Intrinsic value of EnSync - ESNC

Previous Close

$0.34

  Intrinsic Value

$0.07

stock screener

  Rating & Target

str. sell

-79%

Previous close

$0.34

 
Intrinsic value

$0.07

 
Up/down potential

-79%

 
Rating

str. sell

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

We calculate the intrinsic value of ESNC 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 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  500.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  12
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,784
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,359
Variable operating expenses, $m
 
  192
  296
  443
  643
  907
  1,248
  1,675
  2,199
  2,829
  3,573
  4,437
  5,425
  6,539
  7,780
  9,148
  10,641
  12,258
  13,995
  15,850
  17,821
  19,903
  22,096
  24,398
  26,807
  29,323
  31,947
  34,680
  37,523
  40,479
  43,552
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
  17
  192
  296
  443
  643
  907
  1,248
  1,675
  2,199
  2,829
  3,573
  4,437
  5,425
  6,539
  7,780
  9,148
  10,641
  12,258
  13,995
  15,850
  17,821
  19,903
  22,096
  24,398
  26,807
  29,323
  31,947
  34,680
  37,523
  40,479
  43,552
Operating income, $m
  -4
  -173
  -267
  -399
  -579
  -817
  -1,123
  -1,507
  -1,979
  -2,546
  -3,216
  -3,993
  -4,882
  -5,885
  -7,001
  -8,232
  -9,576
  -11,031
  -12,595
  -14,264
  -16,037
  -17,911
  -19,885
  -21,956
  -24,124
  -26,388
  -28,750
  -31,209
  -33,768
  -36,428
  -39,193
EBITDA, $m
  -4
  -173
  -267
  -399
  -579
  -817
  -1,123
  -1,507
  -1,979
  -2,546
  -3,216
  -3,993
  -4,882
  -5,885
  -7,001
  -8,232
  -9,576
  -11,031
  -12,595
  -14,264
  -16,037
  -17,911
  -19,885
  -21,956
  -24,124
  -26,388
  -28,750
  -31,209
  -33,768
  -36,428
  -39,193
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  35
  39
  43
  46
  50
  55
  59
Earnings before tax, $m
  -4
  -173
  -267
  -399
  -579
  -817
  -1,124
  -1,509
  -1,981
  -2,549
  -3,220
  -3,998
  -4,888
  -5,892
  -7,011
  -8,244
  -9,590
  -11,047
  -12,612
  -14,284
  -16,060
  -17,937
  -19,914
  -21,988
  -24,159
  -26,427
  -28,792
  -31,255
  -33,818
  -36,483
  -39,252
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
  -4
  -173
  -267
  -399
  -579
  -817
  -1,124
  -1,509
  -1,981
  -2,549
  -3,220
  -3,998
  -4,888
  -5,892
  -7,011
  -8,244
  -9,590
  -11,047
  -12,612
  -14,284
  -16,060
  -17,937
  -19,914
  -21,988
  -24,159
  -26,427
  -28,792
  -31,255
  -33,818
  -36,483
  -39,252

