,104
  13,928
  14,787
  15,681
  16,612
  17,584
Working capital, $m
  -148
  -179
  -214
  -253
  -295
  -341
  -391
  -444
  -501
  -561
  -624
  -691
  -760
  -833
  -909
  -988
  -1,070
  -1,156
  -1,245
  -1,338
  -1,434
  -1,534
  -1,638
  -1,746
  -1,858
  -1,975
  -2,097
  -2,223
  -2,355
  -2,493
Total debt, $m
  1,649
  2,071
  2,543
  3,065
  3,637
  4,259
  4,928
  5,645
  6,408
  7,216
  8,068
  8,964
  9,902
  10,882
  11,906
  12,972
  14,081
  15,235
  16,435
  17,681
  18,977
  20,323
  21,722
  23,177
  24,691
  26,266
  27,905
  29,613
  31,393
  33,249
Total liabilities, $m
  1,989
  2,410
  2,882
  3,404
  3,977
  4,598
  5,268
  5,985
  6,748
  7,556
  8,408
  9,303
  10,241
  11,222
  12,245
  13,311
  14,421
  15,575
  16,774
  18,021
  19,316
  20,662
  22,062
  23,517
  25,030
  26,605
  28,245
  29,953
  31,733
  33,588
Total equity, $m
  387
  469
  561
  663
  774
  895
  1,026
  1,166
  1,314
  1,471
  1,637
  1,812
  1,994
  2,185
  2,385
  2,592
  2,808
  3,033
  3,267
  3,509
  3,762
  4,024
  4,296
  4,580
  4,874
  5,181
  5,501
  5,833
  6,180
  6,541
Total liabilities and equity, $m
  2,376
  2,879
  3,443
  4,067
  4,751
  5,493
  6,294
  7,151
  8,062
  9,027
  10,045
  11,115
  12,235
  13,407
  14,630
  15,903
  17,229
  18,608
  20,041
  21,530
  23,078
  24,686
  26,358
  28,097
  29,904
  31,786
  33,746
  35,786
  37,913
  40,129
Debt-to-equity ratio
  4.260
  4.410
  4.530
  4.620
  4.700
  4.760
  4.800
  4.840
  4.880
  4.900
  4.930
  4.950
  4.960
  4.980
  4.990
  5.000
  5.010
  5.020
  5.030
  5.040
  5.040
  5.050
  5.060
  5.060
  5.070
  5.070
  5.070
  5.080
  5.080
  5.080
Adjusted equity ratio
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  51
  102
  159
  222
  289
  362
  439
  522
  609
  818
  914
  1,015
  1,121
  1,231
  1,346
  1,465
  1,590
  1,719
  1,853
  1,993
  2,138
  2,289
  2,447
  2,610
  2,781
  2,958
  3,143
  3,337
  3,538
Depreciation, amort., depletion, $m
  247
  266
  287
  310
  336
  363
  393
  425
  459
  494
  373
  413
  454
  498
  543
  591
  640
  691
  744
  799
  857
  917
  979
  1,043
  1,110
  1,180
  1,253
  1,329
  1,408
  1,490
Funds from operations, $m
  252
  317
  390
  470
  557
  652
  755
  864
  981
  1,104
  1,191
  1,327
  1,470
  1,619
  1,774
  1,936
  2,105
  2,281
  2,463
  2,653
  2,850
  3,055
  3,268
  3,490
  3,721
  3,961
  4,211
  4,472
  4,744
  5,028
Change in working capital, $m
  -28
  -31
  -35
  -39
  -42
  -46
  -50
  -53
  -57
  -60
  -63
  -66
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -132
  -138
Cash from operations, $m
  280
  348
  425
  508
  600
  699
  804
  917
  1,037
  1,164
  1,254
  1,393
  1,539
  1,691
  1,850
  2,015
  2,187
  2,366
  2,552
  2,745
  2,946
  3,155
  3,372
  3,598
  3,833
  4,078
  4,333
  4,599
  4,877
  5,166
Maintenance CAPEX, $m
  -72
  -88
  -107
  -128
  -151
  -176
  -204
  -234
  -266
  -299
  -335
  -373
  -413
  -454
  -498
  -543
  -591
  -640
  -691
  -744
  -799
  -857
  -917
  -979
  -1,043
  -1,110
  -1,180
  -1,253
  -1,329
  -1,408
New CAPEX, $m
  -194
  -221
  -247
  -273
  -300
  -325
  -351
  -375
  -399
  -423
  -446
  -469
  -491
  -513
  -536
  -558
  -581
  -604
  -628
  -653
  -678
  -705
  -733
  -762
  -792
  -825
  -858
  -894
  -932
  -971
Cash from investing activities, $m
  -266
  -309
  -354
  -401
  -451
  -501
  -555
  -609
  -665
  -722
  -781
  -842
  -904
  -967
  -1,034
  -1,101
  -1,172
  -1,244
  -1,319
  -1,397
  -1,477
  -1,562
  -1,650
  -1,741
  -1,835
  -1,935
  -2,038
  -2,147
  -2,261
  -2,379
Free cash flow, $m
  14
  39
  71
  107
  149
  197
  250
  308
  372
  441
  473
  552
  635
  724
  817
  914
  1,016
  1,122
  1,233
  1,348
  1,468
  1,593
  1,723
  1,857
  1,997
  2,143
  2,294
  2,452
  2,616
  2,787
Issuance/(repayment) of debt, $m
  370
  422
  472
  522
  572
  622
  670
  717
  763
  808
  852
  895
  938
  981
  1,023
  1,066
  1,110
  1,154
  1,200
  1,247
  1,295
  1,346
  1,399
  1,455
  1,513
  1,575
  1,640
  1,708
  1,780
  1,856
Issuance/(repurchase) of shares, $m
  66
  31
  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  
  436
  453
  472
  522
  572
  622
  670
  717
  763
  808
  852
  895
  938
  981
  1,023
  1,066
  1,110
  1,154
  1,200
  1,247
  1,295
  1,346
  1,399
  1,455
  1,513
  1,575
  1,640
  1,708
  1,780
  1,856
Total cash flow (excl. dividends), $m
  449
  492
  542
  629
  721
  818
  920
  1,025
  1,135
  1,249
  1,325
  1,447
  1,573
  1,704
  1,840
  1,980
  2,126
  2,276
  2,433
  2,595
  2,764
  2,939
  3,122
  3,312
  3,511
  3,718
  3,934
  4,160
  4,396
  4,642
Retained Cash Flow (-), $m
  -71
  -82
  -92
  -102
  -111
  -121
  -130
  -140
  -149
  -157
  -166
  -174
  -183
  -191
  -199
  -208
  -216
  -225
  -234
  -243
  -252
  -262
  -273
  -283
  -295
  -307
  -319
  -333
  -347
  -361
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
  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
  379
  410
  451
  528
  610
  697
  789
  886
  987
  1,092
  1,159
  1,272
  1,391
  1,513
  1,641
  1,773
  1,909
  2,052
  2,199
  2,352
  2,512
  2,677
  2,850
  3,029
  3,216
  3,411
  3,615
  3,827
  4,049
  4,281
Discount rate, %
  11.10
  11.66
  12.24
  12.85
  13.49
  14.17
  14.88
  15.62
  16.40
  17.22
  18.08
  18.98
  19.93
  20.93
  21.98
  23.08
  24.23
  25.44
  26.71
  28.05
  29.45
  30.92
  32.47
  34.09
  35.80
  37.59
  39.47
  41.44
  43.51
  45.69
PV of cash for distribution, $m
  341
  329
  319
  325
  324
  315
  299
  277
  252
  223
  186
  158
  131
  106
  83
  64
  48
  35
  24
  17
  11
  7
  4
  3
  2
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  96.0
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5
  94.5

