Intrinsic value of Limelight Networks - LLNW

Previous Close

$4.96

  Intrinsic Value

$0.14

stock screener

  Rating & Target

str. sell

-97%

Previous close

$4.96

 
Intrinsic value

$0.14

 
Up/down potential

-97%

 
Rating

str. sell

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

We calculate the intrinsic value of LLNW 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 0.5

 

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, %
  -1.75
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
Revenue, $m
  168
  198
  231
  267
  305
  346
  390
  436
  485
  536
  589
  645
  704
  765
  828
  894
  962
  1,033
  1,107
  1,184
  1,264
  1,347
  1,433
  1,523
  1,617
  1,714
  1,816
  1,922
  2,032
  2,148
  2,268
Variable operating expenses, $m
 
  227
  264
  304
  346
  392
  440
  491
  546
  602
  662
  716
  781
  849
  919
  992
  1,068
  1,147
  1,229
  1,314
  1,403
  1,495
  1,591
  1,690
  1,794
  1,902
  2,015
  2,133
  2,255
  2,383
  2,517
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
  241
  227
  264
  304
  346
  392
  440
  491
  546
  602
  662
  716
  781
  849
  919
  992
  1,068
  1,147
  1,229
  1,314
  1,403
  1,495
  1,591
  1,690
  1,794
  1,902
  2,015
  2,133
  2,255
  2,383
  2,517
Operating income, $m
  -72
  -29
  -33
  -37
  -41
  -46
  -50
  -55
  -61
  -66
  -72
  -71
  -77
  -84
  -91
  -98
  -106
  -113
  -122
  -130
  -139
  -148
  -157
  -167
  -177
  -188
  -199
  -211
  -223
  -236
  -249
EBITDA, $m
  -52
  -15
  -17
  -20
  -23
  -26
  -29
  -32
  -36
  -40
  -44
  -48
  -52
  -57
  -61
  -66
  -71
  -77
  -82
  -88
  -94
  -100
  -106
  -113
  -120
  -127
  -135
  -142
  -151
  -159
  -168
Interest expense (income), $m
  1
  0
  13
  26
  41
  57
  74
  92
  112
  132
  153
  176
  199
  223
  249
  275
  302
  331
  361
  391
  423
  457
  491
  527
  565
  604
  644
  687
  731
  777
  825
Earnings before tax, $m
  -73
  -29
  -45
  -63
  -82
  -103
  -125
  -148
  -173
  -198
  -226
  -246
  -276
  -307
  -340
  -373
  -408
  -444
  -482
  -521
  -562
  -605
  -649
  -694
  -742
  -792
  -844
  -898
  -954
  -1,013
  -1,074
Tax expense, $m
  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
  0
Net income, $m
  -74
  -29
  -45
  -63
  -82
  -103
  -125
  -148
  -173
  -198
  -226
  -246
  -276
  -307
  -340
  -373
  -408
  -444
  -482
  -521
  -562
  -605
  -649
  -694
  -742
  -792
  -844
  -898
  -954
  -1,013
  -1,074

