Intrinsic value of Information Services Group - III

Previous Close

$4.24

  Intrinsic Value

$15.67

stock screener

  Rating & Target

str. buy

+270%

Previous close

$4.24

 
Intrinsic value

$15.67

 
Up/down potential

+270%

 
Rating

str. buy

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

We calculate the intrinsic value of III 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Information Services Group (III) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  3.83
  30.80
  28.22
  25.90
  23.81
  21.93
  20.23
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
Revenue, $m
  217
  284
  364
  458
  567
  692
  832
  987
  1,158
  1,345
  1,547
  1,763
  1,994
  2,239
  2,498
  2,770
  3,056
  3,355
  3,667
  3,992
  4,331
  4,683
  5,050
  5,430
  5,826
  6,237
  6,665
  7,109
  7,571
  8,052
  8,552
Variable operating expenses, $m
 
  270
  343
  430
  530
  644
  773
  916
  1,074
  1,245
  1,431
  1,621
  1,833
  2,059
  2,296
  2,547
  2,809
  3,084
  3,371
  3,670
  3,982
  4,306
  4,642
  4,993
  5,356
  5,734
  6,127
  6,536
  6,961
  7,403
  7,863
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
  219
  270
  343
  430
  530
  644
  773
  916
  1,074
  1,245
  1,431
  1,621
  1,833
  2,059
  2,296
  2,547
  2,809
  3,084
  3,371
  3,670
  3,982
  4,306
  4,642
  4,993
  5,356
  5,734
  6,127
  6,536
  6,961
  7,403
  7,863
Operating income, $m
  -3
  14
  21
  28
  37
  47
  58
  71
  85
  100
  116
  142
  161
  181
  201
  223
  246
  270
  296
  322
  349
  378
  407
  438
  470
  503
  537
  573
  610
  649
  690
EBITDA, $m
  5
  26
  34
  42
  52
  64
  77
  91
  107
  124
  143
  162
  184
  206
  230
  255
  282
  309
  338
  368
  399
  432
  465
  500
  537
  575
  614
  655
  698
  742
  788
Interest expense (income), $m
  2
  4
  6
  8
  11
  14
  17
  21
  25
  30
  35
  41
  47
  53
  60
  67
  75
  83
  91
  100
  109
  118
  128
  138
  149
  160
  171
  183
  195
  208
  221
Earnings before tax, $m
  -5
  10
  15
  20
  26
  33
  41
  50
  59
  70
  81
  101
  114
  127
  141
  156
  172
  188
  205
  222
  240
  259
  279
  300
  321
  343
  366
  390
  415
  441
  468
Tax expense, $m
  1
  3
  4
  5
  7
  9
  11
  13
  16
  19
  22
  27
  31
  34
  38
  42
  46
  51
  55
  60
  65
  70
  75
  81
  87
  93
  99
  105
  112
  119
  126
Net income, $m
  -7
  7
  11
  15
  19
  24
  30
  36
  43
  51
  59
  74
  83
  93
  103
  114
  125
  137
  149
  162
  176
  189
  204
  219
  234
  251
  267
  285
  303
  322
  342

