Intrinsic value of Connecture - CNXR

Previous Close

$0.28

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$0.28

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of CNXR 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 0.0

 

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, %
  -14.58
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  82
  84
  86
  88
  90
  93
  96
  99
  103
  107
  111
  115
  120
  125
  130
  136
  142
  148
  154
  161
  169
  177
  185
  194
  203
  213
  223
  233
  245
  257
  269
Variable operating expenses, $m
 
  85
  86
  89
  91
  94
  97
  100
  103
  107
  111
  112
  117
  121
  127
  132
  138
  144
  150
  157
  165
  172
  180
  189
  198
  207
  217
  227
  238
  250
  262
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
  103
  85
  86
  89
  91
  94
  97
  100
  103
  107
  111
  112
  117
  121
  127
  132
  138
  144
  150
  157
  165
  172
  180
  189
  198
  207
  217
  227
  238
  250
  262
Operating income, $m
  -21
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
EBITDA, $m
  -16
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
Interest expense (income), $m
  3
  2
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
Earnings before tax, $m
  -27
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
Tax expense, $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
  0
Net income, $m
  -27
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  82
  78
  79
  81
  84
  86
  89
  92
  95
  99
  103
  107
  111
  116
  120
  126
  131
  137
  143
  150
  157
  164
  171
  180
  188
  197
  206
  216
  227
  238
  249
Adjusted assets (=assets-cash), $m
  76
  78
  79
  81
  84
  86
  89
  92
  95
  99
  103
  107
  111
  116
  120
  126
  131
  137
  143
  150
  157
  164
  171
  180
  188
  197
  206
  216
  227
  238
  249
Revenue / Adjusted assets
  1.079
  1.077
  1.089
  1.086
  1.071
  1.081
  1.079
  1.076
  1.084
  1.081
  1.078
  1.075
  1.081
  1.078
  1.083
  1.079
  1.084
  1.080
  1.077
  1.073
  1.076
  1.079
  1.082
  1.078
  1.080
  1.081
  1.083
  1.079
  1.079
  1.080
  1.080
Average production assets, $m
  12
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
Working capital, $m
  -30
  -36
  -37
  -37
  -39
  -40
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -110
  -115
Total debt, $m
  33
  16
  17
  19
  21
  24
  26
  29
  32
  35
  38
  42
  46
  50
  54
  59
  64
  69
  75
  81
  87
  93
  100
  108
  115
  123
  132
  141
  150
  160
  170
Total liabilities, $m
  88
  70
  71
  73
  75
  78
  80
  83
  86
  89
  92
  96
  100
  104
  108
  113
  118
  123
  129
  135
  141
  147
  154
  162
  169
  177
  186
  195
  204
  214
  224
Total equity, $m
  -5
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
Total liabilities and equity, $m
  83
  78
  79
  81
  83
  87
  89
  92
  96
  99
  102
  107
  111
  116
  120
  126
  131
  137
  143
  150
  157
  163
  171
  180
  188
  197
  207
  217
  227
  238
  249
Debt-to-equity ratio
  -6.600
  2.030
  2.190
  2.360
  2.540
  2.730
  2.930
  3.130
  3.330
  3.530
  3.740
  3.940
  4.130
  4.330
  4.520
  4.700
  4.880
  5.060
  5.230
  5.390
  5.550
  5.700
  5.850
  5.990
  6.130
  6.260
  6.380
  6.500
  6.620
  6.730
  6.830
Adjusted equity ratio
  -0.145
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -27
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
Depreciation, amort., depletion, $m
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
Funds from operations, $m
  -32
  1
  3
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
Change in working capital, $m
  -8
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  -24
  2
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  5
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
New CAPEX, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
Cash from investing activities, $m
  -6
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
Free cash flow, $m
  -30
  0
  2
  2
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
Issuance/(repayment) of debt, $m
  -17
  -16
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
Issuance/(repurchase) of shares, $m
  49
  21
  2
  2
  2
  3
  3
  3
  3
  3
  3
  0
  0
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
Cash from financing (excl. dividends), $m  
  31
  5
  4
  4
  4
  5
  6
  6
  6
  6
  6
  4
  4
  5
  5
  6
  6
  7
  8
  8
  8
  10
  10
  10
  12
  12
  12
  14
  14
  16
  16
Total cash flow (excl. dividends), $m
  1
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
Retained Cash Flow (-), $m
  -26
  -21
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
Prev. year cash balance distribution, $m
 
  5
  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
 
  -11
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
Discount rate, %
 
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
  24.20
  25.41
  26.68
  28.02
  29.42
  30.89
  32.43
  34.05
  35.76
  37.54
  39.42
  41.39
  43.46
  45.63
  47.92
  50.31
  52.83
  55.47
  58.24
  61.15
  64.21
PV of cash for distribution, $m
 
  -9
  2
  2
  2
  2
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  38.8
  30.0
  23.1
  17.8
  13.6
  10.4
  7.9
  6.0
  4.5
  4.4
  4.2
  4.0
  3.7
  3.4
  3.1
  2.8
  2.5
  2.2
  1.9
  1.6
  1.4
  1.1
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.3

Connecture, Inc. provides a Web-based consumer shopping, enrollment and retention platform for health insurance distribution. The Company caters its services to health insurance marketplace operators, such as health plans, brokers and exchange operators. It operates through four segments: Enterprise/Commercial, Enterprise/State, Medicare and Private Exchange. The Enterprise/Commercial segment offers insurance distribution solutions to health plans. The Enterprise/State segment offers the sales automation solutions to state Governments, which allow its customers to offer customized individual and small group exchanges. The Medicare segment offers Web-based Medicare plan comparison, prescription drug comparison and enrollment tools for health plans, pharmacy benefit managers, pharmacies, field marketing organizations and call centers. The Private Exchange segment offers defined-contribution benefit exchange solutions to benefit consultants, brokers, exchange operators and aggregators.

