Intrinsic value of FTI Consulting - FCN

Previous Close

$36.83

  Intrinsic Value

$70.80

stock screener

  Rating & Target

str. buy

+92%

  Value-price divergence*

+37%

Previous close

$36.83

 
Intrinsic value

$70.80

 
Up/down potential

+92%

 
Rating

str. buy

 
Value-price divergence*

+37%

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

We calculate the intrinsic value of FCN 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 1.5

 

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, %
  1.74
  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
  1,810
  1,846
  1,889
  1,937
  1,992
  2,052
  2,118
  2,190
  2,269
  2,353
  2,443
  2,540
  2,643
  2,752
  2,869
  2,993
  3,124
  3,263
  3,410
  3,565
  3,729
  3,901
  4,084
  4,276
  4,478
  4,691
  4,916
  5,152
  5,401
  5,662
  5,937
Variable operating expenses, $m
 
  1,692
  1,729
  1,770
  1,817
  1,868
  1,925
  1,986
  2,053
  2,124
  2,201
  2,166
  2,254
  2,347
  2,447
  2,552
  2,664
  2,783
  2,908
  3,040
  3,180
  3,327
  3,483
  3,646
  3,819
  4,001
  4,192
  4,394
  4,606
  4,829
  5,063
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
  1,668
  1,692
  1,729
  1,770
  1,817
  1,868
  1,925
  1,986
  2,053
  2,124
  2,201
  2,166
  2,254
  2,347
  2,447
  2,552
  2,664
  2,783
  2,908
  3,040
  3,180
  3,327
  3,483
  3,646
  3,819
  4,001
  4,192
  4,394
  4,606
  4,829
  5,063
Operating income, $m
  142
  154
  160
  167
  175
  184
  194
  204
  216
  228
  242
  374
  389
  405
  422
  441
  460
  480
  502
  525
  549
  574
  601
  629
  659
  691
  724
  758
  795
  833
  874
EBITDA, $m
  191
  277
  283
  290
  298
  307
  317
  328
  340
  352
  366
  380
  396
  412
  430
  448
  468
  489
  511
  534
  559
  584
  612
  641
  671
  703
  736
  772
  809
  848
  889
Interest expense (income), $m
  23
  19
  21
  22
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  48
  51
  55
  59
  63
  67
  72
  77
  82
  87
  93
  99
  105
  112
  119
  127
  134
Earnings before tax, $m
  128
  134
  139
  145
  152
  159
  167
  176
  185
  195
  206
  336
  348
  361
  375
  390
  405
  422
  439
  458
  477
  498
  519
  542
  566
  592
  618
  646
  676
  707
  740
Tax expense, $m
  42
  36
  38
  39
  41
  43
  45
  47
  50
  53
  56
  91
  94
  97
  101
  105
  109
  114
  119
  124
  129
  134
  140
  146
  153
  160
  167
  174
  182
  191
  200
Net income, $m
  86
  98
  102
  106
  111
  116
  122
  128
  135
  142
  150
  245
  254
  263
  274
  284
  296
  308
  321
  334
  348
  363
  379
  396
  413
  432
  451
  472
  493
  516
  540