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  235
  263
  337
  424
  525
  640
  770
  914
  1,073
  1,245
  1,432
  1,633
  1,846
  2,073
  2,313
  2,565
  2,829
  3,106
  3,395
  3,696
  4,010
  4,336
  4,676
  5,028
  5,394
  5,775
  6,171
  6,582
  7,010
  7,455
  7,919
Adjusted assets (=assets-cash), $m
  201
  263
  337
  424
  525
  640
  770
  914
  1,073
  1,245
  1,432
  1,633
  1,846
  2,073
  2,313
  2,565
  2,829
  3,106
  3,395
  3,696
  4,010
  4,336
  4,676
  5,028
  5,394
  5,775
  6,171
  6,582
  7,010
  7,455
  7,919
Revenue / Adjusted assets
  1.080
  1.080
  1.080
  1.080
  1.080
  1.081
  1.081
  1.080
  1.079
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
Average production assets, $m
  28
  37
  47
  59
  73
  89
  107
  127
  149
  174
  200
  227
  257
  289
  322
  357
  394
  433
  473
  515
  559
  604
  651
  701
  752
  805
  860
  917
  977
  1,039
  1,103
Working capital, $m
  54
  34
  44
  55
  68
  83
  100
  118
  139
  161
  186
  212
  239
  269
  300
  332
  367
  403
  440
  479
  520
  562
  606
  652
  699
  748
  800
  853
  909
  966
  1,026
Total debt, $m
  122
  169
  232
  307
  394
  492
  603
  726
  862
  1,010
  1,170
  1,341
  1,524
  1,719
  1,924
  2,140
  2,366
  2,603
  2,850
  3,108
  3,377
  3,656
  3,946
  4,248
  4,562
  4,888
  5,226
  5,579
  5,945
  6,326
  6,722
Total liabilities, $m
  178
  225
  288
  363
  450
  548
  659
  782
  918
  1,066
  1,226
  1,397
  1,580
  1,775
  1,980
  2,196
  2,422
  2,659
  2,906
  3,164
  3,433
  3,712
  4,002
  4,304
  4,618
  4,944
  5,282
  5,635
  6,001
  6,382
  6,778
Total equity, $m
  57
  38
  49
  61
  76
  92
  111
  132
  154
  179
  206
  235
  266
  299
  333
  369
  407
  447
  489
  532
  577
  624
  673
  724
  777
  832
  889
  948
  1,009
  1,074
  1,140
Total liabilities and equity, $m
  235
  263
  337
  424
  526
  640
  770
  914
  1,072
  1,245
  1,432
  1,632
  1,846
  2,074
  2,313
  2,565
  2,829
  3,106
  3,395
  3,696
  4,010
  4,336
  4,675
  5,028
  5,395
  5,776
  6,171
  6,583
  7,010
  7,456
  7,918
Debt-to-equity ratio
  2.140
  4.460
  4.790
  5.030
  5.200
  5.340
  5.440
  5.520
  5.580
  5.630
  5.670
  5.710
  5.730
  5.760
  5.780
  5.790
  5.810
  5.820
  5.830
  5.840
  5.850
  5.850
  5.860
  5.870
  5.870
  5.880
  5.880
  5.890
  5.890
  5.890
  5.900
Adjusted equity ratio
  0.114
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  7
  11
  15
  19
  24
  30
  36
  43
  51
  59
  74
  83
  93
  103
  114
  125
  137
  149
  162
  176
  189
  204
  219
  234
  251
  267
  285
  303
  322
  342
Depreciation, amort., depletion, $m
  8
  12
  13
  14
  15
  17
  18
  20
  22
  24
  26
  20
  23
  26
  29
  32
  35
  39
  42
  46
  50
  54
  58
  63
  67
  72
  77
  82
  87
  93
  99
Funds from operations, $m
  15
  19
  24
  29
  34
  41
  48
  56
  65
  75
  85
  94
  106
  119
  132
  146
  160
  176
  192
  208
  225
  243
  262
  281
  301
  322
  344
  367
  390
  415
  440
Change in working capital, $m
  4
  8
  10
  11
  13
  15
  17
  19
  21
  22
  24
  26
  28
  29
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
Cash from operations, $m
  11
  11
  14
  17
  21
  26
  31
  38
  45
  53
  61
  68
  78
  89
  101
  113
  126
  140
  154
  169
  185
  201
  218
  236
  254
  273
  293
  313
  335
  357
  380
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -29
  -32
  -35
  -39
  -42
  -46
  -50
  -54
  -58
  -63
  -67
  -72
  -77
  -82
  -87
  -93
New CAPEX, $m
  -2
  -9
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
Cash from investing activities, $m
  -58
  -12
  -13
  -16
  -19
  -23
  -26
  -30
  -33
  -37
  -41
  -46
  -50
  -55
  -59
  -64
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -114
  -120
  -127
  -134
  -142
  -149
  -158
Free cash flow, $m
  -47
  0
  0
  1
  2
  3
  5
  8
  11
  15
  20
  22
  28
  35
  42
  49
  57
  66
  75
  85
  95
  106
  117
  128
  140
  153
  166
  179
  193
  208
  223
Issuance/(repayment) of debt, $m
  67
  53
  63
  75
  86
  99
  111
  123
  136
  148
  160
  172
  183
  194
  205
  216
  226
  237
  247
  258
  268
  279
  290
  302
  314
  326
  339
  352
  366
  381
  397
Issuance/(repurchase) of shares, $m
  1
  1
  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  
  64
  54
  63
  75
  86
  99
  111
  123
  136
  148
  160
  172
  183
  194
  205
  216
  226
  237
  247
  258
  268
  279
  290
  302
  314
  326
  339
  352
  366
  381
  397
Total cash flow (excl. dividends), $m
  17
  55
  64
  76
  88
  102
  116
  131
  147
  163
  180
  194
  211
  229
  247
  265
  284
  303
  323
  343
  364
  385
  407
  430
  454
  479
  505
  532
  560
  589
  620
Retained Cash Flow (-), $m
  -11
  -9
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
Prev. year cash balance distribution, $m
 
  28
  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
 
  74
  53
  63
  74
  85
  98
  111
  124
  138
  153
  165
  180
  196
  212
  229
  246
  263
  281
  299
  318
  338
  358
  379
  401
  424
  448
  472
  498
  525
  553
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  68
  44
  48
  50
  51
  51
  50
  48
  45
  41
  37
  32
  28
  24
  20
  16
  12
  10
  7
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6
  98.6

Information Services Group, Inc. is a technology insights, market intelligence and advisory services company. The Company operates in the segment of fact-based sourcing advisory services. It supports private and public sector organizations to transform and optimize their operational environments through research, benchmarking, consulting and managed services with a focus on information technology, business process transformation, program management services and enterprise resource planning. It offers service lines, including research, consulting, managed services, network carrier services, robotic process automation (RPA), outsourcing advisory and provider services. It specializes in digital transformation services, including automation, cloud and data analytics; managed governance and risk services; network carrier services; technology strategy and operations design; change management, and technology research and analysis.

