Intrinsic value of Groupon - GRPN

Previous Close

$4.80

  Intrinsic Value

$0.20

stock screener

  Rating & Target

str. sell

-96%

  Value-price divergence*

-70%

Previous close

$4.80

 
Intrinsic value

$0.20

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence*

-70%

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

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 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 2.7

 

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, %
  0.74
  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
  3,143
  3,206
  3,280
  3,364
  3,459
  3,563
  3,678
  3,804
  3,939
  4,085
  4,242
  4,410
  4,589
  4,779
  4,982
  5,197
  5,425
  5,666
  5,921
  6,190
  6,474
  6,775
  7,091
  7,425
  7,776
  8,146
  8,536
  8,946
  9,378
  9,832
  10,310
Variable operating expenses, $m
 
  3,285
  3,360
  3,446
  3,542
  3,649
  3,766
  3,893
  4,031
  4,179
  4,338
  4,480
  4,662
  4,856
  5,061
  5,280
  5,511
  5,756
  6,015
  6,289
  6,578
  6,883
  7,204
  7,543
  7,900
  8,276
  8,672
  9,089
  9,528
  9,989
  10,475
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
  3,253
  3,285
  3,360
  3,446
  3,542
  3,649
  3,766
  3,893
  4,031
  4,179
  4,338
  4,480
  4,662
  4,856
  5,061
  5,280
  5,511
  5,756
  6,015
  6,289
  6,578
  6,883
  7,204
  7,543
  7,900
  8,276
  8,672
  9,089
  9,528
  9,989
  10,475
Operating income, $m
  -110
  -80
  -81
  -82
  -84
  -85
  -87
  -89
  -91
  -94
  -96
  -70
  -73
  -76
  -80
  -83
  -87
  -90
  -95
  -99
  -103
  -108
  -113
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -165
EBITDA, $m
  28
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
Interest expense (income), $m
  0
  7
  -16
  -16
  -15
  -14
  -13
  -12
  -11
  -10
  -9
  -7
  -6
  -4
  -3
  -1
  1
  3
  5
  7
  9
  12
  15
  17
  20
  23
  27
  30
  33
  37
  41
Earnings before tax, $m
  -186
  -87
  -64
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -63
  -67
  -72
  -77
  -82
  -87
  -93
  -99
  -106
  -113
  -120
  -128
  -136
  -144
  -153
  -163
  -173
  -183
  -194
  -206
Tax expense, $m
  -3
  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
  -195
  -87
  -64
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -63
  -67
  -72
  -77
  -82
  -87
  -93
  -99
  -106
  -113
  -120
  -128
  -136
  -144
  -153
  -163
  -173
  -183
  -194
  -206