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  22
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  888
  1,022
  1,167
  1,322
  1,486
  1,660
  1,843
  2,035
  2,236
  2,446
  2,664
  2,892
  3,130
  3,376
  3,632
Adjusted assets (=assets-cash), $m
  10
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  452
  545
  649
  763
  888
  1,022
  1,167
  1,322
  1,486
  1,660
  1,843
  2,035
  2,236
  2,446
  2,664
  2,892
  3,130
  3,376
  3,632
Revenue / Adjusted assets
  1.200
  1.188
  1.200
  1.189
  1.185
  1.197
  1.202
  1.200
  1.202
  1.199
  1.201
  1.200
  1.201
  1.200
  1.200
  1.201
  1.199
  1.201
  1.201
  1.200
  1.201
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
Average production assets, $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
Working capital, $m
  13
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  45
  54
  65
  76
  88
  102
  116
  132
  148
  165
  184
  203
  223
  244
  265
  288
  312
  336
  362
Total debt, $m
  1
  4
  8
  14
  23
  34
  48
  66
  88
  114
  145
  181
  222
  269
  320
  377
  440
  507
  580
  657
  739
  826
  917
  1,013
  1,114
  1,219
  1,328
  1,442
  1,561
  1,684
  1,812
Total liabilities, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  584
  661
  743
  830
  921
  1,017
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Total equity, $m
  17
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  584
  661
  743
  830
  921
  1,017
  1,118
  1,223
  1,332
  1,446
  1,565
  1,688
  1,816
Total liabilities and equity, $m
  22
  16
  24
  36
  54
  76
  104
  140
  184
  236
  298
  370
  452
  546
  648
  762
  888
  1,022
  1,168
  1,322
  1,486
  1,660
  1,842
  2,034
  2,236
  2,446
  2,664
  2,892
  3,130
  3,376
  3,632
Debt-to-equity ratio
  0.059
  0.500
  0.680
  0.780
  0.850
  0.890
  0.920
  0.940
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
Adjusted equity ratio
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -173
  -267
  -399
  -579
  -817
  -1,124
  -1,509
  -1,981
  -2,549
  -3,220
  -3,998
  -4,888
  -5,892
  -7,011
  -8,244
  -9,590
  -11,047
  -12,612
  -14,284
  -16,060
  -17,937
  -19,914
  -21,988
  -24,159
  -26,427
  -28,792
  -31,255
  -33,818
  -36,483
  -39,252
Depreciation, amort., depletion, $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
Funds from operations, $m
  0
  -173
  -267
  -399
  -579
  -817
  -1,124
  -1,509
  -1,981
  -2,549
  -3,220
  -3,998
  -4,888
  -5,892
  -7,011
  -8,244
  -9,590
  -11,047
  -12,612
  -14,284
  -16,060
  -17,937
  -19,914
  -21,988
  -24,159
  -26,427
  -28,792
  -31,255
  -33,818
  -36,483
  -39,252
Change in working capital, $m
  7
  1
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Cash from operations, $m
  -7
  -173
  -268
  -400
  -581
  -820
  -1,127
  -1,512
  -1,985
  -2,554
  -3,226
  -4,005
  -4,897
  -5,902
  -7,021
  -8,255
  -9,602
  -11,060
  -12,627
  -14,300
  -16,076
  -17,954
  -19,932
  -22,007
  -24,179
  -26,448
  -28,814
  -31,278
  -33,842
  -36,507
  -39,277
Maintenance CAPEX, $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
New CAPEX, $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
Cash from investing activities, $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
Free cash flow, $m
  -7
  -173
  -268
  -400
  -581
  -820
  -1,127
  -1,512
  -1,985
  -2,554
  -3,226
  -4,005
  -4,897
  -5,902
  -7,021
  -8,255
  -9,602
  -11,060
  -12,627
  -14,300
  -16,076
  -17,954
  -19,932
  -22,007
  -24,179
  -26,448
  -28,814
  -31,278
  -33,842
  -36,507
  -39,277
Issuance/(repayment) of debt, $m
  0
  3
  4
  6
  8
  11
  14
  18
  22
  26
  31
  36
  41
  46
  52
  57
  62
  67
  72
  77
  82
  87
  91
  96
  100
  105
  109
  114
  119
  123
  128
Issuance/(repurchase) of shares, $m
  2
  176
  271
  405
  588
  828
  1,138
  1,526
  2,003
  2,575
  3,251
  4,034
  4,930
  5,939
  7,063
  8,301
  9,652
  11,114
  12,685
  14,362
  16,142
  18,024
  20,005
  22,084
  24,260
  26,532
  28,902
  31,369
  33,937
  36,606
  39,380
Cash from financing (excl. dividends), $m  
  2
  179
  275
  411
  596
  839
  1,152
  1,544
  2,025
  2,601
  3,282
  4,070
  4,971
  5,985
  7,115
  8,358
  9,714
  11,181
  12,757
  14,439
  16,224
  18,111
  20,096
  22,180
  24,360
  26,637
  29,011
  31,483
  34,056
  36,729
  39,508
Total cash flow (excl. dividends), $m
  -5
  6
  8
  11
  15
  20
  26
  32
  39
  47
  56
  65
  74
  84
  93
  103
  112
  121
  130
  139
  148
  156
  165
  173
  181
  189
  197
  205
  214
  222
  231
Retained Cash Flow (-), $m
  0
  -176
  -271
  -405
  -588
  -828
  -1,138
  -1,526
  -2,003
  -2,575
  -3,251
  -4,034
  -4,930
  -5,939
  -7,063
  -8,301
  -9,652
  -11,114
  -12,685
  -14,362
  -16,142
  -18,024
  -20,005
  -22,084
  -24,260
  -26,532
  -28,902
  -31,369
  -33,937
  -36,606
  -39,380
Prev. year cash balance distribution, $m
 
  12
  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
 
  -158
  -263
  -394
  -573
  -809
  -1,112
  -1,494
  -1,963
  -2,528
  -3,195
  -3,969
  -4,855
  -5,855
  -6,969
  -8,198
  -9,540
  -10,993
  -12,554
  -14,222
  -15,994
  -17,867
  -19,840
  -21,911
  -24,079
  -26,343
  -28,705
  -31,164
  -33,723
  -36,384
  -39,149
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
 
  -152
  -241
  -343
  -471
  -627
  -807
  -1,010
  -1,227
  -1,452
  -1,675
  -1,885
  -2,072
  -2,226
  -2,340
  -2,407
  -2,424
  -2,392
  -2,312
  -2,190
  -2,032
  -1,848
  -1,646
  -1,436
  -1,226
  -1,025
  -837
  -669
  -522
  -397
  -295
Current shareholders' claim on cash, %
  100
  3.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

