Intrinsic value of Fair Isaac - FICO

Previous Close

$147.15

  Intrinsic Value

$61.48

stock screener

  Rating & Target

str. sell

-58%

  Value-price divergence*

-19%

Previous close

$147.15

 
Intrinsic value

$61.48

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence*

-19%

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

We calculate the intrinsic value of FICO 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 4.5

 

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, %
  5.01
  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
  881
  899
  919
  943
  969
  999
  1,031
  1,066
  1,104
  1,145
  1,189
  1,236
  1,286
  1,340
  1,396
  1,457
  1,521
  1,588
  1,660
  1,735
  1,815
  1,899
  1,988
  2,081
  2,180
  2,283
  2,393
  2,508
  2,629
  2,756
  2,890
Variable operating expenses, $m
 
  234
  237
  241
  246
  251
  257
  263
  269
  276
  284
  212
  220
  230
  239
  250
  261
  272
  284
  297
  311
  326
  341
  357
  374
  391
  410
  430
  451
  472
  495
Fixed operating expenses, $m
 
  505
  518
  531
  544
  558
  572
  586
  601
  616
  631
  647
  663
  680
  697
  714
  732
  750
  769
  788
  808
  828
  849
  870
  892
  914
  937
  960
  984
  1,009
  1,034
Total operating expenses, $m
  712
  739
  755
  772
  790
  809
  829
  849
  870
  892
  915
  859
  883
  910
  936
  964
  993
  1,022
  1,053
  1,085
  1,119
  1,154
  1,190
  1,227
  1,266
  1,305
  1,347
  1,390
  1,435
  1,481
  1,529
Operating income, $m
  170
  159
  164
  171
  179
  190
  203
  218
  234
  253
  274
  377
  403
  430
  460
  493
  528
  566
  606
  650
  696
  745
  798
  854
  914
  978
  1,046
  1,118
  1,194
  1,275
  1,360
EBITDA, $m
  202
  242
  247
  254
  262
  273
  286
  301
  318
  337
  358
  381
  407
  435
  465
  498
  533
  571
  612
  655
  702
  752
  805
  861
  922
  986
  1,054
  1,126
  1,203
  1,284
  1,370
Interest expense (income), $m
  27
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
Earnings before tax, $m
  145
  137
  140
  146
  154
  164
  176
  189
  205
  222
  242
  343
  367
  393
  421
  451
  484
  520
  558
  598
  642
  688
  738
  791
  848
  908
  972
  1,040
  1,112
  1,188
  1,269
Tax expense, $m
  36
  37
  38
  40
  42
  44
  47
  51
  55
  60
  65
  93
  99
  106
  114
  122
  131
  140
  151
  162
  173
  186
  199
  214
  229
  245
  262
  281
  300
  321
  343
Net income, $m
  109
  100
  103
  107
  113
  120
  128
  138
  150
  162
  177
  251
  268
  287
  307
  330
  353
  379
  407
  437
  469
  503
  539
  578
  619
  663
  709
  759
  812
  867
  927