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  892
  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
  1,761
  886
  907
  930
  956
  985
  1,017
  1,052
  1,089
  1,129
  1,173
  1,219
  1,269
  1,321
  1,377
  1,437
  1,500
  1,566
  1,637
  1,711
  1,790
  1,873
  1,960
  2,053
  2,150
  2,252
  2,360
  2,473
  2,593
  2,718
  2,850
Adjusted assets (=assets-cash), $m
  869
  886
  907
  930
  956
  985
  1,017
  1,052
  1,089
  1,129
  1,173
  1,219
  1,269
  1,321
  1,377
  1,437
  1,500
  1,566
  1,637
  1,711
  1,790
  1,873
  1,960
  2,053
  2,150
  2,252
  2,360
  2,473
  2,593
  2,718
  2,850
Revenue / Adjusted assets
  3.617
  3.619
  3.616
  3.617
  3.618
  3.617
  3.617
  3.616
  3.617
  3.618
  3.616
  3.618
  3.616
  3.618
  3.618
  3.617
  3.617
  3.618
  3.617
  3.618
  3.617
  3.617
  3.618
  3.617
  3.617
  3.617
  3.617
  3.617
  3.617
  3.617
  3.618
Average production assets, $m
  224
  228
  233
  239
  246
  253
  261
  270
  280
  290
  301
  313
  326
  339
  354
  369
  385
  402
  420
  439
  460
  481
  503
  527
  552
  578
  606
  635
  666
  698
  732
Working capital, $m
  -121
  -1,003
  -1,027
  -1,053
  -1,083
  -1,115
  -1,151
  -1,191
  -1,233
  -1,279
  -1,328
  -1,380
  -1,436
  -1,496
  -1,559
  -1,627
  -1,698
  -1,773
  -1,853
  -1,937
  -2,026
  -2,120
  -2,219
  -2,324
  -2,434
  -2,550
  -2,672
  -2,800
  -2,935
  -3,077
  -3,227
Total debt, $m
  228
  -471
  -453
  -432
  -408
  -382
  -354
  -323
  -289
  -252
  -213
  -172
  -127
  -80
  -29
  24
  81
  141
  204
  271
  342
  417
  495
  578
  666
  758
  855
  957
  1,064
  1,177
  1,296
Total liabilities, $m
  1,497
  798
  816
  837
  861
  887
  915
  946
  980
  1,017
  1,056
  1,097
  1,142
  1,189
  1,240
  1,293
  1,350
  1,410
  1,473
  1,540
  1,611
  1,686
  1,764
  1,847
  1,935
  2,027
  2,124
  2,226
  2,333
  2,446
  2,565
Total equity, $m
  264
  89
  91
  93
  96
  99
  102
  105
  109
  113
  117
  122
  127
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
  236
  247
  259
  272
  285
Total liabilities and equity, $m
  1,761
  887
  907
  930
  957
  986
  1,017
  1,051
  1,089
  1,130
  1,173
  1,219
  1,269
  1,321
  1,378
  1,437
  1,500
  1,567
  1,637
  1,711
  1,790
  1,873
  1,960
  2,052
  2,150
  2,252
  2,360
  2,473
  2,592
  2,718
  2,850
Debt-to-equity ratio
  0.864
  -5.320
  -5.000
  -4.640
  -4.270
  -3.880
  -3.480
  -3.070
  -2.650
  -2.240
  -1.820
  -1.410
  -1.000
  -0.600
  -0.210
  0.170
  0.540
  0.900
  1.250
  1.580
  1.910
  2.220
  2.530
  2.820
  3.100
  3.370
  3.620
  3.870
  4.110
  4.330
  4.550
Adjusted equity ratio
  -0.723
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -195
  -87
  -64
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -63
  -67
  -72
  -77
  -82
  -87
  -93
  -99
  -106
  -113
  -120
  -128
  -136
  -144
  -153
  -163
  -173
  -183
  -194
  -206
Depreciation, amort., depletion, $m
  138
  74
  75
  76
  78
  79
  81
  82
  84
  86
  89
  63
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  140
  146
Funds from operations, $m
  124
  -13
  11
  10
  9
  8
  7
  6
  4
  3
  1
  0
  -2
  -4
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -34
  -38
  -42
  -46
  -50
  -55
  -59
Change in working capital, $m
  7
  -20
  -23
  -26
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
Cash from operations, $m
  117
  7
  34
  36
  39
  41
  43
  45
  47
  49
  50
  52
  54
  56
  57
  59
  61
  63
  64
  66
  68
  70
  72
  74
  76
  78
  80
  83
  85
  88
  90
Maintenance CAPEX, $m
  0
  -45
  -46
  -47
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -140
New CAPEX, $m
  -71
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
Cash from investing activities, $m
  -57
  -49
  -51
  -53
  -55
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -125
  -130
  -136
  -144
  -150
  -158
  -165
  -174
Free cash flow, $m
  60
  -41
  -17
  -16
  -16
  -16
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -47
  -50
  -54
  -59
  -63
  -68
  -73
  -78
  -83
Issuance/(repayment) of debt, $m
  152
  -670
  18
  21
  24
  26
  29
  31
  34
  36
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  71
  75
  79
  83
  87
  92
  97
  102
  107
  113
  119
Issuance/(repurchase) of shares, $m
  -125
  774
  66
  69
  71
  74
  77
  80
  84
  88
  92
  68
  72
  77
  82
  88
  94
  100
  106
  113
  121
  128
  137
  145
  154
  164
  174
  184
  195
  207
  219
Cash from financing (excl. dividends), $m  
  -15
  104
  84
  90
  95
  100
  106
  111
  118
  124
  131
  110
  117
  124
  132
  141
  151
  160
  169
  180
  192
  203
  216
  228
  241
  256
  271
  286
  302
  320
  338
Total cash flow (excl. dividends), $m
  38
  63
  68
  73
  79
  84
  90
  95
  101
  106
  112
  89
  95
  102
  108
  114
  121
  128
  136
  143
  151
  160
  169
  178
  187
  197
  208
  219
  230
  242
  254
Retained Cash Flow (-), $m
  205
  -774
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -68
  -72
  -77
  -82
  -88
  -94
  -100
  -106
  -113
  -121
  -128
  -137
  -145
  -154
  -164
  -174
  -184
  -195
  -207
  -219
Prev. year cash balance distribution, $m
 
  863
  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
 
  151
  1
  5
  8
  10
  13
  15
  17
  19
  20
  22
  23
  24
  26
  27
  28
  28
  29
  30
  31
  31
  32
  33
  33
  34
  34
  34
  35
  35
  35
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
 
  145
  1
  4
  6
  8
  9
  10
  11
  11
  11
  10
  10
  9
  9
  8
  7
  6
  5
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  46.5
  43.2
  40.2
  37.3
  34.6
  32.1
  29.7
  27.5
  25.4
  24.0
  22.7
  21.4
  20.1
  18.9
  17.8
  16.7
  15.6
  14.6
  13.6
  12.7
  11.9
  11.0
  10.3
  9.5
  8.9
  8.2
  7.6
  7.1
  6.5

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 -13.9
Price to Sales 0.9
Price to Book 10.3
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 58.9
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 31
Current Ratio 0
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 $3143 million for the last fiscal year's total revenue generated by Groupon. The default revenue input number comes from 2016 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 102.5%.