EnSync, Inc. is engaged in developing, licensing and manufacturing energy management systems solutions serving the commercial and industrial (C&I) building, utility, and off-grid markets. The Company develops and commercializes product and service solutions for the distributed energy generation market, including energy management systems, energy storage systems, applications, and Internet of energy platforms that link distributed energy resources with the grid network. The Company's products include Matrix energy management system and advanced energy storage products. The Matrix Energy Management System is a behind the meter energy control system, which focuses at the commercial, industrial and multi-tenant building markets. Matrix Energy Management System offers swappable drawers that can be replaced without taking the entire distributed generation system off line. The Company's Agile Hybrid Storage System is a technology that combines a range of storage units.

FINANCIAL RATIOS  of  EnSync (ESNC)

Valuation Ratios
P/E Ratio -4.7
Price to Sales 1.6
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -2.7
Price to Free Cash Flow -2.7
Growth Rates
Sales Growth Rate 500%
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 0
LT Debt to Equity 5.9%
Total Debt to Equity 5.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.3%
Ret/ On Assets - 3 Yr. Avg. -47.7%
Return On Total Capital -22.2%
Ret/ On T. Cap. - 3 Yr. Avg. -73.7%
Return On Equity -23.5%
Return On Equity - 3 Yr. Avg. -79.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin -8.3%
Gross Margin - 3 Yr. Avg. -19.4%
EBITDA Margin -33.3%
EBITDA Margin - 3 Yr. Avg. -494.4%
Operating Margin -41.7%
Oper. Margin - 3 Yr. Avg. -530.6%
Pre-Tax Margin -33.3%
Pre-Tax Margin - 3 Yr. Avg. -527.8%
Net Profit Margin -33.3%
Net Profit Margin - 3 Yr. Avg. -527.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ESNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESNC stock intrinsic value calculation we used $12 million for the last fiscal year's total revenue generated by EnSync. The default revenue input number comes from 2017 income statement of EnSync. 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 ESNC stock valuation model: a) initial revenue growth rate of 60% 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 ESNC is calculated based on our internal credit rating of EnSync, 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 EnSync.
    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 ESNC stock the variable cost ratio is equal to 1000%.

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 ESNC 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 EnSync.

Corporate tax rate of 27% is the nominal tax rate for EnSync. 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 ESNC 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 ESNC are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in EnSync 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 ESNC is equal to 8.3%. 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 - $17 million for EnSync - 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 55.606 million for EnSync 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 EnSync at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ Is It The Right Time To Buy EnSync Inc (ESNC)?   [Dec-08-17 02:03PM  Simply Wall St.]
▶ ETFs with exposure to EnSync, Inc. : December 5, 2017   [Dec-05-17 12:46PM  Capital Cube]
▶ EnSync Energy Adjourns 2017 Annual Meeting   [Nov-15-17 08:45AM  PR Newswire]
▶ Are EnSync Incs (ESNC) Interest Costs Too High?   [Nov-14-17 02:19PM  Simply Wall St.]
▶ EnSync Inc to Host Earnings Call   [12:15PM  ACCESSWIRE]
▶ ETFs with exposure to EnSync, Inc. : November 8, 2017   [Nov-08-17 06:03PM  Capital Cube]
▶ ETFs with exposure to EnSync, Inc. : October 25, 2017   [Oct-25-17 09:57AM  Capital Cube]
▶ ETFs with exposure to EnSync, Inc. : October 10, 2017   [Oct-10-17 11:23AM  Capital Cube]
▶ EnSync Energy Reports Fiscal Year 2017 Results   [Sep-20-17 04:23PM  PR Newswire]
▶ EnSync Energy sells PPA with Honolulu nonprofit to unnamed investor   [Jul-10-17 09:40PM  American City Business Journals]
▶ EnSync Energy to install solar panels at Honolulu nonprofit   [Jun-08-17 08:35PM  American City Business Journals]
▶ ETFs with exposure to EnSync, Inc. : May 30, 2017   [May-30-17 12:26PM  Capital Cube]
▶ EnSync Terminates Supply Agreement with SPI Solar, Inc.   [May-09-17 09:00AM  PR Newswire]
▶ ETFs with exposure to EnSync, Inc. : April 26, 2017   [Apr-26-17 03:16PM  Capital Cube]
▶ ETFs with exposure to EnSync, Inc. : April 5, 2017   [Apr-05-17 04:43PM  Capital Cube]
▶ EnSync Energy Acquires DCfusion LLC   [Mar-02-17 07:00AM  PR Newswire]
Financial statements of ESNC
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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