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  76
  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
  1,221
  1,169
  1,195
  1,226
  1,261
  1,299
  1,341
  1,386
  1,436
  1,489
  1,546
  1,607
  1,673
  1,742
  1,816
  1,894
  1,977
  2,065
  2,158
  2,256
  2,360
  2,469
  2,585
  2,706
  2,834
  2,969
  3,111
  3,261
  3,418
  3,584
  3,758
Adjusted assets (=assets-cash), $m
  1,145
  1,169
  1,195
  1,226
  1,261
  1,299
  1,341
  1,386
  1,436
  1,489
  1,546
  1,607
  1,673
  1,742
  1,816
  1,894
  1,977
  2,065
  2,158
  2,256
  2,360
  2,469
  2,585
  2,706
  2,834
  2,969
  3,111
  3,261
  3,418
  3,584
  3,758
Revenue / Adjusted assets
  0.769
  0.769
  0.769
  0.769
  0.768
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
Average production assets, $m
  82
  84
  85
  88
  90
  93
  96
  99
  103
  106
  111
  115
  120
  125
  130
  135
  141
  148
  154
  161
  169
  177
  185
  194
  203
  212
  223
  233
  244
  256
  269
Working capital, $m
  22
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
Total debt, $m
  571
  510
  526
  545
  566
  589
  615
  643
  673
  705
  740
  778
  817
  860
  905
  953
  1,003
  1,057
  1,113
  1,173
  1,237
  1,303
  1,374
  1,448
  1,526
  1,608
  1,695
  1,786
  1,882
  1,983
  2,089
Total liabilities, $m
  774
  713
  729
  748
  769
  792
  818
  846
  876
  908
  943
  981
  1,020
  1,063
  1,108
  1,156
  1,206
  1,260
  1,316
  1,376
  1,440
  1,506
  1,577
  1,651
  1,729
  1,811
  1,898
  1,989
  2,085
  2,186
  2,292
Total equity, $m
  447
  456
  466
  478
  492
  507
  523
  541
  560
  581
  603
  627
  652
  679
  708
  739
  771
  805
  842
  880
  920
  963
  1,008
  1,055
  1,105
  1,158
  1,213
  1,272
  1,333
  1,398
  1,466
Total liabilities and equity, $m
  1,221
  1,169
  1,195
  1,226
  1,261
  1,299
  1,341
  1,387
  1,436
  1,489
  1,546
  1,608
  1,672
  1,742
  1,816
  1,895
  1,977
  2,065
  2,158
  2,256
  2,360
  2,469
  2,585
  2,706
  2,834
  2,969
  3,111
  3,261
  3,418
  3,584
  3,758
Debt-to-equity ratio
  1.277
  1.120
  1.130
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.230
  1.240
  1.250
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.400
  1.400
  1.410
  1.420
  1.430
Adjusted equity ratio
  0.324
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  109
  100
  103
  107
  113
  120
  128
  138
  150
  162
  177
  251
  268
  287
  307
  330
  353
  379
  407
  437
  469
  503
  539
  578
  619
  663
  709
  759
  812
  867
  927
Depreciation, amort., depletion, $m
  32
  83
  83
  83
  83
  83
  83
  83
  83
  84
  84
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Funds from operations, $m
  198
  183
  185
  190
  196
  203
  212
  222
  233
  246
  260
  255
  272
  291
  312
  334
  359
  385
  413
  443
  475
  509
  546
  585
  626
  670
  717
  767
  820
  877
  936
Change in working capital, $m
  13
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
Cash from operations, $m
  185
  182
  185
  189
  195
  202
  211
  221
  232
  245
  259
  254
  271
  290
  310
  333
  357
  383
  411
  441
  473
  507
  543
  582
  624
  668
  715
  764
  817
  873
  933
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
New CAPEX, $m
  -22
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from investing activities, $m
  -28
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -16
  -16
  -17
  -18
  -19
  -19
  -21
  -21
Free cash flow, $m
  157
  178
  180
  184
  189
  196
  204
  214
  225
  237
  251
  245
  262
  281
  301
  323
  346
  371
  399
  428
  459
  493
  529
  567
  607
  651
  697
  746
  798
  853
  911
Issuance/(repayment) of debt, $m
  -37
  15
  16
  19
  21
  23
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
Issuance/(repurchase) of shares, $m
  -121
  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  
  -163
  15
  16
  19
  21
  23
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
Total cash flow (excl. dividends), $m
  -8
  192
  196
  203
  210
  219
  230
  242
  255
  270
  286
  282
  302
  323
  346
  370
  397
  425
  455
  488
  523
  560
  599
  641
  686
  733
  783
  837
  894
  954
  1,017
Retained Cash Flow (-), $m
  -10
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
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
 
  184
  186
  191
  197
  205
  214
  224
  236
  249
  264
  259
  276
  296
  317
  340
  364
  391
  419
  450
  482
  517
  554
  594
  636
  680
  728
  779
  832
  889
  949
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  172
  162
  153
  145
  137
  130
  122
  114
  105
  97
  81
  74
  66
  59
  51
  44
  37
  31
  25
  20
  16
  12
  9
  7
  5
  3
  2
  1
  1
  1
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

Fair Isaac Corporation (FICO) is a provider of analytic, software and data management products and services that enable businesses to automate and connect decisions. The Company operates through three segments: Applications, Scores and Decision Management Software. The Applications segment includes pre-configured decision management applications designed for a specific type of business problem or process, such as marketing, account origination, customer management, fraud, collections and insurance claims management. The Scores segment includes business-to-business scoring solutions and services, business-to-consumer scoring solutions and services, including myFICO solutions for consumers. The Decision Management Software segment consists of analytic and decision management software tools that clients can use to create their own custom decision management applications, its new FICO Decision Management Suite, as well as associated professional services.