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 3.5% 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 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 GRPN are equal to 7.1%.

Life of production assets of 3.7 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 -31.3%. 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 - $264 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 555.283 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 $2.7 billion.

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COMPANY NEWS

▶ Nike Inc Stock Isnt Worth Buying Right Now   [Oct-20-17 12:45PM  InvestorPlace]
▶ 5 Reasons Groupon Is on Sale   [Oct-17-17 11:02AM  Barrons.com]
▶ Nike Flash Sale 'Unprecedented' As Teens Ditch Iconic Brand   [Oct-12-17 04:10PM  Investor's Business Daily]
▶ Groupon Falls As IAC, Angi Homeservices Rise On Broker's Note   [Oct-11-17 04:14PM  Investor's Business Daily]
▶ Why Groupon, Inc. Stock Rose 17.1% in September   [Oct-09-17 08:34AM  Motley Fool]
▶ Groupon inks deal with Viator to add experiences   [07:50AM  American City Business Journals]
▶ Groupon inks partnership with Viator to add more experiences   [Oct-05-17 01:20PM  American City Business Journals]
▶ Groupons Fundamental Analysis for Fiscal 2017   [07:41AM  Market Realist]
▶ Inside Groupons Groupon+   [10:40AM  Market Realist]
▶ A Look at Groupons Efficiency Status   [09:11AM  Market Realist]
▶ What Jennifer Carr-Smith Brings to Groupon   [03:45AM  Market Realist]
▶ Groupon Stock: How Long Can Rally Last?   [Oct-02-17 09:38AM  Investopedia]
▶ Why Groupon Shares Keep Rising   [Sep-29-17 05:58PM  Barrons.com]
▶ Deal of the Day: Will Groupon Get Acquired?   [Sep-21-17 07:42PM  Barrons.com]
▶ Alibabas Fundamental Analysis   [01:06PM  Market Realist]
▶ Groupon hires ex-Peapod leader   [Sep-12-17 03:55PM  American City Business Journals]
▶ ETFs with exposure to Groupon, Inc. : September 9, 2017   [Sep-09-17 12:31AM  Capital Cube]
▶ Groupon now offering discreet, couponless restaurant deals   [Sep-07-17 04:05PM  American City Business Journals]
▶ This Drove Groupon Stock in August   [Sep-05-17 01:36PM  Market Realist]
▶ ETFs with exposure to Groupon, Inc. : August 28, 2017   [Aug-28-17 05:26PM  Capital Cube]
▶ Groupon lays off 130 employees   [Aug-24-17 12:55PM  American City Business Journals]
▶ 3 More Top Retail Stocks Under $10   [12:34PM  Motley Fool]
▶ ETFs with exposure to Groupon, Inc. : August 18, 2017   [Aug-18-17 05:04PM  Capital Cube]
▶ Why Snap Incs (SNAP) Buyout Potential Isnt Worth the Hype   [Aug-10-17 11:11AM  InvestorPlace]
▶ Can Snap Inc (SNAP) Stock Be Saved?   [Aug-08-17 12:23PM  InvestorPlace]
▶ GrubHub Stock Soars to All-Time Highs   [Aug-07-17 05:37PM  Investopedia]
▶ [$$] Time to Grab GrubHub Stock   [08:13AM  Barrons.com]
▶ Why The Grubhub Deal With Yelp Solves A Big Problem For Both   [12:26PM  Investor's Business Daily]
▶ Groupon: Cramer's Top Takeaways   [06:38AM  TheStreet.com]
▶ Groupon reports 2Q loss   [09:40PM  Associated Press]
▶ Can Grubhub Submit Solid Earnings In A Crowded Food Market?   [04:22PM  Investor's Business Daily]
▶ Why Groupon Shares Are Hot Again   [03:58PM  Barrons.com]
▶ Is Now the Time to Start Buying Groupon?   [10:30AM  24/7 Wall St.]
▶ Grubhub, Groupon Partner On Food Delivery Services   [Aug-01-17 04:09PM  Investor's Business Daily]
Financial statements of GRPN
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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