Intrinsic value of Groupon - GRPN

Previous Close

$4.70

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.70

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of GRPN 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 2.6

 

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, %
  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
  2,901
  2,968
  3,044
  3,129
  3,224
  3,328
  3,442
  3,565
  3,697
  3,839
  3,990
  4,152
  4,325
  4,508
  4,702
  4,909
  5,127
  5,357
  5,601
  5,858
  6,130
  6,416
  6,718
  7,036
  7,371
  7,724
  8,095
  8,486
  8,897
  9,329
Variable operating expenses, $m
  2,996
  3,064
  3,142
  3,230
  3,327
  3,433
  3,549
  3,674
  3,810
  3,955
  4,079
  4,245
  4,421
  4,608
  4,807
  5,018
  5,241
  5,477
  5,726
  5,989
  6,266
  6,559
  6,868
  7,193
  7,535
  7,896
  8,275
  8,675
  9,095
  9,537
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
  2,996
  3,064
  3,142
  3,230
  3,327
  3,433
  3,549
  3,674
  3,810
  3,955
  4,079
  4,245
  4,421
  4,608
  4,807
  5,018
  5,241
  5,477
  5,726
  5,989
  6,266
  6,559
  6,868
  7,193
  7,535
  7,896
  8,275
  8,675
  9,095
  9,537
Operating income, $m
  -95
  -97
  -98
  -100
  -102
  -105
  -107
  -110
  -113
  -116
  -89
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -130
  -136
  -143
  -149
  -156
  -164
  -172
  -180
  -189
  -198
  -207
EBITDA, $m
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
Interest expense (income), $m
  0
  10
  12
  14
  16
  18
  21
  23
  26
  30
  33
  37
  41
  46
  50
  55
  61
  66
  72
  78
  85
  92
  99
  107
  115
  124
  133
  142
  152
  163
  174
Earnings before tax, $m
  -105
  -108
  -112
  -116
  -120
  -125
  -130
  -136
  -143
  -149
  -126
  -134
  -142
  -151
  -160
  -170
  -180
  -191
  -203
  -215
  -228
  -242
  -256
  -272
  -288
  -305
  -322
  -341
  -361
  -382
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
Net income, $m
  -105
  -108
  -112
  -116
  -120
  -125
  -130
  -136
  -143
  -149
  -126
  -134
  -142
  -151
  -160
  -170
  -180
  -191
  -203
  -215
  -228
  -242
  -256
  -272
  -288
  -305
  -322
  -341
  -361
  -382