FINANCIAL RATIOS  of  Information Services Group (III)

Valuation Ratios
P/E Ratio -25.5
Price to Sales 0.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 19.9
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 203.5%
Total Debt to Equity 214%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.5%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital -5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity -13.6%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 38.7%
Gross Margin - 3 Yr. Avg. 40%
EBITDA Margin 2.3%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. 3.2%
Pre-Tax Margin -2.3%
Pre-Tax Margin - 3 Yr. Avg. 2.1%
Net Profit Margin -3.2%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate -20%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 0%

III stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the III stock intrinsic value calculation we used $217 million for the last fiscal year's total revenue generated by Information Services Group. The default revenue input number comes from 2016 income statement of Information Services Group. 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 III stock valuation model: a) initial revenue growth rate of 30.8% 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 9%, whose default value for III is calculated based on our internal credit rating of Information Services Group, 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 Information Services Group.
    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 III stock the variable cost ratio is equal to 95.9%.

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 III 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 Information Services Group.

Corporate tax rate of 27% is the nominal tax rate for Information Services Group. 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 III 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 III are equal to 12.9%.

Life of production assets of 11.2 years is the average useful life of capital assets used in Information Services Group 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 III is equal to 12%. 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 - $57 million for Information Services Group - 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 43.818 million for Information Services Group 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 Information Services Group at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ ISG Releases First Client-Facing Mobile App: ISG Impact   [Feb-19-18 09:30AM  PR Newswire]
▶ ISG Event Explores Digital Evolution of the Workplace   [Feb-08-18 11:33AM  PR Newswire]
▶ Asia Pacific Sourcing Market Hits All-Time High   [Feb-07-18 07:02PM  PR Newswire]
▶ Next-Gen Banking the Focus of ISG Webinar on January 31   [Jan-26-18 10:10AM  PR Newswire]
▶ ISG Hosts January 24 Webinar on Fast Tracking RPA in HR   [Jan-23-18 12:06PM  PR Newswire]
▶ Cloud Market Evolving Rapidly, Says ISG Research Report   [Jan-19-18 09:00AM  PR Newswire]
▶ Opening Bell, December 13, 2107   [Dec-13-17 09:30AM  CNBC Videos]
▶ ISG to Ring Nasdaq Opening Bell   [07:00AM  PR Newswire]
▶ Shift to Public Cloud Accelerating, ISG Research Says   [Dec-08-17 09:40AM  PR Newswire]
▶ Information Services Group, Inc. to Host Earnings Call   [Nov-09-17 07:10AM  ACCESSWIRE]
▶ ISG beats 3Q profit forecasts   [Nov-08-17 07:16PM  Associated Press]
▶ ISG Index: As-a-Service Sourcing Reaches New Highs in 3Q   [Oct-11-17 10:00AM  PR Newswire]
▶ ISG to Host Webinar on Digital Supplier Management   [Sep-07-17 02:54PM  PR Newswire]
▶ ISG Launches New Research Series on Service Providers   [Aug-08-17 11:39AM  PR Newswire]
▶ ISG reports 2Q loss   [Aug-07-17 11:58PM  Associated Press]
▶ ISG Focus Paper Explores 'Irrational Digital Exuberance'   [Jul-07-17 09:33AM  PR Newswire]
▶ ISG to Host Inaugural ISG Automation Summit   [Jul-05-17 09:00AM  PR Newswire]
▶ ISG Research: Automation and AI Use to Triple by 2019   [Jun-12-17 09:00AM  PR Newswire]
▶ ISG to Host 2017 Digital Business Summit Series   [May-30-17 12:01PM  PR Newswire]
▶ ISG Named HRO Today 'Thought Leader of the Year'   [May-10-17 11:47AM  PR Newswire]
▶ ISG reports 1Q loss   [May-08-17 04:45PM  Associated Press]
▶ ISG: RPA Increasing Productivity, Not Job Losses   [May-03-17 10:28AM  PR Newswire]
▶ ISG Report Evaluates FAO Providers Based on Buyer Needs   [Mar-31-17 11:00AM  PR Newswire]
▶ ISG Hosts April 4 Webinar on Robotic Process Automation   [Mar-22-17 02:24PM  PR Newswire]
▶ ISG Recognized for Role in Establishing ZF Tech Center   [Mar-14-17 12:34PM  PR Newswire]
▶ ISG reports 4Q loss   [05:02AM  Associated Press]
Financial statements of III
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