FINANCIAL RATIOS  of  Connecture (CNXR)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0.1
Price to Book -1.3
Price to Tangible Book
Price to Cash Flow -0.3
Price to Free Cash Flow -0.3
Growth Rates
Sales Growth Rate -14.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity -640%
Total Debt to Equity -660%
Interest Coverage -8
Management Effectiveness
Return On Assets -29.1%
Ret/ On Assets - 3 Yr. Avg. -11.3%
Return On Total Capital -120%
Ret/ On T. Cap. - 3 Yr. Avg. -185%
Return On Equity 150%
Return On Equity - 3 Yr. Avg. 65.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 30.5%
Gross Margin - 3 Yr. Avg. 38.3%
EBITDA Margin -23.2%
EBITDA Margin - 3 Yr. Avg. -5.9%
Operating Margin -25.6%
Oper. Margin - 3 Yr. Avg. -10.5%
Pre-Tax Margin -32.9%
Pre-Tax Margin - 3 Yr. Avg. -17.3%
Net Profit Margin -32.9%
Net Profit Margin - 3 Yr. Avg. -17.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CNXR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNXR stock intrinsic value calculation we used $82 million for the last fiscal year's total revenue generated by Connecture. The default revenue input number comes from 2016 income statement of Connecture. 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 CNXR stock valuation model: a) initial revenue growth rate of 2% 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 15.6%, whose default value for CNXR is calculated based on our internal credit rating of Connecture, 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 Connecture.
    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 CNXR stock the variable cost ratio is equal to 101.2%.

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 CNXR 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 7.4% for Connecture.

Corporate tax rate of 27% is the nominal tax rate for Connecture. 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 CNXR 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 CNXR are equal to 14%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Connecture 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 CNXR is equal to -42.7%. 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 - $-5 million for Connecture - 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 22.878 million for Connecture 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 Connecture at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Connecture reports 3Q loss   [Nov-09-17 06:37PM  Associated Press]
▶ Connecture Inc. to Host Earnings Call   [12:50PM  ACCESSWIRE]
▶ ETFs with exposure to Connecture, Inc. : November 7, 2017   [Nov-07-17 10:01AM  Capital Cube]
▶ Why Connecture Incs (CNXR) Ownership Structure Is Important   [Nov-06-17 08:32AM  Simply Wall St.]
▶ Does Connecture Incs (CNXR) Debt Level Pose A Serious Problem?   [Nov-01-17 02:15PM  Simply Wall St.]
▶ ETFs with exposure to Connecture, Inc. : October 23, 2017   [Oct-23-17 10:28AM  Capital Cube]
▶ Is Connecture Inc (CNXR) Still A Cheap Healthcare Stock?   [Oct-17-17 11:11AM  Simply Wall St.]
▶ ETFs with exposure to Connecture, Inc. : October 10, 2017   [Oct-10-17 11:12AM  Capital Cube]
▶ What Are The Drivers Of Connecture Incs (CNXR) Risks?   [Oct-03-17 07:36AM  Simply Wall St.]
▶ Connecture reports 2Q loss   [Aug-07-17 11:00PM  Associated Press]
▶ Early-stage Orthus Health adds to its Board of Directors   [Jul-18-17 02:13PM  PR Newswire]
▶ ETFs with exposure to Connecture, Inc. : July 11, 2017   [Jul-11-17 02:19PM  Capital Cube]
▶ ETFs with exposure to Connecture, Inc. : June 29, 2017   [Jun-29-17 02:58PM  Capital Cube]
▶ ETFs with exposure to Connecture, Inc. : May 25, 2017   [May-25-17 12:37PM  Capital Cube]
▶ Connecture reports 1Q loss   [May-08-17 04:33PM  Associated Press]
▶ Brookfield tech firm faces Nasdaq delisting   [03:45PM  American City Business Journals]
▶ ETFs with exposure to Connecture, Inc. : April 25, 2017   [Apr-25-17 03:28PM  Capital Cube]
▶ ETFs with exposure to Connecture, Inc. : April 5, 2017   [Apr-05-17 04:33PM  Capital Cube]
▶ New Strong Sell Stocks for April 4th   [Apr-04-17 10:34AM  Zacks]
▶ New Strong Sell Stocks for March 30th   [Mar-30-17 10:55AM  Zacks]
▶ New Strong Sell Stocks for March 30th   [10:55AM  at Investopedia]
▶ Connecture reports 4Q loss   [04:30PM  Associated Press]
▶ Connecture Hires Vincent Estrada as Chief Financial Officer   [Jan-03-17 04:17PM  GlobeNewswire]
▶ How Histogenics Corp (HSGX) Stacks Up Against Its Peers   [Dec-16-16 02:12PM  at Insider Monkey]
▶ Connecture Announces Planned CFO Transition   [04:15PM  GlobeNewswire]
Financial statements of CNXR
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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