Intrinsic value of ELLIE MAE - ELLI

Previous Close

$103.25

  Intrinsic Value

$7.97

stock screener

  Rating & Target

str. sell

-92%

Previous close

$103.25

 
Intrinsic value

$7.97

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of ELLI 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 2017), $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 3.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
Revenue, $m
  483
  554
  630
  711
  797
  888
  983
  1,083
  1,188
  1,297
  1,410
  1,529
  1,652
  1,780
  1,913
  2,051
  2,195
  2,344
  2,499
  2,660
  2,828
  3,003
  3,185
  3,375
  3,573
  3,779
  3,995
  4,219
  4,454
  4,700
Variable operating expenses, $m
  405
  461
  522
  586
  654
  726
  801
  880
  963
  1,050
  1,117
  1,211
  1,308
  1,410
  1,515
  1,624
  1,738
  1,856
  1,979
  2,107
  2,240
  2,379
  2,523
  2,673
  2,830
  2,993
  3,164
  3,342
  3,528
  3,722
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
  405
  461
  522
  586
  654
  726
  801
  880
  963
  1,050
  1,117
  1,211
  1,308
  1,410
  1,515
  1,624
  1,738
  1,856
  1,979
  2,107
  2,240
  2,379
  2,523
  2,673
  2,830
  2,993
  3,164
  3,342
  3,528
  3,722
Operating income, $m
  78
  93
  109
  125
  143
  162
  182
  203
  224
  247
  293
  318
  344
  370
  398
  427
  456
  487
  520
  553
  588
  625
  662
  702
  743
  786
  831
  877
  926
  977
EBITDA, $m
  137
  157
  179
  202
  226
  252
  279
  307
  337
  368
  400
  434
  468
  505
  542
  582
  622
  665
  709
  754
  802
  852
  903
  957
  1,013
  1,072
  1,133
  1,196
  1,263
  1,333
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  19
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  42
  45
  47
  50
Earnings before tax, $m
  78
  92
  107
  123
  140
  157
  176
  196
  216
  238
  282
  306
  330
  355
  381
  408
  436
  465
  496
  527
  560
  595
  630
  667
  706
  747
  789
  833
  879
  927
Tax expense, $m
  21
  25
  29
  33
  38
  43
  48
  53
  58
  64
  76
  83
  89
  96
  103
  110
  118
  126
  134
  142
  151
  161
  170
  180
  191
  202
  213
  225
  237
  250
Net income, $m
  57
  67
  78
  90
  102
  115
  129
  143
  158
  173
  206
  223
  241
  259
  278
  298
  318
  340
  362
  385
  409
  434
  460
  487
  516
  545
  576
  608
  642
  677