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
  1,711
  1,751
  1,796
  1,846
  1,902
  1,964
  2,031
  2,103
  2,181
  2,265
  2,354
  2,450
  2,551
  2,660
  2,774
  2,896
  3,025
  3,161
  3,305
  3,456
  3,617
  3,785
  3,964
  4,151
  4,349
  4,557
  4,776
  5,006
  5,249
  5,504
Adjusted assets (=assets-cash), $m
  1,711
  1,751
  1,796
  1,846
  1,902
  1,964
  2,031
  2,103
  2,181
  2,265
  2,354
  2,450
  2,551
  2,660
  2,774
  2,896
  3,025
  3,161
  3,305
  3,456
  3,617
  3,785
  3,964
  4,151
  4,349
  4,557
  4,776
  5,006
  5,249
  5,504
Revenue / Adjusted assets
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
  1.695
Average production assets, $m
  482
  493
  505
  519
  535
  553
  571
  592
  614
  637
  662
  689
  718
  748
  781
  815
  851
  889
  930
  973
  1,018
  1,065
  1,115
  1,168
  1,224
  1,282
  1,344
  1,409
  1,477
  1,549
Working capital, $m
  -818
  -837
  -858
  -883
  -909
  -939
  -971
  -1,005
  -1,042
  -1,082
  -1,125
  -1,171
  -1,220
  -1,271
  -1,326
  -1,384
  -1,446
  -1,511
  -1,580
  -1,652
  -1,729
  -1,809
  -1,895
  -1,984
  -2,079
  -2,178
  -2,283
  -2,393
  -2,509
  -2,631
Total debt, $m
  218
  251
  290
  333
  380
  432
  489
  551
  617
  688
  764
  846
  932
  1,024
  1,121
  1,225
  1,334
  1,450
  1,572
  1,701
  1,837
  1,981
  2,132
  2,292
  2,460
  2,637
  2,823
  3,019
  3,225
  3,442
Total liabilities, $m
  1,455
  1,488
  1,526
  1,569
  1,617
  1,669
  1,726
  1,788
  1,854
  1,925
  2,001
  2,082
  2,169
  2,261
  2,358
  2,462
  2,571
  2,687
  2,809
  2,938
  3,074
  3,218
  3,369
  3,529
  3,697
  3,873
  4,060
  4,255
  4,462
  4,678
Total equity, $m
  257
  263
  269
  277
  285
  295
  305
  315
  327
  340
  353
  367
  383
  399
  416
  434
  454
  474
  496
  518
  542
  568
  595
  623
  652
  684
  716
  751
  787
  826
Total liabilities and equity, $m
  1,712
  1,751
  1,795
  1,846
  1,902
  1,964
  2,031
  2,103
  2,181
  2,265
  2,354
  2,449
  2,552
  2,660
  2,774
  2,896
  3,025
  3,161
  3,305
  3,456
  3,616
  3,786
  3,964
  4,152
  4,349
  4,557
  4,776
  5,006
  5,249
  5,504
Debt-to-equity ratio
  0.850
  0.960
  1.080
  1.200
  1.330
  1.470
  1.610
  1.750
  1.890
  2.030
  2.160
  2.300
  2.440
  2.570
  2.690
  2.820
  2.940
  3.060
  3.170
  3.280
  3.390
  3.490
  3.590
  3.680
  3.770
  3.860
  3.940
  4.020
  4.100
  4.170
Adjusted equity ratio
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -105
  -108
  -112
  -116
  -120
  -125
  -130
  -136
  -143
  -149
  -126
  -134
  -142
  -151
  -160
  -170
  -180
  -191
  -203
  -215
  -228
  -242
  -256
  -272
  -288
  -305
  -322
  -341
  -361
  -382
Depreciation, amort., depletion, $m
  79
  80
  81
  83
  84
  86
  88
  90
  92
  94
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  122
  128
  134
  141
  148
  155
Funds from operations, $m
  -27
  -29
  -31
  -33
  -36
  -39
  -43
  -47
  -51
  -55
  -60
  -65
  -70
  -76
  -82
  -88
  -95
  -102
  -110
  -118
  -126
  -135
  -145
  -155
  -165
  -176
  -188
  -200
  -213
  -227
Change in working capital, $m
  -16
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
Cash from operations, $m
  -11
  -10
  -9
  -9
  -9
  -10
  -11
  -12
  -13
  -15
  -17
  -19
  -21
  -24
  -27
  -30
  -34
  -37
  -41
  -45
  -50
  -55
  -60
  -65
  -71
  -77
  -83
  -90
  -97
  -105
Maintenance CAPEX, $m
  -47
  -48
  -49
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -148
New CAPEX, $m
  -9
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
Cash from investing activities, $m
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -136
  -142
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -220
Free cash flow, $m
  -67
  -69
  -71
  -74
  -77
  -81
  -85
  -89
  -94
  -100
  -106
  -112
  -119
  -126
  -134
  -142
  -151
  -161
  -171
  -181
  -192
  -204
  -216
  -229
  -243
  -258
  -273
  -289
  -306
  -324
Issuance/(repayment) of debt, $m
  28
  33
  38
  43
  48
  52
  57
  62
  66
  71
  76
  81
  86
  92
  98
  103
  109
  116
  122
  129
  136
  144
  151
  159
  168
  177
  186
  196
  206
  217
Issuance/(repurchase) of shares, $m
  111
  114
  119
  123
  129
  134
  141
  147
  154
  162
  139
  148
  157
  167
  177
  188
  199
  212
  224
  238
  252
  267
  283
  300
  317
  336
  355
  376
  397
  420
Cash from financing (excl. dividends), $m  
  139
  147
  157
  166
  177
  186
  198
  209
  220
  233
  215
  229
  243
  259
  275
  291
  308
  328
  346
  367
  388
  411
  434
  459
  485
  513
  541
  572
  603
  637
Total cash flow (excl. dividends), $m
  72
  79
  86
  92
  99
  106
  113
  119
  126
  133
  110
  117
  125
  132
  141
  149
  158
  167
  176
  186
  196
  207
  218
  230
  242
  255
  268
  282
  297
  312
Retained Cash Flow (-), $m
  -111
  -114
  -119
  -123
  -129
  -134
  -141
  -147
  -154
  -162
  -139
  -148
  -157
  -167
  -177
  -188
  -199
  -212
  -224
  -238
  -252
  -267
  -283
  -300
  -317
  -336
  -355
  -376
  -397
  -420
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
  82
  84
  86
  88
  91
  94
  97
  100
  103
  107
  111
  116
  120
  125
  131
  136
  142
  149
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
Cash available for distribution, $m
  -39
  -35
  -33
  -31
  -30
  -29
  -28
  -28
  -28
  -29
  -30
  -31
  -33
  -34
  -37
  -39
  -42
  -45
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -81
  -87
  -93
  -100
  -108
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
  -37
  -32
  -29
  -25
  -23
  -21
  -19
  -17
  -16
  -15
  -14
  -13
  -12
  -12
  -11
  -10
  -9
  -8
  -7
  -7
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  95.8
  91.7
  87.7
  83.9
  80.2
  76.5
  73.1
  69.7
  66.4
  63.3
  60.8
  58.4
  56.0
  53.6
  51.4
  49.1
  47.0
  44.9
  42.9
  40.9
  39.0
  37.2
  35.4
  33.7
  32.1
  30.5
  29.0
  27.5
  26.2
  24.8

