Intrinsic value of Houghton Mifflin Harcourt - HMHC

Previous Close

$11.40

  Intrinsic Value

$0.31

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

-56%

Previous close

$11.40

 
Intrinsic value

$0.31

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

-56%

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

We calculate the intrinsic value of HMHC 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 1.4

 

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, %
  -3.04
  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
  1,373
  1,400
  1,433
  1,469
  1,511
  1,557
  1,607
  1,662
  1,721
  1,785
  1,853
  1,926
  2,005
  2,088
  2,176
  2,270
  2,370
  2,475
  2,586
  2,704
  2,828
  2,959
  3,098
  3,243
  3,397
  3,559
  3,729
  3,908
  4,097
  4,295
  4,504
Variable operating expenses, $m
 
  1,517
  1,550
  1,587
  1,630
  1,677
  1,729
  1,785
  1,846
  1,911
  1,981
  1,978
  2,059
  2,144
  2,235
  2,331
  2,434
  2,542
  2,656
  2,777
  2,905
  3,039
  3,181
  3,331
  3,489
  3,655
  3,829
  4,014
  4,207
  4,411
  4,625
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
  1,683
  1,517
  1,550
  1,587
  1,630
  1,677
  1,729
  1,785
  1,846
  1,911
  1,981
  1,978
  2,059
  2,144
  2,235
  2,331
  2,434
  2,542
  2,656
  2,777
  2,905
  3,039
  3,181
  3,331
  3,489
  3,655
  3,829
  4,014
  4,207
  4,411
  4,625
Operating income, $m
  -311
  -116
  -117
  -118
  -119
  -120
  -122
  -123
  -125
  -126
  -128
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -87
  -92
  -96
  -101
  -105
  -110
  -116
  -121
EBITDA, $m
  -13
  146
  149
  153
  157
  162
  167
  173
  179
  186
  193
  200
  209
  217
  226
  236
  247
  258
  269
  281
  294
  308
  322
  338
  354
  370
  388
  407
  426
  447
  469
Interest expense (income), $m
  35
  34
  36
  38
  40
  43
  46
  49
  52
  55
  59
  63
  68
  73
  78
  83
  89
  95
  101
  108
  115
  122
  130
  139
  147
  157
  167
  177
  188
  199
  211
Earnings before tax, $m
  -350
  -150
  -153
  -156
  -159
  -163
  -167
  -172
  -177
  -182
  -188
  -115
  -122
  -129
  -136
  -144
  -153
  -161
  -171
  -181
  -191
  -202
  -214
  -226
  -239
  -253
  -267
  -282
  -298
  -315
  -332
Tax expense, $m
  -65
  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
  -285
  -150
  -153
  -156
  -159
  -163
  -167
  -172
  -177
  -182
  -188
  -115
  -122
  -129
  -136
  -144
  -153
  -161
  -171
  -181
  -191
  -202
  -214
  -226
  -239
  -253
  -267
  -282
  -298
  -315
  -332