FINANCIAL RATIOS  of  Cision (CISN)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CISN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CISN stock intrinsic value calculation we used $631.637 million for the last fiscal year's total revenue generated by Cision. The default revenue input number comes from 0001 income statement of Cision. 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 CISN stock valuation model: a) initial revenue growth rate of 23% 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 11.1%, whose default value for CISN is calculated based on our internal credit rating of Cision, 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 Cision.
    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 CISN stock the variable cost ratio is equal to 64.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $189 million in the base year in the intrinsic value calculation for CISN 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 8.7% for Cision.

Corporate tax rate of 27% is the nominal tax rate for Cision. 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 CISN 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 CISN are equal to 134%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Cision 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 CISN is equal to -19%. 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 - $316.369 million for Cision - 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 130.714 million for Cision 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 Cision at the current share price and the inputted number of shares is $1.6 billion.

COMPANY NEWS

▶ Cision (CISN) Meets Q3 Earnings Estimates   [Nov-07-18 07:25PM  Zacks]
▶ Cision: 3Q Earnings Snapshot   [06:17PM  Associated Press]
▶ Cision Ltd. Announces Pricing of Secondary Offering   [Sep-12-18 06:52PM  PR Newswire]
▶ 3 Cheap Stocks Under $20   [Sep-10-18 03:12PM  InvestorPlace]
▶ Cision Names Gregg Spratto As Chief Operating Officer   [Aug-10-18 08:10AM  PR Newswire]
▶ Cision: 2Q Earnings Snapshot   [05:37PM  Associated Press]
▶ Cision Ltd. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ Cision® Acquires ShareIQ Visual Recognition Technology   [Jul-30-18 08:30AM  PR Newswire]
▶ Cision Ltd. Announces Pricing of Secondary Offering   [Jun-14-18 08:35PM  PR Newswire]
▶ Breakeven On The Horizon For Cision Ltd (NYSE:CISN)   [Jun-07-18 07:30PM  Simply Wall St.]
▶ Cision: 1Q Earnings Snapshot   [May-08-18 06:33PM  Associated Press]
▶ Cision's 2018 April Fools' Day Guidelines   [Mar-29-18 01:18PM  CNW Group]
▶ Cision Ltd. Announces Pricing of Secondary Offering   [Mar-20-18 09:10PM  PR Newswire]
▶ Cision reports 4Q loss   [Mar-08-18 07:47PM  Associated Press]
▶ MediaMath and Cision® Bridge Paid and Earned Media   [Mar-07-18 08:00AM  PR Newswire]
▶ Cision (CISN) Jumps: Stock Rises 9.1%   [Jan-30-18 08:57AM  Zacks]
▶ Cision Completes Acquisition of PRIME Research   [Jan-24-18 08:00AM  PR Newswire]
▶ Cision Agrees to Acquire PRIME Research   [Dec-26-17 01:00AM  PR Newswire]
▶ Cision Acquires CEDROM-SNi Inc.   [09:00AM  PR Newswire]
▶ Cision Acquires CEDROM-SNi Inc.   [09:00AM  CNW Group]
▶ /C O R R E C T I O N -- Cision/   [Nov-07-17 07:25PM  PR Newswire]

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