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  216
  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
  2,225
  2,049
  2,096
  2,150
  2,211
  2,278
  2,351
  2,431
  2,518
  2,611
  2,711
  2,819
  2,933
  3,055
  3,184
  3,322
  3,467
  3,621
  3,784
  3,956
  4,138
  4,330
  4,532
  4,746
  4,970
  5,207
  5,456
  5,718
  5,994
  6,284
  6,590
Adjusted assets (=assets-cash), $m
  2,009
  2,049
  2,096
  2,150
  2,211
  2,278
  2,351
  2,431
  2,518
  2,611
  2,711
  2,819
  2,933
  3,055
  3,184
  3,322
  3,467
  3,621
  3,784
  3,956
  4,138
  4,330
  4,532
  4,746
  4,970
  5,207
  5,456
  5,718
  5,994
  6,284
  6,590
Revenue / Adjusted assets
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
Average production assets, $m
  127
  129
  132
  136
  139
  144
  148
  153
  159
  165
  171
  178
  185
  193
  201
  209
  219
  228
  239
  250
  261
  273
  286
  299
  313
  328
  344
  361
  378
  396
  416
Working capital, $m
  405
  192
  196
  201
  207
  213
  220
  228
  236
  245
  254
  264
  275
  286
  298
  311
  325
  339
  355
  371
  388
  406
  425
  445
  466
  488
  511
  536
  562
  589
  617
Total debt, $m
  366
  387
  411
  438
  469
  503
  540
  581
  625
  672
  723
  777
  835
  897
  962
  1,032
  1,106
  1,184
  1,267
  1,354
  1,446
  1,543
  1,646
  1,754
  1,868
  1,988
  2,114
  2,247
  2,387
  2,534
  2,689
Total liabilities, $m
  1,018
  1,039
  1,063
  1,090
  1,121
  1,155
  1,192
  1,233
  1,277
  1,324
  1,375
  1,429
  1,487
  1,549
  1,614
  1,684
  1,758
  1,836
  1,919
  2,006
  2,098
  2,195
  2,298
  2,406
  2,520
  2,640
  2,766
  2,899
  3,039
  3,186
  3,341
Total equity, $m
  1,207
  1,010
  1,033
  1,060
  1,090
  1,123
  1,159
  1,199
  1,241
  1,287
  1,337
  1,390
  1,446
  1,506
  1,570
  1,638
  1,709
  1,785
  1,866
  1,951
  2,040
  2,135
  2,234
  2,340
  2,450
  2,567
  2,690
  2,819
  2,955
  3,098
  3,249
Total liabilities and equity, $m
  2,225
  2,049
  2,096
  2,150
  2,211
  2,278
  2,351
  2,432
  2,518
  2,611
  2,712
  2,819
  2,933
  3,055
  3,184
  3,322
  3,467
  3,621
  3,785
  3,957
  4,138
  4,330
  4,532
  4,746
  4,970
  5,207
  5,456
  5,718
  5,994
  6,284
  6,590
Debt-to-equity ratio
  0.303
  0.380
  0.400
  0.410
  0.430
  0.450
  0.470
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.610
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
Adjusted equity ratio
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  98
  102
  106
  111
  116
  122
  128
  135
  142
  150
  245
  254
  263
  274
  284
  296
  308
  321
  334
  348
  363
  379
  396
  413
  432
  451
  472
  493
  516
  540
Depreciation, amort., depletion, $m
  49
  123
  123
  123
  123
  123
  124
  124
  124
  124
  124
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
Funds from operations, $m
  303
  221
  225
  229
  234
  240
  246
  252
  259
  267
  275
  252
  261
  271
  281
  292
  304
  316
  329
  343
  358
  373
  390
  407
  425
  444
  464
  485
  507
  531
  555
Change in working capital, $m
  70
  4
  4
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
Cash from operations, $m
  233
  217
  220
  224
  228
  233
  239
  245
  251
  258
  265
  242
  250
  259
  269
  279
  290
  302
  314
  327
  341
  355
  371
  387
  404
  422
  441
  461
  482
  504
  527
Maintenance CAPEX, $m
  0
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
New CAPEX, $m
  -29
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
Cash from investing activities, $m
  -30
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -30
  -32
  -34
Free cash flow, $m
  203
  210
  213
  216
  220
  224
  229
  234
  240
  246
  253
  228
  236
  245
  254
  263
  273
  284
  295
  307
  320
  334
  348
  363
  379
  395
  413
  431
  451
  471
  493
Issuance/(repayment) of debt, $m
  -130
  21
  24
  27
  31
  34
  37
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
  78
  83
  87
  92
  97
  103
  108
  114
  120
  126
  133
  140
  147
  155
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  -125
  21
  24
  27
  31
  34
  37
  41
  44
  47
  51
  54
  58
  62
  66
  70
  74
  78
  83
  87
  92
  97
  103
  108
  114
  120
  126
  133
  140
  147
  155
Total cash flow (excl. dividends), $m
  66
  231
  236
  243
  250
  258
  266
  275
  284
  293
  304
  283
  294
  306
  319
  333
  347
  362
  378
  395
  412
  431
  450
  471
  493
  515
  539
  564
  591
  618
  648
Retained Cash Flow (-), $m
  -59
  -19
  -23
  -27
  -30
  -33
  -36
  -39
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -151
Prev. year cash balance distribution, $m
 
  216
  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
 
  427
  213
  217
  220
  225
  230
  235
  241
  247
  254
  230
  238
  246
  255
  265
  275
  286
  298
  310
  323
  336
  351
  366
  382
  399
  416
  435
  455
  475
  497
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
 