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  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
  2,731
  2,474
  2,531
  2,596
  2,669
  2,750
  2,839
  2,936
  3,040
  3,153
  3,274
  3,404
  3,542
  3,689
  3,845
  4,011
  4,187
  4,373
  4,570
  4,777
  4,997
  5,229
  5,473
  5,730
  6,002
  6,287
  6,588
  6,905
  7,238
  7,589
  7,957
Adjusted assets (=assets-cash), $m
  2,424
  2,474
  2,531
  2,596
  2,669
  2,750
  2,839
  2,936
  3,040
  3,153
  3,274
  3,404
  3,542
  3,689
  3,845
  4,011
  4,187
  4,373
  4,570
  4,777
  4,997
  5,229
  5,473
  5,730
  6,002
  6,287
  6,588
  6,905
  7,238
  7,589
  7,957
Revenue / Adjusted assets
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
Average production assets, $m
  1,205
  1,230
  1,258
  1,290
  1,327
  1,367
  1,411
  1,459
  1,511
  1,567
  1,627
  1,691
  1,760
  1,833
  1,911
  1,993
  2,081
  2,173
  2,271
  2,374
  2,483
  2,598
  2,720
  2,848
  2,983
  3,125
  3,274
  3,431
  3,597
  3,771
  3,954
Working capital, $m
  201
  -99
  -102
  -104
  -107
  -111
  -114
  -118
  -122
  -127
  -132
  -137
  -142
  -148
  -155
  -161
  -168
  -176
  -184
  -192
  -201
  -210
  -220
  -230
  -241
  -253
  -265
  -277
  -291
  -305
  -320
Total debt, $m
  773
  802
  846
  895
  951
  1,012
  1,080
  1,153
  1,233
  1,318
  1,410
  1,509
  1,614
  1,725
  1,844
  1,970
  2,104
  2,245
  2,395
  2,553
  2,720
  2,896
  3,081
  3,277
  3,483
  3,700
  3,929
  4,170
  4,423
  4,689
  4,970
Total liabilities, $m
  1,851
  1,880
  1,924
  1,973
  2,029
  2,090
  2,158
  2,231
  2,311
  2,396
  2,488
  2,587
  2,692
  2,803
  2,922
  3,048
  3,182
  3,323
  3,473
  3,631
  3,798
  3,974
  4,159
  4,355
  4,561
  4,778
  5,007
  5,248
  5,501
  5,767
  6,048
Total equity, $m
  880
  594
  607
  623
  641
  660
  681
  705
  730
  757
  786
  817
  850
  885
  923
  963
  1,005
  1,049
  1,097
  1,147
  1,199
  1,255
  1,313
  1,375
  1,440
  1,509
  1,581
  1,657
  1,737
  1,821
  1,910
Total liabilities and equity, $m
  2,731
  2,474
  2,531
  2,596
  2,670
  2,750
  2,839
  2,936
  3,041
  3,153
  3,274
  3,404
  3,542
  3,688
  3,845
  4,011
  4,187
  4,372
  4,570
  4,778
  4,997
  5,229
  5,472
  5,730
  6,001
  6,287
  6,588
  6,905
  7,238
  7,588
  7,958
Debt-to-equity ratio
  0.878
  1.350
  1.390
  1.440
  1.480
  1.530
  1.580
  1.640
  1.690
  1.740
  1.790
  1.850
  1.900
  1.950
  2.000
  2.050
  2.090
  2.140
  2.180
  2.230
  2.270
  2.310
  2.350
  2.380
  2.420
  2.450
  2.480
  2.520
  2.550
  2.570
  2.600
Adjusted equity ratio
  0.236
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -285
  -150
  -153
  -156
  -159
  -163
  -167
  -172
  -177
  -182
  -188
  -115
  -122
  -129
  -136
  -144
  -153
  -161
  -171
  -181
  -191
  -202
  -214
  -226
  -239
  -253
  -267
  -282
  -298
  -315
  -332
Depreciation, amort., depletion, $m
  298
  262
  266
  271
  276
  282
  289
  296
  304
  312
  321
  252
  263
  274
  285
  298
  311
  324
  339
  354
  371
  388
  406
  425
  445
  466
  489
  512
  537
  563
  590
Funds from operations, $m
  188
  111
  113
  115
  117
  119
  122
  124
  127
  130
  134
  137
  141
  145
  149
  153
  158
  163
  168
  174
  179
  186
  192
  199
  206
  214
  222
  230
  239
  248
  258
Change in working capital, $m
  44
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
Cash from operations, $m
  144
  113
  115
  117
  120
  122
  125
  128
  131
  135
  138
  142
  146
  151
  155
  160
  165
  170
  176
  182
  188
  195
  202
  209
  217
  225
  234
  243
  252
  262
  273
Maintenance CAPEX, $m
  0
  -180
  -184
  -188
  -193
  -198
  -204
  -211
  -218
  -226
  -234
  -243
  -252
  -263
  -274
  -285
  -298
  -311
  -324
  -339
  -354
  -371
  -388
  -406
  -425
  -445
  -466
  -489
  -512
  -537
  -563
New CAPEX, $m
  -230
  -25
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -166
  -174
  -183
Cash from investing activities, $m
  -114
  -205
  -212
  -220
  -229
  -238
  -248
  -259
  -270
  -282
  -294
  -307
  -321
  -336
  -352
  -367
  -385
  -403
  -422
  -442
  -463
  -486
  -509
  -534
  -560
  -587
  -615
  -646
  -678
  -711
  -746
Free cash flow, $m
  30
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
  -147
  -156
  -165
  -175
  -185
  -196
  -208
  -220
  -233
  -246
  -260
  -275
  -291
  -307
  -325
  -343
  -362
  -382
  -403
  -426
  -449
  -474
Issuance/(repayment) of debt, $m
  -8
  37
  43
  49
  56
  62
  67
  73
  80
  86
  92
  98
  105
  112
  119
  126
  134
  141
  150
  158
  167
  176
  186
  196
  206
  217
  229
  241
  253
  266
  280
Issuance/(repurchase) of shares, $m
  -28
  163
  167
  172
  177
  182
  188
  195
  202
  209
  217
  146
  155
  164
  174
  184
  195
  206
  218
  231
  244
  258
  272
  288
  304
  321
  339
  358
  378
  399
  421
Cash from financing (excl. dividends), $m  
  -38
  200
  210
  221
  233
  244
  255
  268
  282
  295
  309
  244
  260
  276
  293
  310
  329
  347
  368
  389
  411
  434
  458
  484
  510
  538
  568
  599
  631
  665
  701
Total cash flow (excl. dividends), $m
  -8
  110
  113
  118
  123
  128
  133
  138
  143
  148
  153
  80
  85
  91
  97
  102
  109
  115
  121
  128
  136
  143
  151
  159
  167
  176
  186
  195
  206
  216
  228
Retained Cash Flow (-), $m
  318
  -163
  -167
  -172
  -177
  -182
  -188
  -195
  -202
  -209
  -217
  -146
  -155
  -164
  -174
  -184
  -195
  -206
  -218
  -231
  -244
  -258
  -272
  -288
  -304
  -321
  -339
  -358
  -378
  -399
  -421
Prev. year cash balance distribution, $m
 
