Intrinsic value of MIND C.T.I. - MNDO

Previous Close

$2.81

  Intrinsic Value

$4.22

stock screener

  Rating & Target

str. buy

+50%

  Value-price divergence*

-30%

Previous close

$2.81

 
Intrinsic value

$4.22

 
Up/down potential

+50%

 
Rating

str. buy

 
Value-price divergence*

-30%

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

We calculate the intrinsic value of MNDO 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 0.1

 

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, %
  -14.29
  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
  18
  18
  19
  19
  20
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Variable operating expenses, $m
 
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
Fixed operating expenses, $m
 
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  19
  20
  21
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
Operating income, $m
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
EBITDA, $m
  5
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
Interest expense (income), $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
  1
  1
  1
Earnings before tax, $m
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
Tax expense, $m
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
Net income, $m
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  29
  10
  10
  11
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
Adjusted assets (=assets-cash), $m
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
Revenue / Adjusted assets
  1.800
  1.800
  1.900
  1.727
  1.818
  1.818
  1.750
  1.833
  1.769
  1.769
  1.846
  1.786
  1.733
  1.800
  1.813
  1.765
  1.824
  1.778
  1.789
  1.750
  1.762
  1.773
  1.783
  1.792
  1.800
  1.808
  1.815
  1.821
  1.800
  1.806
  1.788
Average production assets, $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
  0
Working capital, $m
  16
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
Total debt, $m
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
Total liabilities, $m
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Total equity, $m
  21
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
Total liabilities and equity, $m
  29
  10
  10
  11
  11
  11
  11
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  20
  20
  21
  23
  24
  25
  26
  27
  29
  30
  31
  33
Debt-to-equity ratio
  0.000
  0.080
  0.170
  0.260
  0.360
  0.470
  0.580
  0.690
  0.810
  0.920
  1.040
  1.150
  1.260
  1.370
  1.480
  1.580
  1.680
  1.780
  1.880
  1.970
  2.060
  2.140
  2.230
  2.310
  2.380
  2.460
  2.530
  2.590
  2.660
  2.720
  2.780
Adjusted equity ratio
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200
  0.200

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Depreciation, amort., depletion, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  6
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Change in working capital, $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
Cash from operations, $m
  5
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
  13
  14
Maintenance CAPEX, $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
  0
New CAPEX, $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
  0
Cash from investing activities, $m
  -2
  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
Free cash flow, $m
  3
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
  13
  14
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Total cash flow (excl. dividends), $m
  3
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
Retained Cash Flow (-), $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
Prev. year cash balance distribution, $m
 
  19
  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
 
  23
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
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
 
  22
  4
  4
  4
  4
  4
  4
  3
  3
  3
  3
  3
  3
  2
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

Mind C.T.I. Ltd. develops, manufactures, markets and implements real-time and off-line convergent billing and customer care software solutions. The Company offers its solutions for various types of communication providers, including traditional wireline and wireless, voice over Internet Protocol (VoIP), and broadband IP network operators, long-term evolution (LTE) operators, cable operators and mobile virtual network operators (MVNOs). The Company operates through providing integrated products and services segment. Its product lines include billing and customer care solutions for service providers, and call accounting and call management solutions for enterprises. The Company's convergent billing and customer care solution supports multiple services, including voice, data and content services, as well as prepaid, postpaid and pay-in-advance payment models in a single platform. Prepaid subscribers are offered with a range of services, such as special bundles, rating plans and limits.

FINANCIAL RATIOS  of  MIND C.T.I. (MNDO)

Valuation Ratios
P/E Ratio 13.5
Price to Sales 3
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 10.8
Growth Rates
Sales Growth Rate -14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.6%
Ret/ On Assets - 3 Yr. Avg. 15.6%
Return On Total Capital 18.6%
Ret/ On T. Cap. - 3 Yr. Avg. 21.5%
Return On Equity 18.6%
Return On Equity - 3 Yr. Avg. 21.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 61.1%
Gross Margin - 3 Yr. Avg. 59.4%
EBITDA Margin 27.8%
EBITDA Margin - 3 Yr. Avg. 28.1%
Operating Margin 27.8%
Oper. Margin - 3 Yr. Avg. 28.1%
Pre-Tax Margin 27.8%
Pre-Tax Margin - 3 Yr. Avg. 28.1%
Net Profit Margin 22.2%
Net Profit Margin - 3 Yr. Avg. 22%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 21.7%
Payout Ratio 125%

MNDO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MNDO stock intrinsic value calculation we used $18 million for the last fiscal year's total revenue generated by MIND C.T.I.. The default revenue input number comes from 2016 income statement of MIND C.T.I.. 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 MNDO 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 MNDO is calculated based on our internal credit rating of MIND C.T.I., 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 MIND C.T.I..
    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 MNDO stock the variable cost ratio is equal to 66.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for MNDO 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 MIND C.T.I..