FINANCIAL RATIOS  of  Fair Isaac (FICO)

Valuation Ratios
P/E Ratio 41.8
Price to Sales 5.2
Price to Book 10.2
Price to Tangible Book
Price to Cash Flow 24.6
Price to Free Cash Flow 27.9
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 110.5%
Total Debt to Equity 127.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 10.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 24.7%
Return On Equity - 3 Yr. Avg. 21.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 68.7%
EBITDA Margin 23.2%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 24.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.5%
Payout Ratio 1.8%

FICO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FICO stock intrinsic value calculation we used $881 million for the last fiscal year's total revenue generated by Fair Isaac. The default revenue input number comes from 2016 income statement of Fair Isaac. 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 FICO 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 6.8%, whose default value for FICO is calculated based on our internal credit rating of Fair Isaac, 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 Fair Isaac.
    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 FICO stock the variable cost ratio is equal to 26.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $493 million in the base year in the intrinsic value calculation for FICO 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 4.6% for Fair Isaac.

Corporate tax rate of 27% is the nominal tax rate for Fair Isaac. 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 FICO 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 FICO are equal to 9.3%.

Life of production assets of 27.8 years is the average useful life of capital assets used in Fair Isaac 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 FICO is equal to 2.6%. 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 - $447 million for Fair Isaac - 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 30.64 million for Fair Isaac 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 Fair Isaac at the current share price and the inputted number of shares is $4.5 billion.

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COMPANY NEWS

▶ How Your Credit Score Affects Car Financing   [Sep-29-17 04:57PM  Consumer Reports]
▶ FICO Chief Increases Cybersecurity Spending After Equifax Breach   [Sep-22-17 12:03PM  The Wall Street Journal]
▶ Why you have over 70 different credit scores   [Sep-14-17 01:42PM  Yahoo Finance Video]
▶ 3 Growth Stocks With Virtual Monopolies   [Sep-12-17 04:54PM  Motley Fool]
▶ Does Fair Isaac Corporations (FICO) PE Ratio Warrant A Buy?   [Sep-11-17 12:27PM  Simply Wall St.]
▶ How Much Available Credit Should I Have?   [Aug-16-17 12:17PM  Motley Fool]
▶ FICO Selects AWS as Its Cloud Provider   [09:00AM  Business Wire]
▶ Fair Isaac posts 3Q profit   [Jul-31-17 09:56PM  Associated Press]
▶ 5 Credit Score Facts You Need to Know   [08:17AM  Motley Fool]
▶ FICO Extends Cybersecurity Score to Rate 4th Party Risks   [Jul-11-17 08:30AM  PR Newswire]
▶ Innovators Wanted: FICO Decisions Awards 2017 Now Open   [Jul-05-17 12:00PM  PR Newswire]
▶ Your credit score may jump starting in July   [Jul-01-17 10:00AM  CNBC]
▶ Your credit score may jump starting in July   [Jun-28-17 08:30AM  CNBC]
▶ 5 Terrible Credit Score Myths   [Jun-12-17 09:21AM  Motley Fool]
▶ [$$] How Companies Should Approach Cyberinsurance   [07:15AM  The Wall Street Journal]
▶ Here's a Fast, Simple Way to Improve Your Credit Score   [Jun-08-17 06:25AM  Motley Fool]
▶ 3 Stocks With Embarrassingly Low Dividends   [May-31-17 09:35AM  Motley Fool]
▶ FICO to Present at Upcoming Investor Conferences   [May-30-17 04:15PM  PR Newswire]
▶ [$$] Credit Scores Hit Record High as Recession Wounds Heal   [12:31AM  The Wall Street Journal]
▶ [$$] Credit Scores Hit Record Highs as Recession Wounds Heal   [May-29-17 07:00AM  The Wall Street Journal]
▶ Two Minute Money: Combating Credit Card Fraud   [May-22-17 10:20AM  Yahoo Finance Video]
▶ Fix My Finances: Recovering From Chapter 7 Bankruptcy   [May-15-17 11:49AM  Yahoo Finance Video]
▶ ETFs with exposure to Fair Isaac Corp. : May 2, 2017   [May-02-17 04:02PM  Capital Cube]
▶ Fair Isaac posts 2Q profit   [Apr-27-17 07:08PM  Associated Press]
Financial statements of FICO
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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