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  208
  167
  195
  225
  258
  293
  330
  369
  410
  453
  498
  546
  595
  646
  700
  756
  813
  874
  936
  1,001
  1,068
  1,139
  1,212
  1,288
  1,367
  1,449
  1,535
  1,624
  1,718
  1,815
  1,917
Adjusted assets (=assets-cash), $m
  142
  167
  195
  225
  258
  293
  330
  369
  410
  453
  498
  546
  595
  646
  700
  756
  813
  874
  936
  1,001
  1,068
  1,139
  1,212
  1,288
  1,367
  1,449
  1,535
  1,624
  1,718
  1,815
  1,917
Revenue / Adjusted assets
  1.183
  1.186
  1.185
  1.187
  1.182
  1.181
  1.182
  1.182
  1.183
  1.183
  1.183
  1.181
  1.183
  1.184
  1.183
  1.183
  1.183
  1.182
  1.183
  1.183
  1.184
  1.183
  1.182
  1.182
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
Average production assets, $m
  33
  39
  45
  52
  60
  68
  76
  85
  95
  105
  116
  127
  138
  150
  162
  175
  189
  203
  217
  232
  248
  264
  281
  299
  317
  336
  356
  377
  398
  421
  445
Working capital, $m
  57
  -11
  -12
  -14
  -16
  -19
  -21
  -24
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -122
Total debt, $m
  0
  13
  26
  41
  57
  74
  92
  112
  132
  153
  176
  199
  223
  249
  275
  302
  331
  361
  391
  423
  457
  491
  527
  565
  604
  644
  687
  731
  777
  825
  875
Total liabilities, $m
  71
  83
  96
  111
  127
  144
  162
  182
  202
  223
  246
  269
  293
  319
  345
  372
  401
  431
  461
  493
  527
  561
  597
  635
  674
  714
  757
  801
  847
  895
  945
Total equity, $m
  138
  85
  99
  114
  131
  148
  167
  187
  208
  230
  253
  277
  302
  328
  355
  383
  412
  443
  475
  507
  542
  577
  614
  653
  693
  735
  778
  824
  871
  920
  972
Total liabilities and equity, $m
  209
  168
  195
  225
  258
  292
  329
  369
  410
  453
  499
  546
  595
  647
  700
  755
  813
  874
  936
  1,000
  1,069
  1,138
  1,211
  1,288
  1,367
  1,449
  1,535
  1,625
  1,718
  1,815
  1,917
Debt-to-equity ratio
  0.000
  0.150
  0.270
  0.360
  0.440
  0.500
  0.550
  0.600
  0.640
  0.670
  0.700
  0.720
  0.740
  0.760
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
Adjusted equity ratio
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -74
  -29
  -45
  -63
  -82
  -103
  -125
  -148
  -173
  -198
  -226
  -246
  -276
  -307
  -340
  -373
  -408
  -444
  -482
  -521
  -562
  -605
  -649
  -694
  -742
  -792
  -844
  -898
  -954
  -1,013
  -1,074
Depreciation, amort., depletion, $m
  20
  15
  16
  17
  18
  20
  21
  23
  25
  27
  29
  23
  25
  27
  30
  32
  34
  37
  39
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  77
  81
Funds from operations, $m
  -1
  -15
  -30
  -46
  -64
  -83
  -103
  -125
  -148
  -172
  -197
  -223
  -251
  -280
  -310
  -341
  -374
  -408
  -443
  -479
  -517
  -557
  -598
  -640
  -685
  -731
  -779
  -829
  -881
  -936
  -993
Change in working capital, $m
  -8
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Cash from operations, $m
  7
  -13
  -28
  -44
  -62
  -81
  -101
  -122
  -145
  -169
  -194
  -220
  -248
  -277
  -307
  -338
  -370
  -404
  -439
  -475
  -513
  -552
  -593
  -635
  -680
  -726
  -773
  -823
  -876
  -930
  -987
Maintenance CAPEX, $m
  0
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -77
New CAPEX, $m
  -10
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -25
  -12
  -13
  -15
  -18
  -19
  -21
  -23
  -26
  -27
  -30
  -32
  -34
  -37
  -39
  -43
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -72
  -77
  -81
  -86
  -90
  -95
  -101
Free cash flow, $m
  -18
  -25
  -41
  -59
  -79
  -99
  -122
  -145
  -170
  -196
  -224
  -252
  -282
  -314
  -346
  -380
  -415
  -452
  -490
  -530
  -571
  -613
  -658
  -704
  -752
  -802
  -854
  -909
  -966
  -1,025
  -1,087
Issuance/(repayment) of debt, $m
  -5
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
Issuance/(repurchase) of shares, $m
  3
  42
  60
  78
  99
  120
  143
  168
  193
  220
  249
  270
  301
  333
  367
  401
  437
  475
  514
  554
  596
  640
  686
  733
  782
  834
  887
  943
  1,001
  1,062
  1,126
Cash from financing (excl. dividends), $m  
  -4
  55
  74
  93
  115
  137
  161
  187
  213
  241
  271
  293
  325
  358
  393
  428
  466
  505
  545
  586
  629
  675
  722
  770
  821
  875
  929
  987
  1,047
  1,110
  1,176
Total cash flow (excl. dividends), $m
  -23
  30
  32
  34
  36
  38
  40
  42
  44
  45
  47
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
Retained Cash Flow (-), $m
  60
  -42
  -60
  -78
  -99
  -120
  -143
  -168
  -193
  -220
  -249
  -270
  -301
  -333
  -367
  -401
  -437
  -475
  -514
  -554
  -596
  -640
  -686
  -733
  -782
  -834
  -887
  -943
  -1,001
  -1,062
  -1,126
Prev. year cash balance distribution, $m
 
  66
  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
 
  54
  -28
  -44
  -63
  -82
  -103
  -126
  -150
  -175
  -201
  -229
  -258
  -288
  -320
  -353
  -387
  -422
  -459
  -498
  -537
  -579
  -622
  -667
  -713
  -762
  -812
  -865
  -920
  -977
  -1,037
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
 
  51
  -25
  -39
  -52
  -64
  -75
  -85
  -94
  -100
  -106
  -109
  -110
  -110
  -107
  -104
  -98
  -92
  -85
  -77
  -68
  -60
  -52
  -44
  -36
  -30
  -24
  -19
  -14
  -11
  -8
Current shareholders' claim on cash, %
  100
  87.0
  73.8
  61.4
  50.3
  40.8
  32.7
  26.1
  20.6
  16.2
  12.7
  10.0
  7.8
  6.1
  4.8
  3.7
  2.9
  2.2
  1.7
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1