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
  774
  888
  1,010
  1,140
  1,278
  1,423
  1,576
  1,736
  1,903
  2,078
  2,260
  2,450
  2,647
  2,852
  3,065
  3,287
  3,517
  3,756
  4,005
  4,264
  4,533
  4,813
  5,105
  5,409
  5,726
  6,056
  6,402
  6,762
  7,138
  7,531
Adjusted assets (=assets-cash), $m
  774
  888
  1,010
  1,140
  1,278
  1,423
  1,576
  1,736
  1,903
  2,078
  2,260
  2,450
  2,647
  2,852
  3,065
  3,287
  3,517
  3,756
  4,005
  4,264
  4,533
  4,813
  5,105
  5,409
  5,726
  6,056
  6,402
  6,762
  7,138
  7,531
Revenue / Adjusted assets
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
Average production assets, $m
  365
  419
  476
  538
  603
  671
  743
  819
  898
  980
  1,066
  1,156
  1,249
  1,346
  1,446
  1,551
  1,659
  1,772
  1,889
  2,011
  2,138
  2,270
  2,408
  2,552
  2,701
  2,857
  3,020
  3,190
  3,367
  3,553
Working capital, $m
  -29
  -33
  -38
  -43
  -48
  -53
  -59
  -65
  -71
  -78
  -85
  -92
  -99
  -107
  -115
  -123
  -132
  -141
  -150
  -160
  -170
  -180
  -191
  -203
  -214
  -227
  -240
  -253
  -267
  -282
Total debt, $m
  15
  31
  49
  68
  87
  108
  130
  153
  177
  203
  229
  256
  285
  314
  345
  377
  410
  444
  480
  517
  556
  596
  638
  682
  728
  776
  825
  877
  931
  988
Total liabilities, $m
  111
  128
  145
  164
  184
  205
  227
  250
  274
  299
  325
  353
  381
  411
  441
  473
  506
  541
  577
  614
  653
  693
  735
  779
  825
  872
  922
  974
  1,028
  1,085
Total equity, $m
  662
  760
  864
  976
  1,094
  1,218
  1,349
  1,486
  1,629
  1,779
  1,935
  2,097
  2,266
  2,442
  2,624
  2,814
  3,011
  3,215
  3,428
  3,650
  3,880
  4,120
  4,370
  4,630
  4,901
  5,184
  5,480
  5,788
  6,110
  6,447
Total liabilities and equity, $m
  773
  888
  1,009
  1,140
  1,278
  1,423
  1,576
  1,736
  1,903
  2,078
  2,260
  2,450
  2,647
  2,853
  3,065
  3,287
  3,517
  3,756
  4,005
  4,264
  4,533
  4,813
  5,105
  5,409
  5,726
  6,056
  6,402
  6,762
  7,138
  7,532
Debt-to-equity ratio
  0.020
  0.040
  0.060
  0.070
  0.080
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
Adjusted equity ratio
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  67
  78
  90
  102
  115
  129
  143
  158
  173
  206
  223
  241
  259
  278
  298
  318
  340
  362
  385
  409
  434
  460
  487
  516
  545
  576
  608
  642
  677
Depreciation, amort., depletion, $m
  59
  64
  70
  76
  83
  90
  97
  104
  112
  121
  107
  116
  125
  135
  145
  155
  166
  177
  189
  201
  214
  227
  241
  255
  270
  286
  302
  319
  337
  355
Funds from operations, $m
  116
  131
  148
  166
  185
  205
  225
  247
  270
  294
  313
  339
  366
  394
  423
  453
  484
  517
  551
  586
  623
  661
  701
  742
  786
  831
  878
  927
  978
  1,032
Change in working capital, $m
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
Cash from operations, $m
  120
  136
  153
  171
  190
  210
  231
  253
  276
  301
  320
  346
  373
  401
  431
  461
  493
  526
  560
  596
  633
  672
  712
  754
  797
  843
  891
  940
  992
  1,047
Maintenance CAPEX, $m
  -32
  -37
  -42
  -48
  -54
  -60
  -67
  -74
  -82
  -90
  -98
  -107
  -116
  -125
  -135
  -145
  -155
  -166
  -177
  -189
  -201
  -214
  -227
  -241
  -255
  -270
  -286
  -302
  -319
  -337
New CAPEX, $m
  -50
  -54
  -58
  -61
  -65
  -69
  -72
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -138
  -143
  -150
  -156
  -163
  -170
  -178
  -185
Cash from investing activities, $m
  -82
  -91
  -100
  -109
  -119
  -129
  -139
  -150
  -161
  -172
  -184
  -196
  -209
  -222
  -236
  -249
  -264
  -279
  -294
  -311
  -328
  -346
  -365
  -384
  -405
  -426
  -449
  -472
  -497
  -522
Free cash flow, $m
  38
  45
  53
  62
  71
  81
  92
  103
  115
  128
  136
  150
  164
  180
  196
  212
  229
  247
  266
  285
  305
  326
  347
  369
  393
  417
  442
  469
  496
  524
Issuance/(repayment) of debt, $m
  15
  16
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
Issuance/(repurchase) of shares, $m
  34
  30
  26
  22
  16
  9
  2
  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  
  49
  46
  44
  41
  36
  30
  24
  23
  24
  25
  26
  27
  28
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
Total cash flow (excl. dividends), $m
  87
  92
  97
  102
  107
  112
  116
  126
  140
  153
  162
  177
  193
  209
  226
  244
  262
  282
  301
  322
  344
  366
  389
  413
  438
  465
  492
  520
  550
  581
Retained Cash Flow (-), $m
  -91
  -98
  -104
  -111
  -118
  -124
  -131
  -137
  -143
  -150
  -156
  -162
  -169
  -176
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -240
  -250
  -260
  -271
  -283
  -295
  -308
  -322
  -337
Prev. year cash balance distribution, $m
  164
  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
  35
  40
  46
  52
  59
  66
  74
  82
  90
  99
  108
  117
  127
  137
  148
  159
  170
  182
  195
  207
  221
  235
  249
  264
  280
  297
  314
  332
  350
  370
Cash available for distribution, $m
  160
  -5
  -7
  -9
  -11
  -13
  -15
  -11
  -4
  4
  6
  15
  24
  34
  44
  54
  65
  77
  89
  101
  113
  126
  139
  153
  167
  182
  197
  212
  228
  245
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
  153
  -5
  -6
  -7
  -9
  -9
  -10
  -7
  -2
  2
  3
  6
  9
  11
  13
  14
  14
  14
  14
  13
  12
  10
  9
  8
  6
  5
  4
  3
  2
  2
Current shareholders' claim on cash, %
  98.8
  97.8
  97.1
  96.6
  96.3
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1