Groupon, Inc. operates online local commerce marketplaces around the world that connect merchants to consumers by offering goods and services at a discount. The Company operates through three segments: North America, which represents the United States and Canada; EMEA, which consists of Europe, and the Middle East and Africa, and the remainder of its international operations (Rest of World). It offers goods and services in three primary categories: Local Deals (Local), Groupon Goods (Goods) and Groupon Getaways (Travel). Its Local category includes offerings from local and national merchants, as well as local events. Its Goods category offers customers the ability to find deals on merchandise across various product lines, including electronics, sporting goods, jewelry, toys, household items and apparel. Through its Travel category, it features travel offers at both discounted and market rates, including hotels, airfare and package deals covering both domestic and international travel.

FINANCIAL RATIOS  of  Groupon (GRPN)

Valuation Ratios
P/E Ratio -13.6
Price to Sales 0.8
Price to Book 10.1
Price to Tangible Book
Price to Cash Flow 22.7
Price to Free Cash Flow 57.7
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 30
Current Ratio 0.1
LT Debt to Equity 75.4%
Total Debt to Equity 86.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -11%
Ret/ On Assets - 3 Yr. Avg. -4.4%
Return On Total Capital -38.3%
Ret/ On T. Cap. - 3 Yr. Avg. -14.9%
Return On Equity -53.2%
Return On Equity - 3 Yr. Avg. -19.9%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 43.2%
Gross Margin - 3 Yr. Avg. 45.2%
EBITDA Margin -1.5%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin -3.5%
Oper. Margin - 3 Yr. Avg. -1.7%
Pre-Tax Margin -5.9%
Pre-Tax Margin - 3 Yr. Avg. -3.2%
Net Profit Margin -6.2%
Net Profit Margin - 3 Yr. Avg. -2.6%
Effective Tax Rate 1.6%
Eff/ Tax Rate - 3 Yr. Avg. -160.3%
Payout Ratio 0%

GRPN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRPN stock intrinsic value calculation we used $2844 million for the last fiscal year's total revenue generated by Groupon. The default revenue input number comes from 2017 income statement of Groupon. 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 GRPN 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 GRPN is calculated based on our internal credit rating of Groupon, 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 Groupon.
    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 GRPN stock the variable cost ratio is equal to 103.3%.

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 GRPN 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 Groupon.

Corporate tax rate of 27% is the nominal tax rate for Groupon. 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 GRPN stock is equal to 2.9%.

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 GRPN are equal to 16.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Groupon 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 GRPN is equal to -28.2%. 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 - $251 million for Groupon - 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 559 million for Groupon 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 Groupon at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ [$$] Chinas Groupon Is on Offerat Full Price   [Jul-18-18 08:01PM  The Wall Street Journal]
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▶ Cars.com (CARS) Jumps: Stock Rises 8%   [Jul-12-18 10:28AM  Zacks]
▶ Why Groupon Stock Has Lost 16% in 2018   [Jul-11-18 09:40AM  Motley Fool]
▶ Company News For Jul 10, 2018   [Jul-10-18 10:01AM  Zacks]
▶ Tiffany Haddish Has Made Groupon Cool Again   [08:20AM  TheStreet.com]
▶ Stocks Log Third Day of Strong Gains   [04:01PM  TheStreet.com]
▶ The Late Morning Rundown: July 09, 2018   [11:51AM  CNBC Videos]
▶ Jim Cramer: Groupon Is a Buy   [11:35AM  TheStreet.com]
▶ Why Groupon Stock Is Surging Today   [11:28AM  InvestorPlace]
▶ How Groupon Makes Money   [09:57AM  Investopedia]
▶ Groupon reportedly looking for a buyer   [09:11AM  Fox Business Videos]
▶ 3 Potential Buyers of Groupon   [09:07AM  Motley Fool]
▶ Groupon Surges 12% on Report   [07:33AM  Investopedia]
▶ Should Alibaba Stock Owners Fear Pinduoduo?   [Jul-02-18 11:36AM  InvestorPlace]
▶ Groupon continues to get lots of sparkle from Tiffany Haddish   [Jun-25-18 01:57PM  American City Business Journals]
▶ Should You Sell Groupon Inc (NASDAQ:GRPN) At This PE Ratio?   [Jun-22-18 07:46AM  Simply Wall St.]
▶ Etsy Proves That Amazon Doesn't Crush Everyone it Targets   [Jun-14-18 07:01PM  TheStreet.com]
▶ Not just credit cards: More apps offer ways to get cash back   [Jun-13-18 12:49PM  Associated Press]
▶ Bull of the Day: Groupon (GRPN)   [06:09AM  Zacks]
▶ Why Snap Inc Stocks Disappearing Act Will Continue   [Jun-01-18 01:39PM  InvestorPlace]
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