Corporate tax rate of 27% is the nominal tax rate for MIND C.T.I.. 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 MNDO 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 MNDO are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in MIND C.T.I. 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 MNDO is equal to -16.7%. 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 - $21 million for MIND C.T.I. - 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 19.184 million for MIND C.T.I. 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 MIND C.T.I. at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ MIND CTI Reports Second Quarter 2017 Results   [Jul-27-17 07:55AM  GlobeNewswire]
▶ MaziValue's 1st-Quarter Performance   [May-05-17 03:38PM  GuruFocus.com]
▶ MIND CTI Reports Third Quarter 2016 Results   [Nov-03-16 10:25AM  Marketwired]
▶ MIND CTI Releases PhonEX ONE New Version   [Oct-27-16 06:44AM  Marketwired]
▶ MIND CTI Reports Second Quarter 2016 Results   [Aug-02-16 07:01AM  Marketwired]
▶ MIND CTI Reports First Quarter 2016 Results   [May-05-16 08:38AM  Marketwired]
▶ MIND C.T.I. Ltd. Earnings Analysis: 2015 By the Numbers   [Feb-29-16 11:14AM  Capital Cube]
▶ MIND CTI Reports Third Quarter 2015 Results   [Oct-29  09:06AM  Marketwired]
▶ MIND CTI Reports Second Quarter 2015 Results   [Jul-29  08:18AM  Marketwired]
▶ MIND CTI to Host Annual Meeting of Shareholders   [Apr-06  07:17AM  at noodls]
▶ 5 Stocks Under $10 Making Big Moves Higher   [Sep-24  07:18AM  at TheStreet]
▶ MIND C.T.I. reports new win and two major follow-on orders   [Jun-23  06:53AM  theflyonthewall.com]
▶ Top 3 Yielding Buy-Rated Stocks: AI, MNDO, CRT   [May-22  11:30AM  at TheStreet]
▶ Top 3 Yielding Buy-Rated Stocks: AI, BKCC, MNDO   [May-12  11:30AM  at TheStreet]
▶ MIND CTI Updates on Expected Dividend   [Jan-28  07:59AM  Marketwired]
▶ MIND Announces Two New Meaningful Wins   [Dec-23  07:07AM  Marketwired]
▶ SA PRO: Top Long And Short Ideas, Wednesday November 13   [Nov-14  07:30AM  at Seeking Alpha]
▶ MIND CTI: A Victim Of The Law Of Small Numbers   [Nov-13  09:45AM  at Seeking Alpha]
▶ MIND CTI Reports Results for Q3 2013   [Nov-05  11:59AM  Marketwired]
▶ 3 Hold-Rated Dividend Stocks: STON, CHRM, MNDO   [Jun-06  11:30AM  Optionetics]
▶ Mind C.T.I. Ltd. Stock Downgraded (MNDO)   [Jun-05  10:22AM  at TheStreet]
▶ 4 Buy-Rated Dividend Stocks: TCAP, INTX, MNDO, CODI   [May-28  11:30AM  at TheStreet]
▶ 3 Buy-Rated Dividend Stocks: TNH, MNDO, ITRN   [May-16  11:30AM  at TheStreet]
▶ MIND CTI Reports Results for the First Quarter of 2013   [May-08  09:17AM  Marketwired]
▶ 3 Buy-Rated Dividend Stocks   [May-06  11:30AM  at TheStreet]
▶ Double-Digit Dividend Yields Revisited   [Apr-29  12:32PM  at Seeking Alpha]
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▶ 3 Buy-Rated Dividend Stocks   [Apr-03  11:30AM  at TheStreet]
▶ Top M/Y Tech Dogs Hound 20% To 79% Gains In March   [Apr-01  11:59AM  at Seeking Alpha]
▶ 5 Buy-Rated Dividend Stocks   [Mar-25  11:30AM  at TheStreet]
▶ MIND CTI Reports Results for Q3 2012   [Nov-06-12 10:44AM  Marketwired]
▶ What Is A Good Alternative To Mortgage REITs?   [Oct-24-12 10:34AM  at Seeking Alpha]
▶ 3 Safe Micro-Cap Stocks For A Turbulent Market   [Sep-07-12 03:49PM  at Seeking Alpha]
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▶ 9 High Yield Stocks Going Ex-Dividend Next Week   [Mar-12-12 05:32AM  at Seeking Alpha]
▶ February Tech Sector Dividend Dogs Clamor   [Mar-08-12 12:01PM  at Seeking Alpha]
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▶ Technology Sector Dogs Vs. December Dogs Of The Dow   [Dec-22-11 10:30AM  at Seeking Alpha]
Financial statements of MNDO
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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