Limelight Networks, Inc. operates a distributed network and provides a suite of integrated services marketed as the Limelight Orchestrate Platform. The Company is engaged in providing content delivery and related services and solutions for global businesses to help them deliver their digital content across Internet, mobile, and social channels. Its services include content delivery services, mobile delivery services, video content management services, performance services, cloud-based storage services and cloud-based content security services. Its solutions include software and device manufacturers, media and broadcasters, and gaming. Limelight services incorporate content and application security, file management, video transformation, distributed storage functionality, and the analytics and reporting associated with them. The Company operates in three geographic areas: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific.

FINANCIAL RATIOS  of  Limelight Networks (LLNW)

Valuation Ratios
P/E Ratio -7.2
Price to Sales 3.2
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 75.9
Price to Free Cash Flow -177
Growth Rates
Sales Growth Rate -1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -12%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -72
Management Effectiveness
Return On Assets -33.6%
Ret/ On Assets - 3 Yr. Avg. -17.9%
Return On Total Capital -43.8%
Ret/ On T. Cap. - 3 Yr. Avg. -22.2%
Return On Equity -44%
Return On Equity - 3 Yr. Avg. -22.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 40.3%
EBITDA Margin -31%
EBITDA Margin - 3 Yr. Avg. -11.9%
Operating Margin -43.5%
Oper. Margin - 3 Yr. Avg. -25.1%
Pre-Tax Margin -43.5%
Pre-Tax Margin - 3 Yr. Avg. -24.3%
Net Profit Margin -44%
Net Profit Margin - 3 Yr. Avg. -24.5%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. -0.5%
Payout Ratio 0%

LLNW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LLNW stock intrinsic value calculation we used $168 million for the last fiscal year's total revenue generated by Limelight Networks. The default revenue input number comes from 2016 income statement of Limelight Networks. 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 LLNW stock valuation model: a) initial revenue growth rate of 17.9% 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 LLNW is calculated based on our internal credit rating of Limelight Networks, 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 Limelight Networks.
    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 LLNW stock the variable cost ratio is equal to 115.5%.

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 LLNW 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 100% for Limelight Networks.

Corporate tax rate of 27% is the nominal tax rate for Limelight Networks. 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 LLNW 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 LLNW are equal to 19.6%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Limelight Networks 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 LLNW is equal to -5.4%. 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 - $138 million for Limelight Networks - 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 109.248 million for Limelight Networks 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 Limelight Networks at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
AKAM Akamai Technol 51.87 41.93  hold
AMZN Amazon.com 982.91 534.47  sell
SHSP SharpSpring 4.50 0.42  str.sell
LVLT Level 3 Commun 53.51 27.49  sell
CRM Salesforce.com 98.90 91.90  hold
T AT&T 35.54 38.64  hold
VZ Verizon Commun 49.53 42.87  hold

COMPANY NEWS

▶ Limelight Networks reports 3Q loss   [Oct-18-17 04:11PM  Associated Press]
▶ Is There Now An Opportunity In Limelight Networks Inc (LLNW)?   [Sep-19-17 04:09PM  Simply Wall St.]
▶ Why Limelight Networks, Inc. Shares Rose 18% in July   [Aug-07-17 03:10PM  Motley Fool]
▶ Limelight Networks reports 2Q loss   [Jul-26-17 10:46PM  Associated Press]
▶ Why Limelight Networks, Inc. Stock Rose 22% in April   [May-10-17 06:43PM  Motley Fool]
▶ Limelight Networks reports highest revenue in 16 quarters   [Apr-25-17 05:35PM  American City Business Journals]
▶ Limelight Networks reports 1Q loss   [Apr-24-17 04:32PM  Associated Press]
▶ How Limelight Networks, Inc. Rose 15% in March   [Apr-05-17 07:31PM  Motley Fool]
▶ Why Limelight Networks, Inc. Stock Popped Today   [Mar-16-17 10:56PM  Motley Fool]
▶ How Limelight Networks, Inc. Gained 75% in 2016   [Jan-17-17 09:44AM  at Motley Fool]
▶ Why Limelight Networks, Inc. Stock Popped 18.9% in December   [Jan-03-17 05:37PM  at Motley Fool]
▶ How Limelight Networks, Inc. (LLNW) Stacks Up Against Its Peers   [Dec-12-16 08:19PM  at Insider Monkey]
▶ NeuStar sees big opportunity in massive cyber attacks   [Oct-31-16 03:33PM  at bizjournals.com]
Financial statements of LLNW
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.