  299
  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
 
  245
  -53
  -53
  -53
  -54
  -55
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -82
  -86
  -91
  -97
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -154
  -163
  -172
  -183
  -193
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  231
  -47
  -43
  -40
  -37
  -35
  -32
  -30
  -27
  -25
  -23
  -20
  -18
  -16
  -14
  -12
  -10
  -9
  -7
  -6
  -4
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.1
  72.4
  61.5
  52.3
  44.4
  37.7
  31.9
  27.1
  23.0
  19.5
  17.5
  15.6
  13.9
  12.4
  11.0
  9.8
  8.7
  7.7
  6.8
  6.0
  5.3
  4.7
  4.1
  3.6
  3.2
  2.8
  2.4
  2.1
  1.9
  1.6

Houghton Mifflin Harcourt Company (HMH) is a global learning company, specializing in education solutions across a range of media. The Company operates through two segments: Education and Trade Publishing. As of December 31, 2016, the Company delivered content, services and technology to both educational institutions and consumers, reaching over 50 million students in approximately 150 countries across the world. It sells its products and services across multiple media and distribution channels. Its Education segment provides educational content, services and technology solutions to meet the diverse needs of classrooms. Its Trade Publishing segment develops, markets and sells consumer books in print and digital formats, and licenses book rights to other publishers and electronic businesses in the United States and abroad.

FINANCIAL RATIOS  of  Houghton Mifflin Harcourt (HMHC)

Valuation Ratios
P/E Ratio -4.9
Price to Sales 1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow -16.3
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio 38
Current Ratio 0
LT Debt to Equity 86.9%
Total Debt to Equity 87.8%
Interest Coverage -9
Management Effectiveness
Return On Assets -8.8%
Ret/ On Assets - 3 Yr. Avg. -5.3%
Return On Total Capital -15.7%
Ret/ On T. Cap. - 3 Yr. Avg. -9.3%
Return On Equity -27.4%
Return On Equity - 3 Yr. Avg. -14.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 41.1%
EBITDA Margin -1.2%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin -22.6%
Oper. Margin - 3 Yr. Avg. -12.4%
Pre-Tax Margin -25.5%
Pre-Tax Margin - 3 Yr. Avg. -14.7%
Net Profit Margin -20.8%
Net Profit Margin - 3 Yr. Avg. -12.8%
Effective Tax Rate 18.6%
Eff/ Tax Rate - 3 Yr. Avg. 8.6%
Payout Ratio 0%

HMHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HMHC stock intrinsic value calculation we used $1373 million for the last fiscal year's total revenue generated by Houghton Mifflin Harcourt. The default revenue input number comes from 2016 income statement of Houghton Mifflin Harcourt. 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 HMHC 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 6.3%, whose default value for HMHC is calculated based on our internal credit rating of Houghton Mifflin Harcourt, 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 Houghton Mifflin Harcourt.
    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 HMHC stock the variable cost ratio is equal to 108.4%.

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 HMHC 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 4.5% for Houghton Mifflin Harcourt.

Corporate tax rate of 27% is the nominal tax rate for Houghton Mifflin Harcourt. 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 HMHC 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 HMHC are equal to 87.8%.

Life of production assets of 6.7 years is the average useful life of capital assets used in Houghton Mifflin Harcourt 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 HMHC is equal to -7.1%. 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 - $880 million for Houghton Mifflin Harcourt - 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 123.618 million for Houghton Mifflin Harcourt 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 Houghton Mifflin Harcourt at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Houghton Mifflin reports 2Q loss   [Aug-03-17 10:33PM  Associated Press]
▶ Publisher Houghton Mifflin may see gains -Barron's   [May-14-17 07:44PM  Reuters]
▶ [$$] Better Chapter Ahead For Houghton Mifflin   [May-13-17 12:29AM  Barrons.com]
▶ Why Shares of Houghton Mifflin Harcourt Surged Today   [May-04-17 01:26PM  Motley Fool]
▶ Houghton Mifflin reports 1Q loss   [08:37AM  Associated Press]
▶ Houghton Mifflin plans to cut hundreds of employees   [Apr-19-17 03:30PM  American City Business Journals]
▶ 5 companies on the radar of a top stock buyback expert   [Mar-21-17 05:18AM  MarketWatch]
▶ Houghton Mifflin reports 4Q loss   [08:05AM  Associated Press]
▶ Houghton Mifflin Harcourt recruits new CEO from Google-backed firm   [Feb-15-17 03:05PM  at bizjournals.com]
▶ FPA Capital Funds Best and Worst Performers From Q4   [Feb-08-17 12:34PM  at Insider Monkey]
▶ [$$] For Large Stock Gains, Think Small   [Dec-17-16 12:01AM  at Barrons.com]
▶ Hedge Funds Are Dumping Houghton Mifflin Harcourt Co (HMHC)   [Dec-09-16 08:44AM  at Insider Monkey]
Financial statements of HMHC
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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