Ellie Mae, Inc. is a provider of on-demand software solutions and services for the residential mortgage industry in the United States. Banks, credit unions, mortgage lenders and mortgage brokers use the Company's Encompass mortgage management solution to originate and fund mortgages. The Company's Encompass software is an enterprise solution that handles functions involved in running the business of originating mortgages, including customer relationship management; loan processing; underwriting; preparation of application, disclosure and closing documents; funding and closing the loan for the borrower; compliance with regulatory and investor requirements, and overall enterprise management. It delivers Encompass software in an on-demand Software-as-a-Service (SaaS). It also hosts the Ellie Mae Network, an electronic platform that allows Encompass users to conduct electronic business transactions with investors and service providers they work with in order to process and fund loans.

FINANCIAL RATIOS  of  ELLIE MAE (ELLI)

Valuation Ratios
P/E Ratio 91.5
Price to Sales 9.7
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 33.8
Price to Free Cash Flow 80.9
Growth Rates
Sales Growth Rate 41.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.4%
Cap. Spend. - 3 Yr. Gr. Rate 58.5%
Financial Strength
Quick Ratio 423
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin 23.1%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin 15.3%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 15.8%
Pre-Tax Margin - 3 Yr. Avg. 14.3%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 9.5%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.5%
Payout Ratio 0%

ELLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ELLI stock intrinsic value calculation we used $417 million for the last fiscal year's total revenue generated by ELLIE MAE. The default revenue input number comes from 2017 income statement of ELLIE MAE. 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 ELLI stock valuation model: a) initial revenue growth rate of 15.8% 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 ELLI is calculated based on our internal credit rating of ELLIE MAE, 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 ELLIE MAE.
    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 ELLI stock the variable cost ratio is equal to 84.6%.

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 ELLI 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 5.4% for ELLIE MAE.

Corporate tax rate of 27% is the nominal tax rate for ELLIE MAE. 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 ELLI stock is equal to 8.3%.

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 ELLI are equal to 75.6%.

Life of production assets of 10 years is the average useful life of capital assets used in ELLIE MAE 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 ELLI is equal to -6%. 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 - $735 million for ELLIE MAE - 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 34 million for ELLIE MAE 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 ELLIE MAE at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Should Ellie Mae Incs (NYSE:ELLI) Recent Earnings Worry You?   [Jun-23-18 10:23AM  Simply Wall St.]
▶ BBMC Mortgage Named Ellie Mae Classic Military Day Sponsor   [Jun-18-18 09:00AM  Business Wire]
▶ Momo (MOMO) in Focus: Stock Moves 6.5% Higher   [Jun-01-18 10:03AM  Zacks]
▶ Ellie Mae Announces Departure of Chief Financial Officer   [May-31-18 04:05PM  Business Wire]
▶ The Biggest Takeaway From First Data Corp.'s Quarter   [May-18-18 09:16AM  Motley Fool]
▶ Can The Uptrend Continue for Ellie Mae (ELLI)?   [May-09-18 12:14PM  Zacks]
▶ Millennials Are Closing Mortgage Deals Faster Than Ever   [May-04-18 01:55PM  Investopedia]
▶ Ellie Mae Defies the Mortgage Industry's Slowdown   [Apr-26-18 07:13PM  Motley Fool]
▶ Ellie Mae: 1Q Earnings Snapshot   [06:26PM  Associated Press]
▶ Ellie Mae Reports First Quarter 2018 Results   [04:05PM  Business Wire]
▶ The Top 5 Growth Stocks to Buy Today   [Apr-20-18 06:34PM  Motley Fool]
▶ Location for Ellie Mae Experience 2019 Announced   [Mar-21-18 04:05PM  Business Wire]
▶ Ellie Mae Announces Encompass Data Connect   [09:00AM  Business Wire]
▶ Silverline Joins Ellie Mae Pro Consulting Partner Program   [Mar-14-18 09:00AM  Business Wire]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Mar-13-18 11:30PM  Motley Fool]
▶ Velocify by Ellie Mae Wins LeadsCouncil LEADER Award   [Mar-07-18 09:00AM  Business Wire]
▶ Ellie Mae to Host Analyst Day on March 20, 2018   [Feb-28-18 04:05PM  Business Wire]
▶ Ellie Mae beats Street 4Q forecasts   [Feb-08-18 06:21PM  Associated Press]
▶ Ellie Mae, Inc. to Host Earnings Call   [12:40PM  ACCESSWIRE]
▶ Ellie Mae Welcomes Its 1,500th Employee   [Jan-18-18 09:00AM  Business Wire]
▶ 5 Top Small-Cap Stocks to Buy in 2018   [Jan-08-18 07:03AM  Motley Fool]
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