  410
  195
  188
  182
  174
  167
  159
  151
  142
  133
  109
  101
  94
  86
  78
  70
  62
  55
  48
  41
  35
  29
  24
  19
  16
  12
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  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
  100.0

FTI Consulting, Inc. is a business advisory company. The Company operates through five segments: Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology and Strategic Communications. The Company provides advice and services, such as restructuring (including bankruptcy), capital formation and indebtedness, interim business management, performance improvements, forensic accounting and litigation matters, international arbitrations, mergers and acquisitions (M&A), antitrust and competition matters, securities litigation, electronic discovery (or e-discovery), management and retrieval of electronically stored information (ESI), reputation management and strategic communications. The Company collaborates with Chief Financial Officers (CFOs) and their finance and accounting organizations and uses engagement tools to provide transformation services, manage risk, deliver business intelligence capabilities, and prepare for and execute events.

FINANCIAL RATIOS  of  FTI Consulting (FCN)

Valuation Ratios
P/E Ratio 18
Price to Sales 0.9
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 7.6
Growth Rates
Sales Growth Rate 1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 30.3%
Total Debt to Equity 30.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 6.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 33.1%
Gross Margin - 3 Yr. Avg. 34%
EBITDA Margin 11%
EBITDA Margin - 3 Yr. Avg. 11.1%
Operating Margin 7.8%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 7.1%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 4.8%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 32.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 0%

FCN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FCN stock intrinsic value calculation we used $1810 million for the last fiscal year's total revenue generated by FTI Consulting. The default revenue input number comes from 2016 income statement of FTI Consulting. 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 FCN 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 4.3%, whose default value for FCN is calculated based on our internal credit rating of FTI Consulting, 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 FTI Consulting.
    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 FCN stock the variable cost ratio is equal to 91.8%.

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 FCN 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 5.3% for FTI Consulting.

Corporate tax rate of 27% is the nominal tax rate for FTI Consulting. 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 FCN 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 FCN are equal to 7%.

Life of production assets of 26.8 years is the average useful life of capital assets used in FTI Consulting 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 FCN is equal to 10.4%. 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 - $1207 million for FTI Consulting - 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 39.723 million for FTI Consulting 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 FTI Consulting at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ [$$] Sears Canada to Choose Between Chairmans Bid and Liquidation   [Oct-05-17 12:33AM  The Wall Street Journal]
▶ FTI Consulting Announces Leadership Transitions   [Oct-03-17 07:30AM  GlobeNewswire]
▶ FTI Consulting and Exterro Announce E-Discovery Partnership   [Aug-29-17 07:30AM  GlobeNewswire]
▶ FTI Consulting Partners with kCura to Offer Relativity   [Aug-14-17 07:30AM  GlobeNewswire]
▶ FTI Capital Advisors Expands Presence to Canada   [Aug-09-17 07:30AM  GlobeNewswire]
▶ FTI Consulting reports 2Q loss   [01:44AM  Associated Press]
▶ FTI Consulting Acquires CDG Group   [Jul-06-17 07:30AM  GlobeNewswire]
▶ Navidea settles contested bill with PI that former CEO hired to investigate future CEO   [Jun-29-17 03:10PM  American City Business Journals]
▶ Weekly CEO Buys Highlight   [May-08-17 01:40PM  GuruFocus.com]
▶ [$$] U.S. Supreme Court Takes Up Bankruptcy Clawback Dispute   [May-01-17 08:43PM  The Wall Street Journal]
▶ [$$] Supreme Court Takes Up Bankruptcy Clawback Dispute   [12:07PM  The Wall Street Journal]
▶ Why Shares of FTI Consulting, Inc. Fell 13% Today   [Apr-27-17 12:51PM  Motley Fool]
▶ FTI Consulting misses Street 1Q forecasts   [09:01AM  Associated Press]
▶ Leading Economist Dr. Adel Turki Joins Compass Lexecon   [Apr-25-17 07:30AM  GlobeNewswire]
▶ Full Show: What'd You Miss? (04/07)   [Apr-07-17 08:06PM  Bloomberg]
▶ Column: The long-term downsides of cap-and-trade in Oregon   [Apr-03-17 09:40AM  at bizjournals.com]
▶ Column: The long-term downsides of cap-and-trade in Oregon   [09:40AM  American City Business Journals]
Financial statements of FCN
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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